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  "documentTitle": "Align Technology, Inc. (ALGN)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-09 00:00:00",
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  "notes": "Uses a side-by-side comparison of analyst/CEO quotes vs. orthodontist feedback to frame the thesis.",
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      "text": "With one of the major bottlenecks preventing more widespread in-house 3D printing demand now gone with the expiration of key Align patents and the development of new software, Spruce Point believes that the cost savings and workflow efficiency offered by in-house printing will trigger a new wave of demand for 3D printers among orthodontists, posing a significant threat to Align's case volumes.",
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      "text": "Comparison of Align's historical patent-based moat vs. current orthodontist demand for new software solutions.",
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      "text": "Bulls are not wrong to think that, until now, in-house 3D printing has been relatively inconvenient in some respects. It would be inappropriate, however, to conclude from this that interest in 3D printing is low. Spruce Point finds just the opposite...",
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      "text": "\"Yes, remember, we -- you could arguably say we had 10 to 15 key patents burn off at the last -- last part of last year and I call those CAD/CAM patents which means you could design something on a computer screen and then 3D print it and that's what choked most companies from getting into the marketplace because you really couldn't scale.\" — Joseph Hogan, CEO, Align Technology. \"In the future, we are going to see a change where a company is going to develop software that is so easy to use where I will pay a monthly fee and then I will be able to print the aligners in my office. We are not that far away from that. It is coming.\" — Orthodontist, Diamond Plus Align Tier. \"Better software and alternative workflows are what will take over Invisalign.\" — Orthodontist.",
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      "text": "The Bottleneck To In-House 3D Printing Has Not Been Demand, But Workflow Infrastructure",
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