Align Teams Up With Exocad To Expand In Digital Scanning
Zacks Investment Research | Nov 27, 2017 06:14AM ET
Align Technologies (NASDAQ:ALGN) has continued to develop its iTero scanner line and is fast expanding its footprint in the growing field of digital scanning. In sync with this strategy, the company has announced plans to advance its iTero Element intraoral scanner through the strategic partnership with Exocad GmbH.
Per Align, this collaboration with CAD/CAM software provider, Exocad GmbH, will enable the Chairside CAD software (a chairside prosthetics design software application) to be specially integrated into Align's iTero Element intraoral scanner. With this integration, the Chairside CAD software will support same-day dentistry via the iTero Element scanner. The integrated system is expected to be marketed by the middle of 2018.
Align claimed that within minutes after scanning, this new iTero Chairside CAD software has capacity to design and produce precision-fit tooth restorations for patients via connected, in-office milling systems.
Additionally, this system has been claimed to deliver an enhanced patient engagement, showcasing 3D crown design, streamlined workflow between iTero Element scanners with integrated restorative design software and market-leading certified milling systems. Per Align, this technique will be an affordable option to perform same-day dentistry in the restorative practice.
Interestingly, revenues from the Scanner and Service segment improved 25% in the last quarter. Moreover, the company saw an increased adoption of iTero scanners for Invisalign case submissions instead of PVS impressions, especially in North America, thus driving Invisalign utilization. Per a report by Research And Markets, the global market for 3D Dental Scanners is projected to witness a CAGR of 10.2% over the 2017-2021 period.
Considering the market potential of Align’s current developments in the Scanners and Services space, this collaboration seems to be a strategic one.
We believe, an unhealthy lifestyle, rising awareness and expenditure in healthcare will continue to drive growth in the 3D Dental scanner market. However, this area is dominated by well-established players like DENTSPLY SIRONA Inc. (NASDAQ:XRAY) .
Align has been gaining investor confidence from consistently positive results. Over the past three months, the company’s share price has outperformed the broader industry . The stock has surged 45.5% compared with the broader industry’s 5.3% gain. The company has also outperformed the 6.4% gain of the S&P 500 market over the same time frame.
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Zacks Rank & Other Key Picks
Align sports a Zacks Rank #1 (Strong Buy). Other top-ranked medical stocks are PetMed Express, Inc. (NASDAQ:PETS) and Myriad Genetics, Inc. (NASDAQ:MYGN) , both sporting a Zacks Rank of #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
PetMed has a long-term expected earnings growth rate of 10%. The stock has rallied roughly 79.4% over a year.
Myriad Genetics has a long-term expected earnings growth rate of 15%. The stock has soared 88.3% in a year.
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