Align Technology (NSDQ:ALGN) yesterday posted first-quarter results that beat the overall consensus on Wall Street.
The Tempe, Ariz.-based company reported profits of $200.4 million, or $2.51 per share, on sales of $894.8 million for the three months ended March 31, for a bottom-line loss of -86.8% on sales growth of 62.4% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were $2.49, 48¢ ahead of The Street, where analysts were looking for sales of $817.6 million.
“I’m pleased to report another strong quarter with record revenues and volumes reflecting strong growth for both Invisalign Clear Aligners and iTero Systems and Services across products and customer channels worldwide. Q1 sequential Invisalign Clear Aligner growth was driven by strength in both adult and teen market segments, across products and customer channels especially in North America and the EMEA region, led by UKI, Germany and France. The year is off to a great start – and Q1 reflects increasing momentum from continued investments in our strategic initiatives,” president and CEO Joe Hogan said in a news release.
“During the quarter we reached a significant milestone with our 10 millionth Invisalign patient, Gabriela Silva, who recently began treatment with Dr. Eunice Blind, an Invisalign-trained orthodontist in São Paulo, Brazil, one of our fastest-growing country markets. It’s remarkable to think about the pace of growth and adoption that we are experiencing worldwide, especially when considering it took 10 years to achieve our one-millionth Invisalign patient milestone. Now we are adding one million new Invisalign patients in less than six months. We are grateful to our doctor partners and their patients, and to our 20,000 employees around the world who have helped us reach this milestone.”
Align Technology said it expects net revenues for the fiscal year 2021 to be in the range of $3.7 billion to $3.9 billion with a GAAP operating margin in the range of 23.5% to 24.5%.
Shares in ALGN were up 4.82% to $642.92 apiece in pre-market trading.
