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Dec 31, 2023
Align Q4 2023 Earnings Report
Align Technology reported better-than-expected revenues and earnings, driven by growth in clear aligner volume for adults and non-comprehensive cases, as well as increased revenues from systems and services.
Key Takeaways
Align Technology's Q4 2023 total revenues reached $956.7 million, a 6.1% increase year-over-year. Diluted net income per share was $1.64, and non-GAAP diluted net income per share was $2.42. The company launched the iTero Lumina intraoral scanner and saw growth in clear aligner volumes for teens and Invisalign DSP touch-up cases, as well as growth in the EMEA and APAC regions.
Q4 total revenues were $956.7 million, up 6.1% year-over-year.
Diluted net income per share was $1.64, and non-GAAP diluted net income per share was $2.42.
Clear Aligner revenues were $781.9 million, up 6.9% year-over-year.
Imaging Systems and CAD/CAM Services revenues were $174.8 million, up 2.9% year-over-year.
Align
Align
Align Revenue by Segment
Revenue by Segment
Imaging Systems and CAD/CAM Services Revenue
CapyFin.com Forward Guidance
Align Technology provided its outlook for Q1 and fiscal year 2024, assuming no circumstances occur beyond their control.
Positive Outlook
- Worldwide revenues for Q1 2024 are expected to be in the range of $960M to $980M, up slightly from Q4 2023.
- Clear aligner volume and ASPs are expected to be up slightly sequentially.
- Systems and services revenue is expected to be down slightly sequentially, although less than the historical seasonal decline given the launch of the iTero Lumina™ for ortho workflows in Q1 2024.
- GAAP operating margin and non-GAAP operating margin for Q1 2024 are expected to be slightly above Q1 2023.
- Total revenues for 2024 are expected to be up mid-single digits over 2023.