The San Jose, Calif.-based dental company posted losses of -$40.6 million, or -52¢ per share, on sales of $352.3 million for the three months ended June 30, 2020, for a massive bottom-line slide into the red from nearly $150 million in profits last year on a sales decline of 41.4%.
Adjusted to exclude one-time items, earnings per share were -35¢, 34¢ behind Wall Street, where analysts were looking for sales of $345.5 million.
“I’m pleased to report Q2 results and continued progress across all regions and customer channels that reflect our COVID-19 recovery efforts and those of our customers,” Align president & CEO Joe Hogan said in a news release. “Practices across every region have reopened and are seeing patients, and many of those practices are embracing digital treatment in new ways and more purposefully than ever before. In particular, Invisalign providers are using the virtual tools we expedited over the last few months to minimize in-office appointments and deliver doctor-directed, personalized treatment that meets the needs of the moment – trusted, safe, convenient, and reflecting digital adoption.
“We have received consistently positive reactions and feedback from doctors in support of our efforts over the last few months. While it is too early to know for sure how extensive and sustainable the digital transition will be, interest in digital solutions is building, even among doctors who were not early adopters or advocates prior to the pandemic.”
Align said it will not offer third-quarter or full-year financial guidance due to the uncertainties surrounding the COVID-19 pandemic.
ALGN shares were down -3.4% at $307.05 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.4%.