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ALIGN TECHNOLOGY INC [ALGN] reports annual net loss of $445.1 million
By USInMinutes - Feb 29, 2024, 05:38 AM ET
Last Updated - Feb 29, 2024, 05:38 AM EST
![ALIGN TECHNOLOGY INC [ALGN] reports annual net loss of $445.1 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FALGN.png&w=3840&q=75)
Company Reports Revenue of $3.9 billion
ALIGN TECHNOLOGY INC [ALGN] has reported a net loss of $445.1 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $3.9 billion
Based in TEMPE, Arizona, ALIGN TECHNOLOGY INC operates in the MANUFACTURING sector.
In the 12 months ended December 31, 2023, the company reported net revenues of $3.86 billion, reflecting an increase from $3.73 billion in the previous year's comparable period. This growth in revenue indicates improved top-line performance.
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The cost of net revenues for the current period stood at $1.16 billion, up from $1.10 billion in the same period last year. This increase suggests higher expenses associated with generating revenue.
The gross profit for the company in the current reporting period was $2.71 billion, compared to $2.63 billion in the prior year, showing a steady gross profit margin.
Operating expenses, including selling, general and administrative costs, research and development, and restructuring charges, totaled $2.06 billion in the current period, compared to $1.99 billion in the previous year. This indicates a slight increase in operational expenditures.
Income from operations for the period amounted to $643.34 million, slightly higher than the $642.59 million reported in the same period in 2022.
Net income for the 12 months ended December 31, 2023, was $445.05 million, marking an improvement from $361.57 million in the prior year, reflecting increased profitability.
The basic earnings per share for the current period stood at $5.82, compared to $4.62 in the previous period. Similarly, diluted earnings per share were $5.81, up from $4.61 in the same period last year, indicating enhanced earnings per share performance.
In conclusion, the company achieved growth in revenue and net income, demonstrating positive financial performance in the 12 months ended December 31, 2023, compared to the same period in 2022.
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