California’s Align Technology (NSDQ:ALGN) posted some very strong numbers for its 4th quarter, boosting full-year figures beyond Wall Street’s expectations.
Q4 profits hit record highs, more than triple the earnings reported during same period the previous year, and sales jumped about 25%. Diluted per-share earnings beat analysts’ consensus estimates by 8¢.
The news sent ALGN share up 1.6% on Friday, when they closed at $59.42 apiece.
Align posted profits of $42.2 million, or 51¢ per diluted share, on sales of $178.3 million during the 3 months ended Dec. 31, 2013. That compared with profits of $9.6 million, or 26¢ per share, on sales of $142.8 million during the same period the previous year.
The company finished the year strong, despite lapses in orders related to the holidays, company leadership said.
"The 4th quarter was a solid finish to the year for Align and we’re pleased to have delivered better than expected revenue, operating margins and earnings, driven by strong Invisalign growth from our international doctors in Europe and Asia Pacific," president & CEO Thomas Prescott said in prepared remarks. "While North American Invisalign case shipments were sequentially flat, Invisalign case receipts were softer than expected in December, as many Orthodontist and GP Dentist practices had fewer days in office due to the timing of the 4 major holidays between Thanksgiving and New Year’s Day. However, January receipts are improving and it appears that doctors and their patients are getting back to business."
For the full year, align reported profits of $64.3 million, of 78¢ per diluted share, on sales of $660.2 million. That compared with profits of $58.7 million, or 71¢ per share, on sales of $560 million for 2012.
Align expects 1st quarter 2014 revenues in the range of $175.2-$179.6 million, which would mean a year-over-year increase of 14-17%. The company hopes to report earnings of 32-34¢ per share.
That’s more good new for Align, which has had some legal wins recently. The device maker and 2 of its top executives are off the hook after a federal judge late last year dismissed a class action lawsuit accusing the company of misrepresenting its finances and reaping millions through illegal trading.
