{
  "report_rows": [
    {
      "kpi": "Total revenue (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.062B vs. cons ~$1.05B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Clear Aligner volume (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~697K cases vs. cons ~690K",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Non-GAAP EPS (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$2.73 vs. cons ~$2.64",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 revenue growth guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~+3-4% YoY reaffirmed vs. cons ~+3.9% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 non-GAAP operating margin guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~23.7% reaffirmed vs. cons ~23.7% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3'26 revenue guide",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.05-1.07B vs. cons ~$1.06B (Q3'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "North America Clear Aligner trajectory (commentary)",
      "prediction": "UNKNOWN",
      "answer": "pred ~stable/-1% YoY vs. cons hoping ~+1-2% inflection (Q2'26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -5.0,
  "day5_path": "FADE",
  "day5_rationale": "Stock rallied ~5% into the print (167->176), so expectations are elevated. Base case is a clean beat-and-reaffirm rather than the FY guidance raise bulls want; with North America still soft and out-period math implying a heavy 2H margin ramp to hit ~23.7%, a beat-only, no-raise print likely triggers 'sell the news.' Absent a clear NA inflection, revisions drift down and the post-print bounce fades further over the week. High-variance name (ALGN often moves double digits), so confidence is low; a genuine NA re-acceleration or guide raise would flip this to follow-through.",
  "day5_confidence": "LOW"
}