Technology Announces Fourth Quarter and Fiscal 2008 Results
CLARA, Calif., January 28, 2009 — Align Technology, Inc. (Nasdaq: ALGN) today
reported financial results for the fourth quarter and fiscal year ended December
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
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
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.
profit for fiscal 2008 was $80.0 million, or $1.18 per diluted share, which
includes 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.
Technology Inc. 881 Martin Avenue Santa Clara, CA 95050 Tel: (408)
470-1000 Fax: (408) 470-1201
The following information was filed by Align Technology Inc (ALGN) on Wednesday, January 28, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: ALGN CIK: 1097149 Form Type:10-K Annual Report Accession Number: 0001047469-09-001977 Submitted to the SEC: Fri Feb 27 2009 3:31:45 PM EST Accepted by the SEC: Fri Feb 27 2009 Period: Wednesday, December 31, 2008 Industry: Orthopedic Prosthetic And Surgical Appliances And Supplies