Align Technology, Inc. reported third quarter 2024 total revenues of $977.9 million on October 23, 2024, an increase of 1.8% year-over-year but a decrease of 4.9% sequentially. This figure was slightly below the company's Q3 revenue outlook, reflecting a more pronounced seasonality for clear aligners and continued weak consumer sentiment in the U.S. dental market.
Clear Aligner revenues for Q3 2024 were $786.8 million, down 1.0% year-over-year, while Clear Aligner volume increased 2.5% year-over-year to 617.2 thousand shipments. The Imaging Systems and CAD/CAM Services segment showed stronger growth, with revenues of $191.0 million, up 15.6% year-over-year. Non-GAAP diluted earnings per share (EPS) for the quarter were $2.35, surpassing analyst estimates by $0.04.
The company announced a global organizational restructuring plan, which will result in approximately $30 million in restructuring charges in Q4 2024, but is expected to be margin accretive in 2025. Additionally, Align Technology plans to repurchase up to $275.0 million of its common stock beginning in Q4 2024, demonstrating confidence in its financial strength. For Q4 2024, Align provided a revenue outlook in the range of $995 million to $1.015 billion.
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