Align Tech shares rise on Street-beating Q1, iTero CFDA win, product launches

Shares in Align Technology (NSDQ:ALGN) rose today after the dental-focused device maker posted Street-beating Q1 earnings alongside a number of other updates, including a clearance from China’s FDA, an update on a legal spat with SmileDirectClub and multiple product launches. The San Jose, Calif.-based company posted profits of $95.9 million, or $1.17 per share, on sales of $436.9 million for the three months ended March 31, for bottom-line growth of 38.1% while sales grew 40.8% compared with the same period last year. Align Technology’s earnings per share were ahead of the 98¢ consensus on Wall Street, where analysts expected too see sales of $408.3 million, which the company handily topped. “I’m pleased to report better than expected first quarter results and a strong start to the year for Align, with revenues, volumes and EPS above our guidance. Record Q1 revenues were up 41% year-over-year reflecting continued strong Invisalign volume across all geographies and customer channels, as well as iTero scanner sales which were up 84% year-over-year. Q1 Invisalign volume growth of 31% year-over-year was driven by increased utilization including strong teen case growth globally, and expansion of our customer base, which included over 4,200 new Invisalign-trained doctors worldwide,” prez & CEO Joe Hogan said in a prepared statement. Align Tech provided updated guidance for its next quarter, expecting to see sales of between $460 million and $470 million, w...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Dental Legal News MassDevice Earnings Roundup Regulatory/Compliance aligntechnology Source Type: news