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Align Technology Announces First Quarter Fiscal 2009 Results


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.

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


SOURCE Align Technology, Inc.
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