Align Technology, Inc. (ALGN - Free Report) recently announced expansion of its iTero suite with the launch of an iTero Element Foundation intraoral scanner that will offer dentists digital workflow capabilities to address restorative and patient monitoring intraoral scanning needs.
This latest unveiling will extend Align Technology’s offerings of intraoral scanners with a powerful 3D visualization. Per management, this iTero Element Foundation scanner with restorative workflow and iRecord software applications is a breakthrough for dentists to better capture the advantages and opportunities of digitization within their area of practice. Further, while using this device, doctors will have choice to upgrade their treatment offerings with Invisalign clear aligners.
According to Align Technology, the streamlined workflows to dental laboratories, option for on-demand chairside milling and an exclusive TimeLapse technology for patient communication and monitoring with the iTero Element Foundation provide dentists with capabilities beyond basic STL (stereolithography) export scanners. The restorative software holds capabilities like iRecord digital scan record and TimeLapse technology in order to compare historical scans for easy understanding of the oral condition of patients.
Beginning Jun 10, the iTero Element Foundation is available throughout North America (United States and Canada). iTero Element Foundation technology is currently available in Japan and can also be accessed in select Asia Pacific and EMEA countries later this year.
This latest development is expected to be perfectly strategic for Align Technology as this will help the company further expand its patient base for intraoral scanner. To date, more than 13.5 million scans have been submitted with the iTero Element family of intraoral scanning technology. Globally, iTero intraoral scanning technology has been used in more than 3.6 million restorative scans for crowns, bridges and implants.
Per a Research And Markets report, the global 3D dental scanner market is projected to see a CAGR of 10.2% in the 2017-2021 period. These latest developments will help Align Technology cash in on the potential opportunities.
iTero Portfolio in Focus
Strengthening its iTero arm, Align Technology recently introduced its first intraoral scanner with near-infrared imaging technology — iTero Element 5D Imaging System. The system has been made commercially available across Canada, European Union countries acknowledging the CE mark (excluding Greece), Switzerland, Norway, Australia, New Zealand, Hong Kong and Thailand. However, the iTero Element 5D Imaging System is currently not available across the United States or Latin America.
Align Technology has begun manufacturing the iTero Element intraoral scanner in China post-receipt of the Certificate of Medical Device Registration and the Certificate of Production from the country’s Food and Drug Administration. The company is witnessing rising Scanner and Services business sales globally including Italy, Japan and China.
Align Technology is also gaining traction from the adoption of its iTero platform by dental service organizations or DSO partners.
We are also upbeat about the company’s extension of its iTero Element portfolio with the launch of iTero Element 2 and iTero Element Flex scanners in the United States across and majority of the European countries including France, Germany, Italy, Spain and the United Kingdom.
Share Price Movement
Over the past three months, shares of Align Technology have outperformed its industry. The stock has rallied 26% compared with the industry’s 4.6% rise.
Zacks Rank & Other Key Picks
Align Technology currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the broader medical space are Cerner Corporation (CERN - Free Report) , Penumbra (PEN - Free Report) and Bruker Corporation (BRKR - Free Report) . While Cerner sports a Zacks Rank #1 (Strong Buy), both Penumbra and Bruker carry the same solid Zacks Rank of 2 as Aligh Technology. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cerner’s long-term earnings growth rate is expected to be 13.5%.
Penumbra’s long-term earnings growth rate is projected at 21.5%.
Bruker’s long-term earnings growth rate is estimated at 11.7%.
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