Day: October 22, 2020

Align Soars as Analysts Rave About Third-Quarter Earnings

Align Technology  (ALGN) – Get Report was getting rave reviews from analysts Thursday after the maker of Invisalign teeth straighteners beat Wall Street’s third-quarter earnings expectations. 

Shares of the San Jose-based medical device company were surging 34.8% to $453.

Evercore ISI analyst Elizabeth Anderson wrote in an investors’ note that Align Technology “knocked it out of the ballpark” in the quarter.

“Align’s results show continued dental recovery in the U.S.,” Anderson said. “Strong top-line revenue beat, plus much higher-than-expected aligner revenue bodes well for the global recovery, and third-quarter growth likely benefitted from a strong teen season.”

Align Technology reported net income of $139.4 million, or $1.76 a share, compared with $102.5 million, or $1.28 a share, a year ago. Adjusted earnings were $2.25 a share.

Revenue totaled $734.1 million, up from the year-ago figure of $607.3 million. Analysts surveyed by FactSet had forecast earnings of 64 cents

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