Tallahassee, FL 10/28/11 (PennyPayDay) -- Align Technology Inc. (NASDAQ: ALGN) is currently trading + 27% at $22.66 per share. Yesterday, the company posted a quarterly profit that beat market expectations, helped by strong sales of its invisible braces for aligning teeth, and forecast a strong fourth quarter. Shares of the company were trading up 12 percent at $20 in extended trade. They closed at $17.81 on Thursday on Nasdaq.Separately, the maker of teeth-alignment systems authorized a stock repurchase program of up to $150 million, representing about 11 percent of its market valuation, effective immediately.
For the fourth quarter, the company expects adjusted earnings of 20-22 cents a share vs. estimated $0.18/share, on sales of $124.0-$128.5 million. Analysts, on average, were expecting the company to earn 18 cents a share, on revenue of $122.6 million, according to Thomson Reuters I/B/E/S. Revenue rose 31 percent to $125.9 million, helped by a 19 percent increase in sales of its removable teeth aligners, Invisalign.
For the third quarter, net income rose to $19.3 million, or 24 cents a share, from $16.8 million, or 22 cents a share, a year ago. Excluding items, the company earned 27 cents a share.
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