Q2 2024 Align Technology Inc Earnings Call Transcript
Key Points
- Total Q2 '24 revenues of $1,028.5 million were up 3.1% sequentially and 2.6% year over year.
- Clear aligner volumes increased 6.2% sequentially and 3.2% year over year, driven by growth from adult patients and strong teen case starts.
- Record number of doctors submitting cases and record doctors shipped to for the quarter.
- Imaging Systems and CAD/CAM services revenues increased 9.2% sequentially and 16.1% year over year.
- Non-GAAP operating margin for the second quarter was 22.3%, up 2.5 points sequentially and up one point year over year.
- Total revenues were unfavorably impacted by foreign exchange of approximately $11.6 million sequentially and $18.1 million year over year.
- Clear Aligner ASPs were down sequentially and lower than anticipated due to unfavorable foreign exchange and discounts.
- Operating expenses increased by $33.9 million year over year, primarily due to legal settlements and higher employee compensation.
- Q3 2024 revenue guidance is lower than expected, with anticipated sequential declines in Clear Aligner volume and ASPs.
- Fiscal 2024 total revenue growth outlook revised down to 4% to 6% year over year, partly due to lower Clear Aligner ASPs and delayed commercial launch of iTero Lumina with restorative capabilities.
Welcome to the Align Technology, second quarter 2024 earnings call. (operator instructions) Please note this conference is being recorded. I would now like to turn the conference over to your host, Shirley Stacy with the Align Technologies. You may begin.
Good afternoon and thank you for joining us. I'm Shirley Stacy, Vice President of Corporate Communications and Investor Relations. Joining me for today's call is Joe Hogan, President and CEO, and John Morici, CFO. We issued second quarter 2024 financial results today via Business Wire, which is available on our website at investor.aligntech.com.
Today's conference call is being audio webcast and will be archived on our website for approximately one month. As a reminder, the information provided and discussed today will include forward-looking statements, including statements about Align's future events and product outlook.
These forward-looking statements are only predictions and involve risks and uncertainties
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