Align Technology Inc. (ALGN) Shares Soar in Post-Market Trading Session

After the market closed, Align Technology Inc. (ALGN) made impressive strides in the after-hours trading session. The shares soared, reaching a high of $299.50, which translates to an impressive rise of $32.18 per share or a 12.04% increase. This spike was accompanied by a robust trading volume of 351.39K.

This impressive after-hours surge for Align Technology could be attributed to the market’s positive reaction to recent company developments or earnings reports, setting the stage for what could be an eventful opening in the next trading session.

What Happened Recently?EwTop of Form

On January 31, 2024, Align Technology, Inc. (Nasdaq: ALGN), an innovator and leader in the global medical device sector, specializing in the Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry, released its earnings for the fourth quarter and the full year ending December 31, 2023.

For the fourth quarter of 2023, the company announced total revenues of $956.7 million. This figure is slightly down by 0.4% from the previous quarter but shows a 6.1% increase from the same period the previous year. Clear Aligner sales for the quarter reached $781.9 million, a 1.6% decrease sequentially, but a 6.9% rise from the year-ago quarter.

The volume of Clear Aligner units saw a 1.6% drop from the previous quarter and a marginal 0.6% decrease year-over-year. However, revenues from Imaging Systems and CAD/CAM Services stood at $174.8 million, climbing 5.8% from the previous quarter and gaining 2.9% over the same quarter the previous year.

Clear Aligner revenues in Q4’23 were slightly affected by currency fluctuations, with a negative impact of roughly $10.7 million, or 1.4%, from the previous quarter, yet a positive impact of about $12.0 million, or 1.6%, compared to the prior year. Imaging Systems and CAD/CAM Services revenues also felt the effects of currency exchange, with an approximate $2.1 million, or 1.2%, sequential adverse effect, and a favorable annual variance of about $1.9 million, or 1.1%.

The operating income for Q4’23 stood at $171.5 million, translating to an operating margin of 17.9%. The operating margin was slightly hampered by currency exchange rates, by about 0.6 percentage points from the previous quarter, yet was boosted by the same margin compared to the previous year.

Net income for the company in the last quarter was $124.0 million, which works out to $1.64 per diluted share. When adjusted for non-GAAP considerations, net income was $183.5 million, or $2.42 per diluted share.