Dental technology company Align Technology (NASDAQ:ALGN) will be announcing earnings results this Wednesday after market hours. Here’s what investors should know.
Align Technology met analysts’ revenue expectations last quarter, reporting revenues of $979.3 million, down 1.8% year on year. It was a strong quarter for the company, with a solid beat of analysts’ sales volume estimates and a decent beat of analysts’ EPS estimates.
Is Align Technology a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Align Technology’s revenue to grow 3.4% year on year to $1.06 billion, in line with the 2.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.57 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 4 downward revisions over the last 30 days (we track 13 analysts). Align Technology has missed Wall Street’s revenue estimates five times over the last two years.
Looking at Align Technology’s peers in the healthcare equipment and supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Boston Scientific delivered year-on-year revenue growth of 22.8%, beating analysts’ expectations by 3.4%, and Intuitive Surgical reported revenues up 21.4%, topping estimates by 3.7%. Boston Scientific traded up 2.9% following the results while Intuitive Surgical was down 1.9%.
Read our full analysis of Boston Scientific’s results here and Intuitive Surgical’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices flat over the last month. Align Technology is up 9.9% during the same time and is heading into earnings with an average analyst price target of $234.36 (compared to the current share price of $208.01).
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