Shares in Align Technology (NSDQ:ALGN) have risen in after hours trading today after the orthodontic device maker posted first quarter 2019 earnings that topped expectations on Wall Street.
The San Jose, Calif.-based company posted profits of $71.8 million, or 89¢ per share, on sales of approximately $549 million for the three months ended March 31, seeing its profits shrink 25.1% while sales grew 25.6% when compared with the same period during the previous year.
Earnings per share were just ahead of the 83¢ consensus on Wall Street, where analysts expected to see sales of $530.4 million, which it handily topped.
“Our first quarter was a very good start to the year with revenues, volumes, gross margin, and EPS above our guidance. Record Q1 revenues and Invisalign volumes were up 25.6% and 28.3% year-over-year, respectively, reflecting continued strong growth across all geographies and customer channels, as well as strong iTero scanner and services revenues, which were up 55.1% year-over-year. Q1 sequential growth was driven primarily by North America and the EMEA region, reflecting strength across the Invisalign product portfolio. We also saw a nice uptick in adoption of Invisalign treatment with record utilization overall, as well as expansion of our customer base which totaled 57,000 active doctors worldwide in Q1,” prez & CEO Joe Hogan said in a press release.
Align Tech provided updated guidance for its coming second quarter, expecting to see sales of between $590 million and $600 million, with diluted EPS of between $1.47 and $1.54.
Earlier this month, Align Technology put a price tag of as much as $31 million on the forced closure of its Invisalign retail outlets after losing arbitration with SmileDirectClub last month.
