TEMPE, Ariz. - Align (NASDAQ:ALGN) Technology, Inc. (NASDAQ: ALGN), a prominent global medical device company known for its Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software, has reported a robust financial performance for the first quarter of 2024.
The company's Q1 earnings per share (EPS) of $2.14 surpassed analyst expectations by $0.17, while revenue reached $997.4 million, exceeding the consensus estimate of $974.53 million.
The company's Q1'24 total revenues represent a 5.8% increase year-over-year (YoY), with its Clear Aligner segment showing a 3.5% YoY growth and its Imaging Systems and CAD/CAM Services segment experiencing a significant 17.5% YoY increase.
Align Technology 's President and CEO, Joe Hogan, attributed the 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.
For the second quarter of 2024, Align Technology anticipates revenues to be between $1.03 billion and $1.05 billion, which is ahead of the analyst consensus of $1.03 billion. This guidance suggests a positive outlook and continued execution of the company's growth strategies.
Following the earnings release, Align Technology's stock surged by 4.5%, indicating a positive investor response to the company's earnings and revenue beat, as well as its guidance that exceeded consensus estimates. The market's reaction underscores confidence in the company's financial health and future prospects.
In addition to financial metrics, Hogan highlighted several milestones achieved 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 strength is further evidenced by its cash, cash equivalents, and marketable securities totaling over $902.5 million as of March 31, 2024. The company also mentioned 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.
This financial update from Align Technology provides a clear view of the company's current performance and future expectations, with a strong start to the year and positive momentum going forward.
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