Align Technology posted first-quarter results that missed the consensus forecast on Wall Street.
The San Jose, Calif.-based company reported profits of $1.5 billion, or $19.21 per share, on sales of $551 million for the three months ended March 31, for a bottom-line gain of 2,013% sales growth of 0.36% compared with Q2 2019.
Adjusted to exclude one-time items, earnings per share were 73¢, 15¢ behind The Street, where analysts were looking for sales of $557.5 million.
“For Q1’20, total revenues were $551 million, down 15.2% sequentially and unchanged year-over-year, reflecting significantly lower than expected sales of Invisalign clear aligners and iTero scanners due to the COVID-19 pandemic,” president and CEO Joe Hogan said in a news release. “Revenues from clear aligners were $481.6 million and iTero scanner & services were $69.4 million. Clear aligner shipments were 359.4 thousand cases. Notwithstanding the impact of COVID-19, shipment volumes were up 2.9% year-over-year, reflecting solid growth from non-comprehensive products driven by the Invisalign Go system across all regions, as well as Invisalign Moderate. This was offset by a lower mix of comprehensive products due primarily to the shortfall in China.”
Align Technology is withdrawing its full-year 2020 guidance due to the uncertainty surrounding the COVID-19 pandemic.
Shares in ALGN were down 3.01% to $213.94 apiece in late morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — is down -0.1% so far today.