TEMPE, Ariz. (AP) 鈥� TEMPE, Ariz. (AP) 鈥� Align Technology Inc. (ALGN) on Wednesday reported first-quarter profit of $112.8 million.
On a per-share basis, the Tempe, Arizona-based company said it had net income of $1.57. Earnings, adjusted for non-recurring costs and stock option expense, were $2.58 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.26 per share.
The maker of the Invisalign tooth-straightening system posted revenue of $1.04 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $1.02 billion.
For the current quarter ending in June, Align Technology said it expects revenue in the range of $1.04 billion to $1.06 billion.
Align Technology shares have increased 15% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $178.83, an increase of almost 1% in the last 12 months.
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