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  "documentTitle": "Align Technology, Inc. (ALGN)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-04-09 00:00:00",
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      "kind": "callout",
      "text": "In light of the prevailing restrictions on non-emergency dental activity and expert predictions which indicate that the coronavirus may linger for months into the future, Spruce Point believes that it is not outlandish to believe that, not only could US volumes collapse to near-zero in Q2, but that volumes may remain heavily depressed through the remainder of the year. An elective, discretionary, cosmetic procedure is unlikely to experience a rapid recovery as the economic consequences of the pandemic grow.",
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      "text": "In light of the prevailing restrictions on non-emergency dental activity and expert predictions which indicate that the coronavirus may linger for months into the future, Spruce Point believes that it is not outlandish to believe that, not only could US volumes collapse to near-zero in Q2, but that volumes may remain heavily depressed through the remainder of the year.",
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      "text": "Total Revenue: 20-60%",
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      "text": "To date, sell-side estimates have generally been revised only very conservatively in response to the ongoing pandemic, and there remains a great deal of uncertainty about the near-term future for Align. Spruce Point believes that, with elective procedures delayed for the indefinite future, and given the potential stigma that may surround dental offices over the coming months, Align could see US and international cases decline by anywhere between 20-60% year-over-year in Q2 and remain down between 20-30% for the remainder of the year.",
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      "text": "Source: Spruce Point research and analysis",
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      "text": "Bull, Base, Bear scenario table with quarterly projections for volume growth, revenue, and YoY growth.",
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      "kind": "title",
      "text": "Volumes Could Be Down Substantially Due To The Impact Of The Pandemic",
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