Shares in Align Technology (NSDQ:ALGN) have risen over 15% today after the orthodontic device maker beat expectations on Wall Street with its third quarter results.
The San Jose, Calif.-based company posted profits of $82.6 million, or $1.01 per share, on sales of $385.3 million for the 3 months ended September 30, for bottom-line growth of 60.7% while sales grew 38.3% compared with the same period last year.
Earnings per share were well ahead of the 82¢ consensus on Wall Street where analysts were expecting to see sales of $359.8 million for the quarter.
“I’m pleased to report another strong quarter and results that exceeded our expectations across our key financial metrics including revenue, volume, margins, and EPS. Third quarter revenues increased 38.3% year-over-year driven by increased Invisalign volumes across all our geographies, as well as strong growth from iTero scanners. Our strong third quarter results also reflect accelerated growth from teenager patients in both North America and the Asia Pacific region, with total Invisalign shipments up 46.3% year-over-year and up 26.5% from the second quarter. On a sequential basis, revenues increased 8.1% driven by continued strength across Asia Pacific, which offset expected seasonality in Europe, as well as higher than expected revenues from shipments to SmileDirectClub,” prez & CEO Joe Hogan said in a press release.
Align released updated guidance for the fourth quarter of 2017, expecting to see revenues between $391 and $398 million and diluted EPS of between 92¢ and 95¢.
Shares are trading up 16.3% so far today, at $236.05 as of 12:39 p.m. EDT.