Medical equipment and supply stocks aren't very sexy to most investors. Many in the health care space seem to prefer the high risk/high reward track of the pharmaceutical and biotechnology worlds, leaving equipment stocks by the wayside.

However, there are actually plenty of great opportunities in this market if you are willing to look. And with such a shaky market lately, this more defensive—or at least less volatile—segment of the health care world might be the place to go right now. That is why a company like Align Technology (ALGN – Analyst Report) might be a very intriguing choice for investors in this current market environment.

ALGN in Focus

Align Technology focuses in on the dental market, operating in two segments. Its first is the scanner/services division, and then its more famous ‘clear aligner' segment which includes its well-known Invisalign brand.

This has proven to be a lucrative area of the market and a winning approach for investors. ALGN stock has gained about 38% in the past year, easily beating out both the broad health care sector and the S&P 500 over the same time period, as both of those benchmarks were in the red from a one year look.

Clearly, ALGN is on a nice run and the Invisalign market is one with great potential and a top brand, but investors have to be wondering, can this run continue? Well, if we look to recent earnings estimates then there is definitely some momentum building which bodes well for this stock in the near term.

Recent Estimates & Outlook

ALGN has seen full year earnings estimates rise in the past few weeks, including a fresh update in just the past seven days. We are seeing a similar trend when it comes to the next year figures, and now ALGN has a Zacks Earnings ESP in positive territory—which can signal an earnings beat is on the horizon—thanks to these revisions.

It is also worth noting that ALGN has a pretty great track record at earnings season, including beats for each of its reports over the last year. In fact, ALGN has seen an average beat of about 8% for the last four quarters, so it has clearly shown an ability to live up to, and surpass, earnings estimates. No wonder ALGN has been able to earn itself a Zacks Rank #1 (Strong Buy) and is looking good this earnings season.