Shares of medical device company Align Technology (NASDAQ:ALGN) are plummeting today after its third-quarter numbers missed expectations on top-line as well as bottom-line fronts.
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Revenue contracted 12.4% year-over-year to $890.3 million, lagging consensus by nearly $83 million. During the quarter, Clear Aligner revenue was $732.8 million (down 12.5%) and Imaging Systems and CAD/CAM services revenue was $157.5 million (down 11.7%).
EPS at $1.36 too, missed expectations by a massive $0.80. Further, Align plans to buy back shares worth up to $200 million in the fourth quarter.
The company is seeing challenges from subdued consumer sentiment and foreign currency gyrations. Nonetheless, it expects long-term top-line growth between 20% to 30%.
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