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Align Technology shares rise on Q1 Beat-and-Raise

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Align TechnologyAlign Technology (NSDQ:ALGN) shares have risen significantly in after hours trading today after the orthodontic device maker posted 1st quarter earnings that beat expectations on Wall Street.

The San Jose, Calif.-based company posted profits of $69.4 million, or 85¢ per share, on sales of $310.3 million for the 3 months ended March 31, for bottom-line growth of 71.2% while sales grew 30% compared with the same period last year.

Align’s earnings per share value handily topped Wall Street expectations of 67¢. Sales also topped consensus on The Street, where analysts expected to see $297.4 million for the quarter.

“2017 is off to a great start with first quarter revenues, volumes, gross margin and EPS above our expectations. For the quarter, net revenues were up 30% year-over-year, driven by strong Invisalign case shipments of 27% year-over-year to a record 38.9 thousand doctors shipped to during the quarter. These results reflect growth from both our North America and International regions, and higher than expected teenage cases across the board, which increased 32% year-over-year. iTero scanner revenues increased 47% year-over-year, and were down sequentially as expected,” prez & CEO Joe Hogan said in a press release.

Align Technology updated its guidance for the coming quarter, expecting to post net revenues of between $340 and $345 million, with diluted EPS of between 71¢ and 74¢.

Shares in Align have risen significantly in after hours trading, up 12.4%, or $14.91, to trade at $135 as of 6:06 p.m. EDT.

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