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Align Technology Announces Fourth Quarter and Record Fiscal Year 2012 Results
- 2012 net revenues were a record
$560.0 million , an increase of 16.7% year-over-year - 2012 Invisalign clear aligner case shipments were a record 363.5 thousand, an increase 17.5% year-over-year
- Q4 net revenues of
$142.8 million include the release of$4.9 million of previously deferred revenue for Invisalign case refinement - Q4 Invisalign clear aligner revenue of
$132.8 million increased 4.8% sequentially and 11.7% year-over-year - Q4 Invisalign clear aligner shipments were 90.5 thousand, compared to 92.5 thousand in Q3 12 and 82.6 thousand in Q4 11
- Q4 diluted GAAP diluted EPS was
$0.12 , non-GAAP diluted EPS was$0.27
Total net revenues for the fourth quarter of fiscal 2012 (Q4 12) were
Align defers revenue for Invisalign case refinement, which is an optional finishing tool used to adjust a patient's teeth to the desired final position that is generally ordered in the last stages of orthodontic treatment. In Q4 12, we determined that the actual usage rate was lower than our estimate and as a result we released
For fiscal 2012 (FY 12), record net revenues of
"I'm very pleased to report a solid fourth quarter which culminated in a record fiscal year for with over 17 percent growth for Invisalign volume", said
Net profit for Q4 12 of
In Q3 12, we determined that there were sufficient indicators of a potential impairment to the goodwill attributed to the scanner and CAD/CAM services reporting unit, therefore we conducted step one of the goodwill impairment analysis and concluded that the goodwill was impaired. Based on our preliminary step two analysis, we recorded an estimated goodwill impairment charge of
Net profit for FY 12 was
To supplement our consolidated financial statements, we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating margin, non-GAAP net profit, non-GAAP earnings per diluted share, EBITDA and adjusted EBITDA. Detailed reconciliations between GAAP and non-GAAP information are contained in the tables following the financial tables of this release.
Non-GAAP net profit for Q4 12 was
Q4 12 Operating Results ($M)
Key GAAP Operating Results Q4 12 Q3 12 Q4 11
--------- --------- ---------
Revenue $ 142.8 $ 136.5 $ 128.9
Clear Aligner $ 132.8 $ 126.7 $ 118.9
Scanner and CAD/CAM Services $ 10.0 $ 9.8 $ 10.0
Gross Margin 74.5% 73.5% 74.1%
Clear Aligner 78.8% 77.6% 78.7%
Scanner and CAD/CAM Services 18.5% 20.6% 20.0%
Operating Expense $ 89.4 $ 95.8 $ 69.1
Operating Margin 12.0% 3.3% 20.5%
Net Profit (Loss) $ 9.6 $ (0.3) $ 20.4
Earnings (Loss) Per Diluted Share (EPS) $ 0.12 $ (0.00) $ 0.25
Key Non-GAAP Operating Results Q4 12 Q3 12 Q4 11
--------- --------- ---------
Non-GAAP Gross Margin 74.7% 73.7% 74.9%
Non-GAAP Clear Aligner 78.8% 77.6% 78.7%
Non-GAAP Scanner & CAD/CAM Services 20.5% 23.8% 30.0%
Non-GAAP Operating Expense $ 76.6 $ 70.0 $ 66.9
Non-GAAP Operating Margin 21.0% 22.4% 23.0%
Non-GAAP Net Profit $ 22.3 $ 23.7 $ 23.0
Non-GAAP Earnings Per Diluted Share (EPS) $ 0.27 $ 0.28 $ 0.28
EBITDA $ 21.7 $ 8.5 $ 30.7
Adjusted EBITDA $ 33.6 $ 33.6 $ 32.6
Total stock-based compensation expense included in Q4 12 was
Liquidity and Capital Resources
As of
Q1 Fiscal 2013 Business Outlook
For the first quarter of fiscal 2013 (Q1 13),
Align
About
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, impairment of goodwill, and any related income tax-related adjustments, 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 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 2013, including anticipated net 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
ALIGN TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Three Months Ended Year Ended ---------------------------- ---------------------------- December 31, December 31, December 31, December 31, 2012 2011 2012 2011 ------------- ------------- ------------- ------------- Net revenues $ 142,840 128,905 $ 560,041 479,741 Cost of revenues 36,362 33,355 143,653 118,458 ------------- ------------- ------------- ------------- Gross profit 106,478 95,550 416,388 361,283 ------------- ------------- ------------- ------------- Operating expenses: Sales and marketing 37,769 36,112 152,041 142,174 General and administrative 27,166 22,457 95,840 89,152 Research and development 11,711 9,568 42,869 37,154 Impairment of goodwill 11,926 - 36,591 - Amortization of acquired intangible assets 835 983 3,455 2,443 ------------- ------------- ------------- ------------- Total operating expenses 89,407 69,120 330,796 270,923 ------------- ------------- ------------- ------------- Profit from operations 17,071 26,430 85,592 90,360 Interest and other income (expense), net (672) (84) (1,296) (419) ------------- ------------- ------------- ------------- Profit before income taxes 16,399 26,346 84,296 89,941 Provision for income taxes 6,840 5,897 25,605 23,225 ------------- ------------- ------------- ------------- Net profit $ 9,559 $ 20,449 $ 58,691 $ 66,716 ============= ============= ============= ============= Net profit per share - basic $ 0.12 $ 0.26 $ 0.73 $ 0.86 ============= ============= ============= ============= - diluted $ 0.12 $ 0.25 $ 0.71 $ 0.83 ============= ============= ============= ============= Shares used in computing net profit per share - basic 81,043 78,737 80,528 77,988 ============= ============= ============= ============= - diluted 82,981 80,849 83,040 80,294 ============= ============= ============= =============ALIGN TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, December 31, 2012 2011 --------------- --------------- ASSETS Current assets: Cash and cash equivalents $ 306,386 $ 240,675 Restricted cash 1,575 4,026 Marketable securities, short-term 28,485 7,395 Accounts receivable, net 98,992 91,537 Inventories 15,122 9,402 Other current assets 35,233 31,781 --------------- --------------- Total current assets 485,793 384,816 Marketable securities, long-term 21,252 - Property and equipment, net 79,191 53,965 Goodwill and intangible assets, net 145,013 185,405 Deferred tax assets 21,609 22,337 Other long-term assets 3,454 2,741 --------------- --------------- Total assets $ 756,312 $ 649,264 =============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 19,549 $ 19,265 Accrued liabilities 74,247 76,600 Deferred revenue 65,239 52,252 --------------- --------------- Total current liabilities 159,035 148,117 Other long term liabilities 15,960 10,366 --------------- --------------- Total liabilities 174,995 158,483 Total stockholders' equity 581,317 490,781 --------------- --------------- Total liabilities and stockholders' equity $ 756,312 $ 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 ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Gross profit $ 106,478 $ 100,350 $ 95,550 Acquisition and integration costs related to cost of revenues (1) - 55 139 Amortization of acquired intangible assets related to cost of revenues (2) 201 213 285 Severance and benefit costs related to cost of revenues(3) - 39 579 -------------- -------------- -------------- Non-GAAP Gross profit $ 106,679 $ 100,657 $ 96,553 ============== ============== ============== Reconciliation of GAAP to Non-GAAP Gross Profit Scanner and CAD/CAM Services (in thousands) Three Months Ended ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Scanner and CAD/CAM Services gross profit $ 1,848 $ 2,016 $ 1,993 Acquisition and integration costs related to cost of revenues (1) - 55 139 Amortization of acquired intangible assets related to cost of revenues (2) 201 213 285 Severance and benefit costs related to cost of revenues(3) - 39 579 -------------- -------------- -------------- Non-GAAP Gross profit $ 2,049 $ 2,323 $ 2,996 ============== ============== ============== Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) Three Months Ended ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Operating expenses $ 89,407 $ 95,847 $ 69,120 Acquisition and integration costs related to operating expenses (1) - (179) (1,005) Amortization of acquired intangible assets related to operating expenses (2) (835) (866) (983) Severance and benefit costs related to operating expenses (3) - (105) (256) Impairment of goodwill (4) (11,926) (24,665) - -------------- -------------- -------------- Non-GAAP Operating expenses $ 76,646 $ 70,032 $ 66,876 ============== ============== ============== Reconciliation of GAAP to Non-GAAP Profit from Operations (in thousands) Three Months Ended ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Profit from operations $ 17,071 $ 4,503 $ 26,430 Acquisition and integration costs (1) - 234 1,144 Amortization of acquired intangible assets (2) 1,036 1,079 1,268 Severance and benefit costs (3) - 144 835 Impairment of goodwill 11,926 24,665 - -------------- -------------- -------------- Non-GAAP Profit from operations $ 30,033 $ 30,625 $ 29,677 ============== ============== ============== Reconciliation of GAAP to Non-GAAP Net Profit (in thousands, except per share amounts) Three Months Ended ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Net profit (loss) $ 9,559 $ (344) $ 20,449 Acquisition and integration costs (1) - 234 1,144 Amortization of acquired intangible assets (2) 1,036 1,079 1,268 Severance and benefit costs (3) - 144 835 Impairment of goodwill (4) 11,926 24,665 - Income tax-related adjustments (5) (193) (2,078) (715) -------------- -------------- -------------- Non-GAAP Net profit $ 22,328 $ 23,700 $ 22,981 ============== ============== ============== Diluted Net profit (loss) per share: GAAP $ 0.12 $ (0.00) $ 0.25 ============== ============== ============== Non-GAAP $ 0.27 $ 0.28 $ 0.28 ============== ============== ============== Shares used in computing diluted GAAP Net profit (loss) per share 82,981 81,437 80,849 ============== ============== ============== Shares used in computing diluted Non-GAAP Net profit per share 82,981 83,906 80,849 ============== ============== ============== Reconciliation of GAAP Net Profit to EBITDA and Adjusted EBITDA (in thousands) Three Months Ended ---------------------------------------------- December 31, September 30, December 31, 2012 2012 2011 -------------- -------------- -------------- GAAP Net profit (loss) $ 9,559 $ (344) $ 20,449 Provision for income taxes 6,840 4,494 5,897 Depreciation and amortization (6) 5,278 4,374 4,320 -------------- -------------- -------------- EBITDA (7) 21,677 8,524 30,666 -------------- -------------- -------------- Adjustments or charges: Acquisition and integration related costs (1) - 234 1,144 Severance and benefit costs (3) - 144 835 Impairment of goodwill (4) 11,926 24,665 - -------------- -------------- -------------- EBITDA after adjustments (7) $ 33,603 $ 33,567 $ 32,645 ============== ============== ==============ALIGN TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP KEY FINANCIAL METRICS Reconciliation of GAAP to Non-GAAP Gross Profit (in thousands) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Gross profit $ 416,388 $ 361,283 Acquisition and integration costs related to cost of revenues (1) 261 398 Amortization of acquired intangible assets related to cost of revenues (2) 907 735 Severance and benefit costs related to cost of revenues (3) 474 754 -------------- -------------- Non-GAAP Gross profit $ 418,030 $ 363,170 ============== ============== Reconciliation of GAAP to Non-GAAP Gross Profit Scanner and CAD/CAM Services (in thousands) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Scanner and CAD/CAM Services gross profit $ 10,418 $ 6,640 Acquisition and integration costs related to cost of revenues (1) 261 398 Amortization of acquired intangible assets related to cost of revenues (2) 907 735 Severance and benefit costs related to cost of revenues(3) 474 754 -------------- -------------- Non-GAAP Gross profit $ 12,060 $ 8,527 ============== ============== Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Operating expenses $ 330,796 $ 270,923 Acquisition and integration costs related to operating expenses (1) (1,010) (9,632) Amortization of acquired intangible assets related to operating expenses (2) (3,455) (2,443) Severance and benefit costs related to operating expenses (3) (306) (328) Impairment of goodwill (4) (36,591) - -------------- -------------- Non-GAAP Operating expenses $ 289,434 $ 258,520 ============== ============== Reconciliation of GAAP to Non-GAAP Profit from Operations (in thousands) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Profit from Operations $ 85,592 $ 90,360 Acquisition and integration costs related to cost of revenues (1) 1,271 10,030 Amortization of acquired intangible assets related to cost of revenues (2) 4,362 3,178 Severance and benefit costs related to cost of revenues (3) 780 1,082 Impairment of goodwill (4) 36,591 - -------------- -------------- Non-GAAP Profit from Operations $ 128,596 $ 104,650 ============== ============== Reconciliation of GAAP to Non-GAAP Net Profit (in thousands, except per share amounts) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Net profit $ 58,691 $ 66,716 Acquisition and integration costs related to cost of revenues (1) 1,271 10,030 Amortization of acquired intangible assets related to cost of revenues (2) 4,362 3,178 Severance and benefit costs related to cost of revenues (3) 780 1,082 Impairment of goodwill (4) 36,591 - Tax effect on non-GAAP adjustments (5) (4,947) (2,862) -------------- -------------- Non-GAAP Net profit $ 96,748 $ 78,144 ============== ============== Diluted Net profit per share: GAAP $ 0.71 $ 0.83 ============== ============== Non-GAAP $ 1.17 $ 0.97 ============== ============== Shares used in computing diluted GAAP net profit per share 83,040 80,294 ============== ============== Shares used in computing diluted non-GAAP net profit per share 83,040 80,294 ============== ============== Reconciliation of GAAP Net Profit to EBITDA and Adjusted EBITDA (in thousands) Year Ended ------------------------------ December 31, December 31, 2012 2011 -------------- -------------- GAAP Net profit $ 58,691 $ 66,716 Provision for income taxes 25,605 23,225 Depreciation and amortization (6) 17,811 17,477 -------------- -------------- EBITDA (7) 102,107 107,418 -------------- -------------- Adjustments or charges: Acquisition and integration related costs (1) 1,271 10,030 Severance and benefit costs (3) 780 1,082 Impairment of goodwill (4) 36,591 - -------------- -------------- EBITDA after adjustments (7) $ 140,749 $ 118,530 ============== ==============
(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
(4) Impairment of goodwill. This cost represents non-cash write-downs of our goodwill. During the third quarter of 2012, we determined that there were sufficient indicators such as the termination of our distribution agreement with Straumann for iTero intra-oral scanners as well as the market conditions and business trends within our Scanners and CAD/CAM Services reporting unit for an impairment of goodwill. We remove the impact of these charges to our operating performance to assist in assessing our ability to generate cash from operations. We believe this may be useful information to users of our financial statements and therefore we have excluded these charges for purposes of calculating these non-GAAP measures to facilitate an evaluation of our current operating performance, particularly in terms of liquidity.
(5) Income tax-related adjustments. 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 discrete tax items and 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.
(6) Includes the amortization of acquired intangible assets.
(7) 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.
ALIGN TECHNOLOGY Q4 2012 EARNINGS RELEASE ADDITIONAL DATA REVENUE PERFORMANCE AND CLEAR ALIGNER METRICS (in thousands except per share data) ---------- Q1 Q2 Q3 Q4 FISCAL 2012 2012 2012 2012 2012 Invisalign Clear Aligner Revenues by Geography: North America $ 86,871 $ 92,997 $ 89,568 $ 91,686 $361,122 North American Orthodontists 41,688 43,942 43,090 43,812 172,532 North American GP Dentists 45,183 49,055 46,478 47,874 188,590 International 29,700 32,883 29,700 32,513 124,796 Non-case* 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Clear Aligner Revenue $123,328 $133,669 $126,725 $132,859 $516,581 ======== ======== ======== ======== ======== YoY % growth 17.6% 17.6% 10.9% 11.7% 14.4% QoQ % growth 3.7% 8.4% -5.2% 4.8% *includes Invisalign training, ancillary products, and retainers Invisalign Clear Aligner Revenues by Product: Invisalign Full $ 82,424 $ 88,617 $ 80,294 $ 87,265 $338,600 Invisalign Express/Lite 11,806 13,632 12,779 13,269 51,486 Invisalign Teen 15,148 16,380 19,144 16,455 67,127 Invisalign Assist 7,193 7,251 7,051 7,210 28,705 Non-case* 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Clear Aligner Revenue $123,328 $133,669 $126,725 $132,859 $516,581 ======== ======== ======== ======== ======== Average Invisalign Selling Price (ASP), as billed: Total Worldwide Blended ASP $ 1,370 $ 1,335 $ 1,320 $ 1,375 $ 1,350 International ASP $ 1,485 $ 1,455 $ 1,355 $ 1,455 $ 1,440 Invisalign Clear Aligner Cases Shipped by Geography: North America 65,280 72,685 70,610 68,140 276,715 North American Orthodontists 32,235 35,420 35,885 33,505 137,045 North American GP Dentists 33,045 37,265 34,725 34,635 139,670 International 19,985 22,595 21,905 22,340 86,825 -------- -------- -------- -------- -------- Total Cases Shipped 85,265 95,280 92,515 90,480 363,540 ======== ======== ======== ======== ======== Invisalign Clear Aligner Cases Shipped by Product: Invisalign Full 57,145 62,510 57,400 57,920 234,975 Invisalign Express/Lite 12,855 15,300 14,610 15,940 58,705 Invisalign Teen 9,935 11,860 15,265 11,255 48,315 Invisalign Assist 5,330 5,610 5,240 5,365 21,545 -------- -------- -------- -------- -------- Total Cases Shipped 85,265 95,280 92,515 90,480 363,540 ======== ======== ======== ======== ======== Number of Invisalign Doctors Cases Shipped to: North American Orthodontists 4,460 4,575 4,660 4,615 5,665 North American GP Dentists 11,365 12,120 11,925 11,685 19,285 International 5,085 5,480 5,400 5,715 9,285 -------- -------- -------- -------- -------- Total Doctors Cases were Shipped to Worldwide 20,910 22,175 21,985 22,015 34,235 ======== ======== ======== ======== ======== Invisalign Doctor Utilization Rates*: North American Orthodontists 7.2 7.7 7.7 7.3 24.2 North American GP Dentists 2.9 3.1 2.9 3.0 7.2 International 3.9 4.1 4.1 3.9 9.4 -------- -------- -------- -------- -------- Total Utilization Rates 4.1 4.3 4.2 4.1 10.6 ======== ======== ======== ======== ======== * # of cases shipped/# of doctors to whom cases were shipped Number of Invisalign Doctors Trained: North American Orthodontists 90 95 125 75 385 North American GP Dentists 720 995 675 920 3,310 International 715 965 685 780 3,145 -------- -------- -------- -------- -------- Total Doctors Trained Worldwide 1,525 2,055 1,485 1,775 6,840 ======== ======== ======== ======== ======== Total to Date Worldwide 71,180 73,235 74,720 76,495 76,495 ======== ======== ======== ======== ======== Scanner and CAD/CAM Services Revenue: North America Scanner and CAD/CAM Services $ 11,120 $ 11,752 $ 9,439 $ 9,940 $ 42,251 International Scanner and CAD/CAM Services 631 205 332 41 1,209 -------- -------- -------- -------- -------- Total Scanner and CAD/CAM Revenue $ 11,751 $ 11,957 $ 9,771 $ 9,981 $ 43,460 ======== ======== ======== ======== ======== Scanner Revenue $ 5,361 $ 6,032 $ 4,023 $ 4,643 $ 20,059 CAD/CAM Services Revenue 6,390 5,925 5,748 5,338 23,401 -------- -------- -------- -------- -------- Total Scanner and CAD/CAM Services Revenue $ 11,751 $ 11,957 $ 9,771 $ 9,981 $ 43,460 ======== ======== ======== ======== ======== Total Revenue by Geography: Total North America Revenue $ 97,991 $104,749 $ 99,007 $101,626 $403,373Total International Revenue 30,331 33,088 30,032 32,554 126,005 Total Non-case Revenue 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Worldwide Revenue$135,079 $145,626 $136,496 $142,840 $560,041 ======== ======== ======== ======== ======== YoY % growth 28.8% 21.3% 8.4% 10.8% 16.7% QoQ % growth 4.8% 7.8% -6.3% 4.6% ---------- 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) Q1 2013 --------------- Net Revenue $146.0 - $150.5 Gross Profit $105.8 - $110.1 Gross Margin 72.4% - 73.1% Operating Expenses $82.8 - $84.4 Operating Margin 15.8% - 17.1% Net Income per Diluted Share $0.21 - $0.23 Stock Based Compensation Expense: Cost of Revenues $0.7 Operating Expenses $6.3 --------------- Total Stock Based Compensation Expense $7.0 Business Metrics: Q1 2013 --------------- Case Shipments 95.0K - 97.5K Cash, Cash Equivalents, and Marketable Securities $365M - $375M * Capex $3.5M - $5.0M Depreciation & Amortization $4.5M - $5.0M Diluted Shares Outstanding 83.2M* * Excludes any stock repurchases during the quarter
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