Shares in Align Technology (NSDQ:ALGN) have risen in after hours trading today despite the dental-focused medical device company narrowly missing expectations on Wall Street with its 4th quarter and fiscal year 2016 earnings results.
The San Jose, Calif.-based company posted profits of $47.6 million, or 59¢ per share, on sales of $293.2 million for the 3 months ended Dec. 31, equating to a bottom-line that shrunk 2.6% on sales growth of 27.3% compared with the same period last year.
Earnings per share were 7¢ behind the consensus on Wall Street, where analysts were looking for sales of $292.4 for the quarter.
For the full year, Align Technology reported profits of $189.7 million, or $2.33 per share, on sales of $1.1 billion, with bottom-line growth of 31.7% with sales growth of 27.7% compared with the previous year.
Earnings per share were a few cents behind the $2.41 expectations on The Street, while revenue fell just in line with consensus for the year.
Shares in Align are up 2.1% in after hours trading, at $93.60 as of 6:41 p.m. EST.
“Q4 was another record quarter for Align, reflecting continued strong growth across all geographies and customer channels compared to the prior quarter last year. These results helped us to exceed $1 billion in annual revenue for the first time in our history. In addition, more than 700 thousand patients started orthodontic treatment with Invisalign clear aligners in 2016, helping us to surpass our 4 millionth Invisalign patient. We also saw strong adoption of our new iTero Element scanner this year, which more than tripled our scanner shipments over the prior year,” prez &CEO Joe Hogan said in a press release.
Align Technology released guidance for the upcoming 1st quarter of 2017, expecting to see net revenue between $295 and $298 million, with diluted EPS between 64¢ and 67¢.