Align Technology (NASDAQ:ALGN) stock is falling on Thursday following the release of the Invisalign dental product company’s earnings report for the third quarter of 2023.
Unfortunately for ALGN stock investors, the company reported adjusted earnings per share of $2.14 during the quarter. That’s below the $2.26 per share Wall Street was expecting. However, it is an increase over the $1.63 per share reported in the same period of the year prior.
In addition to that lackluster EPS, Align also reported weak revenue of $960.21 million. Yet again, that fails to reach the $994.77 million in revenue that analysts were expecting. That’s despite sales increasing over 7% year-over-year (YOY) from $890.3 million.
Joe Hogan, President and CEO of Align, said the following about the results:
“Our third quarter results reflect lower than expected demand and a more difficult macro environment than we experienced in the first half of 2023. Dental practices and industry research firms have reported deteriorating trends, including decreased patient visits and increased patient appointment cancellations, along with fewer orthodontic case starts overall, especially among adult patients.”
ALGN Stock Hit By Weak Outlook
For the fourth quarter of 2023, Align Technology is expecting revenue to range from $920 million to $940 million. That would see it missing Wall Street’s revenue estimate of $1.02 billion for the quarter.
Likewise, the company’s revenue guidance of $3.83 billion to $3.85 billion for the full year of 2023 isn’t inspiring hope in investors. That’s because analysts are expecting revenue of $3.97 billion for the current year.
ALGN stock is down 23.3% as of Thursday morning.
Investors seeking out even more of the hottest stock market stories for today are in the right place!
InvestorPlace offers up all of the most recent stock market news traders need to know about on Thursday! A few examples include why shares of NextPlay Technologies (NASDAQ:NXTP) and Appreciate (NASDAQ:SFR) stock are up today, as well as a breakdown of the biggest pre-market stock movers this morning. You can read up on all of that below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
