Align Technology Inc (NASDAQ:ALGN) shares are trading lower in Wednesday’s after-hours session after the company reported worse-than-expected financial results.
Align said third-quarter revenue was down 12.4% year-over-year to $890.35 million, which missed average analyst estimates of $974.89 million, according to Benzinga Pro. The company reported quarterly earnings of $1.36 per share, which missed average estimates of $2.21 per share.
“Our third quarter results reflect continued macro-economic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations,” said Joe Hogan, president and CEO of Align Technology.
Align said it expects to repurchase up to $200 million of its common stock in the fourth quarter via open market repurchases or an accelerated stock repurchase agreement.
Align is the leading manufacturer of clear dental aligners globally, having pioneered the technology with the introduction of its Invisalign branded aligners in 1998.
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ALGN Price Action: Align is making new 52-week lows on Wednesday.
The stock was down 18.3% in after-hours at $181 at the time of publication.
Photo: usushiorei from Pixabay.
