Align Technology, Inc. (NASDAQ: ALGN) stock surged over 33.6% on 22nd October, 2020 (as of 10:06 am GMT-4; Source: Google finance) after the company’s bottom line increased to $139.37 million compared to $102.52 million, in last year’s third quarter.
ALGN in the third quarter of FY 20 has reported the adjusted earnings per share of $2.25, beating the analysts’ estimates for the adjusted earnings per share of $0.54, according to figures compiled by Thomson Reuters. The company had reported the adjusted revenue growth of 20.9 percent to $734.14 billion in the third quarter of FY 20. The company delivered Q3 operating margin of 24.1%, up 44.8 points sequentially and up 3.2 points year-over-year.
On the other hand, ALGN reached the 1 millionth patient in the Asia Pacific region during the quarter in treatment with the Invisalign system. Align’s Invisalign system is the only clear aligner with 1 million patients in the Asia Pacific region. Align signed an agreement with the National Football League (“NFL”) to make the Invisalign brand the Official Clear Aligner Sponsor of the NFL. Through this agreement, the Invisalign brand will connect with doctors, patients, and consumers through an extended network of NFL sponsored channels. During the quarter, Align also signed a multi-year partnership with the New Orleans Saints, making the Invisalign brand the “Official Smile” partner of the Saints. The collaboration is expected to focus on building awareness and generating demand for Invisalign treatment across social and digital platforms to engage consumers and highlight the benefits of in-office, doctor-delivered clear aligner treatment. The company is awarded with nine research grants of aggregate $225,000 under the company’s eleventh Annual Research Award Program. The funded research studies cover a wide range of topics for projects seeking to better understand treatment in orthodontics and dentistry.
In addition, the company announced the launch of Invisalign G8 with SmartForce Aligner Activation, which is the latest of the company’s biomechanics innovations. Invisalign G8 is expected to be available on all Invisalign products in the first quarter of 2021. Align has announced the commercial availability of its previously announced proprietary ClinCheck treatment planning software which was featured at the Align APAC Virtual Symposium on October 16, which is a fully digital event that showcased digital treatment techniques and featured practitioners from across the Asia Pacific region. The company plans to launch of Invisalign Stickables, innovative sticker accessories designed exclusively for use with the patented SmartTrack material in Invisalign clear aligners designed to personalize Invisalign clear aligners.