Align Technology (Nasdaq:ALGN) shares are on the rise after the market closed today following second-quarter results that beat the consensus forecast.
Shares of ALGN ticked up 11.2% to $378 apiece after hours today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished the day up 0.6%.
The Tempe, Arizona-based dental technology maker posted profits of $111.8 million. That amounts to $1.46 per share on sales of just over $1 billion for the three months ended June 30, 2023.
Align Technology recorded a 27.3% bottom-line gain on sales growth of 6.3%.
Adjusted to exclude one-time items, earnings per share totaled $2.22, landing 19¢ ahead of analysts’ forecasts. Sales also beat expectations of $991.4 million.
The company’s Invisalign clear aligners drove sales for the quarter, rising 4.3% year-over-year to $832.7 million. Revenues for Align Technology’s imaging systems and CAD/CAM offerings totaled $169.5 million, rising 0.9% year-over-year.
“Overall, I’m pleased to report another better-than-expected quarter with Q2 revenues and operating margins that exceeded our guidance. Q2 results reflect improving trends across regions and strength in teen and younger patient volumes, driven by momentum in both submitters and utilization as well as continued growth from Invisalign First,” said Align Technology President and CEO Joe Hogan. “In the teen segment, which represents the largest portion of the 21 million annual orthodontic case starts, 195 thousand teens and kids started treatment with Invisalign clear aligners during the second quarter, an increase of 7% sequentially and 10% year-over-year, reflecting the highest annual growth rate in the teen segment since 2021.”
Align Technology projects 2023 revenues to land between $3.97 billion and $3.99 billion.