Healthcare Pulse – Week of March 4th (ALGN, AVDL, DXCM, EOLS, INMD, RDNT)

Align Technology (ALGN) – Full February website traffic data for ALGN’s key website (aligntech.com) was recently released, pointing to incremental upside vs. street estimates on Q1 case shipments. Evercore ISI highlighted that February unique visitors increased 3% Y/Y. While March visit data can be somewhat mixed, unique visitors have been up HSD/LDD sequentially in 4 of the past 6 years.

For context, unique visitor data for this website has historically had a ~0.90 correlation with case growth. Assuming a ~67% conversion of visits to cases (similar to 2022/2023 conversion rates), the data points to approximately 608K case shipme