Press Release
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Align Technology Announces First Quarter 2001 Results
Revenues for the first quarter of 2001 were $7.7 million, a sequential increase of 133% from $3.3 million in the fourth quarter ended December 31, 2000 and up 1,183% from $0.6 million in the same period last year.
The company incurred a net loss in the first quarter as it continued to execute its operating strategy. The pro forma net loss, which excludes non-cash charges for all periods presented, for the first quarter of 2001 was $24.5 million or $0.73 per share, compared to a pro forma net loss of $7.4 million or $1.42 per share for the same period a year ago, and a pro forma net loss of $29.0 million or $4.78 per share for the fourth quarter of fiscal 2000. The pro forma net loss, as adjusted, which assumes conversion of preferred stock into common stock as of the date of original issuance for all periods presented was $0.60 per share for the first quarter of 2001 compared to a pro forma net loss, as adjusted, of $0.35 per share for the first quarter of 2000. Refer to the financial tables provided with this press release for further details regarding non-cash charges.
“The first quarter marked an important period for Align Technology,” said Zia Chishti, chief executive officer of Align Technology. “We made significant strides in executing our strategy to establish the Invisalign System as the standard method for treating orthodontic malocclusion. We are very pleased with the strong sequential revenue growth we achieved this quarter, and believe the greater than 40 percent growth in cases we accepted during the first quarter reinforces the increasing demand for our product. Additionally, we have made meaningful progress in increasing operating efficiencies. As a result, our shipping cycle decreased from eight weeks to six weeks during the quarter.”
Align Technology will host a webcast and conference call on Thursday, April 26, 2001 at 9:00 a.m. EDT, 6:00 a.m. PDT to review first quarter 2001 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 portion of Align Technology’s website at www.invisalign.com. An archived webcast replay of the call will also be available at that website. To access the conference call please dial (415) 537-1802 approximately ten minutes prior to the start of the call and enter reservation number 18581642. 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 11:00 a.m. EDT on May 3, 2001 and can be accessed by dialing 800-633-8284 with reservation number 18581642. The replay may be accessed from international locations by dialing 858-812-6440 using the same reservation number.
About Align Technology, Inc.
Align Technology designs, manufactures and markets the Invisalign System, a proprietary new method for treating malocclusion, or the misalignment of teeth. The Invisalign System 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, the Invisalign System 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 the Invisalign System in 1998.
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 and consumers of the Invisalign System, 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, as well as other reports and documents filed from time to time with the Securities and Exchange Commission.
Pro forma net loss for all periods presented excludes stock based compensation expense. In addition, pro forma net loss for the quarter ended 2001 excludes the dividend related to the beneficial conversion feature of preferred stock and related interest charges from the subordinated notes on the preferred stock.
Shares used in computing pro forma net loss, as adjusted, per share per common stockholder assumes the conversion of preferred stock into common stock as of the date of original issuance for all periods presented.
Shares used in computing pro forma net loss per share per common stockholder assumes the conversion of preferred stock into common stock as of the date of original issuance for all periods presented.
