Align Technology, Inc. reported strong financial results for the first quarter of 2024, leading to a 9% increase in its stock price. The company surpassed analyst expectations with an earnings per share (EPS) of $2.14 and revenue of $997.4 million, exceeding the consensus estimate.
During the quarter, Align Technology achieved significant milestones including the acquisition of Cubicure GmbH, the launch of the iTero Lumina™ intraoral scanner, and regulatory approvals for the Invisalign® Palatal Expander system in various regions. These achievements have contributed to the company’s financial strength, with cash, cash equivalents, and marketable securities totaling over $902.5 million as of March 31, 2024.
President and CEO Joe Hogan attributed the strong performance to higher revenue and earnings, driven by robust Clear Aligner volumes, particularly in the Asia Pacific region. The company is optimistic about the second quarter, with revenue expected to be between $1.03 billion and $1.05 billion, ahead of analyst consensus. Align Technology’s growth strategies are expected to contribute to this positive outlook.
Total revenues for the quarter increased by 5.8% year-over-year, with the Clear Aligner segment growing by 3.5% and the Imaging Systems and CAD/CAM Services segment experiencing a significant 17.5% increase