Align reorganizes business, sees fourth-quarter results at low end of forecast
(Reuters) - Dental products maker Align Technology Inc (ALGN.O) said it made organizational changes to support its Clear Aligner and scanning and design services product lines, including appointing new heads of the businesses and cutting about 25 jobs.
The company, which has experienced weakening sales of both its products and services, also said it expects fourth-quarter results to come in at the low-end of its previously forecast range, given continued softness in the dental market and the effect of superstorm Sandy on its customers' practices.
Align had earlier forecast fourth-quarter adjusted earnings of between 21 cents and 23 cents per share on revenue of between $134.2 million and $137.8 million.
Analysts on average were expecting a profit of 23 cents per share, before special items, on revenue of $136.1 million, according to Thomson Reuters I/B/E/S.
Align shares were down 4 percent in extended trade after closing at $26.14 on the Nasdaq on Wednesday.
Greg Morrow, a marketing veteran with experience at Johnson & Johnson (JNJ.N) and Coca-Cola (KO.N), will join Align as vice president and general manager for the Clear Aligner product line, the company said in a statement.
Align also announced on Wednesday that its heads of research & development and North American sales have both left the company.
It named Christopher Puco to take over the sales job, while CEO Thomas Prescott will handle R&D on an interim basis.
(Reporting by Vidya P L Nathan in Bangalore; Editing by Supriya Kurane)