Align Technology (NASDAQ:ALGN) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Align Technology (NASDAQ:ALGN) posted its quarterly earnings data on Wednesday. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09, Briefing.com reports. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $1.73 EPS. Align Technology’s quarterly revenue was up 2.6% compared to the same quarter last year. Align Technology updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Align Technology Price Performance

Shares of NASDAQ ALGN traded down $1.69 during mid-day trading on Friday, hitting $224.36. The company’s stock had a trading volume of 76,814 shares, compared to its average volume of 770,315. The stock has a market cap of $16.89 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth ratio of 4.55 and a beta of 1.66. Align Technology has a one year low of $176.34 and a one year high of $413.20. The company’s fifty day simple moving average is $250.05 and its 200-day simple moving average is $280.94.

Wall Street Analysts Forecast Growth

ALGN has been the subject of a number of research reports. Evercore ISI reduced their price target on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, June 10th. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. UBS Group raised their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Robert W. Baird lowered their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Align Technology has an average rating of “Hold” and a consensus target price of $330.50.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.