Align Technology Announces Second Quarter Fiscal 20...( - Record Q2 net revenues of $79.9 mil...),Health

- Record Q2 net revenues of $79.9 million increase 6.9 percent sequentially

- Q2 GAAP net profit of $4.0 million, or $0.06 per diluted share

- Case shipments of 54,870 increase 6.0 percent sequentially

- Initiating cost-saving measures including a workforce reduction

SANTA CLARA, Calif., July 29 /PRNewswire-FirstCall/ -- Align Technology, Inc. (Nasdaq: ALGN) today reported financial results for the second quarter of fiscal 2008, ended June 30, 2008.

Total net revenues for the second quarter of fiscal 2008 (Q2 08) were a record $79.9 million. This reflects a year-over-year increase of 4.3 percent compared to $76.6 million in the second quarter of 2007 (Q2 07). On a sequential basis, net revenues increased 6.9 percent from $74.8 million in the first quarter of 2008 (Q1 08). Q2 07 shipments included approximately four thousand cases and revenue of $5.2 million from the reduction in backlog and cycle times caused by the allocation of capacity to the Patients First Program during the fourth quarter of 2006 and the first quarter of 2007.

"I'm pleased with our solid performance in the second quarter despite an ever more challenging economic environment for our doctors and their patients," said Thomas M. Prescott, president and CEO of Align Technology. "During the second quarter, we continued to execute on our strategic initiatives including today's launch of Invisalign Teen following the successful pilot of the product."

Net profit for Q2 08 was $4.0 million, or $0.06 per diluted share. This is compared to net profit of $13.6 million, or $0.19 per diluted share in Q2 07, and net profit of $5.3 million, or $0.07 per diluted share in Q1 08. Stock-based compensation expense included in Q2 08 net prof
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