Align Technology, Inc. has recently announced 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. 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.
Align Technology’s growth strategies are expected to contribute to this positive outlook. 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.
During the quarter, Align Technology achieved several 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. The company’s financial strength is evident with cash, cash equivalents, and marketable securities totaling over $902.5 million as of March 31, 2024. Additionally, Align Technology plans to continue its stock repurchase program with $650 million available for repurchase and intentions to buy back up to $150 million of common stock during Q2’24