Align Technology (NSDQ:ALGN) shares shot up today on second-quarter results that came in ahead of the consensus forecast.
ALGN shares were up 9.4% at $680.27 per share in late-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.9%.
The Tempe, Ariz.-based company posted profits of $199.7 million, or $2.51 per share, on sales of $1 billion for the three months ended June 30, 2021, for a bottom-line gain from losses of $40.6 million this time last year as it nearly tripled last year’s second-quarter sales.
Adjusted to exclude one-time items, earnings per share were $3.04, 49¢ ahead of Wall Street, where analysts were looking for sales of $937.9 million.
“I’m pleased to report our first $1 billion revenue quarter with record volumes reflecting continued momentum from both Clear Aligners and Systems and Services,” Align Technology president & CEO Joe Hogan said in a news release. “Increasingly, doctors are seeing the strategic impact and value of iTero scanners in their practices, far beyond its role in Invisalign case submissions – it is a true workhorse and digital enabler in every type of practice and across every type of orthodontic and restorative workflow.
“Q2 sequential Clear Aligner volumes were primarily driven by strength in both adult and teen market segments and across customer channels and regions, especially from the Americas and EMEA regions, reflecting the expanding opportunity for Invisalign treatment among adults globally, as well as the underlying orthodontic market as we continue to build awareness of the Invisalign brand and drive utilization among teens and younger patients.”
Align Technologies projects its full-year revenues to total between $3.85 billion and $3.95 billion.