Align Technology reports record performance in Q1 2014

Align Technology has announced its financial results for the first quarter of 2014, highlighting a record-breaking net revenue total of $180.6 million (107.55 million pounds).

This represented a year-on-year increase of 17.6 percent, with case shipments of its flagship Invisalign clear aligner products coming to 112,200, up by 14.3 percent compared to Q1 2013. Net profit, meanwhile, surged by 52.7 percent to $32.4 million.

Continued progress was achieved in the Europe, Middle East and Africa and Asia-Pacific regions despite challenging global market conditions. Further growth is expected in the second quarter of the year, with a net revenue figure in the range of $181.7 million to $186.5 million expected.

The firm also announced a plan to repurchase up to $300 million of its stock over the next three years.

Thomas Prescott, Align's president and chief executive officer, said: "This solid growth reflects continued expansion of our customer base, as well as increased adoption and utilisation as doctors treat more patients with Invisalign."

In 2013, the firm generated $660.2 million in annual revenue, making it Align's most successful year ever.