Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents the Company’s revenues disaggregated by geographical region for the years ended December 31, 2024 and 2023 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenues. The Company has historically defined emerging markets as developing markets of the world experiencing extended periods of accelerated growth in gross domestic product and infrastructure, including Eastern Europe, the Middle East, Africa, Latin America and Asia (with the exception of Japan and Australia). The Company defines developed markets as all markets of the world that are not emerging markets.

	Year Ended December 31, 2024
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	684.0	$	621.3	$	1,305.3
Western Europe	439.4		106.6		546.0
Other developed markets	86.1		34.2		120.3
Emerging markets	406.9		132.1		539.0
Total	$	1,616.4	$	894.2	$	2,510.6

	Year Ended December 31, 2023
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	702.0	$	610.5	$	1,312.5
Western Europe	447.7		121.7		569.4
Other developed markets	90.4		36.9		127.3
Emerging markets	402.3		155.0		557.3
Total	$	1,642.4	$	924.1	$	2,566.5

Remaining Performance Obligations

ASC 606, Revenue from Contracts with Customers, requires disclosure of remaining performance obligations that represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year which are fully or partially unsatisfied at the end of the period. Remaining performance obligations include noncancelable purchase orders, unfulfilled obligations, extended warranty and service agreements and do not include revenue from contracts with customers with an original term of one year or less.

With respect to certain clear aligner treatment plans, the Company enters into contracts that involve multiple future performance obligations which include optional additional aligners at no additional charge. The Company’s treatment plans are comprised of the following performance obligations: initial aligner shipment and the subsequent shipments of any optional refinement aligners. For such plans, the Company also considers usage rates, which is the number of times a customer is expected to order additional refinement aligners.

As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $128.0 million, including $94.9 million related to clear aligner treatment plans. The Company expects to fulfill the majority of these performance obligations over the next 12 months.

Contract Liabilities

The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue. As of December 31, 2024 and 2023, the contract liabilities were $166.8 million and $114.8 million, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Balance Sheets. The increase in the contract liability balance during the years ended December 31, 2024 and 2023, is primarily due to cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period that was included in the contract liability balance at December 31, 2023 and December 31, 2022, respectively.

Revenue recognized during the years ended December 31, 2024 and 2023 that is included in the contract liability balance at December 31, 2023 and December 31, 2022 was $97.1 million and $74.6 million, respectively.

Significant Customers

Sales to the Company’s largest customer were 10% of total sales for the years ended December 31, 2024 and 2023 and 11% for the year ended December 31, 2022.