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Align
🇺🇸 NASDAQ:ALGN
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Mar 31, 2024

Align Q1 2024 Earnings Report

Align's Q1 2024 results were announced, revealing better-than-expected revenue and earnings, driven by growth in both Clear Aligner and Systems and Services segments.

Key Takeaways

Align Technology reported a 5.8% year-over-year increase in total revenues, reaching $997.4 million for Q1 2024. Clear Aligner revenue grew by 3.5%, while Imaging Systems and CAD/CAM Services revenue increased by 17.5%. The company's diluted net income per share was $1.39, and non-GAAP diluted net income per share was $2.14.

Total revenues increased by 5.8% year-over-year, reaching $997.4 million.

Clear Aligner revenues grew by 3.5% year-over-year, totaling $817.3 million with a volume increase of 2.4% to 605.1 thousand cases.

Imaging Systems and CAD/CAM Services revenues increased by 17.5% year-over-year, amounting to $180.2 million.

Diluted net income per share was $1.39, while non-GAAP diluted net income per share reached $2.14.

Total Revenue
$997M
Previous year: $943M
+5.8%
EPS
$2.14
Previous year: $1.82
+17.6%
Invisalign Cases Shipped
605.1K
Previous year: 575.4K
+5.2%
Gross Profit
$703M
Previous year: $661M
+6.4%
Cash and Equivalents
$899M
Previous year: $832M
+8.0%
Free Cash Flow
$19.3M
Previous year: $136M
-85.8%
Total Assets
$6.16B
Previous year: $5.9B
+4.3%

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Align Revenue by Segment

Forward Guidance

Align Technology anticipates worldwide revenues in the range of $1,030M to $1,050M for Q2 2024. They expect Clear Aligner volume to increase sequentially, with a slight decrease in Clear Aligner ASP due to unfavorable foreign exchange. Systems and Services revenue is projected to rise sequentially, driven by the ongoing rollout of iTero Luminaâ„¢. The company also expects both GAAP and Non-GAAP operating margins to be slightly above Q1 2024 levels.

Positive Outlook

  • Worldwide revenues are expected to be in the range of $1,030M to $1,050M.
  • Clear Aligner volume is anticipated to increase sequentially.
  • Systems and Services revenue is projected to rise sequentially due to iTero Luminaâ„¢.
  • GAAP operating margin is expected to be slightly above Q1 2024.
  • Non-GAAP operating margin is expected to be slightly above Q1 2024.

Challenges Ahead

  • Clear Aligner ASP is expected to decrease slightly sequentially due to unfavorable foreign exchange.
  • Unspecified circumstances beyond the company's control could impact the outlook.
  • Macroeconomic conditions, including inflation and currency exchange rate fluctuations, could pose challenges.
  • Competition from existing and new competitors may affect sales and market share.
  • The military conflict in the Middle East and Ukraine could have economic and geopolitical ramifications.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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