Shares of Align Technology Inc. ALGN dropped more than 5% in the extended session Wednesday despite a beat for the maker of Invisalign orthodontic braces and other medical devices. Align earned $88 million, or $1.14 a share, in the first quarter, compared with $134.3 million, or $1.70 a share, in the year-ago quarter. Adjusted for one-time items, Align earned $1.82 a share. Revenue dropped 3.1% to $943.1 million, the company said. Analysts polled by FactSet expected adjusted EPS of $1.69 on sales of $903 million. The company guided for second-quarter revenue between $980 million and $1 billion, and flat to slightly higher gross margins. The FactSet analysts expect revenue of $951 million in the current quarter. Capital expenditures are likely to exceed $200 million, Align said, thanks to building construction and improvements as well as additional manufacturing capacity to support Align’s ongoing international expansion. Shares of Align ended the regular trading day up 0.9%.
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