Align Tech jumps after first quarterly beat in 2022

SmileDirectClub

02/02/2023 16:08

(Updates)
    ** Shares of Align Technology Inc  ALGN.O  surge ~28% to
$360.34 
    ** The dental aligner maker beats qtrly rev. and EPS
estimates for the first time after three straight quarters of
misses
    ** Stock set to post its biggest daily pct. rise since Oct.
2020 if gains hold; ALGN top gainer on S&P 500 Health Care index
 .SPXHC  
    ** Co says demand for clear aligners and consumer interest
in orthodontic treatment improved in the fourth quarter
    ** "This is the first quarter in a year that our total
revenues and volumes for both scanners and clear aligners
increased sequentially" - CEO Joe Hogan
    ** ALGN results also lift peer SmileDirectClub Inc's  SDC.O 
shares, which are up ~10% at $0.70 
    ** Align's earnings were hit in 2022 because of the impact
of a stronger dollar and lower consumer spending due to
inflation 
    ** ALGN shares have fallen ~28% in the past 12 months, while
SDC shares tumbled ~74% during the period 
 (Reporting by Manas Mishra and Raghav Mahobe)
 ((www.twitter.com/Manaswrites15;))