Align Technology Names Jennifer Davis CEO to Succeed Joseph Hogan as Q3 Profit More Than Doubles

Align Technology is changing leaders. The Invisalign maker said Wednesday that its board has named Jennifer L. Davis, the former chief executive of Procter & Gamble's health care business, as its next president and CEO, succeeding Joseph M. Hogan, who has run the company since 2015.

The announcement landed alongside third-quarter results that showed revenue up 1.9% to $1.015 billion, with clear aligner volume up 6.6% and non-GAAP operating margin coming in above the company's own outlook, according to releases filed with two 8-Ks on Wednesday.

A new CEO by year-end

Davis joins Align as CEO-elect and a director on Nov. 2 and takes over as president and CEO on Dec. 31, 2026, according to the succession 8-K. Hogan stays in the top job through Dec. 31, then retires and becomes a strategic advisor under a consulting agreement. He is expected to remain on the board as a non-executive member until after the board's June 2027 strategy meeting.

Davis led P&G's health care business from 2022 through June 2026, the filing said, and has served on AbbVie's board since 2023. Her employment agreement sets a $1.3 million base salary, a target bonus of 150% of salary, a $2 million cash signing bonus and one-time stock awards with grant-date values of $9.9 million in market stock units and $6.6 million in restricted stock units.

"We believe now is the right time to effect this leadership transition," Chairman Kevin Conroy said in the announcement, adding that Hogan will support "an orderly transition."

Aligners grow, scanners slip

Clear aligner revenue rose 4.2% to $839.3 million, and shipments climbed to 690.6 thousand cases. Imaging Systems and CAD/CAM Services revenue fell 7.6% to $175.5 million.

Net income more than doubled to $135.0 million, or $1.90 a diluted share, from $56.8 million, or $0.78, a year earlier. Non-GAAP earnings rose to $2.80 a share from $2.61.

GAAP operating margin widened to 16.7% from 9.7%, while non-GAAP operating margin rose 0.5 point to 24.4%. Non-GAAP gross margin was flat at 70.4%, which Hogan said was "modestly below our expectation," citing higher fuel-related transportation costs, lower aligner prices and mix.

Hogan said North American orthodontist shipments rose year over year "for the first time in 6 quarters," and that iTero scanner placements topped 157,000 systems globally.

Outlook and buybacks

For the fourth quarter, Align expects revenue of $1.0 billion to $1.02 billion and a non-GAAP operating margin of about 26.0%. It sees full-year 2026 revenue of $4.11 billion to $4.13 billion and non-GAAP operating margin of about 23.7%, a 100-basis-point improvement that it said is consistent with prior guidance.

CFO John Morici said demand across the dental and orthodontic industry "continued to be affected by a softer environment for discretionary healthcare spending and capital equipment investment," and that preliminary 2027 planning "does not require a consumer recovery."

The company bought back about 627.3 thousand shares in the quarter at an average of $164.73 each and expects to repurchase up to $300 million of stock in the fourth quarter, bringing 2026 buybacks to about $500 million. It ended September with about $1.14 billion in cash and cash equivalents.

Sources

1. Align Technology Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001097149-26-000077)
2. Align Technology Form 8-K announcing CEO succession and Jennifer Davis employment terms, filed Oct. 28, 2026 (accession 0001097149-26-000078)

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