Medical devices maker Align Technology Inc. (ALGN) Wednesday reported fourth-quarter net income of $9.6 million or $0.12 per share, down from $20.4 million or $0.25 per share last year.
Excluding special items, earnings for the quarter dropped to $22.3 million or $0.27 per share from $23.0 million or $0.28 per share last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the fourth quarter grew to $142.8 million from $128.9 million last year. Analysts estimated revenues of $134.74 million for the quarter.
Looking forward to the first quarter, the company expects earnings of $0.21 to $0.23 per share and revenues of $146.0 million to $150.5 million. Analysts currently estimate earnings of $0.26 per share on revenues of $144.52 million for the quarter.
Separately, Align Technology announced the resignation of its Chief Financial officer Kenneth Arola, effective March 4, 2013. The company has started search for new CFO. Meanwhile, Roger George, Align's vice president, corporate and legal affairs and general counsel, will serve as interim CFO.
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