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Mar 28, 2002
Align Technology Names Thomas M. Prescott as President, CEO and Director; Chishti Remains Chairman of the Board
Align Technology Names Thomas M. Prescott as President, CEO and Director; Chishti Remains Chairman of the Board
Align Technology Names Thomas M. Prescott as President, CEO and Director; Chishti Remains Chairman of the Board
Santa Clara, Calif. -- March 28, 2002 -- Align Technology, Inc. (Nasdaq: ALGN), the inventor of Invisalign®, a proprietary method of straightening teeth without wires and brackets, today announced it has hired veteran medical industry senior executive Thomas M. Prescott, 46, as President and Chief Executive Officer, effective March 27, 2002. Prescott is filling the position of CEO, previously held by co-founder Zia Chishti, who remains Chairman of the Board of Directors. Prescott was also named to be a Director, filling the vacancy left by Mark Logan, 63, who recently resigned from the Board to devote more time to his other business interests.
In making the announcement, Chishti commented, "Tom's strong leadership, team building and communication skills combined with his solid record of accomplishment in the medical device industry will be very important to Align going forward. We have made rapid and dynamic progress and seen the Company grow from the idea stage to an operating company with a $60 million annual run rate in just five short years, an effort that has required the exceptional efforts and creativity of all involved. With Tom on board, I am able to pass the baton to someone with the right skills, experience and acumen to lead the Company to its next level of growth and to profitability."
Prescott most recently served as President and CEO of Sunnyvale, CA-based Cardiac Pathways, Inc., where he led the turnaround, recapitalization, and successful acquisition of the medical device manufacturer. While at Cardiac Pathways, Prescott focused the organization, launched new products and substantially grew the revenue run rate over a 24 -month period. Through solid execution, the team Prescott led at Cardiac Pathways built a sustainable business, which culminated in an acquisition by Boston Scientific, and a ten-fold increase in market value over a two-year period.
"I am very pleased to join the outstanding team at Align. The combination of innovative products, proprietary technology, great customers and motivated employees makes this one of the most exciting opportunities in the medical device arena today," said Prescott.
Prior to Cardiac Pathways, Prescott served in sales, general management and executive roles at Pleasanton, CA-based Nellcor Puritan Bennett, Inc., leading a $200 million medical device division with 1,000 employees in multiple operating locations.
Prior to Nellcor, Prescott spent eight years in various management positions within GE Medical Systems, an $8 billion leader in diagnostic imaging and information systems. Prior to GE, Prescott spent six years in sales, marketing and marketing management roles with Siemens, a leader in factory automation and energy.
Prescott earned his Bachelor's degree, with emphasis in Civil Engineering, from Arizona State University in 1980 and earned his Masters degree from Kellogg Graduate School of Management, Northwestern University in 1992. He currently lives with his family in Pleasanton, CA.
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 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 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, Align Technology's ability to manage its significant growth and retain its key personnel, and Align Technology's ability to achieve cost-savings in manufacturing and to increase manufacturing efficiencies. 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, as well as other reports and documents filed from time to time with the Securities and Exchange Commission.
Santa Clara, Calif. -- March 28, 2002 -- Align Technology, Inc. (Nasdaq: ALGN), the inventor of Invisalign®, a proprietary method of straightening teeth without wires and brackets, today announced it has hired veteran medical industry senior executive Thomas M. Prescott, 46, as President and Chief Executive Officer, effective March 27, 2002. Prescott is filling the position of CEO, previously held by co-founder Zia Chishti, who remains Chairman of the Board of Directors. Prescott was also named to be a Director, filling the vacancy left by Mark Logan, 63, who recently resigned from the Board to devote more time to his other business interests.
In making the announcement, Chishti commented, "Tom's strong leadership, team building and communication skills combined with his solid record of accomplishment in the medical device industry will be very important to Align going forward. We have made rapid and dynamic progress and seen the Company grow from the idea stage to an operating company with a $60 million annual run rate in just five short years, an effort that has required the exceptional efforts and creativity of all involved. With Tom on board, I am able to pass the baton to someone with the right skills, experience and acumen to lead the Company to its next level of growth and to profitability."
Prescott most recently served as President and CEO of Sunnyvale, CA-based Cardiac Pathways, Inc., where he led the turnaround, recapitalization, and successful acquisition of the medical device manufacturer. While at Cardiac Pathways, Prescott focused the organization, launched new products and substantially grew the revenue run rate over a 24 -month period. Through solid execution, the team Prescott led at Cardiac Pathways built a sustainable business, which culminated in an acquisition by Boston Scientific, and a ten-fold increase in market value over a two-year period.
"I am very pleased to join the outstanding team at Align. The combination of innovative products, proprietary technology, great customers and motivated employees makes this one of the most exciting opportunities in the medical device arena today," said Prescott.
Prior to Cardiac Pathways, Prescott served in sales, general management and executive roles at Pleasanton, CA-based Nellcor Puritan Bennett, Inc., leading a $200 million medical device division with 1,000 employees in multiple operating locations.
Prior to Nellcor, Prescott spent eight years in various management positions within GE Medical Systems, an $8 billion leader in diagnostic imaging and information systems. Prior to GE, Prescott spent six years in sales, marketing and marketing management roles with Siemens, a leader in factory automation and energy.
Prescott earned his Bachelor's degree, with emphasis in Civil Engineering, from Arizona State University in 1980 and earned his Masters degree from Kellogg Graduate School of Management, Northwestern University in 1992. He currently lives with his family in Pleasanton, CA.
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 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 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, Align Technology's ability to manage its significant growth and retain its key personnel, and Align Technology's ability to achieve cost-savings in manufacturing and to increase manufacturing efficiencies. 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, as well as other reports and documents filed from time to time with the Securities and Exchange Commission.