Align Technology, Inc.’s (NASDAQ:ALGN) Invisalign business hit record highs in the fourth quarter, with a historic surge in case submissions underscoring resilient global demand and helping drive a stronger-than-expected earnings report that sent the stock sharply higher on Thursday.

Earnings Snapshot

Revenues rose 5.3% year-over-year (Y/Y) to $1.048 billion, beating the consensus of $1.033 billion, with foreign exchange (FX) boosting revenue by around $14.8 million.

This was aided by higher volumes on continued iTero Lumina scanner sales, representing around 86% of the full systems units.

In the quarter, the company witnessed a record 87.7 thousand doctors worldwide submit Invisalign cases, the highest fourth-quarter total ever, aided mainly by a record number of Orthodontists submitters.

Adjusted gross profit stood at $754.7 million, with a gross margin of 72.0%. Operating income came in at $155.3 million, with an operating margin of 14.8%.

Adjusted EPS of $3.29 surpassed the consensus of $2.97.

As of December 31, the company had cash and ...