Align Technology Inc ALGN shares are trading higher in Wednesday’s after-hours session after the company reported better-than-expected financial results and announced a buyback.
What Happened: Align reported fourth-quarter revenue of $901.5 million, which beat average analyst estimates of $892.82 billion, according to Benzinga Pro. The company said its top-line results were down 12.6% year-over-year, but up 1.3% sequentially.
Align reported quarterly earnings of $1.73 per share, which beat estimates of $1.56 per share.
“Overall, I’m pleased to report fourth quarter results that reflect a more stable environment for doctors and their patients than recent quarters, especially in the Americas and EMEA regions, as well as most APAC markets outside of China. Throughout Q4, trends in consumer interest for orthodontic treatment, patient traffic in doctor’s practices, and iTero scanner demos continued to improve,” said Joe Hogan, CEO of Align.
“We are cautiously optimistic for continued stability and improving trends as we move through the year. However, the macroeconomic environment remains fragile and given continued global challenges and uncertainty, we are not providing full year revenue guidance,” the company added.
Align ended the quarter with over $1 billion in cash and equivalents. The company’s board also approved a new $1 billion share repurchase program that will succeed the current buyback, which is expected to be completed in the second quarter of 2023.
Align is a global medical device company that designs, manufactures, and sells the Invisalign system of clear aligners, iTero intraoral scanners, and exocad CAD/CAM software for digital orthodontics and restorative dentistry.
ALGN Price Action: Align has a 52-week high of $551.99 and a 52-week low of $172.05.
The stock was up 13.30% in after-hours at $320.10 at the time of publication, according to Benzinga Pro.
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