In an attempt to widen iTero customer base, Align Technology, Inc. ALGN recently announced a distribution agreement with Benco Dental. Per the agreement, starting Apr 1, Benco Dental will begin distributing iTero Element scanners in the United States.Notably, Benco Dental is a leading privately-owned dental distributor in the United States.
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
Expanding the iTero suite, Align Technology recently announced the launch of its first intraoral scanner with near-infrared imaging technology — iTero Element 5D Imaging System. The system has been made commercially available in Canada, European Union countries acknowledging CE mark (excluding Greece), Switzerland, Norway, Australia, New Zealand, Hong Kong and Thailand. However, the iTero Element 5D Imaging System is currently not available in the United States or Latin America.
Align Technology 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. The company is seeing rising Scanner and Services business sales globally, including Italy, Japan and China.
Align Technology is also gaining from the adoption of the iTero platform by dental service organizations or DSO partners.
We are also upbeat about the company’s expansion of the 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.
Share Price Movement
Over the past three months, Align Technology’s share price has outperformed its industry. The stock has gained 6.5% against the industry’s 0.3% fall.
Zacks Rank & Key Picks
Align Technology currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Varian Medical Systems VAR, Illumina, Inc. ILMN and DexCom, Inc. DXCM. Notably, each of these stocks currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Varian’slong-term earnings growth rate is projected at 8%.
Illumina’slong-term earnings growth rate is expected at 21.5%.
DexCom’s second-quarter earnings per share are estimated to grow 116.7%.
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