Health and Healthcare
Align Technology Crooked Teeth (ALGN)
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Align Technology Inc. (NASDAQ:ALGN) is getting crushed in after-hours trading. The company posted earnings and announced it was losing a key officer.
Total revenues for the third quarter were $71.5 million, a year-over-year increase of 46% compared to $49.0 million in the third quarter of 2006 (Q3 06) and a decrease of 7% in a seasonally slower quarte. As disclosed previously, Q2 07 revenues of $76.6 million included $5.2 million in backlog shipments caused by the allocation of capacity to the Patients First Program during prior quarters. Non-GAAP net profit for Q3 07 was $12.6 million or $0.17 per diluted share. Estimates were $71.38 million in revenues and $0.08 EPS.
CFO Eldon Bullington is retiring. He is only 55 years old according to the last data, which may be deemed a bit young for retiring. Who knows, maybe that’s really the case since this has run up exponentially since he became CFO in 2002. He will be succeeded by Kenneth B. Arola, Align’s vice president of finance and corporate controller since 2005.
Align had $110.0 million in cash, cash equivalents, marketable securities and restricted cash, compared to $64.1 million as of December 31, 2006. Here is the guidance:
Jim Cramer was just discussing this one positively last week, so it will be interesting to hear if he thinks this is a buying opportunity or if it was the wrong call. Align shares were up 0.7% today ahead of earnings, but shares are now down over 20% at $22.50. Its 52-week trading range is $12.55 to $29.71.
Jon C. Ogg
October 24, 2007
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