Align Technology, Inc.(NASDAQ: ALGN) stock rose over 2.7% on 29th April, 2021 (as of 09:39:11 UTC-4 · USD; Source: Google finance) after the company posted better than expected results for the first quarter of FY 21. . Q1’21 Clear Aligner revenues were up 56.4% year-over-year to $753.3 million, Q1’21 Imaging Systems and CAD/CAM Services revenues were up 104.0% year-over-year to $141.5 million. Q1’21 Clear Aligner volume was 595.8 thousand cases, which represents an increase of 65.8% year-over-year. For the Americas and International regions, Q1’21 Clear Aligner volume was up 53.8% and up 83.2% year-over-year, respectively. Q1’21 Clear Aligner volume for teenage patients was 165.3 thousand cases, up 58.9% year-over-year. Q1’21 operating income of $225.4 million was up 222.4% year-over-year, resulting in an operating margin of 25.2%
ALGN in the first quarter of FY 21 has reported the adjusted earnings per share of $2.49, beating the analysts’ estimates for the adjusted earnings per share of $1.99, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 62.4 percent to $894.77 million in the first quarter of FY 21, beating the analysts’ estimates for revenue by 8.54%.
For 2021, the company expects net revenues to be in the range of $3.7 billion to $3.9 billion, up approximately 50% to 58% over full year 2020. Consistent with past years, the company expects 2H 2021 revenue to make up more than half of the full year revenue and our 2H revenue to grow year-over-year around the mid-point of our long-term operating model target of 20% to 30%. 2021 GAAP operating margin is expected to be in the range of 23.5% to 24.5%
Additionally, during Q2’21 the company expects to repurchase $100 million of the common stock through either open market repurchases or an accelerated stock repurchase agreement the company intends to enter into on or prior to May 3, 2021. The repurchase is intended to complete the $600 million stock repurchase program announced on May 23, 2018
Meanwhile, the company has announced a partnership with U.S. Ski & Snowboard, making the Invisalign brand the Official Smile of U.S. Ski & Snowboard. The company has also announced a partnership with the six-time NBA Champion Golden State Warriors, making the Invisalign System brand the Official Smile Partner of the Golden State Warriors.
On the other hand, the company has announced that more than 10 million patients have begun treatment with the Invisalign system the most advanced clear aligner system in the world, including 2.6 million teenage patients.