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

Align Technology (NASDAQ:ALGN) released its earnings results on Wednesday. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09, Briefing.com reports. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. During the same period last year, the firm earned $1.73 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. Align Technology updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Align Technology Stock Performance

ALGN stock traded down $18.75 during midday trading on Thursday, hitting $226.05. 2,100,163 shares of the company’s stock were exchanged, compared to its average volume of 775,028. The stock’s fifty day moving average price is $251.00 and its 200-day moving average price is $281.32. The company has a market cap of $17.02 billion, a PE ratio of 37.28, a price-to-earnings-growth ratio of 4.66 and a beta of 1.66. Align Technology has a one year low of $176.34 and a one year high of $413.20.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ALGN. Robert W. Baird reduced their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday. Evercore ISI reduced their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Morgan Stanley reduced their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Piper Sandler reduced their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” 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.