Align Technology (NASDAQ:ALGN) Inc shares sank 22% to $197.91 in early Thursday trading after the dental products maker announced third-quarter 2023 financial results that fell short of analysts' estimates on both its top and bottom lines and the company also lowered its full-year forecast for 2023.
Align, which sells products to straighten teeth, reported 3Q adjusted earnings per share (EPS) of $2.14 on revenue that rose 7.8% to $960.2 million.
Wall Street was expecting adjusted EPS of $2.27 and revenue of $996.5 million.
"Our third quarter results reflect lower than expected demand and a more difficult macro environment than we experienced in the first half of 2023," Align Technology (NASDAQ:ALGN) CEO Joe Hogan said in a statement.
“Dental practices and industry research firms have reported deteriorating trends, including decreased patient visits and increased patient appointment cancellations, along with fewer orthodontic case starts overall, especially among adult patients," he added.
Looking ahead, the company said it now expects full-year 2023 revenue in the range of US$3.83 billion to US$3.85 billion, compared with its previous forecast of US$3.97 billion to $3.99 billion.
Contact Sean at sean@proactiveinvestors.com