Orthodontic devices maker Align Technology (NSDQ:ALGN) won big points on Wall Street today after releasing a strong 4th quarter earnings report, beating expectations and issuing optimistic projections for 2013.
The San Jose, Calif.-based company reported $9.6 million in profits, or 12¢ per diluted share, on sales of $142.8 million during the 3 months ended Dec. 31, 2012. That represents a 10.8% boost in revenues but a 53.3% decline in earnings compared with the same period in 2011, when the company reported $20.4 million in profit, or 25¢ per share, on $128.9 million in sales.
Align’s Q4 earnings were hard hit by a $11.9 million goodwill impairment charge, which followed a $24.7 million write-down in Q3. Excluding 1-time costs the company reported 27¢ in earnings per share, beating analysts’ expectations by 5¢.
The company expects to keep the momentum going, projecting Q1 2013 sales in the range of $146-$150.5 million and EPS of 21¢-23¢ during the quarter.
Read MassDevice.com’s interview with Align Technology CEO Tom Prescott.
Align’s full-year 2012 report boasted a record $560 million in sales, a 16.7% increase over the prior year. Align also reported a record 363,5000 Invisalign shipments in 2012, a 17.5% increase over 2011.
Profits amounted to $58.7 million, or 71¢ per share, compared with $66.7 million, or 83¢ per share, in 2011. Excluding 1-time charges the company reported $1.17 EPS, beating estimates by 5¢.
The reports buoyed ALGN shares today, pushing them 8.5% higher to $31.75 as of about 1:15 p.m.
