Align Technology (ALGN) reported revenue of $997.43 million for the quarter ended March 2024, a 5.8% increase compared to the same period last year. Earnings per share (EPS) came in at $2.14, up from $1.82 in the year-ago quarter. These results exceeded the Zacks Consensus Estimate, with revenue surpassing expectations by 2.62% and EPS topping estimates by 8.08%.
While investors typically analyze revenue and earnings changes year-over-year and compare them against Wall Street expectations to make investment decisions, certain key metrics provide a more accurate assessment of a company’s financial health. By examining these metrics compared to the previous year and analyst estimates, investors can better predict a stock’s price performance.
In the latest quarter, Align Technology performed well in several key metrics monitored by Wall Street analysts. Clear aligner shipments totaled 605, which was higher than the average estimate of 589 from three analysts. Net revenues for Imaging Systems and CAD/CAM Services reached $180.18 million, which was higher than the average estimate of $163.02 million from three analysts. Total Clear Aligner net revenues amounted to $817.25 million, which was higher than the average estimate of $811.06 million from three analysts as well.
Overall, Align Technology’s strong performance in these key metrics suggests that it is financially healthy and well positioned for continued growth in the near term.
Investors have taken note of this strength and have bid up ALGN stock over the past month by an impressive 5%. With a Zacks Rank #2 (Buy), ALGN is expected to continue outperforming its peers in the near term.
For those interested in finding other stocks that are expected to perform well in the near term, Zacks Investment Research has recently released their report on seven top stocks for investors to consider adding to their portfolios over the next 30 days.
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