Align Technology Inc.’s stock cratered more than 22% on Thursday to lead S&P 500 decliners, after the maker of Invisalign orthodontic aligners posted weaker-than-expected third-quarter earnings.
Many consumer-facing companies are struggling with customers who are hurting from high inflation and preserving cash for essentials. “Updated guidance assumes worsened September conditions continuing through the fourth quarter , but admittedly it is unclear whether the macro backdrop worsens further and introduces more uncertainty to numbers,” they wrote.
DSP is a subscription program for orthodontics experts, launched last year, to assist them in coming up with effective treatment plans for patients. “With the stock likely opening at 22x our 2024 estimate, a critical question is whether the current case volume pressure is macro or market share? We believe more macro — and with innovation to improve in 2024, we reiterate our buy rating,” they wrote.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »