SAN JOSE, Calif. (AP) _ Align Technology Inc. (ALGN) on Wednesday reported fourth-quarter profit of $159 million.
On a per-share basis, the San Jose, California-based company said it had net income of $2. Earnings, adjusted for stock option expense and non-recurring costs, were $2.61 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.14 per share.
The maker of the Invisalign tooth-straightening system posted revenue of $834.5 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $786.3 million.
For the year, the company reported profit of $1.78 billion, or $22.41 per share. Revenue was reported as $2.47 billion.
Align Technology shares have climbed 2% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $546.18, more than doubling in the last 12 months.