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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.
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 Lumina™. 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 Lumina™.
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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