Press Release
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Align Technology Announces Record Fourth Quarter and Fiscal 2013 Results
- Q4 Net revenues of
$178.3 million increased 24.8% year-over-year - Q4 Invisalign clear aligner net revenues of
$166.2 million increased 25.1% year-over-year - Q4 GAAP Earnings per diluted share (EPS) of
$0.51 - 2013 Net revenues of
$660.2 million , increased 17.9% year-over-year - 2013 GAAP diluted EPS was
$0.78 , non-GAAP diluted EPS was$1.54
Consolidated net revenues and net profit for both the fourth quarter and fiscal year were each records for the Company.
Total net revenues for the fourth quarter of 2013 (Q4'13) was a record
For fiscal 2013 (FY'13), net revenues was
"The fourth quarter was a solid finish to the year for Align and we're pleased to have delivered better than expected revenue, operating margins and earnings, driven by strong Invisalign growth from our international doctors in
Net profit for Q4'13 was
Net profit for FY'13 was
As of
To supplement our consolidated financial statements, we provide the following GAAP and non-GAAP financial measures. Detailed reconciliations between GAAP and non-GAAP information are contained in the tables following the financial tables of this release. Starting in fiscal 2013, amortization of acquired intangible assets is no longer excluded as a non-GAAP measure. This expense is included in GAAP gross profit, operating expenses, operating profit and net profit for the periods presented below and therefore is no longer a reconciling item.
Operating Results Summary ($M except for per share amounts and percentages)
Key GAAP Operating Results | Q4'13 | Q3'13 | Q4'12 | FY'13 | FY'12 | ||||||||||||||||
Net Revenues | $ | 178.3 | $ | 164.5 | $ | 142.8 | $ | 660.2 | $ | 560.0 | |||||||||||
- Clear Aligner | $ | 166.2 | $ | 153.5 | $ | 132.8 | $ | 614.6 | $ | 516.6 | |||||||||||
- Scanner and CAD/CAM Services | $ | 12.1 | $ | 11.0 | $ | 10.0 | $ | 45.6 | $ | 43.4 | |||||||||||
Gross Margin | 76.5 | % | 76.0 | % | 74.5 | % | 75.4 | % | 74.3 | % | |||||||||||
- Clear Aligner | 79.8 | % | 79.9 | % | 78.8 | % | 78.9 | % | 78.6 | % | |||||||||||
- Scanner and CAD/CAM Services | 31.1 | % | 22.2 | % | 18.5 | % | 29.1 | % | 24.0 | % | |||||||||||
Operating Expenses | $ | 83.6 | $ | 83.6 | $ | 89.4 | $ | 403.9 | $ | 330.8 | |||||||||||
Operating Margin | 29.7 | % | 25.2 | % | 12.0 | % | 14.3 | % | 15.3 | % | |||||||||||
Net Profit | $ | 42.2 | $ | 34.5 | $ | 9.6 | $ | 64.3 | $ | 58.7 | |||||||||||
EPS | $ | 0.51 | $ | 0.42 | $ | 0.12 | $ | 0.78 | $ | 0.71 | |||||||||||
Key Non-GAAP Operating Results | Q4'13 | Q3'13 | Q4'12 | FY'13 | FY'12 | ||||||||||||||||
Non-GAAP Gross Margin | 76.5 | % | 76.0 | % | 74.5 | % | 75.4 | % | 74.5 | % | |||||||||||
- Non-GAAP Clear Aligner | 79.8 | % | 79.9 | % | 78.8 | % | 78.9 | % | 78.6 | % | |||||||||||
- Non-GAAP Scanner and CAD/CAM Services | 31.1 | % | 22.2 | % | 18.5 | % | 29.1 | % | 25.7 | % | |||||||||||
Non-GAAP Operating Expenses | $ | 83.6 | $ | 83.6 | $ | 77.5 | $ | 336.9 | $ | 292.9 | |||||||||||
Non-GAAP Operating Margin | 29.7 | % | 25.2 | % | 20.3 | % | 24.4 | % | 22.2 | % | |||||||||||
Non-GAAP Net Profit | $ | 42.2 | $ | 34.5 | $ | 21.5 | $ | 127.5 | $ | 93.4 | |||||||||||
Non-GAAP EPS | $ | 0.51 | $ | 0.42 | $ | 0.26 | $ | 1.54 | $ | 1.13 | |||||||||||
EBITDA | $ | 56.9 | $ | 45.8 | $ | 21.7 | $ | 110.0 | $ | 102.1 | |||||||||||
Adjusted EBITDA | $ | 56.9 | $ | 45.8 | $ | 33.6 | $ | 177.0 | $ | 140.7 | |||||||||||
Stock-based Compensation (SBC) | Q4'13 | Q3'13 | Q4'12 | FY'13 | FY'12 | ||||||||||||||||
Total SBC Expense | $ | 5.2 | $ | 7.6 | $ | 6.0 | $ | 26.5 | $ | 21.4 | |||||||||||
- SBC included in Gross Margin | $ | 0.7 | $ | 0.7 | $ | 0.5 | $ | 2.6 | $ | 1.8 | |||||||||||
- SBC included in Operating Expenses | $ | 4.5 | $ | 6.9 | $ | 5.5 | $ | 23.9 | $ | 19.6 | |||||||||||
Business Highlights
The following list highlights the Company's key strategic announcements over the past year:
- Align announced the new iTero imaging system available as a single hardware platform with software options for restorative or orthodontic procedures.
- Align announced the commercial availability of the Invisalign Outcome Simulator, the Company's first chair-side application designed to preview an Invisalign treatment after creating a digital impression with an iTero scanner.
- Align announced the commercial availability of SmartTrack™, the next generation of Invisalign clear aligner material. SmartTrack is a highly elastic, proprietary new aligner material that delivers a gentle, more constant force to improve control of tooth movements with Invisalign clear aligner treatment.
- Align announced the acquisition of its distributor for Invisalign products in the
Asia Pacific region, marking the transitioning ofAustralia ,New Zealand ,Hong Kong , Singapore,Macau andMalaysia to a direct sales region. - Align and Henry Schein Dental announced the introduction of Realine™, an entry level, five-stage clear aligner product designed for very minor crowding and spacing issues.
- Align announced the upcoming release of Invisalign G5 innovations, specifically designed for the treatment of deep bite malocclusions.
Q1 Fiscal 2014 Business Outlook
For the first quarter of 2014 (Q1'14),
- Net revenues in a range of
$175.2 million to$179.6 million , which reflects a year-over-year increase of 14% to 17%. - Clear aligner case shipments in a range of 110.1 to 113.1 thousand cases.
- EPS in a range of
$0.32 to$0.34 .
Align
About
For additional information about Invisalign or to find an Invisalign provider in your area, please visit www.invisalign.com. For additional information about iTero, please visit www.itero.com
About Non-GAAP Financial Measures
To supplement our consolidated financial statements and our business outlook, we may use from time to time the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating profit, non-GAAP net profit and non-GAAP earnings per share, which exclude, as applicable, acquisition and integration related costs, severance and benefit costs, impairment of goodwill, impairment of long-lived assets and any related income tax 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, on-going 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 2014, including, but not limited to, anticipated net revenues, gross margin, operating expenses, operating profit, diluted earnings per share, case shipments and cash, cash equivalents and short-term and long-term investments. 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 product 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 scanner and the CAD/CAM services business, 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, the loss of key personnel and impairments in the book value of goodwill or other intangible assets. These and other risks are detailed from time to time in Align's periodic reports filed with the
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
2013 |
2012 |
2013 |
2012 |
||||||||||||||
Net revenues | $ | 178,292 | $ | 142,840 | $ | 660,206 | $ | 560,041 | |||||||||
Cost of net revenues | 41,816 | 36,362 | 162,100 | 143,653 | |||||||||||||
Gross profit | 136,476 | 106,478 | 498,106 | 416,388 | |||||||||||||
Operating expenses: | |||||||||||||||||
Sales and marketing | 44,694 | 37,769 | 180,046 | 152,041 | |||||||||||||
General and administrative | 27,889 | 28,001 | 112,752 | 99,295 | |||||||||||||
Research and development | 10,970 | 11,711 | 44,082 | 42,869 | |||||||||||||
Impairment of goodwill | - | 11,926 | 40,694 | 36,591 | |||||||||||||
Impairment of long-lived assets | - | - | 26,320 | - | |||||||||||||
Total operating expenses | 83,553 | 89,407 | 403,894 | 330,796 | |||||||||||||
Operating profit | 52,923 | 17,071 | 94,212 | 85,592 | |||||||||||||
Interest and other income (expense), net | (199 | ) | (672 | ) | (1,073 | ) | (1,296 | ) | |||||||||
Profit before income taxes | 52,724 | 16,399 | 93,139 | 84,296 | |||||||||||||
Provision for income taxes | 10,302 | 6,840 | 28,844 | 25,605 | |||||||||||||
Net profit | $ | 42,422 | $ | 9,559 | $ | 64,295 | $ | 58,691 | |||||||||
Net profit per share | |||||||||||||||||
- basic | $ | 0.53 | $ | 0.12 | $ | 0.80 | $ | 0.73 | |||||||||
- diluted | $ | 0.51 | $ | 0.12 | $ | 0.78 | $ | 0.71 | |||||||||
Shares used in computing net profit per share | |||||||||||||||||
- basic | 80,432 | 81,043 | 80,551 | 80,529 | |||||||||||||
- diluted | 82,438 | 82,981 | 82,589 | 83,040 | |||||||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands) | ||||||||
2013 |
2012 |
|||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 242,953 | $ | 306,386 | ||||
Marketable securities, short-term | 127,040 | 28,485 | ||||||
Accounts receivable, net | 113,250 | 98,992 | ||||||
Inventories | 13,968 | 15,122 | ||||||
Other current assets | 47,464 | 36,808 | ||||||
Total current assets | 544,675 | 485,793 | ||||||
Marketable securities, long-term | 101,978 | 21,252 | ||||||
Property and equipment, net | 75,743 | 79,191 | ||||||
Goodwill and intangible assets, net | 85,363 | 145,013 | ||||||
Deferred tax assets | 15,766 | 21,609 | ||||||
Other long-term assets | 8,622 | 3,454 | ||||||
Total assets | $ | 832,147 | $ | 756,312 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 17,718 | $ | 19,549 | ||||
Accrued liabilities | 80,345 | 74,247 | ||||||
Deferred revenue | 77,275 | 61,975 | ||||||
Total current liabilities | 175,338 | 155,771 | ||||||
Other long term liabilities | 22,839 | 19,224 | ||||||
Total liabilities | 198,177 | 174,995 | ||||||
Total stockholders' equity | 633,970 | 581,317 | ||||||
Total liabilities and stockholders' equity | $ | 832,147 | $ | 756,312 | ||||
RECONCILIATION OF GAAP TO NON-GAAP KEY FINANCIAL METRICS | |||||||||||
Reconciliation of GAAP to Non-GAAP Operating Expenses | |||||||||||
(in thousands) | Three Months Ended | ||||||||||
2013 |
|||||||||||
GAAP Operating expenses | $ | 83,553 | $ | 83,626 | $ | 89,407 | |||||
Impairment of goodwill (3) | - | - | (11,926 | ) | |||||||
Non-GAAP Operating expenses | $ | 83,553 | $ | 83,626 | $ | 77,481 | |||||
Reconciliation of GAAP to Non-GAAP Operating Profit | |||||||||||
(in thousands) | Three Months Ended | ||||||||||
2013 |
|||||||||||
GAAP Operating profit | $ | 52,923 | $ | 41,464 | $ | 17,071 | |||||
Impairment of goodwill (3) | - | - | 11,926 | ||||||||
Non-GAAP Operating profit | $ | 52,923 | $ | 41,464 | $ | 28,997 | |||||
Reconciliation of GAAP to Non-GAAP Net Profit | |||||||||||
(in thousands, except per share amounts) | Three Months Ended | ||||||||||
2013 |
|||||||||||
GAAP Net profit | $ | 42,422 | $ | 34,537 | $ | 9,559 | |||||
Impairment of goodwill (3) | - | - | 11,926 | ||||||||
Income tax-related adjustments (5) | - | - | 42 | ||||||||
Non-GAAP Net profit | $ | 42,422 | $ | 34,537 | $ | 21,527 | |||||
Diluted Net profit per share: | |||||||||||
GAAP | $ | 0.51 | $ | 0.42 | $ | 0.12 | |||||
Non-GAAP | $ | 0.51 | $ | 0.42 | $ | 0.26 | |||||
Shares used in computing diluted GAAP Net profit per share | 82,438 | 81,848 | 82,981 | ||||||||
Shares used in computing diluted Non-GAAP Net profit per share | 82,438 | 81,848 | 82,981 | ||||||||
Reconciliation of GAAP Net Profit to EBITDA and Adjusted EBITDA | |||||||||||
(in thousands) | Three Months Ended | ||||||||||
2013 |
|||||||||||
GAAP Net profit | $ | 42,422 | $ | 34,537 | $ | 9,559 | |||||
Provision for income taxes | 10,302 | 7,376 | 6,840 | ||||||||
Depreciation and amortization | 4,178 | 3,858 | 5,278 | ||||||||
EBITDA (6) | $ | 56,902 | $ | 45,771 | $ | 21,677 | |||||
Adjustments or charges: | |||||||||||
Impairment of goodwill (3) | - | - | 11,926 | ||||||||
EBITDA after adjustments (6) | $ | 56,902 | $ | 45,771 | $ | 33,603 | |||||
RECONCILIATION OF GAAP TO NON-GAAP KEY FINANCIAL METRICS | ||||||||||
Reconciliation of GAAP to Non-GAAP Gross Profit | ||||||||||
(in thousands) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Gross profit | $ | 498,106 | $ | 416,388 | ||||||
Acquisition and integration costs related to cost of revenues (1) | - | 261 | ||||||||
Severance and benefit costs related to cost of revenues (2) | - | 474 | ||||||||
Non-GAAP Gross profit | $ | 498,106 | $ | 417,123 | ||||||
Reconciliation of GAAP to Non-GAAP Gross Profit Scanner and CAD/CAM Services | ||||||||||
(in thousands) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Scanner and CAD/CAM Services gross profit | $ | 13,271 | $ | 10,418 | ||||||
Acquisition and integration costs related to cost of revenues (1) | - | 261 | ||||||||
Severance and benefit costs related to cost of revenues (2) | - | 474 | ||||||||
Non-GAAP Gross profit | $ | 13,271 | $ | 11,153 | ||||||
Reconciliation of GAAP to Non-GAAP Operating Expenses | ||||||||||
(in thousands) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Operating expenses | $ | 403,894 | $ | 330,796 | ||||||
Acquisition and integration costs related to operating expenses (1) | - | (1,010 | ) | |||||||
Severance and benefit costs related to operating expenses (2) | - | (306 | ) | |||||||
Impairment of goodwill (3) | (40,694 | ) | (36,591 | ) | ||||||
Impairment of long-lived assets (4) | (26,320 | ) | - | |||||||
Non-GAAP Operating expenses | $ | 336,880 | $ | 292,889 | ||||||
Reconciliation of GAAP to Non-GAAP Operating Profit | ||||||||||
(in thousands) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Operating profit | $ | 94,212 | $ | 85,592 | ||||||
Acquisition and integration costs (1) | - | 1,271 | ||||||||
Severance and benefit costs (2) | - | 780 | ||||||||
Impairment of goodwill (3) | 40,694 | 36,591 | ||||||||
Impairment of long-lived assets (4) | 26,320 | - | ||||||||
Non-GAAP Operating profit | $ | 161,226 | $ | 124,234 | ||||||
Reconciliation of GAAP to Non-GAAP Net Profit | ||||||||||
(in thousands, except per share amounts) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Net profit | $ | 64,295 | $ | 58,691 | ||||||
Acquisition and integration costs (1) | - | 1,271 | ||||||||
Severance and benefit costs (2) | - | 780 | ||||||||
Impairment of goodwill (3) | 40,694 | 36,591 | ||||||||
Impairment of long-lived assets (4) | 26,320 | - | ||||||||
Income tax-related adjustments (5) | (3,788 | ) | (3,900 | ) | ||||||
Non-GAAP Net profit | $ | 127,521 | $ | 93,433 | ||||||
Diluted Net profit per share: | ||||||||||
GAAP | $ | 0.78 | $ | 0.71 | ||||||
Non-GAAP | $ | 1.54 | $ | 1.13 | ||||||
Shares used in computing diluted GAAP Net profit per share | 82,589 | 83,040 | ||||||||
Shares used in computing diluted Non-GAAP Net profit per share | 82,589 | 83,040 | ||||||||
Reconciliation of GAAP Net Profit to EBITDA and Adjusted EBITDA | ||||||||||
(in thousands) | Year Ended | |||||||||
2013 |
||||||||||
GAAP Net profit | $ | 64,295 | $ | 58,691 | ||||||
Provision for income taxes | 28,844 | 25,605 | ||||||||
Depreciation and amortization | 16,825 | 17,811 | ||||||||
EBITDA (6) | 109,964 | 102,107 | ||||||||
Adjustments or charges: | ||||||||||
Acquisition and integration related costs (1) | - | 1,271 | ||||||||
Severance and benefit costs (2) | - | 780 | ||||||||
Impairment of goodwill (3) | 40,694 | 36,591 | ||||||||
Impairment of long-lived assets (4) | 26,320 | - | ||||||||
EBITDA after adjustments (6) | $ | 176,978 | $ | 140,749 | ||||||
Notes:
(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) Severance and benefits costs. These costs are related to the closure of our
(3) Impairment of goodwill. These costs represents non-cash write-downs of our goodwill generally related to negative trends in market and economic conditions, termination of relationships with distributors, or the increase in competitive environment related to our Scanner and CAD/CAM Services reporting unit. 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; 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.
(4) Impairment of long-lived assets. These costs represents non-cash write-downs of our long-lived assets generally related to the increase in competitive environment related to our Scanner and CAD/CAM Services reporting unit. As a result of these conditions, we have assessed that our asset group within the reporting unit was not recoverable and therefore recorded an impairment charge. 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; 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) 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.
Q4 and FISCAL 2013 EARNINGS RELEASE ADDITIONAL DATA |
REVENUE PERFORMANCE AND CLEAR ALIGNER METRICS |
(in thousands except per share data) |
Q4 | FISCAL | Q1 | Q2 | Q3 | Q4 | FISCAL | |||||||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | 2013 | 2013 | 2013 | |||||||||||||||||||||||||
Invisalign Clear Aligner Net Revenues by Geography: | |||||||||||||||||||||||||||||||
$ | 91,686 | $ | 361,122 | $ | 97,045 | $ | 102,217 | $ | 103,888 | $ | 105,059 | $ | 408,209 | ||||||||||||||||||
North American Orthodontists | 43,812 | 172,532 | 48,859 | 50,476 | 52,504 | 52,104 | 203,943 | ||||||||||||||||||||||||
North American |
47,874 | 188,590 | 48,186 | 51,741 | 51,384 | 52,955 | 204,266 | ||||||||||||||||||||||||
International | 32,513 | 124,796 | 31,818 | 40,320 | 38,983 | 50,595 | 161,716 | ||||||||||||||||||||||||
Non-case* | 8,660 | 30,663 | 12,709 | 10,766 | 10,679 | 10,570 | 44,724 | ||||||||||||||||||||||||
Total Clear Aligner Net Revenues | $ | 132,859 | $ | 516,581 | $ | 141,572 | $ | 153,303 | $ | 153,550 | $ | 166,224 | $ | 614,649 | |||||||||||||||||
*includes Invisalign training, ancillary products, and retainers | |||||||||||||||||||||||||||||||
Invisalign Clear Aligner Net Revenues by Product: | |||||||||||||||||||||||||||||||
Invisalign Full | $ | 87,265 | $ | 338,600 | $ | 85,914 | $ | 95,762 | $ | 93,945 | $ | 106,433 | $ | 382,054 | |||||||||||||||||
Invisalign Express/Lite | 13,269 | 51,486 | 16,083 | 19,158 | 17,702 | 19,475 | 72,418 | ||||||||||||||||||||||||
Invisalign Teen | 16,455 | 67,127 | 18,573 | 19,937 | 23,779 | 22,561 | 84,850 | ||||||||||||||||||||||||
Invisalign Assist | 7,210 | 28,705 | 8,293 | 7,680 | 7,445 | 7,185 | 30,603 | ||||||||||||||||||||||||
Non-case* | 8,660 | 30,663 | 12,709 | 10,766 | 10,679 | 10,570 | 44,724 | ||||||||||||||||||||||||
Total Clear Aligner Net Revenues | $ | 132,859 | $ | 516,581 | $ | 141,572 | $ | 153,303 | $ | 153,550 | $ | 166,224 | $ | 614,649 | |||||||||||||||||
Average Invisalign Selling Price (ASP): | |||||||||||||||||||||||||||||||
Worldwide ASP (1) | $ | 1,375 | $ | 1,340 | $ | 1,315 | $ | 1,345 | $ | 1,335 | $ | 1,400 | $ | 1,350 | |||||||||||||||||
Worldwide ASP, adjusted (2) | $ | 1,320 | $ | 1,325 | $ | 1,340 | $ | 1,355 | $ | 1,335 | $ | 1,400 | $ | 1,360 | |||||||||||||||||
International ASP | $ | 1,455 | $ | 1,435 | $ | 1,355 | $ | 1,480 | $ | 1,455 | $ | 1,630 | $ | 1,490 | |||||||||||||||||
(1) Invisalign case net revenues / Invisalign case shipments | |||||||||||||||||||||||||||||||
(2) Adjusted for one-time adjustments (eg. Q4'12 refinement release and Q1'13 and Q2'13 grandfathered mid-course correction deferrals) | |||||||||||||||||||||||||||||||
Invisalign Clear Aligner Cases Shipped by Geography: | |||||||||||||||||||||||||||||||
68,140 | 276,715 | 74,730 | 78,865 | 80,130 | 80,120 | 313,845 | |||||||||||||||||||||||||
North American Orthodontists | 33,505 | 137,045 | 38,000 | 39,545 | 41,610 | 40,420 | 159,575 | ||||||||||||||||||||||||
North American |
34,635 | 139,670 | 36,730 | 39,320 | 38,520 | 39,700 | 154,270 | ||||||||||||||||||||||||
International | 22,340 | 86,825 | 23,445 | 27,270 | 26,770 | 31,010 | 108,495 | ||||||||||||||||||||||||
Total Cases Shipped | 90,480 | 363,540 | 98,175 | 106,135 | 106,900 | 111,130 | 422,340 | ||||||||||||||||||||||||
Invisalign Clear Aligner Cases Shipped by Product: | |||||||||||||||||||||||||||||||
Invisalign Full | 57,920 | 234,975 | 61,245 | 65,525 | 64,600 | 70,985 | 262,355 | ||||||||||||||||||||||||
Invisalign Express/Lite | 15,940 | 58,705 | 18,940 | 21,285 | 19,230 | 19,525 | 78,980 | ||||||||||||||||||||||||
Invisalign Teen | 11,255 | 48,315 | 12,580 | 13,920 | 17,740 | 15,350 | 59,590 | ||||||||||||||||||||||||
Invisalign Assist | 5,365 | 21,545 | 5,410 | 5,405 | 5,330 | 5,270 | 21,415 | ||||||||||||||||||||||||
Total Cases Shipped | 90,480 | 363,540 | 98,175 | 106,135 | 106,900 | 111,130 | 422,340 | ||||||||||||||||||||||||
Number of Invisalign Doctors Cases Shipped To: | |||||||||||||||||||||||||||||||
North American Orthodontists | 4,615 | 5,665 | 4,760 | 4,940 | 4,970 | 5,060 | 6,040 | ||||||||||||||||||||||||
North American |
11,685 | 19,285 | 12,520 | 13,130 | 13,170 | 13,435 | 21,290 | ||||||||||||||||||||||||
International | 5,715 | 9,285 | 5,840 | 6,355 | 6,510 | 6,925 | 10,800 | ||||||||||||||||||||||||
Total Doctors Cases Shipped To | 22,015 | 34,235 | 23,120 | 24,425 | 24,650 | 25,420 | 38,130 | ||||||||||||||||||||||||
Invisalign Doctor Utilization Rates*: | |||||||||||||||||||||||||||||||
North American Orthodontists | 7.3 | 24.2 | 8.0 | 8.0 | 8.4 | 8.0 | 26.4 | ||||||||||||||||||||||||
North American |
3.0 | 7.2 | 2.9 | 3.0 | 2.9 | 3.0 | 7.3 | ||||||||||||||||||||||||
International | 3.9 | 9.4 | 4.0 | 4.3 | 4.1 | 4.5 | 10.0 | ||||||||||||||||||||||||
Total Utilization Rates | 4.1 | 10.6 | 4.3 | 4.4 | 4.3 | 4.4 | 11.1 | ||||||||||||||||||||||||
* # of cases shipped/# of doctors to whom cases were shipped | |||||||||||||||||||||||||||||||
Number of Invisalign Doctors Trained: | |||||||||||||||||||||||||||||||
North American Orthodontists | 75 | 385 | 65 | 115 | 90 | 105 | 375 | ||||||||||||||||||||||||
North American |
920 | 3,310 | 690 | 1,015 | 705 | 1,355 | 3,765 | ||||||||||||||||||||||||
International | 780 | 3,145 | 970 | 1,020 | 875 | 1,060 | 3,925 | ||||||||||||||||||||||||
Total Doctors Trained Worldwide | 1,775 | 6,840 | 1,725 | 2,150 | 1,670 | 2,520 | 8,065 | ||||||||||||||||||||||||
Total to Date Worldwide | 76,495 | 76,495 | 78,220 | 80,370 | 82,040 | 84,560 | 84,560 | ||||||||||||||||||||||||
Scanner and CAD/CAM Services Net Revenues: | |||||||||||||||||||||||||||||||
North America Scanner and CAD/CAM Services | $ | 9,940 | $ | 42,251 | $ | 11,952 | $ | 10,454 | $ | 10,875 | $ | 11,980 | $ | 45,261 | |||||||||||||||||
International Scanner and CAD/CAM Services | 41 | 1,209 | 56 | 71 | 81 | 88 | 296 | ||||||||||||||||||||||||
Total Scanner and CAD/CAM Net Revenues | $ | 9,981 | $ | 43,460 | $ | 12,008 | $ | 10,525 | $ | 10,956 | $ | 12,068 | $ | 45,557 | |||||||||||||||||
Scanner Net Revenues | $ | 4,643 | $ | 20,059 | $ | 6,625 | $ | 5,027 | $ | 5,538 | $ | 6,508 | $ | 23,698 | |||||||||||||||||
CAD/CAM Services Net Revenues | 5,338 | 23,401 | 5,383 | 5,498 | 5,418 | 5,560 | 21,859 | ||||||||||||||||||||||||
Total Scanner and CAD/CAM Services Net Revenues | $ | 9,981 | $ | 43,460 | $ | 12,008 | $ | 10,525 | $ | 10,956 | $ | 12,068 | $ | 45,557 | |||||||||||||||||
Total Net Revenues by Geography: | |||||||||||||||||||||||||||||||
Total North America Net Revenues | $ | 101,626 | $ | 403,373 | $ | 108,997 | $ | 112,671 | $ | 114,763 | $ | 117,039 | $ | 453,470 | |||||||||||||||||
Total International Net Revenues | 32,554 | 126,005 | 31,874 | 40,391 | 39,064 | 50,683 | 162,012 | ||||||||||||||||||||||||
Total Non-case Net Revenues | 8,660 | 30,663 | 12,709 | 10,766 | 10,679 | 10,570 | 44,724 | ||||||||||||||||||||||||
Total Worldwide Net Revenues | $ | 142,840 | $ | 560,041 | $ | 153,580 | $ | 163,828 | $ | 164,506 | $ | 178,292 | $ | 660,206 | |||||||||||||||||
YoY % growth | 10.8 | % | 16.7 | % | 13.7 | % | 12.5 | % | 20.5 | % | 24.8 | % | 17.9 | % | |||||||||||||||||
QoQ % growth | 4.6 | % | 7.5 | % | 6.7 | % | 0.4 | % | 8.4 | % | |||||||||||||||||||||
Note: Historical public data may differ due to rounding. Additionally, rounding may effect totals. |
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. | |
Financial Outlook | |
(in millions, except per share amounts and percentages) | |
Q1'14 Guidance | |
GAAP | |
Net Revenues | |
Gross Margin | 73.9% - 74.5% |
Operating Expenses | |
Operating Margin | approximately 20.5% |
Net Income per Diluted Share | |
Stock Based Compensation Expense: | |
Cost of Net Revenues | |
Operating Expenses | |
Total Stock Based Compensation Expense | |
Business Metrics: | Q1'14 |
Case Shipments | 110.1K - 113.1K |
Cash, Cash Equivalents, and |
|
Capex | |
Depreciation & Amortization | |
Diluted Shares Outstanding | 82.8M |
Source:
News Provided by Acquire Media