Why Align Technology Stock Got Hammered Today
Shares of dental company Align Technology (NASDAQ: ALGN) got hammered on Thursday after reporting financial results for the third quarter of 2022. Align stock was down 18% for the day as of 2:30 p.m. ET. But more than this, Align stock is also now down 72% year to date, giving it the distinction of being the worst-performing stock in the S&P 500 so far this year.
Align Technology makes money from its clear Invisalign retainers and with its iTero technology. In Q3, the company generated revenue of $890 million, down 12% year over year and roughly $60 million less than what analysts had expected.
Management said about $25 million of this underperformance was due to unfavorable foreign currency exchange rates. But with clear alignment shipments down 12.5% year over year, there's no denying that business is slow for Align right now.
Source Fool.com
