Align Technology shares jump after upbeat first-quarter revenue forecast

(Reuters) - Align Technology forecast first-quarter revenue above Wall Street estimates on Wednesday, aided by increased demand for its clear teeth aligners, sending its shares up 10% in extended trading.

The dental products manufacturer expects first-quarter revenue to be between $960 million and $980 million, compared with analysts' average estimate of $946.9 million, according to LSEG data.

Arizona-based Align, which beat estimates for the fourth quarter, also sees its 2024 total revenue to be up mid-single digits over 2023.

"Fourth-quarter revenues were up year-over-year primarily reflecting an increase in clear aligner volumes for teens and touch-up cases, as well as growth in the EMEA and APAC regions," CEO Joe Hogan said in a statement.

Align's lead product segment, that includes a series of custom-made aligners and other products used for straightening teeth, posted revenue of $781.9 million for the fourth quarter, compared with analysts' expectations of $765.2 million.

The company posted a 6.1% rise in its total revenue to $956.7 million for the three months ended Dec. 31, beating analysts' estimate of $933.7 million.

On an adjusted basis, Align earned $2.42 per share, versus analysts' estimate of $2.18 per share.

(Reporting by Puyaan Singh in Bengaluru; Editing by Shilpi Majumdar)