Align Technology Inc (ALGN) releases its fourth-quarter 2020 report. Growing sales at double-digit rates, the company’s technology adoption remains strong.
Last quarter, Align’s revenue increased 28.4% y-o-y to $834.5 million. Over, $700 million in sales was a record for dental aligners. Profit grew from $1.76 to $2.61, which exceeded Wall Street’s expectations. The growth occurred even during a time of rapid development of the coronavirus pandemic, which caused many institutions to close unexpectedly and canceled dental procedures.
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In addition, align braces are becoming increasingly popular not just among younger people, but also among adults who, for several reasons, could not improve the bite in childhood. Align aligners that are transparent are discreet and less noticeable than metal aligners.
It is expected that sales will continue growing in 2021, especially in the international market. New products may provide additional impetus to Align if they expand its targeted market.
Despite COVID-19, Align Technology Inc (ALGN) has not changed its strategy and has proven its resilience in challenging environments. There has been no sign of declining interest in aesthetics yet. In addition, to bite correction, there are numerous medical indications as well.
ALGN’s stock rose by 12.63% in yesterday’s trading session. A price low of $600.95 was seen during the day, while a price high of $634.46 was recorded for the day. Based on the data provided by Barchart, ALGN finished the previous session at $546.18, while the trading volume was 1.76 million.
Analysts estimate that the Align Technology Inc (ALGN) price could rise by 12.12%. This conclusion was reached after the share price target of $700 was set over the next year. As a whole, ALGN has been on an upward trend so far this year, up 15.12%.