SAN JOSE, Calif., April 23, 2012 (GLOBE NEWSWIRE) -- Align Technology, Inc. (Nasdaq:ALGN) today reported financial results for the first quarter of fiscal 2012 ended March 31, 2012.
Total net revenues for the first quarter of fiscal 2012 (Q1 12) were a $135.1 million. This is compared to $128.9 million reported in the fourth quarter of 2011 (Q4 11) and compared to $104.9 million reported in the first quarter of 2011 (Q1 11). Q1 12 Invisalign clear aligner revenue of $123.3 million increased 3.7% sequentially and 17.6% year-over-year. Invisalign clear aligner case shipments for Q1 12 were 85.3 thousand, compared to 82.6 thousand in Q4 11 and compared to 71.4 thousand in Q1 11. Q1 12 scanner and CAD/CAM services revenue was $11.8 million, compared to $10.0 million in Q4 11. The acquisition of Cadent Holdings, Inc. closed on April 29, 2011, therefore year-over-over year comparisons for Q1 12 do not include scanner and CAD/CAM services.
Commenting on Align's first quarter, Thomas M. Prescott, Align president and CEO said, "I'm pleased to report a very strong quarter and a great start to the year. Strong Invisalign volume, particularly from North American Orthodontists, drove better than expected revenue, margins and EPS, and we achieved a major milestone -- our first $100 million quarter in North America sales. In addition, our scanner and CAD/CAM services business was up nicely this quarter. I'm very proud of our team and the great results they delivered this quarter which reflect their continued focus and execution of our strategic growth initiatives."
Net profit for Q1 12 was $21.0 million, or $0.26 per diluted share. This is compared to net profit of $20.4 million, or $0.25 per diluted share in Q4 11 and net profit of $15.8 million, or $0.20 per diluted share in Q1 11. Net profit for Q1 12 includes pre-tax acquisition and integration related costs of $0.7 million, pre-tax amortization of acquired intangible assets of $1.1 million, pre-tax severance and benefit costs of $0.5 million with a total tax effect of $1.2 million. Net profit for Q4 11 includes pre-tax acquisition and integration related costs of $1.1 million, pre-tax amortization of acquired intangible assets of $1.3 million, pre-tax severance and benefit costs of $0.8 million with a total tax effect of $0.7 million. Net profit for Q1 11 includes pre-tax Cadent acquisition-related transaction costs of $1.5 million with a total tax effect of $0.4 million.
To supplement our consolidated financial statements, we use the following non-GAAP financial measures: non-GAAP net revenues, non-GAAP operating expense, non-GAAP operating margin, non-GAAP net profit, non-GAAP earnings per share, EBITDA and adjusted EBITDA. Detailed reconciliations between GAAP and non-GAAP information are contained in the tables following the financial tables of this release.
Non-GAAP net profit for Q1 12 was $22.1 million, or $0.27 per diluted share. This is compared to non-GAAP net profit of $23.0 million, or $0.28 per diluted share in Q4 11 and non-GAAP net profit of $16.9 million, or $0.21 per diluted share in Q1 11.
Total stock-based compensation expense included in Q1 12 was $4.9 million compared to $5.0 in Q4 11 and $4.3 million in Q1 11. Stock based compensation expense included in GAAP gross margin in Q1 12, Q4 11 and Q1 11 was $0.5 million. Stock-based compensation expense included in GAAP operating expense in Q1 12 was $4.4 million compared to $4.5 million in Q4 11 and $3.8 million in Q1 11.
Liquidity and Capital Resources
As of March 31, 2012, Align Technology had $257.2 million in cash, cash equivalents, and marketable securities compared to $248.1 million as of December 31, 2011. During Q1 12, we purchased approximately 100,000 shares of our common stock at an average price of $24.68 per share for a total of approximately $2.5 million. There remains $139.7 million available under the Company's existing stock repurchase authorization.
Q2 Fiscal 2012 Business Outlook
For the second quarter of fiscal 2012 (Q2 12), Align Technology expects net revenues to be in a range of $140.2 million to $143.7 million. GAAP earnings per diluted share for Q2 12 is expected to be in a range of $0.25 to $0.27. Non-GAAP earnings per diluted share for Q2 12 is expected to be in a range of $0.26 to $0.28. A more comprehensive business outlook is available following the financial tables of this release.
Align Web Cast and Conference Call
Align Technology will host a conference call today, April 23, 2012 at 4:30 p.m. ET, 1:30 p.m. PT, to review its first quarter fiscal 2012 results, discuss future operating trends and business outlook. The conference call will also be web cast live via the Internet. To access the web cast, go to the "Events & Presentations" section under Company Information on Align Technology's Investor Relations web site at http://investor.aligntech.com. To access the conference call, please dial 201-689-8261 approximately fifteen minutes prior to the start of the call. If you are unable to listen to the call, an archived web cast will be available beginning approximately one hour after the call's conclusion and will remain available for
approximately 12 months. Additionally, a telephonic replay of the call can be accessed by dialing 877-660-6853 with account number 292 followed by # and conference number 391936 followed by #. The replay must be accessed from international locations by dialing 201-612-7415 and using the same account and conference numbers referenced above. The telephonic replay will be available through 5:30 p.m. ET on May 1, 2012.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary 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 teens. Align Technology was founded in March 1997 and received FDA clearance to market Invisalign in 1998.The Invisalign product family includes Invisalign, Invisalign Teen, Invisalign Assist, Invisalign Express 10, Invisalign Express 5, and Vivera Retainers. To learn more about Invisalign or to find an Invisalign trained doctor in your area, please visit www.invisalign.com.
Cadent Holdings, Inc. is a subsidiary of Align Technology and is a leading provider of 3D digital scanning solutions for orthodontics and dentistry. The Cadent family of products includes iTero and iOC scanning systems, OrthoCAD iCast, OrthoCAD iQ and OrthoCAD iRecord. For additional information, please visit www.cadentinc.com.
About non-GAAP Financial Measures
To supplement our consolidated financial statements and our business outlook, we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expenses, non-GAAP profit from operations, non-GAAP net profit and non-GAAP earnings per share, which exclude, as applicable, acquisition and integration related costs, amortization of acquired intangible assets, severance and benefit costs, and any related tax effects, and EBITDA and adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation, or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our "core operating performance". Management believes that "core operating performance" represents Align's performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from "core operating performance" certain expenditures, revenues and other items that may not be indicative of our operating performance including discrete cash and non-cash charges that are infrequent or one-time in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods.
These non-GAAP financial measures also facilitate management's internal evaluation of period-to-period comparisons. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) they are provided to and used by our institutional investors and the analyst community to facilitate comparisons with prior and subsequent reporting periods. A reconciliation of the GAAP and non-GAAP financial measures for the quarter and year and a more detailed explanation of each non-GAAP financial measure and its uses are provided in the footnotes to the table captioned "Reconciliation of GAAP to non-GAAP Key Financial Metrics" and "Business Outlook Summary" included at the end of this release.
Forward-Looking Statement
This news release, including the tables below, contains forward-looking statements, including statements regarding certain business metrics for the first quarter of 2012, including anticipated revenue, gross margin, operating expense, operating income, earnings per share, case shipments and cash. Forward-looking statements contained in this news release and the tables below relating to expectations about future events or results are based upon information available to Align as of the date hereof. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. As a result, actual results may differ materially and adversely from those expressed in any forward-looking statement. Factors that might cause such a difference include, but are not limited to, difficulties predicting customer
and consumer purchasing behavior, the willingness and ability of our customers to maintain and/or increase utilization in sufficient numbers, the possibility that the development and release of new products does not proceed in accordance with the anticipated timeline, the possibility that the market for the sale of these new products may not develop as expected, the risks relating to Align's ability to sustain or increase profitability or revenue growth in future periods while controlling expenses, growth related risks, including capacity constraints and pressure on our internal systems and personnel, our ability to successfully achieve the anticipated benefits from the acquisition of Cadent Holdings, Inc., continued customer demand for our existing and new products, changes in consumer spending habits as a result of, among other things, prevailing economic conditions, levels of
employment, salaries and wages and consumer confidence, the timing of case submissions from our doctors within a quarter, acceptance of our products by consumers and dental professionals, foreign operational, political and other risks relating to Align's international manufacturing operations, Align's ability to protect its intellectual property rights, continued compliance with regulatory requirements, competition from existing and new competitors, Align's ability to develop and successfully introduce new products and product enhancements, and the loss of key personnel. These and other risks are detailed from time to time in Align's periodic reports filed with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was filed with the Securities and Exchange Commission on February 29, 2012.
Align undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
(1) Acquisition costs and integration related. We have incurred acquisition-related and other expenses which include legal, banker, accounting and other advisory fees of third parties, retention bonuses, integration and professional fees. We do not engage in acquisitions in the ordinary course of business. We believe that it is important to understand these charges; however, we do not believe that these charges are indicative of future operating results. We believe that eliminating these expenses from our non-GAAP measures is useful because we generally would not have otherwise incurred such expenses in the periods presented as part of our continuing operations.
(2) Amortization of acquired intangible assets. When conducting internal development of intangible assets (including developed technology, customer relationships, trademarks, etc.), GAAP accounting rules require that we expense the costs as incurred. In the case of acquired businesses, however, we are required to allocate a portion of the purchase price to the accounting value assigned to intangible assets acquired and amortize this amount over the estimated useful lives of the acquired intangibles. The acquired company, in most cases, has itself previously expensed the costs incurred to develop the acquired intangible assets, and the purchase price allocated to these assets is not necessarily reflective of the cost we would incur in developing the intangible asset. We eliminate these amortization charges for our non-GAAP operating results to provide better comparability of pre and
post-acquisition operating results and comparability to results of businesses utilizing internally developed intangible assets.
(3) Severance and benefits costs. These costs are related to the closure of our New Jersey operations and will be realized through the first three quarters of 2012. We have engaged in various restructuring and exit activities in 2011 and 2009 that have resulted in costs associated with severance and benefits. Such activity has been a discrete event based on a unique set of business objectives or circumstances, and each has differed from the others in terms of its operational implementation, business impact and scope. We do not engage in restructuring and/or exit activities in the ordinary course of business. We believe that it is important to understand these charges and, we believe that investors benefit from excluding these charges from our operating results to facilitate a more meaningful evaluation of current operating performance and comparisons to past operating performance.
(4) Tax effect on the above items. Non-GAAP financial information for the quarter is adjusted for a tax rate equal to our annual estimated tax rate on non-GAAP income. This rate is based on our estimated annual GAAP income tax rate forecast, adjusted to account for items excluded from GAAP income in calculating the non-GAAP financial measures presented above. Our estimated tax rate on non-GAAP income is determined annually and may be re-calculated during the year to take into account events or trends that we believe materially impact the estimated annual rate.
(5) Includes the amortization of acquired intangible assets.
(6) EBITDA and adjusted EBITDA. We use EBITDA as a performance measure for benchmarking against our peers and competitors. We believe EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to evaluate companies in the medical technology industry. We also use adjusted EBITDA which excludes certain special or non-recurring expenses, net of certain special or non-recurring benefits, detailed in the reconciliation tables that accompany this release, as an internal measure of business operating performance. We believe such financial measures provide a meaningful perspective of the underlying operating performance to our current business. EBITDA and adjusted EBITDA are not recognized terms under GAAP. Because all companies do not calculate EBITDA and similarly titled financial measures in the same way, those measures as used
by other companies may not be consistent with the way we calculate such measures and should not be considered as alternative measures of operating or net profit.
Q1 12 Operating Results ($M)
Key GAAP Operating Results
Q1 12
Q4 11
Q1 11
Revenue
$135.1
$128.9
$104.9
- Clear Aligner
$123.3
$118.9
$104.9
- Scanner and CAD/CAM Services
$11.8
$10.0
N/A
Gross Margin
74.6%
74.1%
78.4%
- Clear Aligner
79.0%
78.7%
78.4%
- Scanner and CAD/CAM Services
28.7%
20.0%
N/A
Operating Expense
$72.8
$69.1
$61.2
Operating Margin
20.7%
20.5%
20.0%
Net Profit
$21.0
$20.4
$15.8
Earnings Per Diluted Share (EPS)
$0.26
$0.25
$0.20
Key Non-GAAP Operating Results
Q1 12
Q4 11
Q1 11
Non-GAAP Gross Margin
75.1%
74.9%
78.4%
- Non-GAAP Clear Aligner
79.0%
78.7%
78.4%
- Non-GAAP Scanner & CAD/CAM Services
34.6%
30.0%
N/A
Non-GAAP Operating Expense
$71.1
$66.9
$59.7
Non-GAAP Operating Margin
22.4%
23.0%
21.5%
Non-GAAP Net Profit
$22.1
$23.0
$16.9
Non-GAAP Earnings Per Diluted Share (EPS)
$0.27
$0.28
$0.21
EBITDA
$31.1
$30.7
$24.8
Adjusted EBITDA
$32.2
$32.7
$26.3
ALIGN TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended March 31,
2012March 31,
2011
Net revenues
$ 135,079
104,856
Cost of revenues
34,319
22,630
Gross profit
100,760
82,226
Operating expenses:
Sales and marketing
38,717
32,821
General and administrative
22,626
18,992
Research and development
10,526
9,390
Amortization of acquired intangible assets
885
--
Total operating expenses
72,754
61,203
Profit from operations
28,006
21,023
Interest and other income (expense), net
(812)
89
Profit before income taxes
27,194
21,112
Provision for income taxes
6,210
5,271
Net profit
$ 20,984
$ 15,841
Net profit per share
- basic
$ 0.26
$ 0.21
- diluted
$ 0.26
$ 0.20
Shares used in computing net profit per share
- basic
79,235
76,844
- diluted
81,856
79,361
ALIGN TECHNOLOGY, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31,
2012December 31,
2011
ASSETS
Current assets:
Cash and cash equivalents
$ 224,361
$ 240,675
Restricted cash
4,023
4,026
Marketable securities, short-term
16,018
7,395
Accounts receivable, net
94,441
91,537
Inventories
13,434
9,402
Other current assets
33,219
31,781
Total current assets
385,496
384,816
Marketable securities, long-term
16,804
--
Property and equipment, net
62,912
53,965
Goodwill and intangible assets, net
184,704
185,405
Deferred tax asset
17,612
22,337
Other long-term assets
2,908
2,741
Total assets
$ 670,436
$ 649,264
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 14,640
$ 19,265
Accrued liabilities
66,538
76,600
Deferred revenue
54,650
52,252
Total current liabilities
135,828
148,117
Other long term liabilities
11,586
10,366
Total liabilities
147,414
158,483
Total stockholders' equity
523,022
490,781
Total liabilities and stockholders' equity
$ 670,436
$ 649,264
ALIGN TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP KEY FINANCIAL METRICS
Reconciliation of GAAP to Non-GAAP Gross Profit
(in thousands)
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Gross profit
$ 100,760
$ 95,550
$ 82,226
Acquisition and integration costs related to cost of revenues (1)
134
139
--
Amortization of acquired intangible assets related to cost of revenues (2)
261
285
--
Severance and benefit costs related to cost of revenues(3)
300
579
--
Non-GAAP Gross profit
$ 101,455
$ 96,553
$ 82,226
Reconciliation of GAAP to Non-GAAP Gross Profit Scanner and CAD/CAM Services
(in thousands)
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Scanner and CAD/CAM Services gross profit
$ 3,371
$ 1,993
$ --
Acquisition and integration costs related to cost of revenues (1)
134
139
--
Amortization of acquired intangible assets related to cost of revenues (2)
261
285
--
Severance and benefit costs related to cost of revenues(3)
300
579
--
Non-GAAP Gross profit
$ 4,066
$ 2,996
$ --
Reconciliation of GAAP to Non-GAAP Operating Expenses
(in thousands)
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Operating expenses
$ 72,754
$ 69,120
$ 61,203
Acquisition and integration costs related to operating expenses (1)
(570)
(1,005)
(1,481)
Amortization of acquired intangible assets related to operating expenses (2)
(885)
(983)
--
Severance and benefit costs related to operating expenses (3)
(152)
(256)
--
Non-GAAP Operating expenses
$ 71,147
$ 66,876
$ 59,722
Reconciliation of GAAP to Non-GAAP Profit from Operations
(in thousands)
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Profit from operations
$ 28,006
$ 26,430
$ 21,023
Acquisition and integration costs (1)
704
1,144
1,481
Amortization of acquired intangible assets (2)
1,146
1,268
--
Severance and benefit costs (3)
452
835
--
Non-GAAP Profit from operations
$ 30,308
$ 29,677
$ 22,504
Reconciliation of GAAP to Non-GAAP Net Profit
(in thousands, except per share amounts)
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Net profit
$ 20,984
$ 20,449
$ 15,841
Acquisition and integration costs (1)
704
1,144
1,481
Amortization of acquired intangible assets (2)
1,146
1,268
--
Severance and benefit costs (3)
452
835
--
Tax effect on non-GAAP adjustments (4)
(1,164)
(715)
(379)
Non-GAAP Net profit
$ 22,122
$ 22,981
$ 16,943
Diluted Net profit per share:
GAAP
$ 0.26
$ 0.25
$ 0.20
Non-GAAP
$ 0.27
$ 0.28
$ 0.21
Shares used in computing diluted GAAP Net profit per share
81,856
80,849
79,361
Shares used in computing diluted Non-GAAP Net profit per share
81,856
80,849
79,361
Reconciliation of GAAP Net Profit to EBITDA Adjusted EBITDA
Three Months Ended March 31,
2012December 31,
2011March 31,
2011
GAAP Net profit
$ 20,984
$ 20,449
$ 15,841
Provision for income taxes
6,210
5,897
5,271
Depreciation and amortization (5)
3,899
4,370
3,679
EBITDA (6)
31,093
30,716
24,791
Adjustments or charges:
Acquisition and integration related costs (1)
704
1,144
1,481
Severance and benefit costs (3)
452
835
--
EBITDA after adjustments (6)
$ 32,249
$ 32,695
$ 26,272
ALIGN TECHNOLOGY Q1 2012 EARNINGS RELEASE ADDITIONAL DATA REVENUE AND CLEAR ALIGNER BUSINESS METRICS
(in thousands except per share data)
Q1 Q2 Q3 Q4 YTD Q1 2011 2011 2011 2011 2011 2012 Invisalign Clear Aligner Revenues by Geography:
North America
$ 74,258
$ 79,755
$ 79,678
$ 81,789
$ 315,480
$ 86,871
North American Orthodontists
35,017
37,112
37,450
37,939
147,518
41,688
North American GP Dentists
39,241
42,643
42,228
43,850
167,962
45,183
International
25,179
27,898
28,346
30,054
111,477
29,700
Non-case*
5,419
5,994
6,254
7,089
24,756
6,757
Total Clear Aligner Revenue
$ 104,856
$ 113,647
$ 114,278
$ 118,932
$ 451,713
$ 123,328 YoY % growth 16.4% 5.0% 19.1% 28.0% 16.7% 17.6% QoQ % growth 12.9% 8.4% 0.6% 4.1% 3.7% *includes Invisalign training, ancillary products, and retainers
Invisalign Clear Aligner Revenues by Product:
Invisalign Full
$ 71,128
$ 76,636
$ 75,158
$ 79,469
$ 302,391
$ 82,424
Invisalign Express/Lite
10,051
11,095
10,498
10,865
42,509
$ 11,806
Invisalign Teen
11,876
12,817
15,393
14,443
54,529
$ 15,148
Invisalign Assist
6,382
7,105
6,974
7,066
27,527
$ 7,193
Non-case*
5,419
5,994
6,255
7,089
24,757
6,757
Total Clear Aligner Revenue
$ 104,856
$ 113,647
$ 114,278
$ 118,932
$ 451,713
$ 123,328
Average Invisalign Selling Price (ASP), as billed:
Total Worldwide Blended ASP
$1,395
$1,410
$1,385
$1,360
$1,385
$1,370
International ASP
$1,555
$1,660
$1,560
$1,530
$1,575
$1,485
Invisalign Clear Aligner Cases Shipped by Geography:
North America
55,180
59,230
61,190
62,990
238,585
65,280
North American Orthodontists
26,890
28,520
30,070
29,890
115,370
32,235
North American GP Dentists
28,290
30,710
31,120
33,100
123,215
33,045
International
16,190
16,790
18,170
19,600
70,750
19,985
Total Cases Shipped
71,370
76,020
79,360
82,590
309,335
85,265
Invisalign Clear Aligner Cases Shipped by Product:
Invisalign Full
48,110
51,100
51,360
55,700
206,270
57,145
Invisalign Express/Lite
10,500
11,310
11,020
11,385
44,215
12,855
Invisalign Teen
7,930
8,615
11,730
9,810
38,080
9,935
Invisalign Assist
4,830
4,995
5,250
5,695
20,770
5,330
Total Cases Shipped
71,370
76,020
79,360
82,590
309,335
85,265
Number of Invisalign Doctors Cases Shipped to:
North American Orthodontists
4,150
4,160
4,260
4,280
5,280
4,460
North American GP Dentists
10,250
10,665
11,040
10,875
17,305
11,365
International
4,150
4,260
4,590
4,795
7,625
5,085
Total Doctors Cases were Shipped to Worldwide
18,550
19,085
19,890
19,950
30,210
20,910
Invisalign Doctor Utilization Rates*:
North American Orthodontists
6.5
6.9
7.1
7.0
21.9
7.2
North American GP Dentists
2.8
2.9
2.8
3.0
7.1
2.9
International
3.9
3.9
4.0
4.1
9.3
3.9
Total Utilization Rates
3.9
4.0
4.0
4.1
10.2
4.1 * # of cases shipped/# of doctors to whom cases were shipped
Number of Invisalign Doctors Trained:
North American Orthodontists
75
80
100
100
355
90
North American GP Dentists
715
765
630
855
2,960
720
International
165
520
855
970
2,510
715
Total Doctors Trained Worldwide
955
1,365
1,585
1,925
5,825
1,525
Total to Date Worldwide
64,780
66,145
67,730
69,655
69,655
71,180
Scanner and CAD/CAM Services Revenue:
North America Scanner and CAD/CAM Services
$ --
$ 5,241
$ 9,098
$ 9,611
$ 23,950
$ 11,120
International Scanner and CAD/CAM Services
--
1,198
2,518
362
4,078
631
Total Scanner and CAD/CAM Revenue
$ --
$ 6,439
$ 11,616
$ 9,973
$ 28,028
$ 11,751 YoY % growth QoQ % growth 80.4% -14.1% 17.8%
Scanner Revenue
$ --
$ 2,735
$ 5,420
$ 5,228
$ 13,383
$ 5,361
CAD/CAM Services Revenue
--
3,704
6,196
4,745
14,645
6,390
Total Scanner and CAD/CAM Revenue
$ --
$ 6,439
$ 11,616
$ 9,973
$ 28,028
$ 11,751
Total Revenue by Geography:
Total North America Revenue
$ 74,258
$ 84,996
$ 88,776
$ 91,400
$ 339,430
$ 97,991
Total International Revenue
25,179
29,096
30,864
30,416
115,555
30,331
Total Non-case Revenue
5,419
5,994
6,254
7,089
24,756
6,757
Total Worldwide Revenue
$ 104,856
$ 120,086
$ 125,894
$ 128,905
$ 479,741
$ 135,079
YoY % growth 16.4% 11.0% 31.2% 38.8% 23.9% 28.8% QoQ % growth 12.9% 14.5% 4.8% 2.4% 4.8%
Note: Historical public data may differ due to rounding. Additionally, rounding may effect totals.
ALIGN TECHNOLOGY, INC.
BUSINESS OUTLOOK SUMMARY
(unaudited)
The outlook figures provided below and elsewhere in this press release are approximate in nature since Align's business outlook is difficult to predict. Align's future performance involves numerous risks and uncertainties and the company's results could differ materially from the outlook provided. Some of the factors that could affect Align's future financial performance and business outlook are set forth under "Forward Looking Information" above in this press release.
Financials
(in millions, except per share amounts and percentages)
Q2 2012 GAAP Adjustment (a) Non-GAAP
Net revenue
$140.2 - 143.7
$140.2 - 143.7
Gross profit
$103.0 - $106.6
$0.4
$103.4 - 107.0
Gross margin
73.5% - 74.2%
73.8% - 74.5%
Operating expenses
$74.8 - $76.3
$1.3
$73.5 - $75.0
Operating margin
20.1% - 21.1%
21.3% - 22.3%
Net income per diluted share
$0.25 - $0.27
$0.01
$0.26 - $0.28
Stock based compensation expense:
Cost of revenues
$0.5
$0.5
Operating expenses
$5.1
$5.1
Total stock based compensation expense
$5.6
$5.6
(a) Includes scanner and CAD/CAM services amortization of acquired intangible assets, severance and benefit costs and integration costs.
Business Metrics:
Q2 2012
Case shipments
91.3K - 93.3K
Cash
$272M - $280M *
Capex
$11.0M - $13.0M
Depreciation & amortization
$3.2M - $3.6M
Diluted shares outstanding
83M*
* Excludes any stock repurchases during the quarter CONTACT: Investor Relations Contact
Shirley Stacy
Align Technology, Inc.
(408) 470-1150
sstacy@aligntech.com
Press Contact
Shannon Mangum Henderson
Ethos Communication, Inc.
(678) 261-7803
align@ethoscommunication.com