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Align
🇺🇸 NASDAQ:ALGN
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Jun 30, 2024

Align Q2 2024 Earnings Report

Align Technology's Q2 2024 financial results were announced, with total revenues of $1,028.5 million and diluted net income per share of $1.28, or $2.41 on a non-GAAP diluted basis.

Key Takeaways

Align Technology reported Q2 2024 total revenues of $1,028.5 million, a 2.6% increase year-over-year. Clear Aligner revenues were $831.7 million, while Imaging Systems and CAD/CAM Services revenues reached $196.8 million. The company's diluted net income per share was $1.28, or $2.41 on a non-GAAP diluted basis.

Total Invisalign patients surpassed 18 million globally, including over 5 million teens and kids.

Q2'24 total revenues of $1,028.5 million, increased 3.1% sequentially, and increased 2.6% year-over-year, and Q2'24 diluted net income per share was $1.28, or $2.41 on a non-GAAP diluted basis.

Q2'24 Imaging Systems and CAD/CAM Services revenues of $196.8 million, increased 9.2% sequentially, and increased 16.1% year-over-year.

Q2'24 Clear Aligner revenues of $831.7 million, increased 1.8% sequentially, and decreased 0.1% year-over-year.

Total Revenue
$1.03B
Previous year: $1B
+2.6%
EPS
$2.41
Previous year: $2.22
+8.6%
Invisalign Cases Shipped
642.73K
Previous year: 604.45K
+6.3%
Gross Profit
$728M
Previous year: $714M
+2.0%
Cash and Equivalents
$761M
Previous year: $952M
-20.0%
Free Cash Flow
$106M
Previous year: $193M
-44.9%
Total Assets
$6.16B
Previous year: $6.14B
+0.2%

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Forward Guidance

For Q3’24, Align expects worldwide revenues to be in the range of $980M to $1,000M. For fiscal 2024, Align expects total revenue growth to be up 4% to 6% year-over-year.

Challenges Ahead

  • We expect Clear Aligner volume to be down sequentially as a result of Q3 seasonality, and Clear Aligner ASPs to be down sequentially, primarily due to foreign exchange and product mix
  • We also expect Systems and Services revenues to be down sequentially because of Q3 seasonality
  • We expect our Q3’24 GAAP operating margin to be below Q3’23 GAAP operating margin and Q3’24 non-GAAP operating margin to be flat to Q3’23 non-GAAP operating margin
  • We expect fiscal 2024 total revenue growth to be up 4% to 6% year-over-year, due in part to lower Clear Aligner ASPs from continued unfavorable foreign exchange and product mix.
  • In addition, our revised revenue outlook reflects our anticipated commercial launch of the iTeroâ„¢ Lumina with restorative capabilities to occur in Q1’25, instead of 2024 as previously anticipated

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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