Oct 23 (Reuters) - Align Technology ( ALGN ) missed Wall

Street estimates for third-quarter revenue on Wednesday, on

lower-than-expected demand for its clear teeth aligners among

younger patients.

Shares of the company were down about 3.9% after the bell.

The Arizona-based company posted third-quarter revenue of

$977.9 million, down 4.9% sequentially, missing estimates of

$987.34 million, according to data complied by LSEG.

The company also announced a global restructuring plan which

would lead to job cuts or transfers for certain identified

positions to other locations.

Align expects to spend about $30 million on severance

payments in the fourth-quarter.

The company had said in July that it expects clear teeth

aligner volume to be down sequentially as a result of

third-quarter seasonality. Volumes were down 4% during the

quarter.

Leerink Partners analyst Michael Cherny, earlier this month,

had said in a note that sentiment towards the dental industry

remains largely poor, heading into the third quarter, "driven by

both industry pressures and company-specific variables that are

limiting any meaningful enthusiasm".

"As recently reported by many analysts and third-party

research firms, the underlying dental market in the U.S. remains

sluggish and our doctor customers cite similar trends," Align

CEO Joe Hogan said in a statement.

In July, the company reduced its annual growth forecast due

to weak demand. The demand for dental products and surgeries has

decreased, as consumers concerned about inflation choose to

limit their discretionary spending and prioritize purchase of

essential products.

The Invisalign maker expects fourth-quarter global revenue

to be in the range of $995 million to $1.02 billion, compared to

analysts' estimates of $1.01 billion.

On an adjusted basis, the company posted a profit of $2.35

per share, compared to estimates of $2.31 per share, according

to data compiled by LSEG.