Align Technology (ALGN) shares tumbled 6.06% on Wednesday, as investor enthusiasm over the company's better-than-expected second-quarter results was quickly overshadowed by a muted forward outlook and broader strategic uncertainties.

The company reported second-quarter revenue of $1,056.2 million, modestly topping the consensus estimate of $1,052 million, while adjusted earnings per share of $2.64 also edged past the $2.61 forecast. However, the positive earnings surprise failed to sustain investor confidence after Align Technology issued full-year revenue growth guidance of only 3% to 4%, a relatively conservative projection that fell short of market expectations. Additionally, the company's third-quarter revenue outlook of $1.00 billion to $1.02 billion signaled a sequential decline from the second quarter, further weighing on sentiment.

Compounding the cautious reaction, the company faces a European Commission antitrust investigation into its Invisalign clear aligners and iTero scanner businesses, while the announced departure of Chief Legal Officer Julie Coletti has added to the near-term uncertainty surrounding the stock.