Why Orthodontics Company Align Technology Shares Are Plummeting Today
Portfolio Pulse from Lekha Gupta
Align Technology Inc's shares have dropped by around 25% following worse-than-expected Q3 FY23 financial results. The company's revenues rose 7.8% Y/Y to $960.2 million, missing the consensus of $994.5 million. Clear Aligner revenues were up 8.5% Y/Y to $794.9 million. The company also reported a decrease in patient visits and increased patient appointment cancellations. For Q4, ALGN projects a WW revenue of $920 million-$940 million, down Q/Q. The company also plans to repurchase shares up to $250.0 million in Q4.
October 26, 2023 | 10:44 am
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Align Technology's shares have dropped significantly due to worse-than-expected Q3 FY23 results. The company's revenues missed the consensus and it reported a decrease in patient visits and increased cancellations. The company also lowered its revenue guidance for FY23.
Align Technology's shares have dropped due to worse-than-expected Q3 FY23 results. The company's revenues missed the consensus and it reported a decrease in patient visits and increased cancellations. This negative news is likely to impact the company's stock price in the short term.
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