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Align Technology's profit climbs 1.6% YOY in Q3

Align Technology Inc. said its third-quarter net profit was up 1.6% to $102.5 million, compared to $100.9 million in the prior-year period.

EPS for the quarter increased to $1.28 from the year-ago $1.24. The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter of 2019 was $1.14.

The San Jose, Calif.-based developer of Invisalign dental products said its net revenues grew by 20.2% to $607.3 million from $505.3 million in the year-ago period. The company forecasts net revenues in the range of $640 million to $650 million for the fourth quarter.

Align's operating income climbed 1.6% year over year to $127.2 million from $125.2 million, and research and development expenses increased 21.4% from the prior-year period to $39.7 million from $32.7 million.

The company expects net income per share in the range of $1.35 to $1.42 for the fourth quarter, while the S&P Global Market Intelligence consensus normalized EPS estimate is $1.35.

Additionally, Align expects to repurchase at least $100 million of its stock in the open market in the fourth quarter.