Align Q1 2023 Earnings Report
Key Takeaways
Align Technology reported Q1 2023 financial results with total revenues of $943.1 million, a sequential increase of 4.6%, and diluted net income per share of $1.14, and non-GAAP diluted net income per share of $1.82.
Q1'23 total revenues of $943.1 million, increased 4.6% sequentially, and diluted net income per share of $1.14, non-GAAP diluted net income per share of $1.82
Q1'23 revenues were favorably impacted by foreign exchange of approximately $25.8 million sequentially and unfavorably impacted by approximately $34.9 million year-over-year
Q1'23 operating income of $133.5 million and operating margin of 14.2%, non-GAAP operating margin of 18.5%
Q1'23 Clear Aligner revenues of $789.8 million, increased 7.9% sequentially, and Clear Aligner volume of 575.4 thousand cases, decreased 1.4% sequentially
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Align Revenue by Segment
Forward Guidance
For Q2'23, Align anticipates Clear Aligner volume and ASP to be up sequentially and Systems and Services revenue to be up sequentially. Q2’23 revenues are expected to be in the range of $980 million to $1,000 million. The company expects Q2'23 GAAP and Non-GAAP gross margin to be flat to slightly up from Q1’23, and Q2’23 GAAP and Non-GAAP operating margin to be up by approximately 1 point sequentially.
Positive Outlook
- Clear Aligner volume to be up sequentially in Q2'23.
- Clear Aligner ASP to be up sequentially in Q2'23.
- Systems and Services revenue to be up sequentially in Q2'23.
- Q2'23 revenues to be in the range of $980 million to $1,000 million.
- Q2'23 GAAP and Non-GAAP gross margin to be flat to slightly up from Q1’23.
Revenue & Expenses
Visualization of income flow from segment revenue to net income