Align Tech jumps after first quarterly beat in a year

SmileDirectClub

02/02/2023 10:34

** Shares of Align Technology Inc  ALGN.O  rise 14.1% to
$322.29 premarket after the dental aligner maker beats qtrly rev
and EPS estimates for the first time after three straight
quarters of misses
    ** 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's earnings have been hit in 2022 because of the
impact of a stronger dollar and lower consumer spending due to
inflation 
    ** "Phew!" say Evercore ISI analysts, adding that the
better-than-feared results help paint a rosier picture for 2023
and beyond 
    ** ALGN shares have risen about 50% so far in 2023 and have
fallen ~21% in the past 12 months
 (Reporting by Manas Mishra)
 ((www.twitter.com/Manaswrites15;))