Align Technology, Inc. (Nasdaq: ALGN) today reported financial
results for the second quarter ended June 30, 2019. Q2’19
Invisalign volume was 377.1 thousand cases, up 24.6%
year-over-year. For the Americas and International regions, Q2’19
Invisalign volume was up 16.5% and 36.7% year-over-year,
respectively. Q2’19 Invisalign volume for teenage patients was
103.7 thousand cases, up 32.2% year-over-year. Q2’19 total revenues
were $600.7 million, up 22.5% year-over-year, and Q2’19 scanner and
services revenues were $104.0 million, up 82.4% year-over-year.
Q2’19 operating income of $176.5 million was up
43.8% year-over-year resulting in an operating margin of 29.4%.
Q2’19 net profit was $147.1 million, or $1.83 per diluted EPS.
Q2’19 operating expense included a $51.0 million benefit from the
ClearCorrect settlement with Straumann, which increased Q2
operating margin by approximately 8 points and benefited EPS by
$0.57, respectively.
Commenting on Align’s second quarter results and
outlook for the third quarter, Align Technology President and CEO
Joe Hogan said, “Our second quarter revenues were at the high-end
of our guidance, reflecting Invisalign volume growth primarily from
international doctors, as well as very strong sales from iTero
scanner and services. Q2 Invisalign volumes were up 24.6%
year-over-year reflecting continued adoption from teenage and
younger patients, as well as increased utilization among
orthodontists and expansion of our customer base which totaled
60,000 active doctors worldwide. In Q2, total Invisalign case
shipments were lower than expected, primarily due to a softness in
China related to a tougher consumer environment and slower growth
in young adult case in North America. Given the uncertainty in
China, our outlook for the third quarter reflects a more cautious
view for growth in the Asia Pacific region.”
GAAP Summary Financial
ComparisonsSecond Quarter Fiscal 2019
|
Q2’19 |
Q1’19 |
Q2’18 |
Q/Q Change |
Y/Y Change |
Invisalign Case
Shipments1 |
377,145 |
349,195 |
302,685 |
+8.0% |
+24.6% |
Net Revenues |
$600.7M |
$549.0M |
$490.3M |
+9.4% |
+22.5% |
Clear
Aligner2 |
$496.7M |
$469.2M |
$433.3M |
+5.9% |
+14.6% |
Scanner &
Services |
$104.0M |
$79.8M |
$57.0M |
+30.4% |
+82.4% |
Net Profit3,
4 |
$147.1M |
$71.8M |
$106.1M |
+104.8% |
+38.7% |
Diluted
EPS3, 4 |
$1.83 |
$0.89 |
$1.30 |
+$0.94 |
+$0.53 |
Note: Changes and percentages are based on actual values and may
affect totals due to rounding1 Invisalign shipment figures do not
include SmileDirectClub aligners 2 Clear aligner revenue includes
revenues from Invisalign clear aligners and SmileDirectClub
aligners 3 Q1’19 results include impairments and other charges of
$29.8 million related to closing Invisalign Stores as a result of
the arbitrator’s decision regarding SmileDirectClub announced March
5, 2019.4 Q2’19 results include a $51.0 million gain from Straumann
litigation settlement.
As of June 30, 2019, Align had $765.9 million in
cash, cash equivalents and marketable securities compared to $732.5
million as of March 31, 2019. In May 2019, we purchased on the open
market approximately 0.2 million shares of our common
stock at an average price of $307.48 per share, including
commission, for an aggregate purchase price of $49.5 million. We
have $400.5 million remaining available for repurchase under the
May 2018 Repurchase Program.
Announcements and Highlights
The following list highlights Align’s key announcements over the
past quarter: Corporate
- During the quarter, Align shipped
its 7 millionth Invisalign patient who is a young child in the U.S.
being treated with Invisalign First.
- Announced that Align and Straumann
Group terminated discussions concerning a possible development and
distribution agreement that was disclosed as part of the patent
settlement agreement announced by the two companies in March of
this year.
- Announced that Simon Beard was
appointed as senior vice president of the Americas region and
Markus Sebastian was promoted to senior vice president of the EMEA
region.
- Align awarded ten research grants
totaling $250,000 as part of its ongoing annual research awards
program to universities worldwide.
- Announced that Roger E. George,
Align senior vice president, chief legal and regulatory officer has
retired and that Julie Coletti was appointed to senior vice
president and Chief Legal and Regulatory Officer.
- Announced that on April 26, 2019,
an Administrative Law Judge with the United States International
Trade Commission issued an Initial Determination regarding her
investigation of 3Shape’s infringement on Align’s patents.
- Align completed the purchase of the
Raleigh office building located in Morrisville, NC. This office
serves as the Americas headquarters.
Invisalign and iTero Intraoral Scanner
- Launched the new iTero Element
Foundation intraoral scanner with restorative software. The
iTero Element Foundation extends Align’s portfolio of
intraoral scanners with powerful 3D visualization to better meet
the needs of doctors, labs and patients.
Q3 2019 Business Outlook
For the third quarter of 2019 (Q3’19), Align provides the
following guidance:
- Net revenues in the range of $585
million to $600 million, up approximately 16% to 19% over the same
period a year ago
- Invisalign case shipments in the
range of 370 thousand to 380 thousand, up approximately 16% to 19%
over the same period a year ago
- Operating margin in the range of 19.8% to 20.5%
- Diluted EPS in the range of $1.09 to $1.16
- In addition, we expect to repurchase at least $100 million of
our stock in the open market in Q3
- As we continue our operational expansion efforts, we expect
CapEx for Q3 to be approximately $50 million to $55 million, and we
expect depreciation and amortization to be $24 million to 26
million
Align Web Cast and Conference CallAlign will
host a conference call today, July 24, 2019 at 4:30 p.m. ET, 1:30
p.m. PT, to review its second quarter 2019 results, discuss future
operating trends and the business outlook. The conference call will
also be web cast live via the Internet. To access the webcast, go
to the “Events & Presentations” section under Company
Information on Align’s Investor Relations web site at
http://investor.aligntech.com. To access the conference call,
please dial 201-689-8261. An archived audio web cast will be
available beginning approximately one hour after the call's
conclusion and will remain available for approximately 12 months.
Additionally, a telephonic replay of the call can be accessed by
dialing 877-660-6853 with conference number 13691835 followed by #.
For international callers, please dial 201-612-7415 and use the
same conference number referenced above. The telephonic replay will
be available through 5:30 p.m. ET on August 7, 2019.
About Align Technology, Inc.Align Technology
designs and manufactures the Invisalign® system, the most advanced
clear aligner system in the world, and iTero® intraoral scanners
and services. Align’s products help dental professionals achieve
the clinical results they expect and deliver effective,
cutting-edge dental options to their patients. Visit
www.aligntech.com for more information.
For additional information about the Invisalign
system or to find an Invisalign doctor in your area, please visit
www.invisalign.com. For additional information about iTero digital
scanning system, please visit www.itero.com.
Forward-Looking Statement
This news release, including the tables below,
contains forward-looking statements, including statements regarding
certain business metrics for the third quarter of 2019, including,
but not limited to, anticipated net revenues, gross margin,
operating expenses, operating profit, capital expenditures,
depreciation and amortization, diluted earnings per share, tax
rate, case shipments, and our expectations regarding stock
repurchases during the quarter. Forward-looking statements
contained in this news release and the tables below relating to
expectations about future events or results are based upon
information available to Align as of the date hereof. Readers are
cautioned that these forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions
that are difficult to predict. As a result, actual results may
differ materially and adversely from those expressed in any
forward-looking statement. Factors that might cause such a
difference include, but are not limited to, difficulties predicting
customer and consumer purchasing behavior, including Align’s
predictions related to a tougher consumer demand environment in
China, especially for U.S. based products and services, Align’s
expectations regarding the continued growth of our international
markets, Align's ability to protect its intellectual property
rights, continued compliance with regulatory requirements,
competition from existing and new competitors, Align’s expectations
regarding the sales growth of its intra-oral scanner sales in
international markets, its belief that technology features and
functionality of the iTero scanners will increase adoption of
Invisalign and increase sales of Align’s intra-oral scanners,
Align’s expectations regarding the financial and strategic benefits
of establishing regional order acquisition, treatment planning and
manufacturing facilities, the willingness and ability of our
customers to maintain and/or increase product utilization in
sufficient numbers, the possibility that the development and
release of new products does not proceed in accordance with the
anticipated timeline, the possibility that the market for the sale
of these new products may not develop as expected, or that the
expected benefits of new or existing business relationships will
not be achieved as anticipated, Align’s expectation to incur
additional costs related to the planned corporate structure
reorganization, the risks relating to Align's ability to sustain or
increase profitability or revenue growth in future periods while
controlling expenses, the expected impact additional sales
representatives will have on our sales in 2019, growth related
risks, including excess or constrained capacity at our
manufacturing and treat operations facilities and pressure on our
internal systems and personnel, the security of customer and/or
patient data is compromised for any reason, system integration and
implementation issues, continued customer demand for our existing
and new products, changes in consumer spending habits as a result
of, among other things, prevailing economic conditions, levels of
employment, salaries and wages and consumer confidence, the timing
of case submissions from our doctors within a quarter as well as an
increased manufacturing costs per case, acceptance of our products
by consumers and dental professionals, foreign operational,
political and other risks relating to Align's international
manufacturing operations, Align's ability to develop and
successfully introduce new products and product enhancements and
the loss of key personnel. These and other risks are detailed from
time to time in Align's periodic reports filed with the Securities
and Exchange Commission, including, but not limited to, its Annual
Report on Form 10-K for the year ended December 31, 2018, which was
filed with the Securities and Exchange Commission (SEC) on February
28, 2019 and its latest Quarterly Report on Form 10-Q for the
quarter ended March 31, 2019, which was filed with the SEC on May
2, 2019. Align undertakes no obligation to revise or update
publicly any forward-looking statements for any reason.
|
ALIGN TECHNOLOGY,
INC. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Month Ended June 30, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
600,697 |
|
|
$ |
490,259 |
|
|
$ |
1,149,668 |
|
|
$ |
927,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of net
revenues |
|
168,408 |
|
|
|
124,677 |
|
|
|
315,283 |
|
|
|
234,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
432,289 |
|
|
|
365,582 |
|
|
|
834,385 |
|
|
|
692,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
267,948 |
|
|
|
212,087 |
|
|
|
515,058 |
|
|
|
411,712 |
|
Research and development |
|
38,851 |
|
|
|
30,804 |
|
|
|
76,354 |
|
|
|
60,395 |
|
Impairments and other charges |
|
- |
|
|
|
- |
|
|
|
29,782 |
|
|
|
- |
|
Litigation settlement gain |
|
(51,000 |
) |
|
|
- |
|
|
|
(51,000 |
) |
|
|
- |
|
Total operating expenses |
|
255,799 |
|
|
|
242,891 |
|
|
|
570,194 |
|
|
|
472,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
176,490 |
|
|
|
122,691 |
|
|
|
264,191 |
|
|
|
220,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
3,465 |
|
|
|
1,917 |
|
|
|
6,098 |
|
|
|
4,093 |
|
Other income (expense),
net |
|
13,892 |
|
|
|
(7,099 |
) |
|
|
8,146 |
|
|
|
(6,922 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before provision
for income taxes and equity in losses of investee |
|
193,847 |
|
|
|
117,509 |
|
|
|
278,435 |
|
|
|
218,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes |
|
43,121 |
|
|
|
7,703 |
|
|
|
51,917 |
|
|
|
10,605 |
|
Equity in losses of investee,
net of tax |
|
3,584 |
|
|
|
3,701 |
|
|
|
7,528 |
|
|
|
5,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
147,142 |
|
|
$ |
106,105 |
|
|
$ |
218,990 |
|
|
$ |
201,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.84 |
|
|
$ |
1.32 |
|
|
$ |
2.74 |
|
|
$ |
2.52 |
|
Diluted |
$ |
1.83 |
|
|
$ |
1.30 |
|
|
$ |
2.71 |
|
|
$ |
2.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net
income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
79,943 |
|
|
|
80,216 |
|
|
|
79,901 |
|
|
|
80,127 |
|
Diluted |
|
80,590 |
|
|
|
81,471 |
|
|
|
80,665 |
|
|
|
81,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
(in
thousands) |
|
|
|
|
|
|
|
June 30, 2019 |
|
December 31, 2018 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
423,500 |
|
$ |
636,899 |
Marketable securities, short-term |
|
297,422 |
|
|
98,460 |
Accounts receivable, net |
|
520,094 |
|
|
439,009 |
Inventories |
|
81,124 |
|
|
55,641 |
Prepaid expenses and other current assets |
|
135,234 |
|
|
72,470 |
Total current assets |
|
1,457,374 |
|
|
1,302,479 |
|
|
|
|
|
|
Marketable securities,
long-term |
|
44,969 |
|
|
9,112 |
Property, plant and equipment,
net |
|
599,611 |
|
|
521,329 |
Operating lease right-of-use
assets |
|
57,269 |
|
|
- |
Equity method investments |
|
- |
|
|
45,913 |
Goodwill and intangible
assets, net |
|
78,852 |
|
|
81,949 |
Deferred tax assets |
|
59,050 |
|
|
64,689 |
Other assets |
|
48,892 |
|
|
26,987 |
|
|
|
|
|
|
Total assets |
$ |
2,346,017 |
|
$ |
2,052,458 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
61,950 |
|
$ |
64,256 |
Accrued liabilities |
|
245,634 |
|
|
234,679 |
Deferred revenues |
|
481,462 |
|
|
393,138 |
Total current liabilities |
|
789,046 |
|
|
692,073 |
|
|
|
|
|
|
Income tax payable |
|
98,182 |
|
|
78,008 |
Operating lease
liabilities |
|
59,140 |
|
|
- |
Other long-term
liabilities |
|
25,967 |
|
|
29,486 |
Total liabilities |
|
972,335 |
|
|
799,567 |
|
|
|
|
|
|
Total stockholders'
equity |
|
1,373,682 |
|
|
1,252,891 |
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
2,346,017 |
|
$ |
2,052,458 |
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in
thousands) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
294,561 |
|
|
$ |
217,121 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
Net cash (used in) provided by investing activities |
|
(321,020 |
) |
|
|
54,003 |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
Net cash used in financing activities |
|
(188,381 |
) |
|
|
(170,745 |
) |
Effect of foreign exchange rate changes on cash, cash equivalents,
and restricted cash |
|
1,467 |
|
|
|
(1,923 |
) |
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
|
(213,373 |
) |
|
|
98,456 |
|
Cash, cash equivalents, and restricted cash at beginning of the
period |
|
637,566 |
|
|
|
450,125 |
|
Cash, cash equivalents, and restricted cash at end of the
period |
$ |
424,193 |
|
|
$ |
548,581 |
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
INVISALIGN
BUSINESS METRICS* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018 |
|
Q2 2018 |
|
Q32018 |
|
Q42018 |
|
Fiscal2018 |
|
Q12019 |
|
Q22019 |
|
|
|
|
|
|
|
Invisalign Average
Selling Price (ASP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide ASP |
$ |
1,310 |
|
$ |
1,315 |
|
$ |
1,230 |
|
$ |
1,235 |
|
$ |
1,270 |
|
$ |
1,245 |
|
$ |
1,230 |
International ASP |
$ |
1,435 |
|
$ |
1,425 |
|
$ |
1,340 |
|
$ |
1,295 |
|
$ |
1,370 |
|
$ |
1,330 |
|
$ |
1,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Cases
Shipped by Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
166,665 |
|
|
181,425 |
|
|
190,615 |
|
|
189,410 |
|
|
728,115 |
|
|
202,935 |
|
|
211,360 |
International |
|
105,570 |
|
|
121,260 |
|
|
128,730 |
|
|
144,390 |
|
|
499,950 |
|
|
146,260 |
|
|
165,785 |
Total Cases Shipped |
|
272,235 |
|
|
302,685 |
|
|
319,345 |
|
|
333,800 |
|
|
1,228,065 |
|
|
349,195 |
|
|
377,145 |
YoY % growth |
|
30.8% |
|
|
30.5% |
|
|
35.3% |
|
|
30.9% |
|
|
31.9% |
|
|
28.3% |
|
|
24.6% |
QoQ % growth |
|
6.7% |
|
|
11.2% |
|
|
5.5% |
|
|
4.5% |
|
|
|
|
|
4.6% |
|
|
8.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
Invisalign Doctors Cases Were Shipped To: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
27,105 |
|
|
28,280 |
|
|
28,890 |
|
|
29,215 |
|
|
42,000 |
|
|
30,200 |
|
|
31,445 |
International |
|
19,700 |
|
|
21,805 |
|
|
23,270 |
|
|
25,475 |
|
|
36,040 |
|
|
26,510 |
|
|
28,970 |
Total Doctors Cases Shipped To |
|
46,805 |
|
|
50,085 |
|
|
52,160 |
|
|
54,690 |
|
|
78,040 |
|
|
56,710 |
|
|
60,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Doctor
Utilization Rates**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
6.3 |
|
|
6.6 |
|
|
6.9 |
|
|
6.7 |
|
|
18.2 |
|
|
7.0 |
|
|
7.0 |
North American Orthodontists |
|
15.3 |
|
|
16.4 |
|
|
17.4 |
|
|
16.5 |
|
|
56.7 |
|
|
18.3 |
|
|
18.9 |
North American GP Dentists |
|
3.4 |
|
|
3.6 |
|
|
3.5 |
|
|
3.6 |
|
|
9.1 |
|
|
3.6 |
|
|
3.6 |
International |
|
5.4 |
|
|
5.6 |
|
|
5.5 |
|
|
5.7 |
|
|
13.9 |
|
|
5.5 |
|
|
5.7 |
Total Utilization Rates |
|
5.8 |
|
|
6.0 |
|
|
6.1 |
|
|
6.1 |
|
|
15.7 |
|
|
6.2 |
|
|
6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Invisalign
Doctors Trained***: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
1,630 |
|
|
1,880 |
|
|
2,085 |
|
|
2,290 |
|
|
7,885 |
|
|
1,725 |
|
|
2,890 |
International |
|
2,645 |
|
|
3,300 |
|
|
2,845 |
|
|
2,980 |
|
|
11,770 |
|
|
2,410 |
|
|
3,520 |
Total Doctors Trained Worldwide |
|
4,275 |
|
|
5,180 |
|
|
4,930 |
|
|
5,270 |
|
|
19,655 |
|
|
4,135 |
|
|
6,410 |
Total to Date Worldwide |
|
136,575 |
|
|
141,755 |
|
|
146,685 |
|
|
151,955 |
|
151,955 |
|
|
156,090 |
|
|
162,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Historical public data may differ due to rounding.
Additionally, rounding may effect totals. Effective Q1'18, Americas
region includes North America and LATAM. International region
includes EMEA and APAC. We have recasted historical data to reflect
the change. |
* Invisalign
business metrics exclude SmileDirectClub aligners. |
|
|
|
** # of cases shipped / # of doctors to whom cases were shipped.
LATAM utilization rate is not separately disclosed, but included in
the total utilization rates. |
***2018 adjusted to reflect Americas doctors trained for Invisalign
iGo |
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
STOCK-BASED
COMPENSATION |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2018 |
|
Q22018 |
|
Q32018 |
|
Q42018 |
|
Fiscal2018 |
|
Q12019 |
|
Q22019 |
|
|
|
|
|
|
|
Stock-based
Compensation (SBC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBC included in Gross Profit |
$ |
881 |
|
$ |
900 |
|
$ |
966 |
|
$ |
948 |
|
$ |
3,695 |
|
$ |
1,112 |
|
$ |
1,278 |
SBC included in Operating Expenses |
|
14,949 |
|
|
15,990 |
|
|
18,232 |
|
|
17,897 |
|
|
67,068 |
|
|
19,932 |
|
|
21,189 |
Total SBC Expense |
$ |
15,830 |
|
$ |
16,890 |
|
$ |
19,198 |
|
$ |
18,845 |
|
$ |
70,763 |
|
$ |
21,044 |
|
$ |
22,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
BUSINESS OUTLOOK
SUMMARY |
(unaudited) |
|
The outlook
figures provided below and elsewhere in this press release are
approximate in nature since Align’s business outlook is difficult
to predict. Align’s future performance involves numerous
risks and uncertainties and the company’s results could differ
materially from the outlook provided. Some of the factors
that could affect Align’s future financial performance and business
outlook are set forth under “Forward Looking Information” above in
this press release. |
|
|
|
|
Financial
Outlook |
|
|
|
(in millions,
except per share amounts and percentages) |
|
|
|
|
|
|
|
Q3'19 Guidance |
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
Net
Revenues |
|
$585M - $600M |
|
|
|
|
|
Gross
Margin |
|
71.9% - 72.5% |
|
|
|
|
|
Operating
Expenses |
|
$305M - $312M |
|
|
|
|
|
Operating
Margin |
|
19.8% - 20.5% |
|
|
|
|
|
Net Income per Diluted
Share |
|
$1.09 - $1.16 |
|
|
|
|
|
|
|
|
|
Business
Metrics: |
|
Q3'19 |
|
|
|
|
|
Case Shipments |
|
370K - 380K |
|
Capital Expenditure |
|
$50M-$55M |
|
Depreciation &
Amortization |
|
$24M-$26M |
|
Diluted Shares
Outstanding |
|
80.6M |
(1) |
Stock Based Compensation Expense |
|
$25.0M |
|
Effective Tax Rate |
|
~24% |
(2) |
|
|
|
|
(1) Excludes any stock repurchases during the quarter |
(2) Includes
excess tax benefits related to share-based compensation expense
pursuant to ASU 2016-09 |
|
|
|
|
|
Align Technology: |
|
|
Zeno Group: |
Madelyn Homick |
|
|
Sarah Johnson |
(408) 470-1180 |
|
|
(828) 551-4201 |
mhomick@aligntech.com |
|
|
sarah.johnson@zenogroup.com |
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