SDC - Align drags dental peers after earnings miss
The shares of Align Technology (NASDAQ:ALGN) have approached a 52-week low on Thursday after the maker of clear aligners recorded its first earnings miss in seven quarters with its 1Q 2022 financials yesterday. Its rivals in the dental health space are also trading lower in solidarity. SmileDirectClub (SDC), a provider of DIY aligners has also reached a 52-week low ahead of its 1Q earnings scheduled for early May. Other notable decliners include Envista Holdings (NVST), trading at a four-month low, and Patterson Companies (PDCO). After reporting ~9% sequential decline in revenue during the quarter, Align (ALGN) blamed the unfavorable operating environment for the underperformance, citing COVID-related impact, Ukraine conflict and poor consumer confidence among reasons. At the time of the 4Q 2021 earnings call in February, the company has seen some recovery as COVID impact began to ease with restrictions relaxing. “However, later in the quarter, unfavorable impacts on our business
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Align drags dental peers after earnings miss