Why Align Technology Stock Is Moving Higher Thursday

Align Technology Inc ALGN shares are trading higher Thursday after Health Canada issued an updated medical device license for the company's Invisalign Palatal Expander System.

What To Know: The Invisalign Palatal Expander System is a direct 3D printed device based on proprietary and patented technology. The updated license for the expander system, which is available on a limited basis in Canada, is for broad patient applicability, including growing children, teens and adults.

"Phase 1 or early interceptive treatment makes up 20 percent of orthodontic case starts each year and is growing. Together with Invisalign First aligners, Invisalign Palatal Expanders provide doctors with a solution set to treat the most common skeletal and dental malocclusions in growing children," said Mitra Derakhshan, Align senior vice president, Global Clinical.

"The addition of mandibular advancement features to Invisalign aligners also provides doctors with more options for treating skeletal and dental jaw imbalances and bite correction for their growing patients during their teenage years."

The Invisalign Palatal Expander System is pending pre-market notification 510(k) clearance by the FDA and is not yet available in the U.S. Pending regulatory approvals, it's expected to be available in other markets starting in 2024.

See Also: What's Going On With Upstart Holdings Stock?

ALGN Price Action: Align shares were up 12.7% at $260.79 at the time of publication, according to Benzinga Pro.

Photo: Guilherme Ariga from Pixabay.