Greetings. Welcome to the Align Q4 and Full Year 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Shirley Stacy, with Align Technology. You may begin. Good afternoon, and thank you for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO, and John Morici, CFO. We issued Q4 and Full Year 2025 financial results today via Business Wire, which is available on our website at investor.aligntech.com. Today's conference call is being audio webcast and will be archived on our website for approximately one month. As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook. These forward-looking statements are only predictions and involve risks and uncertainties that are described in more detail in our most recent periodic reports filed with the Securities and Exchange Commission, available on our website and at sec.gov. Actual results may vary significantly, and Align expressly assumes no obligation to update any forward-looking statement. We have posted historical financial statements with corresponding reconciliations, including our GAAP to non-GAAP reconciliation, if applicable, and our Q4 and Full Year 2025 conference call slides on our website under Quarterly Results. Please refer to these files for more detailed information. With that, I'd like to turn the call over to Align Technology's President and CEO, Joe Hogan. Joe? Thanks, Shirley. Good afternoon, and thanks for joining us today. On our call today, I'll provide an overview of our Q4 and Full Year 2025 results and discuss performance of our two operating segments, system services and clear aligners. John will provide more detail on our Q4 financial performance and comment on our views for 2026. Following that, I'll come back and summarize a few key points and open the call to questions. I'm pleased to report Q4 results with better-than-expected revenues and clear aligner volumes, as well as non-GAAP gross margin and non-GAAP operating margin, both above our outlook, and the highest non-GAAP operating margin since 2021. Q4 revenues were a record $1.048 billion, up 5.3% year-over-year and 5.2% sequentially. For the full year 2025, total revenues were a record $4 billion, up 1% year-over-year. Systems and services revenues were $790 million, up 2.7% year-over-year. Fiscal 2025 clear aligner revenues were $3.2 billion, up 0.5% year-over-year on record clear aligner volumes of 2.6 million cases, which are 4.7% year-over-year. For the year, a record 936,000 teens and kids started treatment with Invisalign clear aligners, up 7.8% year-over-year. For fiscal 2025, total DSP touch-up cases shipped were over 136,000, up 36% compared to 2024. We also delivered fiscal 2025 non-GAAP operating margin of 22.7% above our 2025 outlook. In terms of major milestones, as of December 31st, 2025, over 296,000 active Invisalign-trained doctors have treated over 22 million people worldwide, including over 6.5 million teens and growing kids with Invisalign clear aligners and Invisalign palate expanders. For clear aligners, Q4 revenues of $838 million were up 5.5% year-over-year and up 4% sequentially. Q4 clear aligner volume was also a record 677,000 cases, up 7.7% year-over-year and up 4.5% sequentially. On a year-over-year basis, Q4 aligner volume growth was driven by strength in EMEA, Latin America, and APAC, with stability in North America. Q4 clear aligner volume growth reflects strength from adults and teens and growing kids patients, as well as growth in both the GP and ortho channels. On a sequential basis, Q4 clear aligner volumes reflect strong growth from the EMEA region, driven primarily by adult patients, as well as continued strength in Latin America from teens, growing kids, and adult patients. For Q4, 88,000 doctors submitted Invisalign cases globally, a record high for a Q4, driven primarily by a record number of orthodontist submitters. Dental service and orthodontic service organizations, DSOs or OSOs, remain one of Align's most important and scalable strategic growth channels and a major catalyst to making digital dentistry the global standard of care. As DSOs continue to outpace growth rates of traditional retail practices globally, they are becoming one of the most influential forces shaping digital dentistry. In many respects, their scale, operational discipline, and need for consistent tech-enabled workflows make them ideal partners for accelerating adoption of the Invisalign system, iTero scanners, and fully digital workflows across large networks of general dentists and orthodontists. This practice consolidation trend strengthens brand preference and utilization as DSOs increasingly prioritize efficiency, clinical predictability, improved patient experience, and importantly, scale. Align has proven its leadership as the world's most sophisticated treatment planning and 3D printing manufacturing operation, and our ability to scale and meet the patient needs, speed, and rigor of those rapidly growing DSOs is unmatched globally. Over the past year, we continued to make strong progress with DSOs across all major regions. In the Americas, we deepened partnership with top DSOs, building on our successful Heartland Dental and Smile Doctors relationships. Our top 10 DSOs in the Americas grew double digits year over year, and retention was up double digits in the Americas. These gains helped offset broader orthodontic market softness in North America retail chain, where consumer sentiment and patient inflow remain pressured. North America DSO performance remained very strong, delivering double-digit year-over-year growth led by strength in the adult category. In EMEA, DSO performance was equally strong, with double-digit growth year-over-year and triple-digit growth among our top 10 DSOs in the region. DSOs continue to drive expansion in both Invisalign case volume and iTero scanner penetration. Across all regions, DSOs remain high-growth, digitally forward partners that amplify Align's reach and impact. Their continued adoption of Invisalign and iTero reinforces the strength of our digital platform as DSOs help move more of the industry toward a fully digital standard of care. In the Americas, clear aligner volumes were up year-over-year, representing one of the best growth rates since 2021. This was led by double-digit growth in Latin America, which delivered record quarterly shipments, driven by more submitters and higher utilization across both the orthodontist and GP channels, with strength across adults, teens, and kids. We also reached a major Invisalign milestone in Q4 by surpassing 1 million patients treated with Invisalign in Latin America. In North America, we focused on driving adoption of Invisalign and saw encouraging results across our portfolio. Our year-over-year performance reflects higher utilization across all channels. We continue to see that practices taking an active approach to conversion, scanning every patient, using chairside visualization tools, and offering patient financing are performing better than those that don't. While DSOs are leading the way in North America, we're helping retail doctors adopt similar business methods through localized marketing, outside patient financing, and tools that help doctors attract and convert patients. Affordability also remains a priority. Our partnership with the healthcare financing platform, HFD, continues to grow, and doctors and DSOs enrolled in HFD are seen as incremental lift to Invisalign treatment, with meaningful room for expansion. By offering more portfolio flexibility, including streamlined configurations with no additional aligners, doctors have more options to meet patients' needs and drive adoption. In EMEA, clear aligner volumes grew double digits year over year, reaching record Q4 levels. We delivered double-digit growth year over year across almost all markets, with Iberia, the Nordics, and the UK all delivering double-digit growth. During the quarter, we surpassed key patient milestones, reaching over 1 million patients treated in both the UK and Iberia. In APAC, clear aligner volumes grew double digits year over year, achieving a record number of Q4 shipments by China, India, and Korea, with strength across teens and growing kids. Growth reflected increases in both submitters and utilization in the GP channel, as well as an increase in ortho submitter utilization. Invisalign First continued to grow. Adoption of the Invisalign Palate Expander system began in the region during the quarter. Retention performance remained strong year-over-year, supported by increased utilization across both channels. Regarding China's volume-based procurement process, or VBP, there continues to be implementation delays, and early phases are expected to begin within the public hospital system before expanding more broadly. As a reminder, over 85% of our business in China is in the private sector. While timing and scope remain fluid, we believe we are well-positioned to navigate the eventual pricing changes through our established local footprint, including local manufacturing, regulatory, and commercial infrastructure, and a product portfolio designed specifically for China's clinical and economic environment. In Q4, over 230,000 teens and growing kids started treatment with Invisalign clear aligners, an increase of 7% year-over-year. This growth was driven by strong performance in APAC led by China, along with EMEA and Latin America, partially offset by continued softness in North America, sequentially case starts declining 9.8% as expected following an exceptionally strong Q3 teen season. From a product standpoint, Invisalign First, the Invisalign Palate Expander, and MAOB, mandibular advancement with occlusal blocks, continue to fuel year-over-year growth across all regions. Invisalign First is used for patients ages 6 to 10, addressing phase one needs such as crowding, spacing, narrow arches, and erupting teeth. Our palate expander system, the first direct-printed orthodontic appliance and the only FDA-cleared removable palate expander, remains a strong driver of early intervention adoption globally. Doctor engagement in the teen and early intervention category remains solid. In Q4, the number of doctors submitting cases for teens and growing kids increased 6% year-over-year, supported by continued strength in Invisalign First, palate expander, and MAOB. The Invisalign system continues to demonstrate broad clinical applicability across younger patients and adults. Reinforced by our global scale and exceptional product portfolio, with more than 22 million patients treated worldwide, including over 6.5 million teens, our treatment planning platform is powered by a robust evidence-based ClinCheck Live plan, which can generate initial doctor-ready plans in about 15 minutes. Leverages AI-driven planning tools and integrated digital workflows to reduce cycle times, enhance chairside experience, and help doctors convert patients more efficiently. Our portfolio strategy, including products with lower upfront cost options, is expanding access for doctors while maintaining healthy margins. These configurations give providers more choices around refinements and pricing that continue to support adoption. We are also advancing direct fabrication, transitioning from thermoforming to 3D printing of clear aligner appliances. Direct fabrication will unlock new design flexibility and, over time, reduce waste and lower cost, although early production has some dilutive margin impact until scale. We remain on track for limited market release of Invisalign First direct 3D printed retainers and Invisalign-specific 3D printed prefab attachments in 2026, with more complex products expected to follow in 2027. The Invisalign-specific attachment system is a direct 3D printed accessory indicated to bond attachments and engagement features. Over the past year, it has advanced through technical design assessment and has been used successfully to treat over 1,000 patients. Feedback from participating doctors has been consistently positive, demonstrating strong clinical adoption and market validation. For imaging systems and CAD/CAM services, which includes iTero solutions and exocad software, Q4 revenues were $209 million, up 4.2% year-over-year and up 10% sequentially, driven by higher volumes across all regions and continued adoption of iTero Lumina scanner. Lumina represented approximately 86% of full systems units in the quarter, and we continue to drive utilization through full systems installations. During Q4, exocad delivered sequential year-over-year revenue growth. We continued piloting exocad ART, which stands for Advanced Restorative Treatment, in several European markets, with broader rollout plans for this year. ART extends the digital platform deeper into restorative and lab workflows, increasing software-driven recurring revenue and enhancing efficiency for doctors and labs. exocad's strong footprint in dental labs provides a critical connection point between restorative dentistry and digital orthodontics, helping integrate restorative planning more tightly with iTero scanning and Invisalign treatment. As GPs and labs, we are developing across solutions that streamline restorative workflows, improve communications, and increase predictability, from single tooth restorations to full arch cases. These advancements support broader digital adoption and create more opportunities to incorporate iTero scanning and, where clinically appropriate, Invisalign treatment as part of comprehensive care. Our growing suite of digital and diagnostic tools, including Align Oral Health Suite and Align X-ray Insights, or AXI, helps doctors identify conditions earlier and deliver clearer, more informed treatment recommendations. When combined with the restorative capabilities of exocad and the visualization strength of iTero, these tools support better long-term oral health outcomes and naturally connect straightening, function, and restorative care with a unified digital platform. By strengthening our capabilities across diagnostic, restorative, and orthodontic workflows, we're increasing our relevance in everyday oral healthcare and positioning Align, iTero, and exocad as essential partners across the GP and lab ecosystem. With that, I'll now turn it over to John. Thanks, Joe. Now for our Q4 financial results. Total revenues for the Q4 were $1,047.6 million, up 5.2% from the prior quarter and up 5.3% from the corresponding quarter a year ago. On a constant currency basis, Q4 revenues were unfavorably impacted by approximately $3 million, or approximately 0.3% sequentially, and were favorably impacted by approximately $14.8 million year-over-year, or approximately 1.4%. Q4 clear aligner revenues were $838.1 million, up 4% sequentially, primarily due to higher volume and mix shift to higher-priced countries and products, partially offset by higher discounts, higher net deferrals, and unfavorable foreign exchange. Unfavorable foreign exchange impacted Q4 clear aligner revenues by approximately $2.3 million, or approximately 0.3% sequentially. Q4 clear aligner average per-case shipment price was $1,240, a $5 decrease on a sequential basis, primarily due to higher discounts, higher net deferrals, and unfavorable foreign exchange, partially offset by a mix ship to higher-priced countries and products. On a year-over-year basis, Q4 clear aligner revenues were up 5.5%, primarily from higher volume, price increases, lower net deferrals, and favorable foreign exchange, partially offset by higher discount and mix ship to lower-priced countries and products. Favorable foreign exchange impacted Q4 clear aligner revenues by approximately $12.4 million, or approximately 1.5% year over year. Q4 clear aligner average per-case shipment price was $1,240, down $25 on a year-over-year basis, primarily due to higher discounts, mix ship to lower-priced countries and products, partially offset by price increases, favorable foreign exchange, and lower net deferrals. Clear aligner deferred revenues on the balance sheet as of December 31st, 2025, decreased $33.9 million, or 2.9% sequentially, and decreased $61.4 million, or 5.1% year-over-year, and will be recognized as revenue as additional aligners are shipped. Q4 systems and services revenues of $209.4 million were up 10.3% sequentially, primarily due to higher scanner system sales and non-system sales, partially offset by lower scanner wand sales and unfavorable foreign exchange. Q4 systems and services revenues were up 4.2% year-over-year, primarily due to higher non-system sales, favorable foreign exchange, and flat scanner system sales, partially offset by lower scanner wand sales. Foreign exchange unfavorably impacted Q4 systems and services revenues by approximately $0.7 million sequentially, or approximately 0.3%. On a year-over-year basis, systems and services revenues were favorably impacted by foreign exchange of approximately $2.5 million, or approximately 1.2%. Systems and services deferred revenues were flat sequentially and decreased $24.6 million, or 11.2% year-over-year, due in part to the shorter duration of service contracts selected by customers on initial scanner system purchases. Moving on to gross margin. Q4 overall gross margin was 65.3%, up 1.1 points sequentially, primarily due to operational efficiencies, impairment on assets held for sale in the Q3, excess inventory write-off in the Q3, and lower restructuring and other charges, partially offset by higher depreciation expense on assets disposed of other than by sale. Gross margin was down 4.8 points year-over-year, primarily due to higher depreciation expense on assets disposed of rather than by sale, partially offset by operational efficiencies, the lower restructuring and lower restructuring and other charges. Overall gross margin was unfavorably impacted by foreign exchange of 0.1 points sequentially and favorably impacted by foreign exchange of 0.5 points on a year-over-year basis. On a non-GAAP basis, which excludes stock-based compensation, amortization of intangibles related to certain acquisitions, depreciation expense on assets disposed of other than by sale, restructuring, and other non-GAAP charges, gross margin for the Q4 was 72%, up 1.6 points sequentially and up 1.2 points year-over-year. Clear aligner gross margin for the Q4 was 64.2%, down 0.7 points sequentially, primarily due to depreciation expense on assets disposed of other than by sale, partially offset by operational efficiencies. Foreign exchange unfavorably impacted clear aligner gross margin by approximately 0.1 points sequentially. Clear aligner gross margin for the Q4 was down 6 points year-over-year, primarily due to the depreciation expense of assets disposed of other than by sale and lower ASP, partially offset by operational efficiencies. Foreign exchange favorably impacted clear aligner gross margin by approximately 0.5 points year-over-year. Systems and services gross margin for the Q4 was 69.6%, up 8.4 points sequentially, primarily due to excess inventory write-off in the Q3, partially offset by lower ASP. Foreign exchange unfavorably impacted the systems and services gross margin by approximately 0.1 points sequentially. Systems and services gross margin for the Q4 was up 0.2 points year-over-year, primarily due to operational efficiencies, partially offset by lower ASP. Foreign exchange favorably impacted systems and services gross margin by approximately 0.4 points year-over-year. Q4 operating expenses were $528.3 million, down 2.7% sequentially and down 4.4% year-over-year. On a sequential basis, operating expenses were $14.6 million lower due primarily to lower restructuring costs, partially offset by slightly higher advertising and marketing and technology spend. Year-over-year operating expenses decreased by $24.5 million, primarily due to lower restructuring costs. On a non-GAAP basis, excluding stock-based compensation, restructuring, and other charges, and amortization of acquired intangibles related to certain acquisitions, depreciation expense on assets to be disposed of other than by sale, and other non-GAAP charges, operating expenses were $480.9 million, up 3.8% sequentially and up 1.3% year-over-year. Our Q4 operating income of $155.3 million resulted in an operating margin of 14.8%, up approximately 5.2 points sequentially and up approximately 0.3 points year-over-year. Operating margin was unfavorably impacted from foreign exchange by approximately 0.3 points sequentially and favorably impacted by foreign exchange by approximately 0.2 points year-over-year. On a Non-GAAP basis, which excludes stock-based compensation, restructuring, and other charges, and amortization of intangibles related to certain acquisitions, depreciation expense on assets disposed of other than by sale, and other Non-GAAP charges, operating margin for the Q4 was 26.1%, up 2.3 points sequentially and up 3 points year-over-year. Interest and other income and expense net of the Q4 was an income of $21.3 million compared to an expense of $1.6 million in Q3 of 2025, primarily due to gain on investments. On a year-over-year basis, Q4 interest and other income and expense was favorable compared to an expense of $3.4 million in Q4 of 2024, primarily by favorable foreign exchange movements and gain on investments. The GAAP effective tax rate in the Q4 was 23.1% compared to 40.1% in the Q3 and 26.3% in the Q4 of the prior year. The Q4 GAAP effective tax rate was lower than the Q3 effective tax rate, primarily due to the release of uncertain tax position reserves, partially offset by deferred tax adjustments from tax rate changes in certain foreign jurisdictions and additional taxes accrued on foreign earnings. The Q4 GAAP effective tax rate was lower than the Q4 effective tax rate of the prior year, primarily due to the release of uncertain tax position reserves and lower U.S. taxes on foreign earnings, partially offset by deferred tax adjustments from tax rate changes in certain foreign jurisdictions. Additional tax accrued on foreign earnings and change in our jurisdictional mix of income. On a non-GAAP basis, our non-GAAP effective tax rate in the Q4 was 20%, which reflects our long-term projected tax rate. Q4 net income per diluted share was $1.89, up $1.11 sequentially and up $0.50 compared to the prior year. Our EPS was unfavorably impacted by approximately $0.05 on a sequential basis and favorably impacted by $0.03 on a year-over-year basis due to foreign exchange. On a non-GAAP basis, net income per diluted share was $3.29 for the Q4, up $0.68 sequentially and $0.85 year-over-year due to higher revenue and lower operating expenses. Moving on to the balance sheet. As of December 31st, 2025, cash and cash equivalents were $1.0949 billion, up sequentially $90.3 million and up $51 million year-over-year. Of the $1.0949 billion balance, $166.3 million was held in the U.S. $928.6 million was held by our international business. During Q4 2025, we repurchased approximately 0.7 million shares of our common stock at an average share price of $142.87. These repurchases were made pursuant to the $200 million open market repurchase plan announced in August 2025 and were completed in January of 2026. During 2025, we repurchased 2.9 million shares of our common stock at an average per share price of $162.09 for a total of $465.9 million. As of December 31st, 2025, $831.2 million remains available for repurchases of our common stock under our $1 billion stock repurchase program announced in April of 2025. Q4 accounts receivable balance was $1,101.8 million up sequentially. Our overall days sales outstanding was $94, down approximately $7 sequentially and up approximately four days as compared to Q4 of 2024, and primarily reflect flexible payment terms that are part of our ongoing efforts to support Invisalign practices. Cash flow from operations for the Q4 was $223.2 million. Capital expenditures for the Q4 were $35.9 million, primarily related to investments in our manufacturing capacity and facilities. Free cash flow, defined as cash flow from operations minus capital expenditures, amounted to $187.3 million. Before I turn to our outlook, I'd like to provide the following remarks regarding U.S. tariffs as of December 31st. Currently, we do not expect a material change to our results of operations as a consequence of the latest U.S. tariff actions, and we refer you to our Q1 of 2025 press release and earnings materials as well as our Q2 2025 webcast slides, which include specifics regarding potential impacts on U.S. tariffs. Now turning to our outlook. Assuming no circumstances occur beyond our control, such as foreign exchange, macroeconomic conditions, and changes to our currently applicable duties, including tariffs or other fees that could impact our business, we expect Q1 2026 worldwide revenues to be in the range of $1.01 billion-$1.03 billion, up 3%-5% year-over-year. We expect Q1 2026 clear aligner volume to be up mid-single digits year-over-year. We expect Q1 2026 clear aligner average selling price to be up sequentially from favorable geographic mix. We expect systems and services revenue to be down sequentially consistent with our typical Q1 seasonality. We expect our Q1 2026 GAAP operating margin to be 12.4%-12.8% down sequentially, and Q1 2026 non-GAAP operating margin to be approximately 19.5% consistent with Q1 seasonality. For fiscal 2026, we expect 2026 worldwide revenue growth to be up 3%-4% year-over-year. We expect 2026 clear aligner volume growth to be up mid-single digits year-over-year. We expect the 2026 GAAP operating margin to be slightly below 18%, approximately 400 basis points improvement over 2025, and non-GAAP operating margin to be approximately 23.7%, 100 basis point improvement year-over-year as communicated during our Q3 earnings call. We expect our investments in capital expenditures for fiscal 2026 to be $125 million-$150 million. Capital expenditures primarily relate to technology upgrades, additional manufacturing capacity, as well as maintenance. Q4 was a good finish to the year, with results that came in better than expected and reflect the continued strength of our business fundamentals. As we enter 2026, we are executing with focus and discipline, and we're encouraged by the progress we're seeing across the regions and key customer segments. Our confidence is grounded in the actions we're taking to actively manage the business and drive growth through our core strategic priorities: expanding international adoption, increasing orthodontic utilization particularly among teens and kids, accelerating GP engagement including restorative dentistry, and strengthening consumer demand conversion with greater emphasis on local last-mile marketing. While the macro environment remains dynamic, we are cautiously optimistic. With a strong innovation roadmap, disciplined operational execution, and a global team committed to delivering for doctors and their patients, we believe we are well positioned to deliver growth and value in 2026 and beyond. With that, I'll turn it back over to Joe for final comments. Joe? Thanks, John. In summary, I'm pleased with the Q4 results and strong finish to 2025. We delivered sequential and year-over-year growth in clear aligners, saw improved stability in North America, and delivered solid performance in imaging systems and services. International markets and our DSO partners continue to show encouraging momentum, and we're tailoring regional-specific strategies supported by local manufacturing and product offerings to unlock meaningful, still untapped demand. Across DSOs and GP dentists, we've strengthened clinical training, expanded AI-enabled tools, and broadened financial partnerships to support utilization and improve access to Invisalign treatment. Our localized data-driven marketing programs are beginning to improve retail conversion in targeted markets, and our evolving product portfolio designed around affordability, flexibility, and predictability is resonating with doctors. The teens and growing kids category remains a major long-term opportunity supported by unique solutions like Invisalign First, Invisalign Palate Expander System, and MAOB. We continue to invest in innovation across AI-driven treatment planning, integrated digital workflows, and direct fabrication capabilities. Key areas highlighted in Investor Day that improve predictability, increase speed, strengthen our cost structure, and enhance margins over time. These investments support our broader priorities: consistent execution, improved operating leverage, stronger conversion, and disciplined capital allocation. At the same time, we remain grounded in the realities of the current environment. Our opportunities are significant, but sustained momentum in 2026 will require disciplined execution across regions, channels, and product lines, particularly strengthening North America, improving conversion throughout the funnel, and scaling internationally. Looking ahead, we're cautiously optimistic. Our strategy is clear, our competitive advantages are strong, and our innovation roadmap is aligned to the needs of doctors, patients, and our partners globally. Realizing the full value of these assets will require continued focus and consistent performance. We remain committed to expanding access to Invisalign treatment, accelerating conversion, and advancing the next generation of digital orthodontics powered by the world's largest orthodontic data asset, real-time ClinCheck planning, and the only fully integrated digital ecosystem spanning Invisalign, iTero, and exocad. Together, these capabilities position us to broaden adoption, strengthen utilization, improve efficiency, and drive long-term value for customers, patients, and shareholders as we move into 2026. With that, thank you for the time. I'll turn the call over to the operator. Operator? Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press * 11 on your telephone keypad. You will then hear an automated message advising your hand has been raised. You may press * 11 again if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys. One moment, please. Our first question comes from the line of Elizabeth Anderson with Evercore ISI. Hey, guys. Good afternoon. Congrats on a nice quarter and outlook, and thanks for the question. I was wondering, Joe, if you could maybe parse apart and maybe conceptually, if you can do it numerically, sort of how we think about this improved volume performance. Do you think it's sort of underlying market trends accelerating? I noticed there was a big emphasis, it seems like, on the sales force towards higher growth channels. So I'm just trying to understand how much of it you think is market-driven and how much you think is perhaps a different sales strategy or marketing strategy that you guys are adopting. Thanks so much. I'd say stability when you look at the markets and what we've really worked through. Elizabeth, recently, I'd say on top of that stability, you see us executing well in the sense of we talked about the DSOs all around the world and really, honestly, incredible growth they've been able to drive over the last really several quarters for the business. I think our portfolio, like we talked about with young patients, again, you think about Palate Expander, MAOB, those things, Invisalign First are great products. There's also a strong attachment rate we're seeing with when you have IPE along with Invisalign First, those things 40% of the time will evolve into Invisalign First case. So that's a nice part of that early teens marketplace that we're helping to grow that marketplace overall. That's very helpful. DSP and touch-up cases and all are really a big growth area for us too. Got it. No, thank you for that additional color. And then maybe, John, one for you as you talk about sort of the positive ASPs perhaps in the Q1. Anything you can do to help us put a little bit more of a parameter around what you would consider sort of that positive growth? Yeah. I think when you look at the mix that we have as we grow in certain countries and we've talked about this, certain countries give us more of a favorable ASP mix, and we expect that as we grow in some of these regions that have a higher list price, and that will help us. And then also balancing the product portfolio where we have some of those products that are more comprehensive, and we see some of that growth coming through. So there's a multitude of things that we see from an ASP standpoint, but manage it closely, understand what it means from an ASP all the way to gross margin, and we see a good combination there. Great. Thanks so much. Hi. Thank you. Our next question comes from the line of Brandon Vazquez with William Blair. Hey, everyone. Hi, Brandon. Hey. Thanks for taking the questions. Maybe first, Joe, can we spend another minute? It sounds like things are stable in end markets. Just talk to us a little bit about what that means, and in part, I'm asking because I think the next question then becomes what is the assumption as you think about the 2026 guidance? What are you guys kind of assuming both on the international side or the America side for end markets? Brandon, it's Joe. I think I'll open up with this and let John jump in. I'd say we're projecting what we experienced in the second half of the year, the execution we've had. Obviously, from a global standpoint, the good penetration and growth that we've seen there, again, leveraging the early teens like I talked about before with Elizabeth in those areas. So we continue to run the plays we've been running from an execution standpoint and a product standpoint, not just globally but in Americas and North America too, John, And so just on that, Brandon, we're not expecting our forecast is saying, "Look, we expect the markets to behave like they are." No change in terms of what we've seen. It's about us driving that active conversion approach that we have, some of it on the products and the portfolio that we have, some of it is in terms of how we go to market, some of the last-minute or last-mile efforts that we have to be able to help those customers drive that conversion. So it's just taking that mindset and building that forward but really not expecting the markets to be anything different, and that's what's included in the forecast. Got it. And then that's helpful. Joe, the comments you were making around DSOs are really interesting. I know this has been a strong point for you guys for a while, but I think this is the first time I've heard you say some of the DSOs grew triple digits. And I guess the question is, can you just talk to us a little bit how early you are in this adoption curve in the DSOs? I'm trying to get a sense of how many of these can continue to grow in the double digit or even some of them in the triple digits as you go through 2026. Thanks for the questions, guys. Yeah. I think there's two parts to the answer to that question, Brandon. One is the continued DSO penetration as they move to a larger percentage of the markets that they participate in. And now behind that, we've been recruited by other DSOs to help to join that, so our penetration in DSOs around the world has increased too. As I said in my script too, we are a natural partner because we can scale on so many dimensions with them. And some of these DSOs had worked with some competitive suppliers, and when they look at us, they understand that we can scale treatment planning. We have local kind of distribution. There's just so many areas that we can help them with, a broader product portfolio, all those things. I would say we're still good growth parameters in that business, and I'd say also you're going to see DSOs continue to expand around the globe, and we'll continue to take advantage of that too. Thank you. Thanks, Brandon. Our next question comes from the line of Jeff Johnson with Baird. Yeah. Thanks. Good evening, guys. Hey, Joe. Hey, wanted to start maybe on your adult business. That 8% number really stands out to me. Not only is it your best number since 2021 - I think you said that on the call - but you guys haven't even sniffed a 5% number in the last three or four years. So that's materially higher, and especially it came against a generally tough comp of 4% last year in the Q4. So is that early traction with NoAA? Is it some HFD tailwinds? Is it ClinCheck Live early traction? Just what's really driving that improvement on the adult side, especially given that macro doesn't seem like it's really supporting an improvement in adult spending on discretionary items? I think you named three really good variables, Jeff, that's helping to drive that. Honestly, a lot of it comes through DSOs too, which really helps, particularly on the GP side we see, but the OSOs grow well in that area too. So it's those variables you just talked about, ending with financial credit, that really helps in these times, particularly in North America where we know patients are challenged that way too. So broad portfolio, scanning every patient that walks in the door. And we talk more and more about that's the key. If you want to go digital, you want to convert patients you normally wouldn't convert, is get this thing into a digital format and a pictorial format. You can show before and after results while that patient's in that chair. That's what the DSOs do so well in the retail accounts we work with do that well too. John, anything to add on that? Yeah. Maybe one follow-up then. Yeah, Joe, just one follow-up. It might be a similar topic or answer from you, but I think last quarter when we kind of backed everything out, it looked like your North American retail business or your non-DSO business, I guess, is how we think about it, was probably down, maybe pushing double digits year-over-year. I know you guys told me that was a little aggressive, but somewhere in that ballpark. You mentioned, I think, at your very end comments there of the prepared remarks that the retail business got a little better. Just any kind of commentary or any kind of color you can provide to flesh that US retail business or North American retail business out in the period? Jeff, the word I'd use is more stability there. We're standing, I think, on a better platform in that sense. The team's been executing better around there. I wouldn't call the economic situation in the United States better in any way in the sense of driving volume in that way. I'd just say the team's more focused, our portfolio's a little broader as we talked about, and obviously, the DSOs are helping a lot in that sense too. In North America, we got better due to some of the retail, wasn't as negative, and the DSOs growth. That combination brought North America to be better on a year-over-year basis than it was in Q3. When we talked about it on the overall, Americas, when you add in Latin America, grew at the fastest rate or one of the fastest rates since 2021. We're encouraged by that, and it's all the things Joe talked about to help drive that conversion. Thanks, Jeff. All right. Helpful. Thanks, guys. Thanks, Jeff. Thank you. Our next question comes from the line of Jon Block with Stifel. Hey, Jeff. Hey, guys. Good afternoon. John, I'm going to try to get pretty granular. I know you gave some color on 2026, clear aligner volumes, and overall worldwide revenues for the year, but I just want to try to drill down on price or ASP. So should we think about Invisalign ASPs down, call it 2% year-over-year? I'm thinking FX is probably a plus, and VAT full year is probably a plus, but maybe any detail you can give us there. And the follow-on would just be, I think ASPs were supposed to be up a little bit 3Q to 4Q. They were down a little. Maybe just talk to that. Was that intra-quarter FX? Was that just geo mix? Any color there? Thanks. Yep. No, two good questions. So overall, your first question, John, yeah, expect ASPs to kind of model maybe 1%-2% down overall. So it's kind of in that range that you talked about on a year-over-year basis for 2026 for all the things that we talk about, country mix as well as product mix, kind of the non-comprehensive versus comprehensive. And when you look at it on a quarter-over-quarter basis, when you look at our Q4, they would have been flat had we not had FX changed slightly. We got a little bit worse from a quarter-over-quarter in FX, but then you also had some of the country mix. We had really, really good growth in some of the countries that are in Latin America and Turkey and India and so on that have a lower list price. The combination of that country growth on a quarter-over-quarter basis plus slight impact on the FX side of things from a currency standpoint caused us to be down slightly. Got it. Great color. And then just the follow-up, Joe, I'm just curious what you're hearing, if anything, regarding these tax receipts or stimulus. Did you build anything into 1Q, just how you think that may or may not play out? And then the tack on to that, admittedly, sort of different question is, we're sitting here in February. Is NoAA officially out there, or are you going to sort of hit the go button all at once? I know it's been with the DSOs for a while, or is this going to be more drip-drip by geography, just really how you refine the rollout of NoAA and your thoughts there in 2026? Thank you. Yeah, John, on the taxes, again, I'll describe it as I did before. We just looked at North America as stable as we go into the Q1. We understand some of the projections on taxes and what consumers we look at that as possible upside, obviously, but we didn't plan necessarily around that, just plan on how we have to execute and the way we did in the Q4 and carry that over. As far as the NoAA products, they mix and match all over the world, John. It's kind of a different kind of a profile, what we have in the United States versus what we have in Europe and what we're doing in APAC in general. But as John said in his comments, the customers out there like this option, especially ones that have a lot of confidence in our product line, know how to use the product, understand that the perfection aspect of 5x5 that they think I worried about before. Over the years, I think they've gained more confidence in themselves through our product line and what it can do. So it's not like it all starts right now. We have some of these things that will roll out in APAC, some different variations that will roll out in Europe. But I'd say by the end of the Q1, end of the Q2 of this year, we'll have that pretty much lined out by geography. Great. Thanks for the call, guys. Yeah, John. Thanks. Thank you. Our next question comes from the line of Michael Cherny with Leerink Partners. Hi, Mike. Good evening. Yes. Hey, how's it going? Thanks for the question. Congrats on a nice quarter. Maybe just on the margin side, great to see the talk about the 100 basis points of opportunity. As you think about where you were in 3Q versus the guidance now, any changes in terms of how you think about getting to that margin, any positive surprises, anything relative to the revenue dropdown on the better case starts? Tell me about the dynamics, especially the strategic nature of the dynamics in terms of the potential for growth. Yeah. My call is to John. So when you think about the product portfolio we have, we have the mix shift that we've been talking about. It gets noted in ASP, but what that means is when we don't have refinements and we have some of this lower-stage product, it's more profitable. The margin rate is higher. And so you see some of that from a mix standpoint. It shows up in our gross margin. You're also seeing many of the effects of some of the productivity improvements that we have. We talked about some of the equipment that we had and maybe upgrading some of the equipment and seeing some of this. We're starting to see early stages of that benefit as well. So it's our products that we have and how we're going to market with those. And then it's also just driving productivity. We want to be mindful of getting that adoption, growing our business, and that volume helps, DSP and others that don't have refinements, but then driving productivity. We saw good results from a gross margin standpoint like we saw in Q4 that we haven't seen honestly, we haven't seen since close to 2021. That's good to see, and we want to continue that as we go into 2026. Just one follow-up, and I apologize if I missed the nuance relative to the DSO commentary. This is more tied back to the pull-through on Lumina. You're obviously now a year-plus past the launch. How is it behaving, acting in terms of your conversion opportunities relative to the placements and what that's doing in terms of some of the volume dynamics? Is it hitting the targets that you want? Is it outperforming? Anything more you can give us on the experience there would be great. Yeah. Well, we feel really good about that platform overall, Michael. It's been well accepted in the marketplace both from a GP standpoint, who do a lot of restorative procedures as well as the orthos, obviously, that are dedicated to orthodontics in that way. We know that having Lumina at those accounts and the more Lumina as you have in those accounts, the better off you do. And we continue to emphasize that at accounts, and the uptake seems to be good. I think to answer your question, you have to kind of go all over the world. But in general, I think the foundation of your question is, can you keep growing Lumina? Will you keep growing that platform? We feel good about that platform. It's a multi-structured light. We'll obviously have iterations on that platform as we go forward. So I feel really good about not just the market performance of Lumina over last year, but what we're positioned to do in the future with the technology too. Thank you. Thanks, Michael. Next question? Our next question comes from the line of Vik Chopra with Wells Fargo. Hey, good afternoon, and congrats on a nice quarter. Maybe a couple for me here. On the guidance range, you said 3%-4% revenue growth for 2026. Maybe talk about some of the other variables behind that guidance range. And do you think that 3%-4% range is conservative, or do you think you can deliver above that level of growth in 2026? Yeah, Vic. This is John. So look, we guide as we always do. We look at kind of how we see the numbers, the actions that we're taking to be able to help drive performance with new products and go-to-market activities and so on. So that's the range that we give at this point to be able to grow off of 2025 at the 3%-4%. It goes back to things that I've talked about that are really strategic for us. We want to grow internationally. We're seeing good growth. We want to continue that. We want to continue to drive orthodontic utilization. So that's products, the NoAA product, the comprehensive helps there. Some of the new products that we have with Invisalign First and MAOB and others, those will help us grow that utilization for those doctors. And we're really excited about how GPs fit into this. They're doing a lot more of scanning every patient, visualizing, really tying in financing and other things to get that sometimes reluctant patient to decide to go into treatment. And then, of course, we want to leverage our brand to be able to make sure everybody's aware of our product and how we can differentiate and so on. So it's really a continuation of our strategies around those major aspects that give us the confidence to be able to guide in the way we have. And as we go quarter by quarter, we'll update as needed. Got it. Just a quick follow-up for me. Given the strong growth you called out among the DSOs, maybe just remind us what% of your sales are coming from the DSO channel and how you plan to further expand these partnerships. Thank you. Yeah. DSOs for us, Vic, are about 25% of our business on a volume basis, and we want to continue to expand. Many of these DSOs are becoming more of a digital orthodontic mindset. We share that digital orthodontic mindset with them, and they want the scanners. So they have Luminas. They're scanning every patient. They're providing a lot of visualization and growing. And we think that's a natural benefit. When a DSO is looking to scale, we can help provide that scale through our technology and our operations, sharing and leveraging the brand as well. So it's a great partnership. We want to continue on that, but also make sure that we're also helping our retail doctors grow as well. So we're not forgetting because there's a large amount of retail doctors as well, but we're very pleased with what we see in DSOs. Thanks, Vic. Thank you. Our next question comes from the line of Jason Bednar with Piper Sandler. Hi, Jason. Hey, guys. Good afternoon. Congrats on the results here today. I'm going to follow up on Michael Cherny's operating margin question, tug on that thread to start. And the focus of the question is, are there things that need to happen or fall into place in order to hit that 100 basis point margin expansion target? You got a variety of scenarios that can obviously play out with product mix, geographic mix, channel mix. I get all that, but are there scenarios where you see that 100 basis points at risk, or is that piece of your guidance you feel fully within your control? Yeah, Jason. When we think about that, look, we have to execute. We have to be able to help grow the business. So much of what we see, especially on that productivity that we have, is based on volume. We have to execute on our volume and get that to come through our manufacturing. We see volume benefits, volume leverage when we have that. But we've made a lot of changes kind of exiting kind of in the second half of last year to improve some of the productivity, getting closer to our customers, and so on. So we've made some of those structural changes to be able to help drive and improve that productivity. So we feel good about that from a guidance standpoint. Wanted to continue talking about the 100 basis point improvement. As we execute, just like our overall revenue guidance, we'll update as we go forward. Okay. Fair enough. I want to move over to China VBP real quick. And I appreciate all the comments you made and your exposure more on the private side of the market. But I guess can you help us a bit more with what you're seeing competitively in advance of that VBP rollout? Understanding it's delayed, but what kind of pricing assumptions are you making in that down 1%-2% guide for your global ASPs for the year? How much is China impacting that? And then are you similarly making assumptions around a volume uptick post-VBP implementation? Just any help there on those factors would be great. Hey, Jason. It's Joe. First of all, I'd say there's an uncertainty around that implementation next year. Secondly, you have to think 3- and 4-A hospitals are the biggest focus in that area. We don't really participate in that to any broad extent, and that's where it would be hit first. And it's kind of what I covered in my comments. We're 85% private. We're primarily in one or two cities. Now, we know from the medical device industry and other parts of the orthodontic industry and the dental industry that that might change in the sense of how VBP affects it. But we've pretty much taken a status quo look at our business in China as we go into the year. Like I mentioned, I feel we're well positioned in the sense of the products that we would position there if that does go through. Right now, we're not expecting any major disruption for China on year-over-year based on VBP. Our guidance, to be clear, Jason, does not include any VBP impact, whether it's on the volume side or ASP side, given how Joe positioned. Thanks, Jason. Next question, please. Sure. Our next question comes from the line of Michael Sarcone with Jefferies. Hi, Mike. Good afternoon, and thanks for taking the questions. Just the first one on the system sales. I think you had talked about previously you were going to end-of-life some of the older iTero systems. Maybe with that in mind, can you talk about how you're thinking about growth in 2026 between kind of replacement cycle versus de novo placements? Hey, Michael. I mean, there are some old Element iTero scanners that we have a clause on right now in the sense of what we'll service and what we won't service. And we're doing our best to work with doctors to get them over the line into a new product like Lumina overall. I can't give you the specifics in the sense of how we look at our overall services business next year and scanner business and tell you specifically what that is. But I don't feel that transitions a major variable in the equation of our success next year. Yeah. We're always looking to have those scanners, especially the older ones like we've seen, Element 1s and 2s, to position those out of the market, offer a trade-in allowance, and then get that doctor to the newest scanner, Lumina. And once they see the difference, it usually kind of goes and it's an easy transition. But it's more efficient for them to use Lumina, and it's better for us. It captures more, the image is better, and so on. So we want that transition. So it's like everything else. We want to work with them to make that happen. Thanks, Michael. Next question, please. Our next question comes from the line of Steve Valiquette with Mizuho Securities. Hi, Steve. Great. Thanks. Yeah, good afternoon. Yeah, thanks for taking the question. I guess just separate from the discussion on your own ASPs and your own pricing, just curious to maybe get a little more color on your thoughts on just overall clear aligner pricing trends across the broader global marketplace. There was seemingly some positive news in relation to price increases on a few key competitors. But I'm wondering maybe just if tariffs or other factors are maybe just driving higher prices across the competitive landscape in a way that might help you. And is that material enough to where that was a factor in your guidance, or do you think it would have guided for your volume trends kind of regardless of what's going on on a competitor pricing front? Thanks. Yeah, Steve, this is John. I don't think that specific what they're doing is factored into our guidance. Our guidance is based on what we can do to be able to help drive the business and drive adoption and take this active conversion approach. But it is noted. I mean, we watch things closely to see what competition does. We hear it in the field and so on. And you're right, many competitors for various reasons. I think in terms of tariffs or maybe it's profitability or other reasons that they look at changing their pricing. And I think it stands to reason that some of the pricing that initially offered, they've had to increase. And it's probably a good thing in the long run to do. It certainly helps us, I think, going forward. But it's not contemplated in our guidance. I think it's the evolution of the business as it goes forward. Thanks, Michael. Next question, please. Our next question comes from the line of David Saxon with Needham & Company. Great. Thanks for taking my questions. Good afternoon. I'll just keep it to one. So just on the direct fab, as you roll more products through direct fab, how should we think about the magnitude of that impact on gross margins and kind of the cadence of how that hits the P&L? Thanks so much. Yeah, David. It's Joe. Let me think we've been pretty clear that that'll be somewhat margin dilutive in the sense as it begins to roll out in 2026. We'll scale that. We have to scale to the millions. And so as we get into 2027, you'll see us really being able to scale out. And I think as you enter the second half of 2027, you get into 2028, we expect we're moving the margin accretion in that period of time. Okay. For 2026, though, do you expect gross margin to be down, or? I mean, what's the projection? Oh, I think with the margins that we're pretty much projecting the margins that we have, Johnny. Yeah. So we've got on the specific direct fab, direct fab that is margin dilutive. But when we talk about the 100 basis point improvement on op margin, that includes whatever impact that we might have from the direct fab. So we're contemplating that in terms of our overall guidance. But on direct fab itself, like Joe said, you need to scale that resin and drive utilization on the actual manufacturing. And until you do so, it's margin dilutive. Okay. Great. Thanks. Thank you. Our next question comes from the line of Michael Ryskin with Bank of America. Great. Thanks. I'll keep it to one as well. Just a follow-up. On the scanners and services segment for 2026, you gave us a lot of the moving pieces between volumes, and you talked about ASPs earlier. It just sounds like you're guiding to scanners and services being roughly in line with total company revenue growth, give or take a couple of points. I was just thinking that in 2025, you guys had a really tough comp from prior year, 16%. So that was it did a little bit slower. But since you're still in the Lumina ramp, I'm just curious why you wouldn't see some upside there. And sort of what's holding you back from giving a more aggressive outlook on scanners? Thanks. Yeah. Yeah, Michael. This is John. So in total, you're right. And systems and services, when we think about kind of the company average in terms of the guidance that we gave, the 3%-4% systems and services kind of falls into that on a year-over-year basis. So a lot of new things that we still have to be able to grow with our systems and services business, some of the upgrades that we talk about, some of the trade-ins, other ways to be able to grow. But we think broadly, it grows equal to or about at what clear liners grow. Thank you, Michael. Two more questions, please, operator. Our next question comes from the line of Kevin Caliendo with UBS. Thank you. This is Dylan Finley for Kevin. I'll keep it to one. Going back to John's commentary on the question on the no AA and kind of where that stands today, how is that contemplated into the 1%-2% ASP decline that you're forecasting for the year? And I mean, is that product going to be rolled out in a meaningful way? And any additional aligners, whatever, would those be incremental to what you've guided for, or are there assumptions in place for what to get in additional aligners? Yeah, Dylan, I could take that. So we expect to see success, as we pilot things, we expect to roll things out from a no-refinement-type product, a NoAA product. So we're seeing good uptake on the comprehensive with NoAAs. We're seeing this and have tested in various markets, and we're seeing success. So that continues to roll out in Q1. And like Joe said, it'd be mostly fully rolled out into Q2. Our guidance reflects that, so we have that. Don't think of an ASP impact with that type of product either, though, because remember, we don't have to defer revenue on a no-refinement-type product. So we can recognize all the revenue upfront. The refinements will come over time as doctors need to provide those refinements, and we just get that over time. But it's not an initial ASP impact when we have that. And that's what's been contemplated in the volume that we gave as well as the ASP. Thanks, Dylan. Last question, operator, please. Our final question comes from the line of Erin Wright with Morgan Stanley. Great. Thanks for squeezing me in. So in the ortho segment, how is broader clear aligner growth across the industry, particularly in the North American market, comparing to brackets and wires and just based on some of the gauge data that you track on that front? And then across kind of the teen segment, any metrics on conversion rates or anything like that from an Invisalign First or palate expansion standpoint and how that's tracking? Is that moving the needle? Thanks. Here it is, Joe. On the ortho segment, wires and brackets and liners, I would say there's between the Q4 and what we saw the rest of the year, I don't think there's a big difference in the sense of the conversion we've seen on particularly teens with wires and brackets in our product line overall. Now, we have seen a difference, obviously, in the younger patients. That's not really a wires and brackets competition. Those are different devices that we're going about, and we saw great growth in that area. Conversion rates, again, I think conversion rates, if I hit this right on your question, Aaron, it has a lot to do with how these doctors convert. Do they scan upfront first? Do they show visualization like our smile products and different things like that? And so workflow becomes extremely important in the sense of what those conversion rates are. But when you think holistically or generically in the industry, I don't think the conversion rates in the orthodontic community have changed dramatically at all during the year. Thanks, Aaron. Hey, thanks. Thank you. We have reached the end of our question-and-answer session. I will now turn the call back over to Shirley Stacy for closing remarks. Hey, thanks, everyone, for joining us today. We look forward to meeting you at upcoming investor conferences, at industry events, and Chicago Midwinter in the next couple of weeks. If you have any follow-up questions, please contact Investor Relations and have a great day. Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.