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  "documentTitle": "Align Technology, Inc. (ALGN)",
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  "authorName": "Ben Axler",
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      "text": "Spruce Point, however, believes that bulls have far too naïve a view of Align’s market opportunity, and that they overlook material barriers which will make it difficult for the Company to expand into both sub-markets.",
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      "text": "Align bulls have grown accustomed to being warned about the threat of new competitors since the major dental equipment suppliers began to enter the aligner space in the mid-2010s. Those who have remained in the stock throughout have generally done so on their faith in the magnitude of the clear aligner TAM: management cites that, between aligners and wire braces, 12M teeth alignment cases are initiated each year worldwide – 8.4M of which Invisalign can address – of which Align captures just 1.5M as of FY19. Meanwhile, management claims that another 300M globally are candidates for more minor alignment treatments from dentists. Spruce Point, however, believes that bulls have far too naïve a view of Align’s market opportunity, and that they overlook material barriers which will make it difficult for the Company to expand into both sub-markets.",
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      "text": "The Growth Runway Is Not As Smooth As The Bulls Think",
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