Shares of ALGN were up 25.1% at $420.01 per share after the market closed tonight.
The San Jose, Calif.-based company posted profits of $139.4 million, or $1.76 per share, on sales of $734.1 million for the three months ended Sept. 30, 2020, for a bottom-line gain of 36% on sales growth of 21%.
Adjusted to exclude one-time items, earnings per share were $2.25, a whopping $1.71 ahead of Wall Street, where analysts were looking for sales of $514.4 million, a total which Align beat by about $220 million.
Align attributed some of its quarterly success to a 118% year-over-year increase on leads, with an uptick in consumer engagement thanks to social media influencers such as TikTok celebrity Charli D’Amelio and actress Marsai Martin, which contributed to a 25.6% increase in teenagers using Invisalign clear aligners.
“I’m pleased to report stronger than expected results with record third-quarter revenues up 21% year-over-year reflecting strong momentum across all regions and customer channels for both Invisalign clear aligners and iTero scanner and services,” Align president & CEO Joe Hogan said in a news release. “During the quarter, we continued to support doctor recovery efforts with products, programs, and virtual tools and training that helped more doctors transition their practices to digital technologies and drove record utilization across the Invisalign portfolio.
“Our overall revenue momentum has continued into October and we are encouraged by positive feedback from Invisalign providers regarding the benefits of digital orthodontics starting with an iTero scanner for Invisalign treatment – especially in this COVID-19 environment.”
Align Technology did not offer earnings or sales guidance for the end of 2020 or for the upcoming 2021 fiscal year.