Align Technology Archives - Page 3 of 3

Align to repurchase $1B of its common stock

Align Technology (NSDQ:ALGN) announced that its board of directors authorized a new stock repurchase program worth up to $1 billion.

Tempe, Ariz.-based Align may purchase up to $1 billion of its common stock over the next three years under the repurchase program, according to a news release.

Align said the authorization of the repurchase program follows a $600 million authorization from May 23, 2018, for which the company entered into a $100 million accelerated repurchase transaction on April 30 of this year. That transaction is intended to complete the earlier repurchase program.

“We’re pleased to announce a new $1.0 billion stock repurchase program, which reflects the strength of our balance sheet and cash flow generation, as well as management’s and the Board’s continued confidence in our ability to capitalize on the large market opportunities in our target markets and trajectory for growth,” Align CFO John Morici said in the rele…

Align Technology ticks up in pre-market on Street-beating Q1 results

Align Technology (NSDQ:ALGN) yesterday posted first-quarter results that beat the overall consensus on Wall Street.

The Tempe, Ariz.-based company reported profits of $200.4 million, or $2.51 per share, on sales of $894.8 million for the three months ended March 31, for a bottom-line loss of -86.8% sales growth of 62.4% compared with Q1 2020.

Adjusted to exclude one-time items, earnings per share were $2.49, 48¢ ahead of The Street, where analysts were looking for sales of $817.6 million.

“I’m pleased to report another strong quarter with record revenues and volumes reflecting strong growth for both Invisalign Clear Aligners and iTero Systems and Services across products and customer channels worldwide. Q1 sequential Invisalign Clear Aligner growth was driven by strength in both adult and teen market segments, across products and customer channels especially in North America and the EMEA region, led by UKI, Germany and France. The year is off to a …

MedTech 100 roundup: Industry skies to all-time high

The medtech industry hit a slight lull in the early stages of 2021 and, after signs of a rebound, it has soared beyond levels ever before seen.

MassDevice‘s MedTech 100 Index had been building up steam in the month of April, rising from 102.16 points at the beginning of March all the way to 109.39 to end the week before last (April 9). Having only set its previous all-time best of 110.96 on Feb. 15, the industry’s topsy-turvy run gave no indication of which direction it was heading next.

However, after the rise over the past couple of weeks, the industry rode that wave to a new all-time high of 112.25 to end last week on April 16. That represents a 2.6% rise from the previous week’s tally.

Improvements continue to shine a light on the strong position the industry has settled into a year on from the height of the COVID-19 pandemic’s impact on medtech, as the industry has produced an 21.6% rise from the pre-pandemic high of 92.32 (set on Feb. 1…

Analysts are bullish on Align Technology

Analysts are bullish on Align Technology (NSDQ:ALGN) after the company has seemingly prospered despite the COVID-19 pandemic.

SVB Leerink senior research analyst Richard Newitter explained in an analysis that Align, a maker of clear teeth aligners, is a “unique-in-healthcare” growth asset with an underpenetrated total available market (TAM).

Analysts see the company as a relatively less expensive way to invest in high-growth medtech stock when compared to peers, particularly as the clear aligner space benefits from an accelerating adoption curve that got a major boost from the pandemic.

Align Technology saw increased demand for its clear teeth aligners throughout 2020 as people tended to be more reluctant to go to an orthodontist’s office to get traditional wire teeth braces adjusted. The San Jose, Calif.–based company registered $2.5 billion in sales in 2020, notching 2.7% growth from 2019 when the company earned $2.4 billion in sales. In a …

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery for the rest of the year, according to Newitter “It plateaued and actu…

8 medical device companies that beat the COVID-19 pandemic and prospered

[Image from unsplash.com]

Some medical device businesses not only survived the COVID-19 pandemic but actually thrived — with many producing the medtech needed to fight the coronavirus’s spread.

Medical Design & Outsourcing recently analyzed financials for 20 of the largest medical device businesses in the world. Not only was revenue only slightly down for the 20 during 2020, but it was actually up for eight of the 20 companies.

For many of the eight companies that saw sales increase, there was a common theme: They pivoted their focus to the diagnostics imaging and personal protective equipment needed to against COVID-19.

“We had different kinds of companies that were able to benefit on some level from COVID and shutdowns,” Richard Newitter, senior research analyst at SVB Leerink, told MDO.

Overall, medtech sales declined in Q1 and Q2 but then bounced back in a V-shaped recovery fo…

How big medtech fared during a year of COVID-19

[Image from Unsplash]Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing/MassDevice analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, Stryker, Teleflex and Zimmer Biomet.

Get the full s…

How big medtech fared during a year of COVID-19

[Photo from Unsplash]

Despite numerous challenges, the medtech industry showed itself to be fairly recession-proof in 2020, according to a Medical Design & Outsourcing analysis of financials.

Annual reports recently released by 20 of the world’s largest medical device companies showed only a slight dip in revenue during 2020 — a year in which medtech held the front lines against the COVID-19 pandemic. Employment was also up slightly amongst the top earners, while R&D spending held its own.

The 20 companies included in the MDO analysis include 3M Healthcare, Abbott (medical device segment), Alcon, Align Technology, Baxter, Boston Scientific, Danaher (life sciences and diagnostics segment), Dentsply Sirona, Edwards Lifesciences, GE Healthcare, Henry Schein, Intuitive Surgical, Johnson & Johnson (medical device segment), Medline Industries, Owens & Minor, Royal Philips, Smith+Nephew, …

MedTech 100 roundup: Index rebounds from dip with another all-time high

The end of January saw the first major dip for the medtech industry but the beginning of February brought yet another peak.

MassDevice‘s MedTech 100 index ended the week (Feb. 5) at 108.23 points, marking a 4% rise from the 104.05-point mark set at the end of the previous week (Jan. 29).

The final mark for the week sets an all-time best for the index, which had previously reached 106.81 points on Jan. 8, then 107.4 points on Jan. 20. The rise has been remarkable, considering the index had never reached even the 100-point mark before November 2020.

Medtech’s latest rise means the index has risen 17.2% from the pre-COVID-19 pandemic high of 92.32, set on Feb. 19, 2020. Additionally, the industry has very much rebounded from its lowest place, a 62.13-point mark at the start of the pandemic on March 23, 2020. Since that point, the industry has jumped 74.2%.

Here are some of the best-performing medtech stocks from 2020.

Medtech’s performanc…

Align Technology rises on Street-beating, record-breaking Q4 revenues

Align Technology (NSDQ:ALGN) shares skyrocketed today on fourth-quarter results that topped the consensus forecast.

ALGN shares were up 13.44% at $619.60 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 2.1%.

The Tempe, Ariz.-based dental aligner maker posted profits of $133.8 million, or $2 per share, on sales of $834.5 million — a company record — for the three months ended Dec. 31, 2020, for an 18% bottom-line gain on sales growth of 13.7%.

Adjusted to exclude one-time items, earnings per share were $2.61, 47¢ ahead of Wall Street, while the company’s revenues topped analysts’ projections by more than 6%.

“Our fourth quarter was a strong finish to the year — with record revenues and volumes from both Invisalign aligners and iTero scanners, as well as increased gross margins, operating margins, EPS, and cash flow,” Alig…

MedTech 100 roundup: Industry remains on the rise

The medtech industry continues to climb back up in the markets, following a landmark week with another move up toward its pre-COVID-19-pandemic highs.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.29 points at the end of last week (July 24). That total represents just a -3.3% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.

On July 22, the index reached 90.11 points, marking its highest point since that pre-pandemic high and the first and only time it has eclipsed 90 points since that day in February.

Medtech stocks saw a 0.44% increase from the 88.9-point total at the same time a week prior (July 17), highlighting a slight improvement after last week saw the industry inch back toward that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a -0.3% decline from July 17 to July 24, and the Dow Jones Index fared slightl…

Align Technology down on Q2 losses

Align Technology (NSDQ:ALGN) shares dipped today on second-quarter losses that missed the consensus earnings forecast.

The San Jose, Calif.-based dental company posted losses of -$40.6 million, or -52¢ per share, on sales of $352.3 million for the three months ended June 30, 2020, for a massive bottom-line slide into the red from nearly $150 million in profits last year on a sales decline of 41.4%.

Adjusted to exclude one-time items, earnings per share were -35¢, 34¢ behind Wall Street, where analysts were looking for sales of $345.5 million.

“I’m pleased to report Q2 results and continued progress across all regions and customer channels that reflect our COVID-19 recovery efforts and those of our customers,” Align president & CEO Joe Hogan said in a news release. “Practices across every region have reopened and are seeing patients, and many of those practices are embracing digital treatment in new ways and more purposefully than ever bef…