By Sam Boughedda
Investing.com -- Shares of Align Technology Inc (NASDAQ:ALGN), the maker of Invisalign, fell 21.8% after it announced its first-quarter earnings after the close Wednesday.
The manufacturer of medical devices reported its revenue grew 8.8% compared to the prior-year quarter to reach $973.2 million. However, it missed analysts' estimates of $1.01 billion.
In addition, earnings per share also fell below forecasts of $2.30, coming in at $2.13 per share. Meanwhile, Invisalign's volume of 598.8 thousand cases was a 3 thousand increase from the 595.8 thousand cases in the previous year's quarter.
Align Technology's President and CEO Joe Hogan said it was a "tougher than expected" quarter. He commented that results were affected by ongoing Covid-19 challenges, a weaker economic environment, and the military conflict in Ukraine.
Hogan continued: "We know that COVID lockdowns, weaker consumer confidence, inflationary pressures, and the Russia/Ukraine conflict have created headwinds, but we remain excited and are committed to realizing the enormous opportunity in front of us to lead the evolution of digital orthodontics and comprehensive dentistry."
The company expects to repurchase up to $200 million in common stock during the second quarter.