UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported) April 23, 2009
|
ALIGN TECHNOLOGY,
INC.
|
|
(Exact
Name of Registrant as Specified in Its
Charter)
|
|
Delaware
|
|
(State
or Other Jurisdiction of
Incorporation)
|
|
0-32259
|
94-3267295
|
|
|
(Commission
File Number)
|
(IRS
Employer Identification
No.)
|
|
881
Martin Avenue, Santa Clara, California
|
95050
|
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
(408)
470-1000
|
|
(Registrant’s
Telephone Number, Including Area
Code)
|
|
Not
applicable
|
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2.
below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
2.02 RESULTS OF OPERATIONS AND
FINANCIAL CONDITIONS
On April 23, 2009, Align Technology,
Inc. ("Align") is issuing a press release and holding a conference call
regarding its financial results for its first quarter ended March 31, 2009. The
full text of the press release is furnished as Exhibit 99.1 to this Form
8-K.
This information shall not be deemed
"filed" for purposes of Section 18 of the Securities and Exchange Act of 1934,
as amended (the "Exchange Act"), or incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such a
filing.
Align is
making reference to non-GAAP financial information in both the press release and
the conference call. A reconciliation of non-GAAP financial measures contained
in the attached press release to the comparable GAAP financial measures is
contained in the attached press release and a reconciliation of these and
certain other non-GAAP financial information provided on the conference call (to
the extent not reconciled on such call) is contained on the Investor Relations
section of our website at investor.aligntech.com.
ITEM
9.01 Financial Statements and Exhibits
(d)
Exhibits
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release of Align Technology, Inc. dated April 23,
2009
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
Dated: April
23, 2009
|
ALIGN
TECHNOLOGY, INC.
|
|
|
By:
|
/s/Kenneth B. Arola
|
|
|
Kenneth
B. Arola
|
||
|
Vice
President, Finance and Chief Financial
Officer
|
||
INDEX
TO EXHIBITS
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release of Align Technology, Inc. dated April 23,
2009
|
 |
 |
|
Investor Relations Contact
|
Press Contact
|
|
Shirley
Stacy
|
Shannon
Mangum Henderson
|
|
Align
Technology, Inc.
|
Ethos
Communication, Inc.
|
|
(408)
470-1150
|
(678)
540-9222
|
|
sstacy@aligntech.com
|
align@ethoscommunication.com
|
Align
Technology Announces First Quarter Fiscal 2009 Results
|
|
·
|
Net
revenues of $70.1 million, compared to outlook of $65.0 to $69.0
million
|
|
|
·
|
Case
shipments of 50.1 thousand, compared to outlook of 44.5 to 47.0
thousand
|
|
|
·
|
GAAP
diluted EPS of $0.04, compared to outlook of ($0.04) to
$0.00
|
SANTA
CLARA, Calif., April 23, 2009 — Align Technology, Inc. (Nasdaq: ALGN) today
reported financial results for the first quarter of fiscal 2009, ended March 31,
2009.
Total net
revenues for the first quarter of fiscal 2009 (Q1 09) were $70.1 million
compared to $74.1 million reported in the fourth quarter of 2008 (Q4 08) and
compared to $74.8 million reported in the first quarter of 2008 (Q1
08). Invisalign case shipments for Q1 09 were 50,060, compared to
52,640 in Q4 08 and compared to 51,770 in Q1 08.
Net
profit for Q1 09 was $2.6 million, or $0.04 per diluted share. This is compared
to net profit of $65.5 million, or $0.98 per diluted share in Q4 08 and net
profit of $5.3 million, or $0.07 per diluted share in Q1 08. Q4 08
net profit of $0.98 per diluted share included a favorable impact of
approximately $64.6 million, or $0.97 per diluted share from the release of a
tax valuation allowance on specific deferred tax assets. Stock-based
compensation expense included in Q1 09 net profit was $3.7 million compared to
$3.9 million in Q4 08 and $4.0 million in Q1 08.
“I’m
pleased that the year is off to a good start with financial results that were
better than our outlook,” said Thomas M. Prescott, president and CEO of Align
Technology. “Our first quarter performance reflects higher than expected
revenue, case volumes and gross margins, and the benefit of our lower operating
expenses. This combined with a $1.5 million credit for reimbursement
of legal costs resulted in earnings that exceeded our guidance.”
To
supplement our consolidated financial statements, we use the following non-GAAP
financial measures: non-GAAP operating expense, non-GAAP operating margin,
non-GAAP net profit and non-GAAP earnings per share. For Q1 09, the
non-GAAP financial measures excluded the impact of the Company’s restructuring
plan announced previously. A detailed reconciliation between GAAP and non-GAAP
information is contained in the tables following the financial tables of this
release.
Align
Technology Inc. 881 Martin Avenue Santa Clara, CA 95050 Tel: (408)
470-1000 Fax: (408) 470-1201
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
Non-GAAP
net profit for Q1 09 was $3.2 million, or $0.05 per diluted share. This is
compared to non-GAAP net profit of $4.9 million, or $0.07 per diluted share in
Q4 08. In Q1 08, there was no difference between GAAP and non-GAAP net
profit.
Q1 09 Operating
Results
Q1 09
operating expense includes a $1.5 million credit for an insurance reimbursement
of legal costs associated with OrthoClear litigation, which was settled in
October 2006. Q4 08 operating expense includes a $1.7 million asset
impairment charge.
|
Key
GAAP Operating Results
|
Q1 09 | Q4 08 | Q1 08 | |||||||||
|
Gross
Margin
|
75.2 | % | 72.7 | % | 73.8 | % | ||||||
|
Operating
Expense
|
$ | 47.4M | $ | 52.6M | $ | 50.5M | ||||||
|
Operating
Margin
|
7.5 | % | 1.8 | % | 6.2 | % | ||||||
|
Net
Profit
|
$ | 2.6M | $ | 65.5M | $ | 5.3M | ||||||
|
Earnings
Per Diluted Share (EPS)
|
$ | 0.04 | $ | 0.98 | $ | 0.07 | ||||||
|
Key
Non-GAAP Operating Results
|
Q1 09 | Q4 08 | Q1 08 | |||||||||
|
Non-GAAP
Operating Expense
|
$ | 46.5M | $ | 48.5M | $ | 50.5M | ||||||
|
Non-GAAP
Operating Margin
|
8.8 | % | 7.2 | % | 6.2 | % | ||||||
|
Non-GAAP
Net Profit
|
$ | 3.2M | $ | 4.9M | $ | 5.3M | ||||||
|
Non-GAAP
Earnings Per Diluted Share (EPS)
|
$ | 0.05 | $ | 0.07 | $ | 0.07 | ||||||
Liquidity and Capital
Resources
As of
March 31, 2009, Align had $124.7 million in cash, cash equivalents, and short
term marketable securities compared to $110.2 million as of December 31,
2008.
Key Business
Metrics
The
following table highlights business metrics for Align’s first quarter of
2009. Additional historical information is available on the Company’s
website at http://investor.aligntech.com.
|
Revenue by Channel ($M):
|
Q1 09
|
% of Revenue
|
Q1 09/Q1 08
% Change
|
|||||||||
|
North
American Orthodontists
|
$ | 21.1 | 30.1 | % | (6.5 | )% | ||||||
|
North
American GP Dentists
|
$ | 30.9 | 44.1 | % | (8.9 | )% | ||||||
|
International
|
$ | 14.3 | 20.3 | % | 0.5 | % | ||||||
|
Non-case
Revenue*
|
$ | 3.8 | 5.5 | % | (5.7 | )% | ||||||
|
Total
Revenue
|
$ | 70.1 | 100.0 | % | (6.2 | )% | ||||||
|
*includes
training, ancillary products, and retainers
|
||||||||||||
|
Cases Shipped by Channel:
|
Q1 09
|
% of Cases
|
Q1 09/Q1 08
% Change
|
|||||||||
|
North
American Orthodontists
|
16,890 | 33.7 | % | (4.0 | )% | |||||||
|
North
American GP Dentists
|
23,335 | 46.6 | % | (9.7 | )% | |||||||
|
International
|
9,835 | 19.7 | % | 18.1 | % | |||||||
|
Total
Cases Shipped
|
50,060 | 100.0 | % | (3.3 | )% | |||||||
- 2
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
|
Cases Shipped by Product:
|
Q1 09
|
% of Cases
|
Q1 09/Q1 08
% Change
|
|||||||||
|
Invisalign
Full
|
37,245 | 74.4 | % | (14.6 | )% | |||||||
|
Invisalign
Express
|
8,010 | 16.0 | % | (1.9 | )% | |||||||
|
Invisalign
Teen
|
3,895 | 7.8 | % | N/A | ||||||||
|
Invisalign
Assist
|
910 | 1.8 | % | N/A | ||||||||
|
Total
Cases Shipped
|
50,060 | 100.0 | % | (3.3 | )% | |||||||
|
Average
Selling Price (ASP), as billed:
|
Q1 09
|
|||||||||||
|
Total
Worldwide Blended ASP
|
$ | 1,365 | ||||||||||
|
International
ASP
|
$ | 1,450 | ||||||||||
|
Number
of Doctors Cases were Shipped to:
|
Q1 09
|
|||||||||||
|
North
American Orthodontists
|
3,670 | |||||||||||
|
North
American GP Dentists
|
10,625 | |||||||||||
|
International
|
3,070 | |||||||||||
|
Total
Doctors Cases were Shipped to Worldwide
|
17,365 | |||||||||||
|
Number
of Doctors Trained Worldwide:
|
Q1 09
|
Cumulative
|
||||||||||
|
North
American Orthodontists
|
75 | 8,740 | ||||||||||
|
North
American GP Dentists
|
815 | 33,475 | ||||||||||
|
International
|
330 | 14,515 | ||||||||||
|
Total
Doctors Trained Worldwide
|
1,220 | 56,730 | ||||||||||
|
Doctor
Utilization Rates*:
|
Q1 09
|
Q4 08
|
Q1 08
|
|||||||||
|
North
American Orthodontists
|
4.6 | 4.6 | 4.8 | |||||||||
|
North
American GP Dentists
|
2.2 | 2.3 | 2.4 | |||||||||
|
International
|
3.2 | 3.4 | 3.2 | |||||||||
|
Total
Utilization Rate
|
2.9 | 3.0 | 3.1 | |||||||||
*
Utilization = # of cases shipped/# of doctors to whom cases were
shipped
|
Total
Invisalign Patients (cases shipped):
|
Q1 09
|
Cumulative
|
||||||
|
Number
of Patients Treated or in Treatment (cases)
|
50,060 | 994,115 | ||||||
Align Ships One Millionth
Case
Subsequent
to Q1 09, Align achieved a significant milestone, shipping its one millionth
Invisalign case to Dr. James Kohl, of Wilmette, Illinois for his teenage
patient. Align now has over a million patients who have completed or are in
treatment using the Invisalign System.
Q2 Fiscal 2009 Business
Outlook
For the
second quarter of fiscal 2009 (Q2 09), Align Technology expects net revenues to
be in a range of $67.5 million to $70.5 million. Operating margin for Q2 09 is
expected to be in a range of 0% to 1%. GAAP earnings per diluted share for Q2 09
is expected to be in a range of breakeven to $0.01. Non-GAAP earnings
per diluted share for Q2 09 is expected to be in a range of $0.01 to $0.02.
Stock-based compensation expense for Q2 09 is expected to be approximately $4.9
million.
A more
comprehensive business outlook is available following the financial tables of
this release.
- 3
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
Align Web Cast and
Conference Call
Align
Technology will host a conference call today, April 23, 2009 at 4:30 p.m. ET,
1:30 p.m. PT, to review its first quarter fiscal 2009 results, discuss future
operating trends and business outlook. The conference call will also be web cast
live via the Internet. To access the web cast, go to the “Events
& Presentations” section under Company Information on Align Technology’s
Investor Relations web site at http://investor.aligntech.com. To
access the conference call, please dial 201-689-8341 approximately fifteen
minutes prior to the start of the call. If you are unable to listen
to the call, an archived web cast will be available beginning approximately one
hour after the call's conclusion and will remain available for approximately 12
months. Additionally, a telephonic replay of the call can be accessed by dialing
877-660-6853 with account number 292 followed by # and conference number 318996
followed by #. The replay must be accessed from international locations by
dialing 201-612-7415 and using the same account and conference numbers
referenced above. The telephonic replay will be available through 5:30 p.m. ET
on May 6, 2009.
About Align Technology,
Inc.
Align
Technology designs, manufactures and markets Invisalign, a proprietary method
for treating malocclusion, or the misalignment of teeth. Invisalign 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, Invisalign significantly reduces
the aesthetic and other limitations associated with braces. Invisalign is
appropriate for treating adults and teens. Align Technology was founded in March
1997 and received FDA clearance to market Invisalign in 1998. Today, the
Invisalign product family includes Invisalign, Invisalign Teen, Invisalign
Assist, Invisalign Express, and Vivera Retainers.
To learn
more about Invisalign or to find a certified Invisalign doctor in your area,
please visit www.invisalign.com or call 1-800-INVISIBLE.
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 operating expenses,
non-GAAP profit from operations, non-GAAP net profit, and non-GAAP earnings per
share, which exclude the effect of charges associated with the
restructuring,
release of the tax valuation allowance and the related tax effect. 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. For more information on these
non-GAAP financial measures, please see the tables captioned “Business Outlook
Summary” included at the end of this release.
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 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.
- 4
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
Forward-Looking
Statement
This news
release, including the tables below, contains forward-looking statements,
including statements regarding, certain business metrics for the second quarter
of 2009, including anticipated 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, failure to achieve the expected cost savings and efficiencies
related to the restructuring, including a delay in the implementation of the
relocation of certain customer facing organizations from Santa Clara, California
to Costa Rica and greater than anticipated costs resulting from the relocation,
changes in the size of the expected restructuring charge, loss of key personnel
responsible for execution of the relocation in a timely manner, failure to
effectively manage the relocation resulting in decreased customer service
levels, 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, continued customer
demand for Invisalign 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 Invisalign by
consumers and dental professionals, Align's third party manufacturing processes
and personnel, foreign operational, political and other risks relating to
Align's international manufacturing operations, Align's ability to protect its
intellectual property rights, competition from manufacturers of traditional
braces and new competitors, Align's ability to develop and successfully
introduce new products and product enhancements, and the loss of key personnel.
These and other risks are detailed from time to time in Align's periodic reports
filed with the Securities and Exchange Commission, including, but not limited
to, its Annual Report on Form 10-K for the fiscal year ended December 31, 2008,
which was filed with the Securities and Exchange Commission on February 27,
2009. Align undertakes no obligation to revise or update publicly any
forward-looking statements for any reason.
- 5
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
ALIGN
TECHNOLOGY, INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in
thousands, except per share data)
|
Three Months Ended
|
||||||||
|
|
March 31,
2009
|
March 31,
2008
|
||||||
|
Net
revenues
|
$ | 70,132 | $ | 74,776 | ||||
|
Cost
of revenues
|
17,425 | 19,608 | ||||||
|
Gross
profit
|
52,707 | 55,168 | ||||||
|
Operating
expenses:
|
||||||||
|
Sales
and marketing
|
27,854 | 28,059 | ||||||
|
General
and administrative
|
13,468 | 15,188 | ||||||
|
Research
and development
|
5,191 | 7,295 | ||||||
|
Restructuring
|
910 | - | ||||||
|
Total
operating expenses
|
47,423 | 50,542 | ||||||
|
Profit
from operations
|
5,284 | 4,626 | ||||||
|
Interest
and other income (expense), net
|
148 | 966 | ||||||
|
Profit
before income taxes
|
5,432 | 5,592 | ||||||
|
Provision
for income taxes
|
(2,796 | ) | (288 | ) | ||||
|
Net
profit
|
$ | 2,636 | $ | 5,304 | ||||
|
Net
profit per share
|
||||||||
|
-
basic
|
$ | 0.04 | $ | 0.08 | ||||
|
-
diluted
|
$ | 0.04 | $ | 0.07 | ||||
|
Shares
used in computing net profit per share
|
||||||||
|
-
basic
|
65,983 | 69,053 | ||||||
|
-
diluted
|
66,447 | 70,860 | ||||||
- 6
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
|
ALIGN
TECHNOLOGY, INC.
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(in
thousands)
|
|
March
31,
2009
|
December
31,
2008
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 97,051 | $ | 87,100 | ||||
|
Marketable
securities, short-term
|
27,633 | 23,066 | ||||||
|
Accounts
receivable, net
|
51,665 | 52,362 | ||||||
|
Inventories,
net
|
2,068 | 1,965 | ||||||
|
Other
current assets
|
14,588 | 13,414 | ||||||
|
Total
current assets
|
193,005 | 177,907 | ||||||
|
Property
and equipment, net
|
26,000 | 26,979 | ||||||
|
Goodwill
and intangible assets, net
|
7,566 | 8,266 | ||||||
|
Deferred
tax asset
|
61,133 | 61,696 | ||||||
|
Other
long-term assets
|
1,573 | 4,493 | ||||||
|
Total
assets
|
$ | 289,277 | $ | 279,341 | ||||
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
||||||||
|
Current
liabilities:
|
||||||||
|
Accounts
payable
|
$ | 6,064 | $ | 5,580 | ||||
|
Accrued
liabilities
|
35,656 | 38,282 | ||||||
|
Deferred
revenue
|
19,654 | 16,710 | ||||||
|
Total
current liabilities
|
61,374 | 60,572 | ||||||
|
Other
long term liabilities
|
204 | 229 | ||||||
|
Total
liabilities
|
61,578 | 60,801 | ||||||
|
Total
stockholders' equity
|
227,699 | 218,540 | ||||||
|
Total
liabilities and stockholders' equity
|
$ | 289,277 | $ | 279,341 | ||||
- 7
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
|
RECONCILIATION
OF GAAP TO NON-GAAP KEY FINANCIAL
METRICS
|
|
Reconciliation
of GAAP to Non-GAAP Operating Expenses
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
March
31,
2009
|
December
31,
2008
|
March
31,
2008
|
||||||||||
|
GAAP
Operating expenses
|
$ | 47,423 | $ | 52,567 | $ | 50,542 | ||||||
|
Restructuring
|
(910 | ) | (4,042 | ) | - | |||||||
|
Non-GAAP
Operating expenses
|
$ | 46,513 | $ | 48,525 | $ | 50,542 | ||||||
|
Reconciliation
of GAAP to Non-GAAP Profit from Operations
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
March
31,
2009
|
December
31,
2008
|
March
31,
2008
|
||||||||||
|
GAAP
Profit from Operations
|
$ | 5,284 | $ | 1,325 | $ | 4,626 | ||||||
|
Restructuring
|
910 | 4,042 | - | |||||||||
|
Non-GAAP
Profit from Operations
|
$ | 6,194 | $ | 5,367 | $ | 4,626 | ||||||
|
Reconciliation
of GAAP to Non-GAAP Net Profit
|
||||||||||||
|
(in
thousands, except per share amounts)
|
||||||||||||
|
Three
Months Ended
|
||||||||||||
|
March
31,
2009
|
December
31,
2008
|
March
31,
2008
|
||||||||||
|
GAAP
Net profit
|
$ | 2,636 | $ | 65,496 | $ | 5,304 | ||||||
|
Restructuring
|
910 | 4,042 | - | |||||||||
|
Tax
effect on non-GAAP adjustments
|
(355 | ) | (43 | ) | - | |||||||
|
Release
of tax valuation allowance
|
- | (64,608 | ) | - | ||||||||
|
Non-GAAP
Net profit
|
$ | 3,191 | $ | 4,887 | $ | 5,304 | ||||||
|
Diluted
Net profit per share:
|
||||||||||||
|
GAAP
|
$ | 0.04 | $ | 0.98 | $ | 0.07 | ||||||
|
Non-GAAP
|
$ | 0.05 | $ | 0.07 | $ | 0.07 | ||||||
|
Shares
used in computing diluted net profit share
|
66,447 | 66,816 | 70,860 | |||||||||
- 8
- -
Align
Technology, Inc. Q1 Fiscal 2009 Earnings Release
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)
|
Q2
2009
|
||||||||||||
|
GAAP
|
Adjustment
|
(a) |
Non-GAAP
|
|||||||||
|
Net
Revenue
|
$67.5
- $70.5
|
$67.5
- $70.5
|
||||||||||
|
Gross
Margin
|
74.5%
- 75.0%
|
74.5%
- 75.0%
|
||||||||||
|
Operating
Expenses
|
$50.5
-$52.0
|
$ | 0.6 | (a) |
449.9
- $51.4
|
|||||||
|
Operating
Margin
|
0%
- 1%
|
1 | % |
1%
- 2%
|
||||||||
|
Net
Income per Diluted Share
|
$0.00
- $0.01
|
$ | 0.01 |
$0.01
- $0.02
|
||||||||
|
Stock
Based Compensation Expense:
|
||||||||||||
|
Cost
of Revenues
|
$ | 0.5 | $ | 0.5 | ||||||||
|
Operating
Expenses
|
$ | 4.4 | $ | 4.4 | ||||||||
|
Total
Stock Based Compensation Expense
|
$ | 4.9 | $ | 4.9 | ||||||||
(a)
Restructuring charges
Business
Metrics:
|
Q2
2009
|
||||
|
Case
Shipments
|
48.0K - 50.0K | |||
|
Cash
|
$122M - $126M | |||
|
DSO
|
mid
60's
|
|||
|
Capex
|
$2.0M - $4.0M | |||
|
Depreciation
& Amortization
|
42.0M - $3.0M | |||
|
Diluted
Shares Outstanding
|
67M | |||
|
Full
Year 2009:
|
FY
2009
|
|||
|
Stock
Based compensation
|
$ | 17.5M | ||
|
Diluted
Shares Outstanding
|
67M | |||
- 9
- -