Align Tech profit tops estimates on strong Invisalign sales
(Reuters) - Dental products maker Align Technology Inc's (ALGN.O) quarterly results beat market estimates on strong sales of its teeth aligner product, Invisalign.
Align's shares jumped 8 percent to $31.53 in extended trading on Wednesday.
The San Jose, California-based company sold 90,500 cases of the near-invisible aligner product in the fourth quarter, up nearly 10 percent from the same period last year. This translated to $132.8 million in sales during the quarter.
Overall revenue increased 10 percent to $142.8 million, compared with market expectations of $134.7 million.
Net income was $9.6 million, or 12 cents per share, compared with $20.4 million, or 25 cents per share, a year ago. Excluding items, the company earned 27 cents a share.
Analysts were expecting a profit of 22 cents per share, according to Thomson Reuters I/B/E/S.
Align now expects to sell 95,000 to 97,500 cases of Invisalign in the first quarter of 2013. It expects to earn between 21 cents and 23 cents per share in the period, on sales of between $146 million to $150.5 million.
Analysts on average are expecting earnings of 26 cents per share on revenue of $144.6 million in the quarter.
Separately, the company also announced that Chief Financial Officer Kenneth Arola would step down in March, and will be replaced on an interim basis by company's general counsel, Roger George.
(Reporting by Balaji Sridharan in Bangalore; Editing by Anthony Kurian)