ALGN shares were up 13.44% at $619.60 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 2.1%.
The Tempe, Ariz.-based dental aligner maker posted profits of $133.8 million, or $2 per share, on sales of $834.5 million — a company record — for the three months ended Dec. 31, 2020, for an 18% bottom-line gain on sales growth of 13.7%.
Adjusted to exclude one-time items, earnings per share were $2.61, 47¢ ahead of Wall Street, while the company’s revenues topped analysts’ projections by more than 6%.
“Our fourth quarter was a strong finish to the year — with record revenues and volumes from both Invisalign aligners and iTero scanners, as well as increased gross margins, operating margins, EPS, and cash flow,” Align president & CEO Joe Hogan said in a news release. “Our Q4 performance was driven by strong year-over-year growth across customer channels and regions and continued momentum sequentially.
“Invisalign social media influencers like Charli D’ Amelio, Marsai Martin, Christina Milian, Tisha Campbell-Martin, Rachel Zoe, Tiffany Ma, and Tahj Mowry continued to deliver exciting new content and increased engagement for the Invisalign brand with consumers and among their millions of followers.”
Align Technology did not offer financial guidance for 2021, although Hogan expressed optimism for the upcoming year.
“2020 was a year unlike any other that we have experienced,” Hogan said. “The COVID-19 pandemic and its impact have been life-changing – marked by loss and separation, recovery and renewal, record highs and lows, and significant milestones and accomplishments even in a time of huge disruption. Despite the swift onset of the pandemic and uncertainty throughout 2020, we didn’t halt our plans or change our strategy for continued growth.
“As a result of our continued strategic focus and investments, we exited the year stronger than we started and 2021 is off to a great start.”