Press Release
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Align Technology Announces Second Quarter 2001 Results
Revenues for the second quarter of 2001 were $13.5 million, a sequential increase of 75 percent from $7.7 million in the first quarter ended March 31, 2001 and up 864 percent from $1.4 million in the same period last year.
The company incurred a net loss in the second quarter as it continued to execute on its operating strategy. The pro forma net loss, which excludes non-cash charges and non-recurring litigation settlement charges for all periods presented, for the second quarter of 2001 was $15.8 million or $0.35 per share, compared to a pro forma net loss of $24.5 million or $0.73 per share for the first quarter, and a pro forma net loss of $12.8 million or $2.34 per share for the same period a year ago. 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 $0.35 per share for the second quarter of 2001 compared to a pro forma net loss, as adjusted, of $0.53 per share for the second quarter of 2000. Refer to the financial tables provided with this press release for further details regarding non-cash and non-recurring litigation settlement charges.
"During the quarter we made material progress in streamlining our manufacturing operations, which allowed us to achieve a pro forma gross profit earlier than we had anticipated," said Zia Chishti, chief executive officer of Align Technology. "We have additional programs in place that we believe will enable us to achieve further efficiencies in our manufacturing process. We also made significant progress on our strategy to expand our reach to the European marketplace. We are well ahead of schedule in training doctors in Europe, and have completed training of 1,300 practitioners in that market so far," added Chishti.
Align Technology will host a webcast and conference call on Wednesday, July 25, 2001 at 9:00 a.m. EDT, 6:00 a.m. PDT to review second 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) 537-1974 approximately ten minutes prior to the start of the call and enter reservation number 19355936. 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 until 11:00 a.m. EDT on August 1, 2001. To access the taped replay, please (800) 633-8284 and enter reservation number 19355936. The replay may be accessed from international locations by dialing (858) 812-6440 and 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 ability to control costs and continue to achieve efficiencies, the adoption by orthodontists dentists, 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.
