PEN - Here's Why Holding Align Technology Stock Could Pay Off | Benzinga
Align Technology, Inc's (NASDAQ: ALGN) successful efforts to broaden the Invisalign portfolio are poised to bring significant growth in the upcoming quarters. Continued expansion into new regions and new manufacturing facilities appears optimistic. A sound financial stability is beneficial for the stock as well. Meanwhile, the adverse macroeconomic impacts on its operations and excessive reliance on a single platform raise concerns.
In the past year, this Zacks Rank #3 (Hold) company has lost 27.6% compared with 2.6% decline of the industry.The S&P 500 composite increased 27.7% during the same time frame.
The renowned medical device company has a market capitalization of $18.34 billion. ALGN's earnings surpassed estimates in three of the trailing four quarters and missed in one, the average surprise being 5.92%.
Let's delve deeper.
Upsides
Invisalign Portfolio Expansion: Following its FDA clearance for broad patient applicability, including growing children, teens and adults in late 2023, the IPE system was commercially launched in the United States and Canada in the first quarter of 2024. Recently, it received regulatory clearance in Australia and New Zealand as well. The company is also set to introduce ClinCheck smile video, the next generation of In-Face digitalization with AI-assisted video, which will be available to all doctors using the Invisalign Practice App and ClinCheck treatment planning software.
Earlier in 2023, Align Technology launched a new doctor-enabled direct ship-to-patient feature in its Vivera Retainer Subscription platform, and expanded the Invisalign Comprehensive Three and Three product in APAC countries such as China, Hong Kong, Korea, Taiwan and India.
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Additionally, in the first quarter of 2024, the company's Super Bowl campaign featuring athletes, TikTok, GenZ influencers and fashion designers generated more than 6.1 billion impressions and 18.1 million unique visitors to ...