Press Release
| << Back |
Align Technology Announces Preliminary Third Quarter Fiscal Year 2012 Results
- Q3 net revenues of
$136.5 million increased 8.4% year-over-year - Q3 Invisalign clear aligner revenue of
$126.7 million increased 10.9% year-over-year - Q3 Invisalign case shipments of 92.5 thousand increased 16.6% year-over-year
- Q3 Invisalign teenager case shipments of 24.5 thousand increased 21.5% year-over-year
- Q3 scanner and CAD/CAM services revenue of
$9.8 million decreased 15.9% year-over-year - Preliminary Q3 diluted GAAP EPS was
$0.29 , non-GAAP was$0.28 - Company Evaluating Possible Goodwill Impairment Charge
Total net revenues for the third quarter of fiscal 2012 (Q3 12) were
The discontinuation of Align's distribution relationship with Straumann in
"Despite a strong summer season for Invisalign teenager cases, which increased 21% sequentially and year-over-year, our third quarter revenue was slightly lower than our outlook," said
Preliminary net profit for Q3 12 was
To supplement our consolidated financial statements, we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating margin, non-GAAP net profit, non-GAAP earnings per diluted share, EBITDA and adjusted EBITDA. Detailed reconciliations between GAAP and non-GAAP information are contained in the tables following the financial tables of this release.
Non-GAAP net profit for Q3 12 was
Q3 12 Operating Results ($M)
---------------------------------------------------------------------------
Preliminary
Key GAAP Operating Results Q3 12 Q2 12 Q3 11
----------- --------- ---------
Revenue $ 136.5 $ 145.6 $ 125.9
- Clear Aligner $ 126.7 $ 133.7 $ 114.3
- Scanner and CAD/CAM Services $ 9.8 $ 11.9 $ 11.6
Gross Margin 73.5% 74.7% 73.4%
- Clear Aligner 77.6% 79.0% 78.6%
- Scanner and CAD/CAM Services 20.6% 26.6% 21.5%
Operating Expense $ 71.2 $ 72.8 $ 66.1
Operating Margin 21.4% 24.7% 20.9%
Net Profit $ 24.3 $ 28.5 $ 19.3
Earnings Per Diluted Share (EPS) $ 0.29 $ 0.34 $ 0.24
Key Non-GAAP Operating Results Q3 12 Q2 12 Q3 11
----------- --------- ---------
Non-GAAP Gross Margin 73.7% 75.0% 73.9%
- Non-GAAP Clear Aligner 77.6% 79.0% 78.6%
- Non-GAAP Scanner & CAD/CAM Services 23.8% 30.3% 27.1%
Non-GAAP Operating Expense $ 70.0 $ 71.6 $ 63.8
Non-GAAP Operating Margin 22.4% 25.8% 23.2%
Non-GAAP Net Profit $ 23.7 $ 28.6 $ 21.9
Non-GAAP Earnings Per Diluted Share (EPS) $ 0.28 $ 0.34 $ 0.27
EBITDA $ 33.2 $ 40.8 $ 31.0
Adjusted EBITDA $ 33.6 $ 41.3 $ 32.8
Total stock-based compensation expense included in Q3 12 was
Liquidity and Capital Resources
As of
Q4 Fiscal 2012 Business Outlook
For the fourth quarter of fiscal 2012 (Q4 12),
Align Announces SmartTrack™, Next Generation Invisalign Aligner Material
In a separate press release today, Align announced SmartTrack™, the next generation of Invisalign clear aligner material. SmartTrack is a proprietary, custom-engineered material that delivers gentle, more constant force considered ideal for orthodontic tooth movements. SmartTrack will become the standard Invisalign aligner material in the first quarter of 2013 for Invisalign clear aligner products in
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, 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 fourth quarter of 2012, 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 Nine Months Ended ---------------------------- ---------------------------- Preliminary Preliminary September 30, September 30, September 30, September 30, 2012 2011 2012 2011 ------------- ------------- ------------- ------------- Net revenues $ 136,496 125,894 $ 417,201 350,836 Cost of revenues 36,146 33,524 107,291 85,103 ------------- ------------- ------------- ------------- Gross profit 100,350 92,370 309,910 265,733 ------------- ------------- ------------- ------------- Operating expenses: Sales and marketing 36,468 34,655 114,272 106,062 General and administrative 23,896 21,609 68,674 66,695 Research and development 9,952 8,926 31,158 27,586 Amortization of acquired intangible assets 866 868 2,620 1,460 ------------- ------------- ------------- ------------- Total operating expenses 71,182 66,058 216,724 201,803 ------------- ------------- ------------- ------------- Profit from operations 29,168 26,312 93,186 63,930 Interest and other income (expense), net (353) (118) (624) (335) ------------- ------------- ------------- ------------- Profit before income taxes 28,815 26,194 92,562 63,595 Provision for income taxes 4,494 6,930 18,765 17,328 ------------- ------------- ------------- ------------- Net profit $ 24,321 $ 19,264 $ 73,797 $ 46,267 ============= ============= ============= ============= Net profit per share - basic $ 0.30 $ 0.25 $ 0.92 $ 0.60 ============= ============= ============= ============= - diluted $ 0.29 $ 0.24 $ 0.89 $ 0.58 ============= ============= ============= ============= Shares used in computing net profit per share - basic 81,437 78,455 80,356 77,735 ============= ============= ============= ============= - diluted 83,906 80,266 83,016 80,040 ============= ============= ============= =============ALIGN TECHNOLOGY, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) Preliminary September 30, December 31, 2012 2011 ------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 304,907 $ 240,675 Restricted cash 1,564 4,026 Marketable securities, short-term 23,142 7,395 Accounts receivable, net 105,902 91,537 Inventories 15,137 9,402 Other current assets 33,594 31,781 ------------- ------------- Total current assets 484,246 384,816 Marketable securities, long-term 20,802 - Property and equipment, net 75,248 53,965 Goodwill and intangible assets, net 182,644 185,405 Deferred tax asset 27,189 22,337 Other long-term assets 2,700 2,741 ------------- ------------- Total assets $ 792,829 $ 649,264 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 14,415 $ 19,265 Accrued liabilities 71,949 76,600 Deferred revenue 65,324 52,252 ------------- ------------- Total current liabilities 151,688 148,117 Other long term liabilities 14,311 10,366 ------------- ------------- Total liabilities 165,999 158,483 Total stockholders' equity 626,830 490,781 ------------- ------------- Total liabilities and stockholders' equity $ 792,829 $ 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 ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Gross profit $ 100,350 $ 108,800 $ 92,370 Acquisition and integration costs related to cost of revenues (1) 55 72 202 Amortization of acquired intangible assets related to cost of revenues (2) 213 232 267 Severance and benefit costs related to cost of revenues(3) 39 135 175 --------------- --------------- --------------- Non-GAAP Gross profit $ 100,657 $ 109,239 $ 93,014 =============== =============== =============== Reconciliation of GAAP to Non-GAAP Gross Profit Scanner and CAD/CAM Services (in thousands) Three Months Ended ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Scanner and CAD/CAM Services gross profit $ 2,016 $ 3,183 $ 2,500 Acquisition and integration costs related to cost of revenues (1) 55 72 202 Amortization of acquired intangible assets related to cost of revenues (2) 213 232 267 Severance and benefit costs related to cost of revenues(3) 39 135 175 --------------- --------------- --------------- Non-GAAP Gross profit $ 2,323 $ 3,622 $ 3,144 =============== =============== =============== Reconciliation of GAAP to Non-GAAP Operating Expenses (in thousands) Three Months Ended ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Operating expenses $ 71,182 $ 72,788 $ 66,058 Acquisition and integration costs related to operating expenses (1) (179) (261) (1,296) Amortization of acquired intangible assets related to operating expenses (2) (866) (869) (868) Severance and benefit costs related to operating expenses (3) (105) (49) (72) --------------- --------------- --------------- Non-GAAP Operating expenses $ 70,032 $ 71,609 $ 63,822 =============== =============== =============== Reconciliation of GAAP to Non-GAAP Profit from Operations (in thousands) Three Months Ended ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Profit from operations $ 29,168 $ 36,012 $ 26,312 Acquisition and integration costs (1) 234 333 1,498 Amortization of acquired intangible assets (2) 1,079 1,101 1,135 Severance and benefit costs (3) 144 184 247 --------------- --------------- --------------- Non-GAAP Profit from operations $ 30,625 $ 37,630 $ 29,192 =============== =============== =============== Reconciliation of GAAP to Non-GAAP Net Profit (in thousands, except per share amounts) Three Months Ended ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Net profit $ 24,321 $ 28,492 $ 19,264 Acquisition and integration costs (1) 234 333 1,498 Amortization of acquired intangible assets (2) 1,079 1,101 1,135 Severance and benefit costs (3) 144 184 247 Income tax-related adjustments (4) (2,078) (1,512) (203) --------------- --------------- --------------- Non-GAAP Net profit $ 23,700 $ 28,598 $ 21,941 =============== =============== =============== Diluted Net profit per share: GAAP $ 0.29 $ 0.34 $ 0.24 =============== =============== =============== Non-GAAP $ 0.28 $ 0.34 $ 0.27 =============== =============== =============== Shares used in computing diluted GAAP Net profit per share 83,906 82,954 80,266 =============== =============== =============== Shares used in computing diluted Non-GAAP Net profit per share 83,906 82,954 80,266 =============== =============== =============== Reconciliation of GAAP Net Profit to EBITDA and Adjusted EBITDA (in thousands) Three Months Ended ------------------------------------------------- September 30, September 30, 2012 June 30, 2012 2011 --------------- --------------- --------------- GAAP Net profit $ 24,321 $ 28,492 $ 19,264 Provision for income taxes 4,494 8,061 6,930 Depreciation and amortization (5) 4,374 4,267 4,823 --------------- --------------- --------------- EBITDA (6) 33,189 40,820 31,017 --------------- --------------- --------------- Adjustments or charges: Acquisition and integration related costs (1) 234 333 1,498 Severance and benefit costs (3) 144 184 247 --------------- --------------- --------------- EBITDA after adjustments (6) $ 33,567 $ 41,337 $ 32,762 =============== =============== ===============
References to GAAP in the third quarter tables above are preliminary GAAP results and do not include the impact of any potential impairment charge.
(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) 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.
(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.
ALIGN TECHNOLOGY Q3 2012 EARNINGS RELEASE ADDITIONAL DATA REVENUE PERFORMANCE AND CLEAR ALIGNER METRICS (in thousands except per share data) Q1 Q2 Q3 Q4 2011 2011 2011 2011 Invisalign Clear Aligner Revenues by Geography: North America $ 74,258 $ 79,755 $ 79,678 $ 81,789 North American Orthodontists 35,017 37,112 37,450 37,939 North American GP Dentists 39,241 42,643 42,228 43,850 International 25,179 27,898 28,346 30,054 Non-case* 5,419 5,994 6,254 7,089 ---------- ---------- ---------- ---------- Total Clear Aligner Revenue $ 104,856 $ 113,647 $ 114,278 $ 118,932 ========== ========== ========== ========== YoY% growth 16.4% 5.0% 19.1% 28.0 QoQ% growth 12.9% 8.4% 0.6% 4.1 *includes Invisalign training, ancillary products, and retainers Invisalign Clear Aligner Revenues by Product: Invisalign Full $ 71,128 $ 76,636 $ 75,158 $ 79,469 Invisalign Express/Lite 10,051 11,095 10,498 10,865 Invisalign Teen 11,876 12,817 15,393 14,443 Invisalign Assist 6,382 7,105 6,974 7,066 Non-case* 5,419 5,994 6,255 7,089 ---------- ---------- ---------- ---------- Total Clear Aligner Revenue $ 104,856 $ 113,647 $ 114,278 $ 118,932 ========== ========== ========== ========== Average Invisalign Selling Price (ASP), as billed: Total Worldwide Blended ASP $ 1,395 $ 1,410 $ 1,385 $ 1,360 International ASP $ 1,555 $ 1,660 $ 1,560 $ 1,530 Invisalign Clear Aligner Cases Shipped by Geography: North America 55,180 59,230 61,190 62,990 North American Orthodontists 26,890 28,520 30,070 29,890 North American GP Dentists 28,290 30,710 31,120 33,100 International 16,190 16,790 18,170 19,600 ---------- ---------- ---------- ---------- Total Cases Shipped 71,370 76,020 79,360 82,590 ========== ========== ========== ========== Invisalign Clear Aligner Cases Shipped by Product: Invisalign Full 48,110 51,100 51,360 55,700 Invisalign Express/Lite 10,500 11,310 11,020 11,385 Invisalign Teen 7,930 8,615 11,730 9,810 Invisalign Assist 4,830 4,995 5,250 5,695 ---------- ---------- ---------- ---------- Total Cases Shipped 71,370 76,020 79,360 82,590 ========== ========== ========== ========== Number of Invisalign Doctors Cases Shipped to: North American Orthodontists 4,150 4,160 4,260 4,280 North American GP Dentists 10,250 10,665 11,040 10,875 International 4,150 4,260 4,590 4,795 ---------- ---------- ---------- ---------- Total Doctors Cases were Shipped to Worldwide 18,550 19,085 19,890 19,950 ========== ========== ========== ========== Invisalign Doctor Utilization Rates*: North American Orthodontists 6.5 6.9 7.1 7.0 North American GP Dentists 2.8 2.9 2.8 3.0 International 3.9 3.9 4.0 4.1 ---------- ---------- ---------- ---------- Total Utilization Rates 3.9 4.0 4.0 4.1 ========== ========== ========== ========== * # of cases shipped/# of doctors to whom cases were shipped Number of Invisalign Doctors Trained: North American Orthodontists 75 80 100 100 North American GP Dentists 715 765 630 855 International 165 520 855 970 ---------- ---------- ---------- ---------- Total Doctors Trained Worldwide 955 1,365 1,585 1,925 ========== ========== ========== ========== Total to Date Worldwide 64,780 66,145 67,730 69,655 ========== ========== ========== ========== Scanner and CAD/CAM Services Revenue: North America Scanner and CAD/CAM Services $ - $ 5,241 $ 9,098 $ 9,611 International Scanner and CAD/CAM Services - 1,198 2,518 362 ---------- ---------- ---------- ---------- Total Scanner and CAD/CAM Revenue $ - $ 6,439 $ 11,616 $ 9,973 ========== ========== ========== ========== Scanner Revenue $ - $ 2,735 $ 5,420 $ 5,228 CAD/CAM Services Revenue - 3,704 6,196 4,745 ---------- ---------- ---------- ---------- Total Scanner and CAD/CAM Revenue $ - $ 6,439 $ 11,616 $ 9,973 ========== ========== ========== ========== Total Revenue by Geography:Total North America Revenue $ 74,258 $ 84,996 $ 88,776 $ 91,400Total International Revenue 25,179 29,096 30,864 30,416 Total Non-case Revenue 5,419 5,994 6,254 7,089 ---------- ---------- ---------- ---------- Total Worldwide Revenue $ 104,856 $ 120,086 $ 125,894 $ 128,905 ========== ========== ========== ========== YoY% growth 16.4% 11.0% 31.2% 38.8 QoQ% growth 12.9% 14.5% 4.8% 2.4 FISCAL Q1 Q2 Q3 2011 2012 2012 2012 Invisalign Clear Aligner Revenues by Geography: North America $ 315,480 $ 86,871 $ 92,997 $ 89,568 North American Orthodontists 147,518 41,688 43,942 43,090 North American GP Dentists 167,962 45,183 49,055 46,478 International 111,477 29,700 32,883 29,700 Non-case* 24,756 6,757 7,789 7,457 ---------- ---------- ---------- ---------- Total Clear Aligner Revenue $ 451,713 $ 123,328 $ 133,669 $ 126,725 ========== ========== ========== ========== YoY% growth % 16.7% 17.6% 17.6% 10.9% QoQ% growth % 3.7% 8.4% -5.2% *includes Invisalign training, ancillary products, and retainers Invisalign Clear Aligner Revenues by Product: Invisalign Full $ 302,391 $ 82,424 $ 88,617 $ 80,294 Invisalign Express/Lite 42,509 11,806 13,632 12,779 Invisalign Teen 54,529 15,148 16,380 19,144 Invisalign Assist 27,527 7,193 7,251 7,051 Non-case* 24,757 6,757 7,789 7,457 ---------- ---------- ---------- ---------- Total Clear Aligner Revenue $ 451,713 $ 123,328 $ 133,669 $ 126,725 ========== ========== ========== ========== Average Invisalign Selling Price (ASP), as billed: Total Worldwide Blended ASP $ 1,385 $ 1,370 $ 1,335 $ 1,320 International ASP $ 1,575 $ 1,485 $ 1,455 $ 1,355 Invisalign Clear Aligner Cases Shipped by Geography: North America 238,585 65,280 72,685 70,610 North American Orthodontists 115,370 32,235 35,420 35,885 North American GP Dentists 123,215 33,045 37,265 34,725 International 70,750 19,985 22,595 21,905 ---------- ---------- ---------- ---------- Total Cases Shipped 309,335 85,265 95,280 92,515 ========== ========== ========== ========== Invisalign Clear Aligner Cases Shipped by Product: Invisalign Full 206,270 57,145 62,510 57,400 Invisalign Express/Lite 44,215 12,855 15,300 14,610 Invisalign Teen 38,080 9,935 11,860 15,265 Invisalign Assist 20,770 5,330 5,610 5,240 ---------- ---------- ---------- ---------- Total Cases Shipped 309,335 85,265 95,280 92,515 ========== ========== ========== ========== Number of Invisalign Doctors Cases Shipped to: North American Orthodontists 5,280 4,460 4,575 4,660 North American GP Dentists 17,305 11,365 12,120 11,925 International 7,625 5,085 5,480 5,400 ---------- ---------- ---------- ---------- Total Doctors Cases were Shipped to Worldwide 30,210 20,910 22,175 21,985 ========== ========== ========== ========== Invisalign Doctor Utilization Rates*: North American Orthodontists 21.9 7.2 7.7 7.7 North American GP Dentists 7.1 2.9 3.1 2.9 International 9.3 3.9 4.1 4.1 ---------- ---------- ---------- ---------- Total Utilization Rates 10.2 4.1 4.3 4.2 ========== ========== ========== ========== * # of cases shipped/# of doctors to whom cases were shipped Number of Invisalign Doctors Trained: North American Orthodontists 355 90 95 125 North American GP Dentists 2,960 720 995 675 International 2,510 715 965 685 ---------- ---------- ---------- ---------- Total Doctors Trained Worldwide 5,825 1,525 2,055 1,485 ========== ========== ========== ========== Total to Date Worldwide 69,655 71,180 73,235 74,720 ========== ========== ========== ========== Scanner and CAD/CAM Services Revenue: North America Scanner and CAD/CAM Services $ 23,950 $ 11,120 $ 11,752 $ 9,439 International Scanner and CAD/CAM Services 4,078 631 205 332 ---------- ---------- ---------- ---------- Total Scanner and CAD/CAM Revenue $ 28,028 $ 11,751 $ 11,957 $ 9,771 ========== ========== ========== ========== Scanner Revenue $ 13,383 $ 5,361 $ 6,032 $ 4,023 CAD/CAM Services Revenue 14,645 6,390 5,925 5,748 ---------- ---------- ---------- ---------- Total Scanner and CAD/CAM Revenue $ 28,028 $ 11,751 $ 11,957 $ 9,771 ========== ========== ========== ========== Total Revenue by Geography:Total North America Revenue $ 339,430 $ 97,991 $ 104,749 $ 99,007Total International Revenue 115,555 30,331 33,088 30,032 Total Non-case Revenue 24,756 6,757 7,789 7,457 ---------- ---------- ---------- ---------- Total Worldwide Revenue $ 479,741 $ 135,079 $ 145,626 $ 136,496 ========== ========== ========== ========== YoY% growth % 23.9% 28.8% 21.3% 8.4% QoQ% growth % 4.8% 7.8% -6.3% 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) Q4 2012 -------------------------------------------------- GAAP Adjustment (a) Non-GAAP -------------- -------------- -------------- Net Revenue $134.2 - 137.8 $134.2 - 137.8 Gross Profit $96.2 - $99.3 $0.3 $96.5 - 99.6 Gross Margin 71.7% - 72.1% 71.9% - 72.3% Operating Expenses $73.6 - $74.9 (b) $1.0 $72.6 - $73.9 Operating Margin 16.9% - 17.7% (b) 17.8% - 18.7% Net Income per Diluted Share $0.21 - $0.23 (b) $0.00 $0.21 - $0.23 Stock Based Compensation Expense: Cost of Revenues $0.5 $0.5 Operating Expenses $5.2 $5.2 -------------- -------------- Total Stock Based Compensation Expense $5.7 $5.7 (a) Includes scanner and CAD/CAM services amortization of acquired intangibles assets, and severance and benefit costs. (b) Excludes the impact of any potential impairment charge. Business Metrics: Q4 2012 -------------- Case Shipments 90.0K - 93.0K Cash, Cash Equivalents, and Marketable $385M - $395M Securities * Capex $11.0M - $12.5M Depreciation & Amortization $3.7M - $4.1M Diluted Shares Outstanding 84.5M* * Excludes any stock repurchases during the quarter
Source:
News Provided by Acquire Media