Align Technology Announces Fourth Quarter and Fiscal 20...( SANTA CLARA Calif. Jan. 28 /- Ali...),Health

SANTA CLARA, Calif., Jan. 28 /PRNewswire-FirstCall/ -- Align Technology, Inc. (Nasdaq: ALGN) today reported financial results for the fourth quarter and fiscal year ended December 31, 2008.

Total net revenues for the fourth quarter of fiscal 2008 (Q4 08) were $74.1 million compared to $72.5 million reported in the fourth quarter of 2007 (Q4 07) and compared to $75.2 million reported in the third quarter of 2008 (Q3 08). For fiscal 2008 (FY 08), net revenues of $304.0 million increased 6.9 percent from $284.3 million reported for fiscal 2007 (FY 07).

"Despite the challenges of fiscal 2008 we had many significant accomplishments," said Thomas M. Prescott, president and CEO of Align Technology. "We successfully launched three new products including Invisalign Teen, grew annual revenues during the worst business environment in decades, and took action to reduce the Company's cost structure. As we embark on a new year, the economy remains very difficult and our outlook is more uncertain. However, the market opportunity and value proposition for Invisalign is strong and we will continue to execute our strategy to drive adoption worldwide."

Net profit for Q4 08 was $65.5 million, or $0.98 per diluted share. This includes a restructuring charge of $4.0 million and 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. This is compared to net profit of $5.7 million, or $0.08 per diluted share in Q4 07, and net profit of $5.2 million, or $0.08 per diluted share in Q3 08. Stock-based compensation expense included in Q4 08 net profit was $3.9 million compared to $3.4 million in Q4 07, and $4.4 million in Q3 08.

Net profit for fiscal 2008 was $80.0 million, or $1.18 per diluted share, which in
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