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ZuluUSA: Align Technology Inc., the manufacturer of Invisalign orthodontic aligners, faced a significant setback as it released its third-quarter results. The company reported revenue of $960 million for the quarter, which showed an increase from the previous year’s $890 million but fell short of the $994 million that analysts tracked by FactSet had anticipated. This disappointment in financial performance led to a dramatic after-hours plunge in Align’s shares, with a drop of over 20%.
Stronger Profits, Yet Missing Expectations
In terms of net income, Align Technology posted $121 million, or $1.58 per share, showing a considerable increase from the $73.7 million, or 93 cents per share, recorded in the same period the previous year. However, it was the adjusted earnings per share of $2.14 that did not align with the FactSet consensus, which had set expectations at $2.26 per share.
Align Technology’s Chief Executive, Joe Hogan, addressed the challenges the company faced, explaining that their third-quarter results were influenced by a less favourable macroeconomic environment compared to the first half of 2023. Dental practices and industry research firms have reported negative trends, including a decline in patient visits, increased cancellations of appointments, and a decrease in orthodontic case starts, particularly among adult patients.
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Bleak Fourth Quarter Outlook
The company also revealed a concerning outlook for the fourth quarter, forecasting a sequential decline in revenue. Their projection, which assumes no unforeseen circumstances beyond their control, indicates revenue ranging from $920 million to $940 million. Unfortunately, this outlook falls well below the FactSet consensus, which had set expectations at $1.02 billion.
In light of these challenges, Align Technology Inc. aims to navigate through this demanding operating environment by focusing on driving the adoption of digital orthodontics and restorative dentistry. Their commitment to optimising investments to adapt to the current conditions reflects the determination to overcome the industry’s obstacles.
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