Shares of Align Technology (ALGN) tumbled 5.04% in after-hours trading on Wednesday, following the release of the company's second-quarter earnings report. The decline came despite the company reporting results that modestly beat analyst expectations on several key metrics.

For the second quarter, Align Technology posted revenue of $1,056.2 million, slightly above the IBES estimate of $1,052 million. Adjusted earnings per share came in at $2.64, edging past the consensus estimate of $2.61. However, the company's forward-looking guidance appeared to weigh on investor sentiment, as Align Technology projected full-year revenue growth of just 3% to 4%, a relatively modest outlook that may have fallen short of market expectations.

Adding to the cautious sentiment, the company has been navigating headwinds including a European Commission antitrust investigation launched in late June into its Invisalign clear aligners and iTero intraoral scanner businesses. Furthermore, the announced departure of Chief Legal Officer Julie Coletti, effective August 1, to join Illumina has contributed to uncertainty surrounding the company's near-term outlook.