Align Technology (NASDAQ:ALGN) shares gained ground after the company beat analysts’ estimates in its latest quarter. Align posted quarterly earnings of $1.73 per share on revenue of $902 million. Analysts polled by Refinitiv anticipated per-share earnings of $1.56 and revenue of $893 million. The company also announced it will repurchase up to $1 billion of its common stock over the next three years.
Wednesday’s news release reported 2022 total revenues of $3.7 billion, Clear Aligner revenues of $3.1 billion and Systems and Services revenues of $662.1 million; 2022 revenues were unfavorably impacted by foreign exchange of approximately $193.8 million compared to 2021.
2022 operating margin was17.2%, non-GAAP operating margin of 21.5%, and diluted net income per share of $4.61, non-GAAP diluted net income per share of $7.76.
Q4 total revenues were $901.5 million, and diluted net income per share of $0.54, non-GAAP diluted net income per share of $1.73.
Said CEO Joe Hogan ““Overall, I’m pleased to report fourth quarter results that reflect a more stable environment for doctors and their patients than recent quarters, especially in the Americas and EMEA regions, as well as most APAC markets outside of China. Throughout Q4, trends in consumer interest for orthodontic treatment, patient traffic in doctor’s practices, and iTero™ scanner demos continued to improve. “
ALGN shares popped $58.92, or 20.9%, Thursday to $58.92.
