Align Technology shares dip despite Q2 beat

Shares in Align Technology (NSDQ:ALGN) fell today despite the orthodontic device maker beating expectations on Wall Street with its 2nd quarter earnings results.

The San Jose, Calif.-based company posted profits of $69.2 million, or 85¢ per share, on sales of $356.5 million for the 3 months ended June 30, for bottom-line growth of 37.9% while sales grew 32.3% compared with the same period the previous year.

Earnings per share came in well above the 73¢ consensus on Wall Street, where analysts were expecting to see sales of $343.3 million for the quarter.

“Our 2nd quarter results were better than expected across key financial metrics including revenue, volume, margins, and EPS. Q2 revenues increased 32.3% year-over-year driven by strong Invisalign case shipments across all channels and especially in the teen segment. Solid execution of our strategy and key investments continue to deliver strong growth across the board, with record Invisalign volume in almost every geography. The 2nd quarter also had an all-time high of nearly 5,000 newly trained Invisalign doctors in a quarter. Our iTero scanner business also performed well this quarter with revenues up 36.7% year-over-year,” CEO Joe Hogan said in a press release.

Align Technology updated its guidance for the coming quarter, expecting to see sales between $355 and $360 million and diluted EPS between 78¢ and 81¢.

Align Technology shares are down 3.8% today, at $166.52 as of 3:22 p.m. EDT.

The post Align Technology shares dip despite Q2 beat appeared first on MassDevice.

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