2024-02-01 12:44:55 ET
Shares of Align Technology (NASDAQ: ALGN) soared in early trading on Thursday, up as much as 15%. This initial positive reaction came after the company reported financial results for the fourth quarter of 2023. However, Align Technology stock surrendered those early gains and was up less than 1% as of 11:30 a.m. ET. Here's what's going on.
Align Technology provides teeth-straightening services through its Invisalign clear aligners and through its iTero mouth-scanning devices. In Q4, the company generated net revenue of $957 million, which was up nearly 7% year over year and ahead of management's guidance of $920 million to $940 million.
Moreover, Align Technology's management guided for modest top-line growth in 2024 as well as modest improvement for its operating margin . Given its Q4 growth and its guidance for growth in the coming year, Wall Street analysts were upgrading Align stock , which likely also contributed to its early gains.
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Why Align Technology Stock Soared in Early Trading on Thursday