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Align Technology Announces First Quarter Fiscal 2009 Results
Date:4/23/2009

- 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 /PRNewswire-FirstCall/ --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."

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SOURCE Align Technology, Inc.
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