(Bloomberg) -- Align Technology Inc. shares surged as much as 12% in late trading to top the $600 mark for the first time ever after fourth-quarter sales beat the highest analyst estimate.
Earnings for the maker of Invisalign teeth straighteners continued to soar amid consumers' insatiable desire for self-improvement during the pandemic. Quarterly revenue grew by 28% from a year earlier as the number of Invisalign case shipments topped Wall Street's estimates.
Shares of the San Jose, California-based company traded as high as $609 at 4:28 p.m. in New York. Investor optimism for clear aligners leaked over to SmileDirectClub Inc., which rose 5.4%. The company is expected to report quarterly earnings of its own later this month.
“Align's strong results show continued dental recovery in the U.S.,” Evercore ISI analyst Elizabeth Anderson wrote. “Strong top-line revenue beat, plus higher than expected aligner and scanner revenue bodes well for the global recovery.”
Investors are expected to listen for full-year guidance on the company's earnings call.
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