Align Technology Announces Second Quarter Fiscal 20...( ...),Health

SANTA CLARA, Calif., July 23 /PRNewswire-FirstCall/ -- Align Technology, Inc. (Nasdaq: ALGN) today reported financial results for the second quarter, ended June 30, 2009.

Total net revenues for the second quarter of fiscal 2009 (Q2 09) were $76.3 million compared to $70.1 million reported in the first quarter of 2009 (Q1 09) and compared to $79.9 million reported in the second quarter of 2008 (Q2 08). Invisalign case shipments for Q2 09 were 53.0 thousand, compared to 50.1 thousand in Q1 09 and compared to 54.9 thousand in Q2 08.

Net profit for Q2 09 was $4.5 million, or $0.07 per diluted share. This is compared to net profit of $2.6 million, or $0.04 per diluted share in Q1 09 and net profit of $4.0 million, or $0.06 per diluted share in Q2 08. Stock-based compensation expense included in Q2 09 net profit was $4.3 million compared to $3.7 million in Q1 09 and $4.8 million in Q2 08.

"Overall, we had a good quarter with better than expected results across the board, including record gross margins and continued profitability," said Thomas M. Prescott, president and CEO of Align Technology. "Second quarter revenues increased 9% sequentially to $76.3 million on case shipments of 53.0 thousand, driven by strong international growth and continued uptake of Invisalign Teen."

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 Q2 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 tabl
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