Clear aligner maker Align Technology ( NASDAQ: ALGN ) added ~15% post-market Wednesday after announcing better-than-expected financials for Q4 2022 results . Despite a ~13% YoY decline, the Tempe, Arizona-based company reported $901.5M revenue for the quarter compared to $881. 9M in the consensus as the topline rose ~1% sequentially.
Clear Aligner net revenue fell short of Street forecasts to reach $711.9M with a ~10% YoY decline as unfavorable forex impact stood at $56.4M compared to the previous year, while Invisalign case shipments exceeded the consensus standing at ~588.8K.
Meanwhile, Imaging systems & CAD/CAM net revenue rose ~8% YoY to $173.2M as year-over-year forex headwinds reached $11.2M.
Net revenue for the full year fell ~6% YoY to $3.7B as Invisalign Case Shipments contracted ~7% YoY to ~2.4M driving down clear aligner net revenue ~5% YoY to $3.1B.
Quarterly operating income was $112.7M indicating a ~13% operating margin, while the full-year operating income reached $642.6M, and the operating margin reached ~17%. The company’s adjusted earnings per share stood at $1.73 compared to $1.53 in the consensus.
Citing macro concerns, global operational challenges, and uncertainty, Align ( ALGN ) didn’t issue 2023 revenue guidance. However, the company expects its Q1 2023 revenues to remain steady sequentially and the operating margin to rise ~1% point on a reported basis from the preceding quarter.
Meanwhile, COVID-related market weakness in China is expected to lead to a sequential drop in clear aligner volumes in Q1 2023, partially offset by market stability in the Americas and EMEA regions.
Read: Seeking Alpha contributor Gytis Zizys issued a Strong Sell on Align ( ALGN ) in January despite the recent drop in its share price.
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Align Technology rises 15% after Q4 2022 beat