Align Technology reports Q3 adjusted EPS $2.35, consensus $2.31

Reports Q3 revenue $977.9M, consensus $987.34M. Commenting on Align’s Q3’24 results, Align Technology (ALGN) President and CEO Joe Hogan said, “Overall, Q3’24 results were mixed and reflect strong Systems and Services year-over-year revenue growth, as well as good Clear Aligner volume in the Asia Pacific, EMEA and Latin America regions, partially offset by declines in the U.S. As recently reported by many analysts and third-party research firms, the underlying dental market in the U.S. remains sluggish and our doctor customers cite similar trends. Q3’24 revenues of approximately $978 million increased 1.8% year-over-year and Clear Aligner volume of 617.2 thousand were up 2.5% year-over-year. Despite strong growth from Systems and Services revenues, a record 87.4 thousand doctor submitters, a record 236 thousand teens starting treatment-driven by a record teen case starts in China, and a record 25K+ of DSP Invisalign(R) Touch-Up cases, total revenues for Q3 were slightly below our Q3 revenue outlook in part due to more pronounced seasonality for clear aligners than expected, as well as continued weak consumer sentiment and a soft dental market in the U.S. Q3’24 non-GAAP operating margin of 22.1% was better than expected and increased year-over-year compared to 21.8% in Q3’23.”