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- Align Technology Inc ALGN reported Q3 sales of $1.016 billion, up 0.5% sequentially and 38.4% Y/Y, surpassing the consensus estimate of $977.80 million.
- Clear Aligner revenues were $837.6 million, down 0.4% sequentially and up 34.9% Y/Y. Clear Aligner volume declined 1.6% sequentially and but up 32.1% Y/Y to 655.1 thousand cases.
- Imaging Systems and CAD/CAM Services revenues reached $178.3 million, up 5.0% sequentially and 57.3% Y/Y.
- Adjusted EPS of $2.87 came ahead of the consensus of $2.60. Adjusted net income increased 28.5% Y/Y to $$228.6 million.
- The gross margin improved from 73.3% to 74.7%, and the operating margin reached 28.8% compared to 28% a year ago.
- Align ended Q3 with $1.2 billion in cash and cash equivalents.
- Guidance: For FY21, Align expects sales of $3.90 billion - $3.95 billion (consensus of $3.94 billion), up approximately 58% - 60% Y/Y.
- It expects the adjusted operating margin to be approximately 3 points higher than the GAAP operating margin for 2021 of 25%.
- The Company announced the findings of a clinical study, which validates and further demonstrates the benefits of the iTero Element 5D imaging system to detect and monitor interproximal caries lesions above the gingiva without harmful radiation.
- Price Action: ALGN shares closed 8.37% higher at $655.00 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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