Align Technology Inc. shares dove more than 18% in after-hours trading Wednesday, after the maker of Invisalign teeth straighteners reported that profit fell more than 50% and sales declined more than 12% from last year. Align
reported earnings of $72.7 million, or 93 cents a share, on revenue of $890.3 million, down from $1.02 billion a year ago. After adjusting for stock-based compensation and other effects, the company reported earnings of $1.36 a share, down from $2.87 a share a year ago.
“Our third-quarter results reflect continued macroeconomic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign-exchange rates across all currencies that affect our operations,” Chief Executive Joe Hogan said in a statement. “We remain confident in the execution of our strategic growth drivers despite the continuing economic headwinds,” he added. In a conference call Wednesday afternoon, Hogan said that revenue would have been more than $57 million higher at the same exchange rates from the third quarter in 2021. The problems extend into the U.S., however, where he said orthodontists are finding fewer adults willing to pay for teeth straighteners. “Invisalign case volumes for Americas was down sequentially single-digit percentages and primarily due to lower Invisalign adult shipments,” Hogan said in the conference call. “The environment remains challenging and feedback from our customers indicates consumer financing and patient no-shows affecting their practices in Q3, especially with adult patients.” In …