Align Technology Announces Fourth Quarter and Fiscal 20...(cludes a restructuring charge of $6.2 mi...),Health

Date:1/28/2009

cludes a restructuring charge of $6.2 million and the favorable impact of approximately $64.6 million, or $0.95 per diluted share from the release of a tax valuation allowance on specific deferred tax assets in Q4 08. This compares to a net profit of $35.7 million, or $0.50 per diluted share in fiscal 2007. Stock-based compensation expense included in FY 08 net profit was $17.1 million compared to $12.2 million in FY 07.

To supplement our consolidated financial statements, 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. For Q4 08 and fiscal 2008, the non-GAAP financial measures excluded the impact of restructuring and the release of the tax valuation allowance from net profit. For Q3 08, the non-GAAP financial measures excluded the impact of restructuring, and for fiscal 2007, the non-GAAP financial measures excluded the impact of the Patients First Program from net profit. 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 Q4 08 was $4.9 million, or $0.07 per diluted share. This is compared to non-GAAP net profit of $7.3 million, or $0.11 per diluted share in Q3 08. In Q4 07, there was no difference between GAAP and non-GAAP net profit. Non-GAAP net profit for fiscal 2008 was $21.5 million or $0.32 per diluted share. This compares to a non-GAAP net profit of $34.0 million or $0.48 per diluted share in fiscal 2007.

    Q4 08 Operating Results

    Key GAAP Operating Results                 Q4 08     Q3 08      Q4 07
    Gross Margin                               72.7%     75.0%      73.6%
    Operating Expense                          $52.6M    $50.7M     $48.4M
    Operating Margin                           1.8%      7.6%       6.9%
    Net Profit                      
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SOURCE  Align Technology
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