Align Technology, Inc. (ALGN - Free Report) recently announced several updates to its iTero Element family of Intraoral scanner (iTero Element, Element 2 and Element Flex), expanding its usage in restorative and dental practice workflow.
The company also informed about its plans to initiate the 1.7 iTero scanner software upgrade launch starting from late November. With this, users will be able to access new features which enhance scan quality and provide better patient data protection.
With connectivity available only in North America, iTero Intraoral scanner has been integrated with Dentrix patient management platform resulting in simplified workflow and enhanced efficiency.
Per a Research And Markets report, the global 3D dental scanner market is expected to see a CAGR of 10.2% in the 2017-2021 period. The latest developments will help Align Technology cash in on the opportunities.
iTero Portfolio in Focus
Of late, Align Technology has been focusing on expanding work flow options of iTero scanners. The company has been gaining significantly from shipments of the iTero Element intraoral scanner to China. Moreover, the company has begun manufacturing the iTero Element intraoral scanner in China post-receipt of Certificate of Medical Device Registration and Certificate of Production from the China Food and Drug Administration (CFDA).
The company is also gaining from the adoption of the iTero platform by dental service organizations or DSO partners.
Align Technology also expanded its iTero Element portfolio with the launch of iTero Element 2 and iTero Element Flex scanners in the United States and majority of European countries, including France, Germany, Italy, Spain, and the United Kingdom.
Align Technology received encouraging response for its Invisalign Go product with an improved user-interface in iTero digital chairside experience and increased flexibility for treating variety of mild to moderate cases. Notably, the product was made commercially available in North America, Australia, New Zealand, and certain markets in Europe starting Jul 1, 2018.
Share Price Movement
Over the past year, Align Technology’s share price has underperformed its industry. The stock has declined 15.4% compared with the industry’s 1.1% fall. We believe the latest development will help the stock rebound.
Zacks Rank & Key Picks
Align Technology currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader medical space are Integer Holdings Corporation (ITGR - Free Report) , Surmodics, Inc. (SRDX - Free Report) and Veeva Systems (VEEV - Free Report) .
Integer Holdings has an earnings growth rate of 31.2% for the next quarter and a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Surmodics’ long-term earnings growth rate is projected at 10%. The stock carries a Zacks Rank of 2 currently.
Veeva Systems’ long-term earnings growth rate is estimated at 19.3%. The stock carries a Zacks Rank #2 at present.
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