Align Technology (ALGN) Tops Q2 EPS by 10c; offers guidance

Align Technology (NASDAQ: ALGN) reported Q2 EPS of $2.41, $0.10 better than the analyst estimate of $2.31. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $1.04 billion.

GUIDANCE:

Align Technology sees Q3 2024 revenue of $980-1000 million, versus the consensus of $1032 million.

We expect Clear Aligner volume to be down sequentially as a result of Q3 seasonality, and Clear Aligner ASPs to be down sequentially, primarily due to foreign exchange and product mix
We also expect Systems and Services revenues to be down sequentially because of Q3 seasonality
We expect our Q3’24 GAAP operating margin to be below Q3’23 GAAP operating margin and Q3’24 non-GAAP operating margin to be flat to Q3’23 non-GAAP operating margin

Full year 2024 outlook:

For fiscal 2024, we are providing the following business outlook:

We expect fiscal 2024 total revenue growth to be up 4% to 6% year-over-year, due in part to lower Clear Aligner ASPs from continued unfavorable foreign exchange and product mix. In addition, our revised revenue outlook reflects our anticipated commercial launch of the iTero™ Lumina with restorative capabilities to occur in Q1’25, instead of 2024 as previously anticipated
We expect fiscal 2024 GAAP operating margin to be slightly below 2023 GAAP operating margin and 2024 non-GAAP operating margin to be above the 2023 non-GAAP operating margin
We expect investments in capital expenditures for fiscal 2024 to be approximately $100M. Capital expenditures primarily relate to building construction and improvements as well as manufacturing capacity in support of continued expansion

For earnings history and earnings-related data on Align Technology (ALGN) click here.

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