Align Technology Inc - ALGN STOCK NEWS

Align Technology (ALGN) reported robust Q1'23 financial results, achieving $943.1 million in total revenues, a 4.6% sequential increase but a 3.1% decline year-over-year. Clear Aligner revenues reached $789.8 million, up 7.9% sequentially, though down 2.5% year-over-year. Operating income was $133.5 million with a 14.2% operating margin. The company completed a $1 billion stock repurchase program and authorized a new $1 billion program. Align treated over 15 million global Invisalign patients and reported a net income of $87.8 million, or $1.14 per diluted share. For Q2'23, the anticipated revenue range is $980 million to $1,000 million, with expectations of improved Clear Aligner volume and ASP.

Align Technology has been recognized as the “Technology Partner of the Year” by Junior Achievement of Northern California at its 2023 Business Hall of Fame event in San Francisco. This accolade highlights Align's commitment to supporting education and community engagement through partnerships. Additionally, Julie Paulsen, Align's VP of Corporate Social Responsibility, was nominated as a 2023 “Volunteer of the Year” for her significant contributions. Align's philanthropic efforts include a $250,000 donation to Junior Achievement Worldwide in celebration of the company's 25th anniversary. Align encourages employee involvement in community services and educational mentoring, reflecting its core values of innovation and social responsibility.

Align Technology, Inc. (NASDAQ: ALGN) will report its first quarter 2023 financial results on April 26, 2023, after market close. Results will be released at 4:00 p.m. ET and will be accessible on the company's Investor Relations website. Following the report, a conference call is scheduled for 4:30 p.m. ET, which will be available via audio webcast. A replay of the call will be accessible for one month after the event. Align Technology specializes in advanced digital dentistry, including the Invisalign® System and iTero™ scanners, serving over 239,000 doctors and reaching a potential market of 500 million consumers globally.

Align Technology, Inc. (NASDAQ: ALGN) announces the departure of Yuval Shaked, EVP and Managing Director of iTero scanner and services, after nearly six years for personal reasons. He will assist during the transition to Karim Boussebaa, effective immediately from February 27. Boussebaa, with over 28 years of healthcare leadership experience, previously led multiple business units at Philips Healthcare. President and CEO Joe Hogan praised both Shaked’s contributions and Boussebaa's qualifications, expressing confidence in Boussebaa’s ability to drive growth in the iTero business.

Align Technology (NASDAQ: ALGN) has initiated a $250 million accelerated stock repurchase (ASR) agreement with Citibank, part of its $1 billion stock repurchase program. This move showcases the company's strong cash flow and balance sheet health. Align's CFO emphasized confidence in growth opportunities and commitment to enhancing shareholder value through stock buybacks and strategic growth investments. CEO Joe Hogan and CFO John Morici also plan to personally purchase $1.0 million and $0.2 million of stock, respectively. The ASR is expected to conclude by April 26, 2023, and will be funded from the company's cash reserves.

Align Technology reported Q4 2022 revenues of $901.5 million, reflecting a 1.3% sequential increase but a 12.6% decline year-over-year. Total revenues for 2022 reached $3.7 billion, with $3.1 billion in Clear Aligner revenues. The company faced significant foreign exchange impacts, losing approximately $67.6 million year-over-year in Q4. Net income for Q4 was $41.8 million or $0.54 per diluted share, down 42.5% from Q3. Align plans a new $1 billion stock repurchase program, succeeding the current one, demonstrating confidence in future growth despite macroeconomic challenges.

Align Technology (NASDAQ: ALGN) will announce its fourth-quarter and full-year 2022 financial results on February 1, 2023, after market close at 4:00 p.m. ET. A conference call will follow at 4:30 p.m. ET for investors to discuss these results. Tentative earnings release dates for fiscal 2023 are set for April 26, July 26, and October 25. The information will be accessible on the company's Investor Relations website, along with a telephonic replay available until February 15, 2023.

Align Technology (NASDAQ: ALGN) has opened its 2023 Research Award Program, offering up to $300,000 in funding for clinical and scientific dental research globally. Since its inception in 2010, the program has allocated approximately $2.7 million to support dental research. Awards include four one-year grants of up to $25,000 each, available across the Americas, EMEA, and APAC regions. Applications are due by March 3, 2023, with recipients notified by June 5, 2023.