Align Technology Inc. shares sank 12% to $195.53 in after-hours trading Wednesday after profit in the latest quarter declined by more than half.
The medical device company recorded net income of $72.7 million, or 93 cents a share, for the third quarter ended Sept. 30, compared to net income of $181 million, or $2.28 a share, a year earlier. Adjusted earnings were $1.36 a share, below analysts’ expectations of $2.16.
Net revenue declined to $890.3 million from $1.02 billion. Analysts polled by FactSet expected $963.8 million. Align Technology said revenue in the quarter was unfavorably impacted by foreign exchange of about $57.4 million year-over-year.
“Our third-quarter results reflect continued macroeconomic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations,” said Chief Executive Joe Hogan.
