Align Technology income climbs in 2nd quarter
Dental products company Align Technology Inc. said Thursday that its net income rose in the in the second quarter as its sales improved.
The company earned $32.6 million, or 42 cents per share, up from $4.5 million, or 7 cents per share, in the same quarter last year.
Excluding an insurance settlement and other one-time items, the company earned 21 cents per share in the latest quarter.
Revenue grew to $108.2 million from $76.3 million, partly due to the release of $14.3 million of previously deferred revenue for Invisalign Teen replacement aligners.
Analysts polled by Thomson Reuters expected the company to earn 14 cents per share on revenue of $89.7 million. Analyst estimates typically exclude one-time items.
Looking forward, Align said it expects to earn 16 cents to 18 cents per share on revenue of $92 million to $95 million for the third quarter.
Shares of the company rose 34 cents to close at $14.83. They climbed another $2.07, or 14 percent, to $16.90 in after-hours trading. The stock has ranged from $9.18 to $20.56 over the past year.