Oct 25 (Reuters) - Align Technology (ALGN.O) lowered its full-year revenue forecast on Wednesday, hurt by weak demand for its clear teeth aligners, sending its shares down 21% in extended trading.
The dental company now expects revenue in the range of $3.83 billion to $3.85 billion for 2023, compared with its previous forecast of $3.97 billion to $3.99 billion.
Align's lead product segment, which sells a series of custom-made aligners and other consumables used for straightening teeth, reported revenue of $794.9 million, below estimates of $821.9 million.
On an adjusted basis, Align earned $2.14 per share for the three months ended Sept. 30, below analysts' average estimate of $2.26 per share, according to LSEG data.
Reporting by Pratik Jain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.
Persons:
Joe Hogan, Hogan, Pratik Jain, Anil D'Silva
Organizations:
Envista Holdings Corp, Swiss, Straumann, Thomson
Locations:
Bengaluru