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Align Technology dives on missed Q2 earnings

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Align TechnologyAlign Technology (NSDQ:ALGN) posted second-quarter results today that beat the sales consensus missed badly on earnings, sending share prices down in mid-afternoon trading.

The San Jose, Calif.-based company reported profits of $147.1 million, or $1.83 per share, on sales of $600.7 million for the three months ended June 30, for a bottom-line gain of 38.6% on sales growth of 22.5% compared with Q2 2018.

Adjusted to exclude one-time items, earnings per share were a full quarter below the consensus on Wall Street, where analysts were looking for sales of $599.4 million.

“Our second-quarter revenues were at the high end of our guidance, reflecting Invisalign volume growth primarily from international doctors, as well as very strong sales from iTero scanner and services,” president & CEO Joe Hogan said in a news release. “Q2 Invisalign volumes were up 24.6% year-over-year reflecting continued adoption from teenage and younger patients, as well as increased utilization among orthodontists and expansion of our customer base, which totaled 60,000 active doctors worldwide. In Q2, total Invisalign case shipments were lower than expected, primarily due to a softness in China related to a tougher consumer environment and slower growth in young adult case in North America. Given the uncertainty in China, our outlook for the third quarter reflects a more cautious view for growth in the Asia Pacific region.”

ALGN shares were down nearly -26% to $204.14 apiece today in mid-afternoon trading.

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