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Align Technology Inc (NASDAQ:ALGN) reported fourth-quarter financial results Wednesday after the bell. Here’s a look at the key metrics from the quarter.
What Happened: Align’s fourth-quarter revenue increased 6.1% year-over-year to $956.7 million, which beat the consensus estimate of $933.67 million, according to Benzinga Pro. The company reported quarterly adjusted earnings of $2.42 per share, which beat analyst estimates of $2.18 per share.
The company’s better-than-expected results were primarily driven by a sequential increase in clear aligner volume for adults and non-comprehensive cases, growth in Canada and the EMEA region, and increased revenues from systems and services.
Align, which sells the well-known Invisalign clear aligner system, said clear aligner revenues were up 6.9% year-over-year to $781.9 million in the quarter. Imaging systems and CAD/CAM services revenue totaled $174.8 million, up 2.9% on a year-over-year basis.
As of Dec. 31, the company had $980.8 million in cash, equivalents and marketable securities.
“Today, I’m excited to unveil a breakthrough technology — the iTero Lumina intraoral scanner – with 3X wider field of capture in a 50% smaller wand that delivers faster scanning, higher accuracy, and superior visualization for greater practice efficiency,” said Joe Hogan, president and CEO of Align.
“iTero Lumina quickly, easily, and accurately captures more data while delivering exceptional scan quality and photorealistic visuals that remove the need for intraoral photos altogether.”
Outlook: Align sees first-quarter revenue to be between $960 million and $980 million versus estimates of $946.854 million. Clear aligner volumes are expected to be up slightly quarter-over-quarter.
The company expects services revenue to be down sequentially but less than the normal historical seasonal decline due to the launch of iTero Lumina.
Management will hold a conference call to discuss these results at 4:30 p.m. ET.
ALGN Price Action: Align shares were up 12.30% after hours at $300.00 at the time of publication, according to Benzinga Pro.
Photo: courtesy of Align Technology.
Posted In: ALGN
