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Bear of the Day

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Bear of the Day: Align Technology (ALGN)

AMGN

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Align Technology's (ALGN) third quarter 2012 results were dismal with the company reporting revenues and adjusted EPS of $136.5 million and $0.28, both missing the Zacks Consensus Estimates of $140 million and $0.29, respectively. In addition, given the weakness in dental technology sales and the aftermath of Superstorm Sandy, the company now expects to reach just the low end of its earlier-provided fourth quarter 2012 outlook.

The news of job cuts and higher management churn, accompanied with the termination of the European distribution contract also add to our concern. These factors led to a downward rally in the stock price that reached its 52-week low last week.

We also fail to see any major catalyst that could revive the shares. Accordingly, we downgrade the stock and lower our revenues and EPS estimates for fiscal 2012 and 2013.

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