EU Launches iTero Antitrust Probe; Not Good News but Likeliest Outcomes (Fine or

研报英文原文证据摘录

EU Launches iTero Antitrust Probe; Not Good News but Likeliest Outcomes (Fine or

Flash Note Health Care | Healthcare Technology & Distribution

June 30, 2026

Align Technology, Inc Elizabeth Anderson Ayush Vyas 212-446-5632 646-551-8512

ALGN | $173.43 elizabeth.anderson@evercoreisi.com Ayush.Vyas@evercoreISI.com

Outperform | Target Price/Base Case: $220.00 Joanna Zhou Amir Farahani, CFA

Commentary 212-446-5659 646-551-8518

joanna.zhou@evercoreisi.com Amir.Farahani@evercoreisi.com

EU Launches iTero Antitrust Probe; Not Good News but Likeliest Outcomes

(Fine or More Open EU Sales) Highly Manageable

Announcement: The European Commission has opened a formal antitrust investigation into Align

Technology, the US company behind Invisalign clear aligners and iTero intra-oral scanners. The

Commission’s concern is that Align may have abused a dominant position by making it difficult or impossible

for dentists to order Invisalign using scans from competing scanners. Specifically, the Commission is

looking at whether Align refused to approve rival scanners for automated Invisalign submissions and

refused scans from other scanners even when they used standard industry file formats. The alleged effect

is a closed Invisalign/iTero ecosystem: dentists who want Invisalign may effectively be pushed to buy iTero

scanners, potentially shielding iTero from competition and protecting Invisalign’s market position. This is

notable because it is the Commission’s first formal antitrust investigation in the medical devices sector. The

probe is at an early stage, and the Commission says opening the investigation does not prejudge the

outcome.

Our Take: This news appears to have hit some financial sources yesterday and some this morning,

explaining the divergent performance of ALGN vs.