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Feb 13, 2003
Align Technology Announces 2002 Fourth Quarter and Annual Results
Align Technology Announces 2002 Fourth Quarter and Annual Results
Align Technology Announces 2002 Fourth Quarter and Annual Results
Santa Clara, Calif. - February 13, 2003 -- Align Technology, Inc. (Nasdaq: ALGN), the inventor of Invisalign®, a proprietary method of straightening teeth without wires and brackets, today announced revenues for the fourth quarter of 2002 increased 82 percent to $22.4 million compared to $12.3 million for the fourth quarter of 2001. Revenues for the full year of 2002 increased 63 percent to $75.4 million compared to the $46.4 million for the full year of 2001.
" Our continued growth in revenues this quarter reflects increased adoption of Invisalign, greater utilization by clinicians and expanding consumer demand across all elements of Align's business," said Thomas M. Prescott, President and Chief Executive Officer of Align Technology. "Restructuring activities to streamline the manufacturing network and international operations are complete. Together, the expanding top line momentum and productivity initiatives will support our drive to profitability."
The net loss for the fourth quarter of 2002, determined under generally accepted accounting principles ("GAAP") was $13.9 million, or a net loss per share of $0.27. This compares to a net loss for the fourth quarter of 2001 of $20.7 million, or net loss per share of $0.45. The net loss for the full year of 2002, determined under GAAP was $68.1 million, or a net loss per share of $1.42. This compares to a net loss for the full year of 2001 of $108.7 million, or net loss per share of $2.57. The GAAP net loss for the fourth quarter and full year of 2002 includes $3.4 million and $5.2 million of restructuring charges, respectively. In addition, the GAAP net loss includes the effects of stock based compensation expense for all periods. The GAAP net loss for the full year of 2001 includes the dividend related to the beneficial conversion feature of preferred stock and related interest charges from the subordinated notes on the preferred stock and a charge for litigation settlement. Together these charges are called "special items."
The pro forma net loss for the fourth quarter of 2002, which excludes the above special items, was $6.7 million or pro forma net loss per share of $0.13, compared to a pro forma net loss of $15.3 million or pro forma net loss per share of $0.33 for the fourth quarter of 2001. The pro forma net loss for the full year of 2002 was $42.6 million, or a pro forma net loss per share of $0.89. This compares to a pro forma net loss for the full year of 2001 of $72.8 million, or pro forma net loss per share of $1.72.
Align Technology will host a webcast and conference call today, February 13, 2003 at 5:00 p.m. ET, 2:00 p.m. PT to review 2002 fourth quarter and annual results, as well as discuss future operating trends and guidance on the outlook for the future. To access the webcast, go to the investor relations section of Align Technology's website at www.invisalign.com. An archived webcast replay of the call will also be available at the website. To access the conference call please dial (415) 537-1825 approximately ten minutes prior to the start of the call and enter reservation number 21115866. If you are unable to listen to the call, a taped replay will also be available beginning approximately one hour after the call's conclusion and will remain available through 5:30 p.m. ET on February 21, 2003 and can be accessed by dialing (800) 633-8284 with reservation number 21115866. The replay may be accessed from international locations by dialing (402)-977-9140 using the same reservation number.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary new method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.
To learn more about Invisalign or to find a certified Invisalign doctor, please visit www.invisalign.com or call 1-800-INVISIBLE.
This news release may contain forward-looking statements based on Align Technology's current expectations. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include Align Technology's ability to achieve profitability, the ability to control costs and continue to achieve efficiencies, the adoption by orthodontists, dentists, and consumers of Invisalign, Align Technology's successful enforcement of its intellectual property and avoidance of infringement on third party patents, Align Technology's ability to establish and maintain reliable, high-volume manufacturing capacity in the U.S. and internationally and Align Technology's ability to manage its significant growth and retain its key personnel. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Align Technology's Annual Report on Form 10-K, Quarterly Report on From 10-Q, as well as in other reports and documents filed from time to time with the Securities and Exchange Commission.
" Our continued growth in revenues this quarter reflects increased adoption of Invisalign, greater utilization by clinicians and expanding consumer demand across all elements of Align's business," said Thomas M. Prescott, President and Chief Executive Officer of Align Technology. "Restructuring activities to streamline the manufacturing network and international operations are complete. Together, the expanding top line momentum and productivity initiatives will support our drive to profitability."
The net loss for the fourth quarter of 2002, determined under generally accepted accounting principles ("GAAP") was $13.9 million, or a net loss per share of $0.27. This compares to a net loss for the fourth quarter of 2001 of $20.7 million, or net loss per share of $0.45. The net loss for the full year of 2002, determined under GAAP was $68.1 million, or a net loss per share of $1.42. This compares to a net loss for the full year of 2001 of $108.7 million, or net loss per share of $2.57. The GAAP net loss for the fourth quarter and full year of 2002 includes $3.4 million and $5.2 million of restructuring charges, respectively. In addition, the GAAP net loss includes the effects of stock based compensation expense for all periods. The GAAP net loss for the full year of 2001 includes the dividend related to the beneficial conversion feature of preferred stock and related interest charges from the subordinated notes on the preferred stock and a charge for litigation settlement. Together these charges are called "special items."
The pro forma net loss for the fourth quarter of 2002, which excludes the above special items, was $6.7 million or pro forma net loss per share of $0.13, compared to a pro forma net loss of $15.3 million or pro forma net loss per share of $0.33 for the fourth quarter of 2001. The pro forma net loss for the full year of 2002 was $42.6 million, or a pro forma net loss per share of $0.89. This compares to a pro forma net loss for the full year of 2001 of $72.8 million, or pro forma net loss per share of $1.72.
Align Technology will host a webcast and conference call today, February 13, 2003 at 5:00 p.m. ET, 2:00 p.m. PT to review 2002 fourth quarter and annual results, as well as discuss future operating trends and guidance on the outlook for the future. To access the webcast, go to the investor relations section of Align Technology's website at www.invisalign.com. An archived webcast replay of the call will also be available at the website. To access the conference call please dial (415) 537-1825 approximately ten minutes prior to the start of the call and enter reservation number 21115866. If you are unable to listen to the call, a taped replay will also be available beginning approximately one hour after the call's conclusion and will remain available through 5:30 p.m. ET on February 21, 2003 and can be accessed by dialing (800) 633-8284 with reservation number 21115866. The replay may be accessed from international locations by dialing (402)-977-9140 using the same reservation number.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary new method for treating malocclusion, or the misalignment of teeth. Invisalign corrects malocclusion using a series of clear, nearly invisible, removable appliances that gently move teeth to a desired final position. Because it does not rely on the use of metal or ceramic brackets and wires, Invisalign significantly reduces the aesthetic and other limitations associated with braces. Invisalign is appropriate for treating adults and older teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.
To learn more about Invisalign or to find a certified Invisalign doctor, please visit www.invisalign.com or call 1-800-INVISIBLE.
This news release may contain forward-looking statements based on Align Technology's current expectations. These forward-looking statements involve risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include Align Technology's ability to achieve profitability, the ability to control costs and continue to achieve efficiencies, the adoption by orthodontists, dentists, and consumers of Invisalign, Align Technology's successful enforcement of its intellectual property and avoidance of infringement on third party patents, Align Technology's ability to establish and maintain reliable, high-volume manufacturing capacity in the U.S. and internationally and Align Technology's ability to manage its significant growth and retain its key personnel. These factors, as well as other factors that could cause actual results to differ materially, are discussed in more detail in Align Technology's Annual Report on Form 10-K, Quarterly Report on From 10-Q, as well as in other reports and documents filed from time to time with the Securities and Exchange Commission.