Align Technology, Inc., a leading global medical device company renowned for its Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software, announced a strong financial performance in the first quarter of 2024. Following the earnings report, the company’s stock rose by 9%. The company’s Q1 earnings per share of $2.14 exceeded analyst expectations by $0.17, with revenue reaching $997.4 million, surpassing the consensus estimate of $974.53 million.
In the first quarter of 2024, Align Technology reported total revenues that grew by 5.8% year-over-year. The Clear Aligner segment showed a 3.5% increase, while the Imaging Systems and CAD/CAM Services segment experienced a significant 17.5% growth. President and CEO Joe Hogan credited the strong performance to higher-than-expected revenue and earnings, driven by robust Clear Aligner volumes, particularly in the Asia Pacific region, and growth across all regions.
For the second quarter of 2024, Align Technology projects revenues to be between $1.03 billion and $1.05 billion, surpassing the analyst consensus. This guidance indicates a positive outlook and continued execution of the company’s growth strategies. Hogan also highlighted key milestones achieved during the quarter, such as 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.
Align Technology’s financial strength is demonstrated by its cash, cash equivalents, and marketable securities totaling over $902.5 million as of March 31, 2024. The company also mentioned its ongoing stock repurchase program, with $650.0 million remaining available for repurchase and plans to buy back up to $150.0 million of common stock during Q2’24.