Align Technology Stock Drops On Q2 Earnings: What Investors Need To Know - Align Tech (NASDAQ:ALGN)

　　Align Technology Inc ALGN shares are trading lower in Wednesdays after-hours session after the company reported second-quarter financial results and issued soft guidance.

• Q2 Revenue: $1.03 billion, versus estimates of $1.04 billion

• Q2 EPS: $2.41, versus estimates of $2.30

　　Total revenue was up 2.6% on a year-over-year basis after being unfavorably impacted by foreign exchange of approximately $11.6 million or 1.1%.

　　Align, which sells the well-known Invisalign clear aligner system, said clear aligner revenues were down 0.1% year-over-year to $831.7 million in the quarter. Imaging systems and CAD/CAM services revenue totaled $196.8 million, up 16.1% on a year-over-year basis.

　　“In Q2, the number of doctors submitting teen or younger patient case starts was up 8% year-over-year, led by continued strength from doctors treating young kids also known as ‘growing patients.’ Our Q2 results also reflect a record number of doctors submitting cases, and record doctors shipped to for the quarter,” said Joe Hogan, president and CEO of Align.

　　As of June 30, the company had $782.1 million in cash, cash equivalents and marketable securities, as well as $300 million available under a revolving line of credit.

　　Guidance:Align sees third-quarter revenue in the range of $980 million to $1 billion versus estimates of $1.03 billion, according to Benzinga Pro. Align anticipates full-year 2024 revenue growth of 4% to 6%.

　　The company noted it expects clear aligner volume to be down in the third quarter due to seasonality trends. Align also expects systems and services revenue to be down sequentially because of third-quarter seasonality.

　　ALGN Price Action:Align shares were down 4.20% after hours at $234.51 at the time of publication Wednesday, according to Benzinga Pro.

　　Photo: Courtesy of Align.

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