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Align Technology (ALGN) Stock Surges To New Highs After Q3 Earnings

Practice Stock Trading
Updated: 22 October 2020

Invisalign creator Align Technologies (NASDAQ: ALGN) stock looks set to reach new highs with its share price surging premarket after the company released its third-quarter earnings results.

Align beat analyst expectations, reporting a GAAP diluted EPS of $1.76 compared to $1.28 last year along with a rise of 20.9% in the company’s revenue year over year to a record $734.1 million. 

The company has topped consensus revenue estimates three out of the last four times. 

“I’m pleased to report stronger than expected results with record third-quarter revenues up 21% year-over-year reflecting strong momentum across all regions and customer channels for both Invisalign clear aligners and iTero scanner and services,” said Align President and CEO, Joe Hogan. 

Align also said it saw an increase of 118% year over year in total leads and an uptick in consumer engagement after the company started working with new social media influencers. 

The positive earnings report has seen Align’s share price rocket 26.89% higher premarket to all-time highs of $426.10 per share after closing Wednesday at $335.81.

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