People are slicing again on dental and orthodontic visits, and that’s weighing closely on shares of Align Technology Inc. in Wednesday’s prolonged session.
The maker of Invisalign orthodontic aligners whiffed with its third-quarter outcomes Wednesday afternoon, delivering income of $960 million that was up from the $890 million it recorded a 12 months earlier than however under the $994 million that analysts tracked by FactSet had been anticipating.
Align
ALGN,
posted web earnings of $121 million, or $1.58 a share, up from $73. million, or 93 cents a share, within the year-earlier interval. But adjusted earnings per share of $2.14 trailed the FactSet consensus, which was for $2.26.
Shares have been plunging greater than 20% in after-hours motion Wednesday.
“Our third-quarter results reflect lower than expected demand and a more difficult macro environment than we experienced in the first half of 2023,” Chief Executive Joe Hogan stated in a launch. “Dental practices and industry research firms have reported deteriorating trends, including decreased patient visits and increased patient appointment cancellations, along with fewer orthodontic case starts overall, especially among adult patients.”
The firm stated it expects income to drop sequentially within the fourth quarter. Its outlook for the interval, which assumes “no circumstances occur that are beyond our control,” is for $920 million to $940 million. The FactSet consensus was for $1.02 billion.
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“As we navigate one of the most challenging operating environments in recent history, with increasing macro-economic pressure on doctors and their patients, we have an enormous opportunity to continue driving adoption of digital orthodontics and restorative dentistry, and a responsibility to optimize our investments for the current environment,” Hogan stated.
Source web site: www.marketwatch.com
