Why Align Technology Stock Is Advancing After Hours

Align Technology Inc ALGN shares are trading higher after the close on Wednesday after the company reported better-than-expected financial results.

What Happened: Align said second-quarter revenue increased 3.4% year-over-year to $1 billion, which beat the consensus estimate of $991.6 million, according to Benzinga Pro. The company reported quarterly adjusted earnings of $2.22 per share, which beat analyst estimates of $2.03 per share. 

Clear aligner revenues were up 4.3% to $832.7 million. Imaging systems and CAD/CAM services revenue totaled $169.5 million. Align designs, manufactures, and sells the well-known Invisalign clear aligner system.

The company ended the quarter with $1 billion in cash, equivalents and marketable securities. 

"Q2 results reflect improving trends across regions and strength in teen and younger patient volumes, driven by momentum in both submitters and utilization as well as continued growth from Invisalign First," said Joe Hogan, president and CEO of Align.

Align expects third-quarter revenue to be between $990 million and $1.01 billion versus the analyst consensus of $982.82 million. The operating margin is expected to tick higher next quarter. 

Full-year revenue is expected to be between $3.97 billion and $3.99 billion, versus the analyst consensus of $3.94 billion. 

See Also: ServiceNow Delivers Q2 Earnings Beat, Highlights 'Unprecedented Demand,' Taps Nvidia For AI Lighthouse Launch, Shares Slide

ALGN Price Action: Align shares were up 12.3% after hours at $381.50 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Align.