Why Align Technology Stock Soared Today
Shares of Align Technology (NASDAQ: ALGN) jumped 27% on Thursday after the orthodontics leader's profits surpassed investors' expectations in its fourth-quarter earnings announcement Wednesday.
After declining for several quarters, Align's revenue inched up 1.3% sequentially to $901.5 million in the fourth quarter. The maker of the Invisalign system saw its clear aligner revenue stabilize at $731.7 million, as volumes increased by 1.1% compared to the third quarter. Meanwhile, the medical device company's imaging systems and services sales grew by 7.8%, to $169.9 million.
"Overall, I'm pleased to report fourth-quarter results that reflect a more stable environment for doctors and their patients than recent quarters," CEO Joe Hogan said in a press release.
Source Fool.com
