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  "presentationDate": "2022-05-01 00:00:00",
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  "notes": "The slide outlines specific CAGR, margin expansion, and capex targets to guide investor expectations.",
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      "text": "Factoring all items implies that we would expect to return to EBITDA profitability by 2023 and to positive cash flow by 2024 or 2025. Outlined model excludes any investments that may need to be made in order to achieve outsized growth.",
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      "text": "Mid-teens CAGR; Aligner shipments expected to achieve 2019 levels by 2026; Aligner Average Net Selling Price (ASP) growth of 4% to 5% annually; Oral Care CAGR of 15% to 25%",
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      "text": "Capex: 7% to 10% of revenue; Expecting leverage on revenue growth",
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      "text": "General & administration: 200-225bps annual margin improvement; Spend growth approximates pace of inflation with expansion driven by leverage on revenue",
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      "text": "Selling & marketing: 300-350bps annual margin improvement; Leverage on marketing spend from annual aligner pricing and modest gains in efficiency; Profitable shop expansion through higher shop utilization",
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      "text": "Gross margin: ~50bps-100bps annual expansion; Net of gross margin headwind from Oral Care business growth; Increased aligner volumes leverages fixed costs; Higher utilization mix of 2nd generation machines driving cost efficiencies",
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      "text": "Quicker share gains with higher income and traditional wire & brackets customers could result in growth expectations above the model outlined below",
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