Align Technology (Nasdaq:ALGN) shares took a massive hit today — a day after it reported Q3 results well short of the consensus forecast.
ALGN shares fell 15.9% to $186.35 apiece in mid-morning trading. MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 1.3%.
The Tempe, Arizona-based dental technology company — maker of Invisalign clear aligners — posted profits of $72.7 million, or 93¢ per share, for the quarter. It registered sales of $890.3 million for the three months ended Sept. 30, 2022. That amounts to a 59.8% bottom-line slide on a sales decline of 12.4% year-over-year.
Adjusted to exclude one-time items, earnings per share totaled $1.36. That falls well short of expectations on Wall Street, where analysts projected EPS of $2.18. Align Technology’s revenues fell short, too, as analysts looked for sales to reach $952.6 million.
“Our third quarter results reflect continued macro-economic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations,” said Align Technology President and CEO Joe Hogan.
Align Technology did not provide financial guidance for the rest of 2022.