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Home » Align Technology drops on missed Q1 earnings

Align Technology drops on missed Q1 earnings

April 30, 2020 By Danielle Kirsh

Align TechnologyAlign 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.

Filed Under: Wall Street Beat Tagged With: Align Technology

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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