Align Technology, a leading global medical device company, announced strong financial performance in the first quarter of 2024. The company’s stock rose by 9% following the earnings report, which exceeded analyst expectations by $0.17. The Q1 earnings per share of $2.14 surpassed the consensus estimate of $974.53 million, with revenue reaching $997.4 million.
In the first quarter of 2024, Align Technology reported total revenues that grew by 5.8% year-over-year. The Clear Aligner segment showed a 3.5% increase, while the Imaging Systems and CAD/CAM Services segment experienced a significant 17.5% growth. President and CEO Joe Hogan credited the strong performance to higher-than-expected revenue and earnings, driven by robust Clear Aligner volumes, particularly in the Asia Pacific region, and growth across all regions.
For the second quarter of 2024, Align Technology projects revenues to be between $1.03 billion and $1.05 billion, surpassing the analyst consensus. This guidance indicates a positive outlook and continued execution of the company’s growth strategies. Hogan also highlighted key milestones achieved during the quarter, such as 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
