Align Technology, Inc.(NASDAQ:ALGN) stock rose over 14% on 4th Feb, 2021 (as of 10:04 am GMT-5 ; Source: Google finance) as the company posted higher than expected results for the fourth quarter of FY 20. Clear Aligner revenues of $700.7 million were up 12.9% sequentially and increased 28.9% year-over-year. In Q4, the company had shipped a record 568,000 Invisalign cases, which represents an increase of 14.5% sequentially and 37.3% year-over-year. Q4 reflects increased Invisalign adoption from both adults and teenagers, which were up 36.7% and 38.7% year-over-year respectively. The Teen and Mom-focused consumer campaign delivered 77% year-over-year increase in unique visitors to the website and 76% increase in leads generation. Q4 ’20 System and Services revenues of $133.8 million, which were up 18% sequentially driven by momentum in the Americas and EMEA, and up 26% year-over-year, due to strong growth in EMEA and Asia Pacific. The results reflect continued strong uptake of the iTero Element 5D, the only intraoral scanner with caries detection which is scaling rapidly across each region and represented approximately a third of iTero volumes in Q4.
Moreover, in the Americas region, Q4 Invisalign case volume was up 12.7% sequentially and up 34.1% year-over-year, due to increased utilization of Invisalign treatment for both orthodontic and GP channels. For the International business, Q4 Invisalign case volume was up sequentially 6.7%, driven by a strong growth in EMEA as doctors returned from summer holiday season, which was offset somewhat by seasonally slower period in China. On a year-over-year basis, International shipments were up 41.1%, due to increases throughout both EMEA and APAC. For APAC, Q4 volumes were down sequentially 14.7%. Notwithstanding typical Q4 seasonality in China, after a strong Q3, the company had strong growth in Japan and ANZ and Southeast Asia.
Furthermore, fourth quarter overall gross margin was of 73.2%, up 0.4 points sequentially and up 0.5 points year-over-year. As of December 31, 2020, cash and cash equivalents were $960.8 million, which represents an increase of approximately $345.3 million from the prior quarter, which is primarily due to higher cash flow from operations.
ALGN in the fourth quarter of FY 20 has reported the adjusted earnings per share of $2.61, beating the analysts’ estimates for the adjusted earnings per share of $2.14, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 28.4 percent to $834.52 million in the fourth quarter of FY 20, beating the analysts’ estimates for revenue by 6.14%.