TEMPE, Ariz. - Align (NASDAQ:ALGN) Technology, Inc. (NASDAQ:ALGN), a prominent medical device company known for its Invisalign® clear aligners, has introduced a new promotional program for Costco (NASDAQ:COST) members in the United States. The initiative, available through Costco.com, allows members to purchase an Invisalign treatment e-card and an Invisalign™ Essentials Bundle+ for $99.99, which entitles them to a $400 discount on Invisalign treatment with participating providers.
The program aims to make Invisalign's orthodontic solutions more accessible to a broader range of patients. The Invisalign Essentials Bundle+ includes an array of products such as an aligner case, cleaning crystals, foam, spray, aligner seaters, and a travel pouch, collectively valued at $105.00.
John Morici, Align Technology 's executive vice president and CFO, expressed enthusiasm about the pilot program, emphasizing the company's commitment to providing access to Invisalign treatment through innovative methods and qualified dental professionals.
Invisalign aligners are prescribed by trained orthodontists or general dentists and have been used in the treatment of over 18 million patients globally, including more than 5 million teenagers. These aligners are often favored for their comfort compared to traditional braces, and studies have indicated that Invisalign treatment can be completed up to five months faster on average than treatment with fixed appliances.
Customers interested in the offer can purchase the e-card on Costco's website and must register the card through a specialized site to locate a participating Invisalign provider.
This announcement is based on a press release statement from Align Technology, Inc. and does not constitute an endorsement of the company or its products. The information presented is intended to inform readers of the new promotional opportunity available to Costco members seeking orthodontic treatment with Invisalign.
In other recent news, Align Technology demonstrated robust growth in the second quarter, reporting total revenues of $1,028.5 million, marking a 3.1% sequential increase and a 2.6% rise year-over-year. This growth was primarily driven by a significant surge in Clear Aligner volumes. However, Clear Aligner average selling prices were impacted by unfavorable foreign exchange rates and a shift in product mix. The company also made significant strides with a $75 million equity investment in Heartland Dental and the introduction of the iTero design suite for 3D printing.
In analyst news, Piper Sandler maintained an Overweight rating for Align Technology, while Stifel maintained a Buy rating despite lowering the price target. Both firms' assessments came after observing a strong performance in case volumes. Align Technology's Q3 worldwide revenue is projected to range from $980 million to $1 billion, with total revenue growth for fiscal 2024 expected to be up 4% to 6%.
These recent developments reflect the company's resilience and commitment to innovation despite market challenges, as noted by Joe Hogan of Align Technology, who projected overall market stability despite potential exchange rate fluctuations.
InvestingPro Insights
Align Technology, Inc. (NASDAQ:ALGN) has demonstrated a strong financial performance, with a market capitalization of $17.04 billion, underscoring its position as a significant player in the medical device industry. The company's recent introduction of a promotional program for Costco members aligns with its innovative approach to expanding access to its Invisalign® treatment.
InvestingPro data reveals that Align Technology has maintained a robust gross profit margin of 70.16% over the last twelve months as of Q2 2024, indicating efficient management and a strong pricing strategy for its products. Additionally, the company's P/E ratio stands at 38.83, reflecting investors' confidence in its earnings potential. Notably, Align Technology's management has been actively buying back shares, as highlighted by an InvestingPro Tip, which could signal a bullish outlook on the company's value from its own leadership.
Moreover, Align Technology has a perfect Piotroski Score of 9, suggesting excellent financial health and potentially lower investment risk for shareholders. This financial indicator complements the company's strategic initiatives, such as the Costco promotion, in aiming to boost market share and consumer reach. Investors can find further insights and tips, including the company's profitability predictions for the year and its performance over the last decade, on the InvestingPro platform, which currently lists 11 additional InvestingPro Tips for Align Technology.
For those considering an investment in Align Technology or simply following the company's progress, these metrics and insights provide a more comprehensive view of its financial standing and market position. Potential investors can explore these details further by visiting https://www.investing.com/pro/ALGN.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.