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Align Technology, Inc. (NASDAQ:ALGN) shares are trading lower by 18.04% to $181.66 after the company reported worse-than-expected third-quarter results.
What Happened?
Align Technology reported quarterly earnings of $1.36 per share which missed the analyst consensus estimate of $2.21. The company reported quarterly sales of $890.35 million which missed the analyst consensus estimate of $974.89 million by 9%. This sales figure is a 12% decrease over sales of $1.02 billion in the same period last year.
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Commenting on Align’s third quarter results, Align Technology President and CEO Joe Hogan said, “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.”
According to data from Benzinga Pro, Align Technology has a 52-week high of $713.33 and a 52-week low of $176.00.