Align Technology, Inc. recently reported strong financial results for the first quarter of 2024, leading to a 9% increase in its stock price. The company surpassed analyst expectations with an earnings per share (EPS) of $2.14 and revenue of $997.4 million, exceeding the consensus estimate.
The Clear Aligner segment grew by 3.5%, while the Imaging Systems and CAD/CAM Services segment experienced a significant 17.5% increase in total revenues for the quarter, which increased by 5.8% year-over-year. President and CEO Joe Hogan attributed the strong performance to higher revenue and earnings, driven by robust Clear Aligner volumes, particularly in the Asia Pacific region.
Align Technology achieved several milestones 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. The company’s financial strength is evident with cash, cash equivalents, and marketable securities totaling over $902.5 million as of March 31, 2024. Additionally, Align Technology plans to continue its stock repurchase program with $650.0 million available for repurchase and intentions to buy back up to $150.0 million of common stock during Q2’24
