Align Technology, Inc., a prominent global medical device company renowned for its Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software, has unveiled a robust financial performance for the first quarter of 2024. Following the earnings release, Align Technology’s stock experienced a notable 9% increase, highlighting the company’s strong performance in the market.
The company’s Q1 earnings surpassed analyst expectations, with earnings per share (EPS) of $2.14, exceeding estimates by $0.17. Additionally, Align Technology reported revenue of $997.4 million, surpassing the consensus estimate of $974.53 million. This impressive performance represents a 5.8% increase in total revenues year-over-year (YoY), with the Clear Aligner segment displaying a 3.5% YoY growth and the Imaging Systems and CAD/CAM Services segment demonstrating a significant 17.5% YoY increase.
Joe Hogan, President and CEO of Align Technology, attributed the company’s strong performance to higher than expected revenue and earnings, citing robust Clear Aligner volumes, particularly in the Asia Pacific region, and growth across all regions. In addition to the stellar financial results, the company also anticipates continued success in the second quarter of 2024, with revenue projected to be between $1.03 billion and $1.05 billion, surpassing analyst consensus. This positive guidance reflects a promising outlook and the company’s continued execution of its growth strategies.
In addition to the financial achievements, Align Technology accomplished several significant milestones during the quarter, including the acquisition of Cubicure GmbH, the launch of the iTero Lumina™ intraoral scanner, and regulatory approvals for the Invisalign® Palatal Expander system in various regions.
Align Technology’s financial stability is evident in its cash, cash equivalents, and marketable securities, which totalled over $902.5 million as of March 31, 2024. The company also reiterated its commitment to enhancing shareholder value through its ongoing stock repurchase program, with $650.0 million remaining available for repurchase and plans to buy back up to $150.0 million of common stock during Q2’24.
The company’s positive guidance and impressive first-quarter performance have instilled confidence in investors, leading to a notable 9% surge in its stock. Align Technology continues to demonstrate its market leadership and solidify its position as a key player in the medical device industry.
Source: Investing.com