Curry
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註冊 2017-2-14 用戶註冊天數 2599
用戶失蹤天數 408
118.163.167.118
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source(ALGN財報): http://investor.aligntech.com/
我閱讀ALGN財報後結論:
1. ALGN主要獲利來源為隱適美,然隱適美是近2~3年才流行,隱形矯正僅適合輕微的牙齒矯正,目前也有許多廠商在模仿並提供更便宜的類似產品
2. ALGN 89%營收主要來至於”隱適美”
3. 主要競爭者有Danaher Corporation, Sirona Dental Systems, Inc., Dentsply International,Inc. and 3M,這些大廠相較於ALGN有更龐大的財務資源
4. 隨著ALGN幾個關鍵智慧財產權到期,預期未來除了既有競爭者外還會有新的進入者進入隱形矯正市場
5. ALGN每年RD佔營收約7%(看得出來ALGN也絲毫不敢怠慢,畢竟隱適美是其利基產品,但卻面臨大廠及其他新進者的挑戰
Sales and Marketing(ALGN主要獲利來源為隱適美,然隱適美是近2~3年才流行,隱形矯正僅適合輕微的牙齒矯正,目前也有許多廠商在模仿並提供更便宜的類似產品)
Our sales efforts are focusedprimarily on the Invisalign System and continuing to increase adoption andutilization by orthodontists and GPs worldwide. In North America, Europe and
certain Asia Pacific country markets, and more recently in Brazil andcertain regions in the Middle East and Africa, we have direct sales and supportorganizations, which includes quota
carrying sales representatives, sales management and sales administration.We also have distribution partners that sell the Invisalign System in smallernon-core country markets outside of North
America. We continued to expand in our existing markets through targetedinvestments in sales coverage, professional marketing and education programs,along with consumer marketing in
selected country markets.
ITEM 1A. RISK FACTORS
We depend onthe sale of the Invisalign system for the vast majority of our net revenues,and any decline in sales of Invisalign treatment for any reason, or a declinein average selling
prices wouldadversely affect net revenues, gross margin and net income.(ALGN營收主要來至於”隱適美”)
We expect that net revenues from the sale of the Invisalign System,primarily Invisalign Full and Invisalign Teen, will continue to account for thevast majority of our total net revenues for
the foreseeable future. Continued and widespread market acceptance ofInvisalign by orthodontists, GPs and consumers is critical to our futuresuccess. If orthodontists and GPs experience a
reduction in consumer demand for orthodontic services, if consumers proveunwilling to adopt Invisalign as rapidly as we anticipate or in the volume thatwe anticipate, if orthodontists or GPs
choose to use a competitive product rather than Invisalign or if theaverage selling price of our product declines, our operating results would beharmed.
Competition in the markets for our products isintense and we expect aggressive competition from existing competitors andother companies that may introduce new technologies in the
future.
Currently, our products compete directly against products manufactured anddistributed by various companies, both within and outside the U.S. Many ofthese manufacturers, including
Danaher Corporation, Sirona DentalSystems, Inc., Dentsply International, Inc. and 3M, have substantially greaterfinancial resources and manufacturing and marketing experience than we do.(主要競爭者有Danaher Corporation, Sirona DentalSystems, Inc., Dentsply International, Inc. and 3M,這些大廠相較於ALGN有更龐大的財務資源)
In addition, as a result of the expiration of certain key patents owned byus, commencing in 2017, we expect that these existing competitors as well asnew entrants into the clear aligner market
will begin offering an orthodontic system more similar to ours in the nearfuture. (隨著ALGN幾個關鍵智慧財產權到期,預期未來除了既有競爭者外還會有新的進入者進入隱形矯正市場)Several of these competitorswill likely have greater resources as well as the ability to leverage theirexisting
channels in the dental market to compete directly with us, and thereforeour share of the clear aligner market could decline which would likely have amaterial adverse effect on our business,
results of operation and financial condition. In addition, correspondingforeign patents will start to expire in 2018 which will likely result inincreased competition in some of the markets
outside the U.S. large consumer product companies may also enter theorthodontic supply market. Furthermore, we also face competition for companiesthat now offer clear aligner therapy
directly to the consumer eliminating the need for the consumer to visit adental office. In addition, we may also face competition in the future from newcompanies that may introduce new
technologies. We may be unable to compete with these competitors and oneor more of these competitors may render our technology obsolete or economicallyunattractive. If we are unable to
compete effectively with existing products or respond effectively to anyproducts developed by new or existing competitors, our business could beharmed. Increased competition has resulted in
the past and may in the future result in volume discounting and pricereductions, reduced gross margins, reduced profitability and loss of marketshare, and reduce dental professionals’ efforts
and commitment to expand their use of our products, any of which couldhave a material adverse effect on our net revenues, volume growth, net incomeand stock price. We cannot assure that
we will be able to compete successfully against our current or futurecompetitors or that competitive pressures will not have a material adverseeffect on our business, results of operations and
financial condition.
ALGN 89%營收主要來至於”隱適美”
ALGN每年RD佔營收約7%(看得出來ALGN也絲毫不敢怠慢,畢竟隱適美是其利基產品,但卻面臨大廠及其他新進者的挑戰)
[ 本帖最後由 Curry 於 2017-12-19 16:01 編輯 ]
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