We expect our investments in capital expenditures for fiscal 2026 to be $125 million to $150 million. Capital expenditures primarily relate to technology upgrades, additional manufacturing capacity, as well as maintenance. We now expect to repurchase $400 million to $500 million of our common stock in 2026, reflecting the conviction of the Board and management in the line's long-term value. This includes the approximately $133 million of our common stock we expect to repurchase through October 2026. Before I hand it back to Joe, I want to take a moment to offer some preliminary high-level framing for 2027. especially given the work we are doing to drive growth, cost discipline, and margin expansion. To be clear, we are not issuing formal guidance for next year. It's too early and our strategic and operating model review is still underway. However, we remain laser focused on executing our strategic plan for profitable revenue growth across our two operating segments. Based on our continued progress and the initiatives we outlined in the strategic In the strategic initiative press release today, we are comfortable targeting at least the same level of improvement in operating margin in fiscal 2027. On top of the approximately 100 basis points of operating margin improvement, we reiterated for fiscal 2026. For fiscal 2027, we currently expect GAAP and non-GAAP operating margins to increase at least approximately 100 basis points year over year. will share more details after our strategic and operating model review is complete and in conjunction with formal 2027 guidance. With that, I'll turn it back over to Joe for closing comments. Joe?

Thanks, John. As you look at the first half of 2026, we're encouraged by the progress across the business. Through the first six months of the year, we delivered record clear aligner volumes, expanded doctor adoption and utilization, increased scanner placements, improved margins, and continue to execute against our strategic priorities. Importantly, we achieved these results in an environment that remains uneven across markets and customer segments, reinforcing the strength of our global business. We saw strong momentum across APAC, EMEA, and Latin America, despite the macroeconomic headwinds. North America remained relatively stable overall with continued strength in the DSO channel, helping to offset softer retail demand. That said, returning North America retail to consistent growth remains a top priority and we're working to make that happen. The customer-focused initiatives we've been pursuing, financing solutions, DSP, clinical education and support, and DSO collaboration are gaining traction and we're encouraged by the early results. As we enter the second half of 2026, we believe we are well-positioned to build on this momentum. We are entering the important teen treatment season with one of the industry's most comprehensive digital treatment portfolios for growing patients and teens. At the same time, we continue to expand opportunities in adult treatment through innovations that connect oral health, restorative workflows, and digital orthodontics, helping doctors incorporate Invisalign treatment into broader patient care discussion. Our innovation engine remains a key differentiator and is central to our growth strategy. Business model innovation, patient financing, subscription programs such as DSP, NoAA offerings, and digital workflow innovation are helping doctors improve patient conversion, increase utilization, and grow their practices. Every digital workflow begins with a scan, making scanner adoption an important driver to increasing patient access to orthodontic care and long-term platform growth. As we continue to advance our innovation roadmap and direct fabrication technologies, we are creating more effective and personalized treatment solutions that improve clinical outcomes, enhance operating efficiency and strengthen the customer experience across orthodontics and restorative dentistry. Our focus remains unchanged. Helping doctors treat more patients, expanding patient access to care, and advancing digital orthodontics and digital dentistry globally. We remain realistic about the environment, but encouraged by our results and ability to address the significant opportunities ahead. Importantly, the combination of our global scale, strong international momentum, Continued Innovation, and an increasing integrated digital platform uniquely positions align to drive adoption of the Invisalign Clear Aligner and iTero systems and services while creating long-term value for customers, partners, employees, and shareholders. With that, I want to thank you for your time today. Now I'll turn the call back over to the operator for questions. Operator?

Thank you. At this time, we'll be conducting a question and answer session. If you would like to ask a question, please press Star 1-1 on your telephone keypad. A confirmation tone will indicate your line is in the queue. You may press Star 1-1 again if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the Star key. One moment, please, while we pull for questions. And our first question comes from Michael Turney with Lyric Partners. Your line is open.

Good evening, and thanks for taking the question. Maybe if I can just ask a question about the case starts number. Obviously, very strong in the quarter, seemingly talking up your expectations, your expectations for the rest of the year. As you think about the push and pull of macro, micro, and what you're seeing in your different customer bases, what's the biggest level of confidence that's allowing you to get to this higher number given... Obvious questions broadly in the market about whether or not the consumer is at risk. Seems like a really good number, so just trying to put the pieces together about how do you keep the momentum going. Thank you.

Hey, Michael. When I look at it, we felt really good, obviously, about the Invisalign numbers overall, and that's your inquiry. As we talked about, we have a good mix around the world. It's a strong global business. We see APAC at double-digit growth. We're seeing double-digit growth that we have in Europe. and different sections and areas. Our DSO businesses are very strong in North America overall. And so with that kind of a mix, it gives me a lot of confidence in the sense that with macroeconomic headwinds and different things that we can help to compensate that because it's never the same all over the world. So I think the quarter reflects pretty well that dexterity we've shown in the marketplace.

Thank you. Our next question comes from John Block with Stiefel. Your line is open.

Great. Thanks, guys. Good afternoon. Hey, Joe. Maybe I'll pick up where you left off a little bit, Joe. Any signs that the North American, call it independent sluggishness, is starting to thaw? So, you know, I'm excluding the DSOs. What are the green shoots you're looking for? And, you know, is there a secret sauce? In other words, can the additional financing options that we're hearing more about of this no comp AA to help turn the tide in coming quarters, again, specific to that North American independent bucket.

Yeah, John, that's a great question. Look, we just got back from the orthodontic conference that I referenced overall, too, and there's a lot of enthusiasm by that group. Obviously, there are best doctors in North America overall, and John and I have known these doctors for a long period of time. There's a lot of enthusiasm there, but I don't think anyone's counting on the macro to help us one way or another. What they feel good about is the innovations that we have here, how it can extend. In my script, I talked about the growing patients piece. When you think about mandibular advancement with occlusal blocks, IPE, there's a huge amount of enthusiasm about that and help us market share too. Obviously, DSP has been a big winner and we continue to try to expand that. The NOAA product that you just referenced is just a good fighter out there in the sense of trying to meet a consumer where they are sometimes. Overall, I just feel good about our portfolio. I feel good about the innovation that we have and how it's being accepted in the marketplace. Our forecasts that we just gave you are not reflective of any kind of improvement in macro. We're not that smart. We just keep executing in those specific areas of new products. and new types of systems to drive that volume.

And I would add that patient financing, expanding that patient financing, we are seeing some traction there. We want to continue that, but that helps that potential patient decide if they want to go into treatment.

Okay, that's helpful. And the second one's a little bit long. John, I'll sort of go to you. Systems and services now expected to be down 7% year over year at the midpoint. I think prior At least I was flattish. So like that difference of $55 million seems to be made up all clear line of revenues. What? Somewhat split between a higher volume assumption and a slightly higher ASP. I guess one, is that a fair way to categorize, you know, sort of define that or categorize that? And then maybe you can talk, John, the higher ASP surprised at least me for the quarter, you know, is a little bit above where you were talking 1260 versus 1250. and arguably FX went against you a bit intra quarter. So, you know, what led to that better ASP result that seemingly you feel comfortable about extrapolating going forward?

Yeah, you're right on your first question. The systems and services being down 7% at the midpoint for the year is being offset by the Invisalign volume and stronger ASPs for what we've talked about where you see some stability that continues in North America, but then growth outside of that to be able to take our volumes and up. When we look at the ASPs, we see some of the benefit in terms of some of the products that coming through where you're seeing some of the products maybe at a slightly higher price, a higher list price, which helps us, that helps our overall ASPs. We also get some of the benefit where we're recognizing still a significant amount of revenue, even on those three and three, which is our most popular product, as well as the no AA product. So we're seeing that ASP come through. and that showed up in our numbers. And I would also say that maybe when we look at our ortho business in total, when we look at that, we saw some strength there overall, which usually comes with a higher list price as well. So those are the offsets that we see. We're pleased with the ASPs being able to hold to where we're at and you're right, that does help us as we go into the second half of the year.

Thanks for the time, guys. Thanks, John.

Thank you. Our next question comes from Brandon Vasquez with William Blair. Your line is open.

Hey, everyone. Thanks for taking the question. Hey, guys. Maybe I'll ask two, because it's a little bit of a two-parter connected. One, I want to ask a little more granular on North America. Can you guys just talk about, like, because we don't know the relative trends U.S. versus outside of the U.S., Did things get worse within the quarter within North America? I know there's been a lot of noise, rising gas prices, etc. Some channel checks have suggested maybe there were some pockets of weakness. So curious, like, what are you seeing in the U.S. specifically? And then the follow-up question that may be for John, how do you think about, as you, with an updated guidance here for clear aligners, how do you think about what's baked into that? You know, like, are you taking the exit rate from Q2 and pushing that forward? just help us understand the seasonality in the business has been a little lumpy, of course, over the past couple of years, so it's hard to know what Q2 to Q3 usually is. So how are you guys thinking of framing the guidance relative to macro today? Thank you.

Hey, Brandon, it's Joe. I would just start off by saying stable from a North America standpoint. There is a lot of fluctuation when you look at different regions. If you look at the Northeast versus Florida, California, whatever, I don't want to go into specificity of that, but overall I would call it stable. The DSOs continue to grow, as I mentioned in my script overall, but I would say basically what we've seen is no better and no worse than what we've seen before. And obviously we just keep working our portfolio, working with the DSOs, all the things we've been having success to try to extend that.

And I would build on that, that stability or those numbers that we see coming out of Out of Q2, when we take guidance, we're looking at the most recent information. We have a good understanding of flow, and that's the best information that we can use for prediction of the next quarter. So we take what we see. Like Joe said, it's relatively stable. There's pockets that are better or worse, but that's to be expected. But that's what we use to inform us for our guidance.

Thank you. Our next question comes from Jason Bedner with Piper Sandler. Your line is open.

Hey, good afternoon. Thanks for taking the questions. I'll actually start first on the operating model review. I know it's super early, but are there any obvious areas of optimization that you have in mind? Is everything under consideration across your expense line when we think about R&D, sales, marketing, or maybe asked differently, is anything off-limits? When we think about your commitment to 100 basis points, just trying to understand and think about this review in the context of past restructuring activities for O-Line.

Hey, Jason, Joe. Look, I'd just start off and say our strategy remains intact. In our strategy, we're a growth business. We know that. We're technology-led, distribution-led in that sense. But I'm not saying anything is completely intact. I'll tag them on this. We'll look across the board and see what makes sense. And I think it's a good progress, a process for us. Also, we picked a really good consultant to work through that has some experience with us also. And so there's a basis for us to work through that. So I just look at this as an opportunity. I think when you look at execution, you want to say where your focus is or whatever, I think it's healthy for the business.

OK, fair enough. And then maybe building on that, I I thought for 2027, DirectFab was supposed to be a margin driver. Is that in addition to this 100 basis points? Is that captured in this 100 basis points? I guess maybe update us on how you think about DirectFab within the context of like the updated margin commentary today.

Yeah, and Jason, think of this as this is inclusive of everything for next year. This is the best view that we wanted to give. As you know, and we've talked about when DirectFab scales up, there is That by itself is a negative headwind just as you scale that just the efficiency and everything else that we need to have both on the resident side as well as the actual production side. But the view that we gave next year includes the direct fab and so the overall 100 basis point or above is inclusive.

Thank you. Thanks Jason.

Thank you. Our next question comes from Daniel Grossleit with Citi. Your line is open.

Hi, guys. Thanks for taking the question. I wanted to dig a little bit more into the system's revenue. Obviously, a few moving pieces here, but I'm curious, what's been the biggest surprise versus your initial expectation? Is it the rental adoption, lower ASP, macro pressure? Just what's been the biggest change in how you're thinking about that? And maybe more importantly, how should we be thinking about and systems revenue in 27. Will these headwinds be behind us so we should see a return to growth in 27 or do you think we'll still see some lingering impacts of MX? Thanks.

Hey, Daniel. This is John. Well, first off, we're not guided on revenue for next year, but I can kind of get the focus on what we've seen so far this year. We certainly do see that mix that we described in the script you have doctors that are making decisions on whether they're going to purchase new or perhaps a certified pre-owned or maybe doctors don't want to put so much money up front and they'll lease or they'll rent and you do see that shift happening across and that certainly shows up in our numbers and then you also see maybe retail doctors that They don't, you know, maybe feel a certain, especially in North America, certain about the economy and so on. They pull back on their spend, but we had a mix, some favorable mix from a, at least from a volume standpoint that showed up with DSOs and some of our labs. So you see that coming through in volume. So I would take a step back and say overall, we're pleased with the volume. The volume is double digits. Our installed base is up double digits. We are expanding The availability to doctors to be able to get new scanners and purchase them or utilize them any which way that they want. And the added piece that's a benefit that we've seen and more so that I've seen in the past is, you know, so many of these new scanners that have gone into placement are new doctors, doctors that we don't even sell to right now. And we know that as they start to get more familiar with that scanner and and digitize their workflows. It helps us for the broader ecosystem that we have, which includes Invisalign. So we feel good about that volume and that placement and we're managing the mix as we go forward. Got it. Okay.

And also one on just the UK VAT ruling. I think you mentioned that you're not going to change list prices here despite the re-imposition of the tax. Does that mean you guys are absorbing the cost here or just how does that work from a pricing perspective and does that impact your profitability targets in the UK?

It is, just to be clear on that, we're keeping our list prices the same and then that Now that the UK is mandating this VAT, that's essentially being charged to the provider, the customer, and then we pass that through back to HMRC. So it's no impact to us from an ASP standpoint. Of course, we're going to appeal, and of course, we're wanting to We don't think it's good for UK dentistry and healthcare and ultimately patients who want to go into treatment, but it's a pass-through and it's something that won't impact our ASPs as a result. Thank you.

Thank you. Our next question comes from Jeff Johnson with Baird. Your line is open.

Thank you. Good afternoon, guys. Hey, Joe. So I wanted one question on third quarter on case shipment growth and your guidance for that. You know, as I look at the 2Q to 3Q comp, it gets about four and a half points tougher. You just did 7% your guiding to mid single digits for 3Q, so maybe a couple points of slowing, but on a comp adjusted basis, a little better. So I know you keep saying stable. I know in my surveys, I'm sure not seeing, you know, much evidence of improvement or anything. But it seems like your guidance is calling for, at least on a comp-adjusted basis, a little bit strengthening on that case shipment side in the third quarter. So is that confidence coming from anything you're seeing in that North American market with some of the new financing options like you're talking about? Is it coming from something you're seeing outside the U.S.? Just where may be seeing a little bit, as John referenced earlier, I think green shoots on that. Thanks.

Yeah, I would say, Jeff, when you look at what we're seeing, we're seeing continued adoption of DSP. DSP is now rolling out to APEC, which we know it drives volume through those touch-up cases and ultimately gives retainer revenue as well. So we're seeing that. We see the continued rollout of the no AA type products. and many more. We're not relying on economies essentially getting better or really changing at all. It's things that we could do to drive that incremental benefit as we look forward. And I would say broadly as you look at it, Jeff, we were running about 7% volume on a year-over-year basis in the first half. The second half, it's actually a little bit less than what we ran in the first half. So we're reflective of what we see in the market, but we feel good about the initiatives that we have.

That's helpful. Thanks, John. And then maybe one more just on the scanner and services. And I know the question was just asked. I'm going to try to get at it maybe a slightly different way. I know you're not guiding to 27 at this point. But are you guys taking a decent amount of medicine up front here? Have you put some of those pricing programs in, whether it's the CPOs or the lease and rental and that, pretty aggressively to the point that, let's say, 10% or 15% of your New user base is going in that direction. Would we think over the next couple years that stays the same or is it going to be 10% of your user base is adopting those kind of lower price models this year and next year it might be 15 or 20, the next year 30? And so we have that kind of continued negative mix headwind we should be thinking about, at least conceptually on your scanner and services side the next couple few years. Thanks.

I would look at it this way, Jeff. I think we're taking this shift, this mixed shift that is happening now, and that's really impacting this year. We've called that out. We think we build off of that as we go forward. There's a certain amount of ASP that we have as a result of this. and we build off of that going forward. It's not to say that doctors won't want to continue to lease and rent, but as you go forward with that, as you know, when you start a lease, you might only take one or two or maybe three months of that revenue in that period, but you're going to get that revenue for the next 24, 36 months going forward. So we know that piece of it builds. And then you're also going to see us do some things around using third-party providers to be able to provide the financing more of a capital lease structure such that we can now sell to that capital provider at a higher ASP and then they'll provide the leasing arrangement to those customers and that helps us so that we don't have to take the operating lease on our side. So there's alternatives that we have but Ultimately, we want to be able to drive this business and understand the mix that's going on in the world, but be able to be at a point where we can build off of that as we go forward.

Understood. Thank you.

Thank you. Our next question comes from Elizabeth Anderson with Evercore ISI. Your line is open.

Hi, guys. Thanks so much for the question. As we think about your outperformance on gross margins in the quarter and sort of the updated outlook that you provided, is there something to think about differently between sort of the mix of operating margin expansion in 2026 between gross margin and OBEX, or should we still think about it kind of 50-50 split that you laid out last quarter?

Yeah, I would say, Elizabeth, this is John. You know, think of the margin expansion that we've seen. We're very pleased with our up margin expansion. It's primarily driven by the gross margin side. We are seeing a lot of the productivity that we've talked about from last year, some of the productivity improvements around getting closer to our customers, reducing our freight costs, upgrading some of the equipment, using things productively. as well as some of the product mix that's really helping us from a gross margin. The no AA type products, the three and three and so on, those give us a better gross margin, DSP and so on. So I would say it's a combination in that productivity where we're doing things to help from a product standpoint that drives gross margin as well as a program and initiative standpoint to take costs out to reduce our COGS. And so far this year, and the way we're describing this year, it's really been primarily on the gross margin side to generate that 100 basis point improvement in 2026.

Got it. And maybe as a follow-up, you know, obviously the questions about the macro forefront, I appreciate what you're saying about sort of the self-generated... improvements in the case numbers for the third quarter. Can you give any early commentary sort of on July, particularly regarding the U.S. and sort of how that's trending versus your expectations?

You know how that goes, Elizabeth. We don't give kind of within the quarter kind of the monthly cadence. I would say as we've done, you know, we factor in how the quarter plays out, previous quarter plays out by geography and so on. look at order and intake and then make the best view of that. And that's how we'll guide. But that's how we've done it for every quarter and including this third quarter.

Appreciate it. Thank you.

Thank you. Our next question comes from Steven Valiquette with Mizuho Securities. Your line is open.

Thanks. Yeah, good afternoon. A lot of topics have already been talked about here, but one thing I wanted to come back to was back at the tech innovation meeting that you have with us back in May, you guys highlighted the new advanced restorative treatment program targeting dental labs to get further traction with GPs. Just curious how much that might be playing a role in the increased guidance for 26, or does that maybe get more traction for 27? I just want to get an update on that. have a think about the progression of that. Thanks.

Hi, Steve. It's Joe. Look, this is not a huge increase right now. We see a number of labs across the world that are adopting this. They're beginning to integrate it into their workflow, particularly for implants and crown and bridge and those kinds of things where you move teeth first to keep the teeth out of harm's way and save enamel in that sense. would you look at our you know our 2027 don't don't count on us you know leaning way into that in some way but I feel good about that I think we're making good progress there's a good recognition of it we've integrated much better into our ExoCAD system so as a lab works with ExoCAD they can immediately access you know ClinCheck and different things that would um you know allow them to be able to plan that treatment you know properly with the obviously with the aligners up front so I'm optimistic about it I'm not forecasting a big increase here right now but we'll keep you up to date as uh as it continues to grow.

Okay, got it. Thanks.

Thank you. Our next question comes from Vic Chopra with BMO. Your line is open.

Hey, good afternoon, and thanks for taking the questions. You know, for systems and scanners, you called out more flexible acquisition models. I'm just curious how big the proportion of systems placed under lease arrangements or Rentals Can Grow To Over Time, and how should we think about the economics and payback period of this strategy?

Yeah, it's a good question, Vic. Right now, it's a small percentage of our overall revenue, but look, I think, especially in certain markets, it's It's a big percentage in some of those markets. And I would expect that as doctors and others are under pressure from a capital equipment standpoint, that they might try to lease or rent. And from our standpoint, that's a good equation for us because typically then that price is higher in terms of what they're going to pay us over time. So you don't have to discount as much initially to get a sell-through. They're happy to rent or lease. They keep their monthly payments low. In the end, we end up with maybe a higher amount of revenue over time. It's just it doesn't come right up front. But again, we're trying to provide access to our digital ecosystem. This is a way to do that with our customers. And we have the portfolio and the resources to be able to provide that. and, you know, when we see that the volume that we put into the market this quarter and to see that the install base is going up and, like I said earlier, really pleased with the fact that we're selling to doctors that we haven't sold to before and we know good things happen when that comes about.

Thanks. Just one quick follow-up if I could. You know, you called up the North American retail channel. I'm just curious if that were to stabilize or return to growth, how much of a benefit is that to your top line? Thank you.

It would certainly be a benefit because right now it's a drag. So on that retail side, we are laser focused on all the different initiatives we have to turn that and we think we can even in this current environment. If the economic environment gets better, great. That's a tailwind for us. But we think we can turn this to be positive in this existing environment using all the tools that we've talked about here. And if it does, it certainly would be an improvement to our overall volume that we've described.

Thank you. Our next question comes from Erin Wright with Morgan Stanley. Your line is open.

Great, thanks. So I want to dig a little bit more into the ClearLiner financing initiatives and some of the ones you've launched recently. Do you think, or how do you think about the rollout of that? Where do you have, how have you rolled that out? And then also, you know, when do you think it'll really move the needle from a conversion perspective? Do you anticipate, or do you have any sort of early metrics on that front? And then I just had a quick follow-up on the UK VAT tax. I think before you lowered the price by 20%, you're saying you're holding the price, but does that mean you're anticipating a volume impact at all? I'm just curious how you're thinking about that flowing through. Thanks.

Okay, thanks, Aaron. I could talk, but the UK VAT initially, just on that, we will keep the prices the same that UK VAT will get passed on. So we are looking at what that could mean for volume and making sure we stay close to our customers and so on. They're aware of that change, and we're working closely with them. But, you know, like I said, that VAT is a pass-through, so no impact on our ASPs. But you're right, we want to make sure we understand the The volume and the trade-offs and so on and maybe gives us a good opportunity to talk about the other portfolio of our products that do come at a lower list price so that maybe there can be some offset if they were used to using some of the more comprehensive unlimited or other products that they can use other parts of our portfolio. So we'll watch that closely. When we think of the The Clearlight are financing for potential patients and so on. We're seeing good traction on this. When we have a doctor that provides different financing alternatives to external providers, if those providers are very interested in Increasing their amount of revenue that they can get from these types of procedures, we're seeing good traction. That means low upfront costs. It means making sure that monthly payment is low enough. It's being able to manage maybe some FICO scores and so on. So doing things in a way to make sure that we can drive that ultimate patient to go into treatment. And where we've done that, we've seen good adoption, and that's part of what we want to be able to continue to see as we go forward.

Thank you. And our next question comes from Michael Ryskin with Bank of America. Your line is open.

Great. Thanks for taking the questions. Two really quick ones probably. One is on the scanner, you know, you touched on sort of some of the weariness and some of the macro CapEx environment impacting docs, but there's also been some incremental competition in the space from a handful of others with launches in the last three to six months. Just wondering if you're seeing that play in the market at all, if you're bumping into the mode a little bit more, if there's been some noise there. And I'll throw in my follow-up at the same time. The ASPs, you know, you kind of have guided to softer ASPs in the second half for some time. You know, you tweaked your ASP guide this quarter, but it seems like you're still guiding for a pretty big step down in 3Q, 4Q just to get for the full year, for a full year to be flattened down. It's pretty meaningful, a $40, $50 step down. I know you talked about FX and mix, but it would be great if you could just dig into that a little bit more, break down those two components, and if it is mix, just expand on that a little bit. Thanks.

Yeah, Michael, I can take the ASP question first. You certainly have, as we know, going from Q2 to Q3, with China being as big as it is in Europe, kind of coming a lot lower than what it would normally be. just based on seasonality, you do have a mixed effect that it's ASP. And that's why we reflected the ASP reduction going from Q2 to Q3. You have that. We think that, you know, it obviously comes back, you know, a bit in the fourth quarter because that mix shift then changes. China's lower and as a proportion in Europe becomes larger. So we have that. But there's nothing out of the ordinary. We're going to continue to have DSP and some other products that... that get rolled out in the second half in APAC and so on, that comes with a lower list price. It's just the reality. It's a product that just don't have as high of a list price because they're non-comprehensive cases. So mix shift that's normal in the third quarter and then other new products in certain markets like DSP impact the overall ASP.

And Michael, too, on the scanning side, I'd say I don't think I'd say rapidly increased competition. I'd say the composition of the competition has changed pretty substantially over the last few years. We used to see a lot of meta. We see more shining 3D than we do meta today. That's on what I'd call the lower-end mirror-based scanners. When you look at the confocal imaging piece, which is primarily represented by our old technology, which is 5D, and you have that obviously with PrimeScan and 3Shape having that technology. That hasn't changed in a big way either. And lastly, remember, with Lumina 2, that's a brand new technology. It's a different kind of platform. So it gives us a really good competitive position to be able to work through. But overall, this isn't driven, what I'd say, by a big change in competition, but we have seen a change in the type of competitors that we're dealing with. Okay. That's helpful. Thanks.

Thank you, and we have reached the end of our question and answer session. I will now turn the call back over to Shirley Stacy for closing remarks.

Thank you, everyone, for joining us today. We look forward to meeting with you at upcoming investor conferences and industry meetings. If you have any follow-up questions, please contact Investor Relations. Thanks, and have a great day.

Thank you. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.