Align Technology (NASDAQ:ALGN) Soars on Bumper Q2
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Align Technology (NASDAQ:ALGN) Soars on Bumper Q2

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Align Technology continues to see robust growth with gains in  Clear Aligner cases in teenagers helping the company reap a bumper second quarter.

Align Technology (NASDAQ:ALGN) shares are up in double digits today after the maker of medical devices delivered better-than-anticipated second-quarter numbers. Revenue rose 3.1% year-over-year to $1 billion, outperforming estimates by $9.2 million. EPS at $2.22 too comfortably landed past estimates by $0.18.

Strong momentum in Submitters and Utilization coupled with growth in Invisalign First led to a 10% year-over-year increase in Clear Aligner cases for teenagers. Further, Clear aligner volume rose by 5% sequentially to 604,400 cases.

Looking ahead, for the full-year 2023, the company sees top-line ranging between $3.970 billion and $3.990 billion. While the operating margin is expected to be 21%+., capital expenditures are envisaged at ~$200 million.

Further, revenue for the third quarter is expected between $990 million and $1,010 million pointing to a 12% year-over-year growth at the midpoint.

Overall, the Street has a $343.33 consensus price target on Align alongside a Moderate Buy consensus rating.  After surging nearly 35% over the past year, Align shares are up a further 15.6% at the time of writing today.

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