Align Technology, Inc. (Nasdaq: ALGN) today reported financial
results for the first quarter ended March 31, 2019. Q1’19
Invisalign volume was 349.2 thousand cases, up 28.3%
year-over-year. For the Americas and International regions, Q1’19
Invisalign volume was up 21.8% and 38.5% year-over-year,
respectively. Q1’19 Invisalign volume for teenage patients was 97.4
thousand cases, up 41.1% year-over-year. Q1’19 total revenues were
$549.0 million, up 25.6% year-over-year, and Q1’19 scanner and
services revenues were $79.8 million, up 55.1% year-over-year.
Q1’19 operating income of $87.7 million was down
10.7% year-over-year resulting in an operating margin of 16.0%.
As a result of the arbitrator’s decision regarding
SmileDirectClub (SDC) announced on March 5, 2019, Q1’19 operating
income included impairments and other charges related to the U.S.
Invisalign Store closures of $29.8 million which reduced operating
margin by 5.4%. Q1’19 net profit was $71.8 million, or $0.89
per diluted EPS which reflected the Invisalign Store closure
charges of $22.2 million, net of tax effects of $7.5 million, or
$0.28 per diluted EPS.
Commenting on Align’s Q1 2019 results, Align
Technology President and CEO Joe Hogan said, “Our first quarter was
a very good start to the year with revenues, volumes, gross margin,
and EPS above our guidance. Record Q1 revenues and Invisalign
volumes were up 25.6% and 28.3% year-over-year, respectively,
reflecting continued strong growth across all geographies and
customer channels, as well as strong iTero scanner and services
revenues, which were up 55.1% year-over-year. Q1 sequential
growth was driven primarily by North America and the EMEA region,
reflecting strength across the Invisalign product portfolio.
We also saw a nice uptick in adoption of Invisalign treatment with
record utilization overall, as well as expansion of our customer
base which totaled 57,000 active doctors worldwide in Q1.”
GAAP Summary Financial ComparisonsFirst
Quarter Fiscal 2019
|
Q1’19 |
Q4’18 |
Q1’18 |
Q/Q Change |
Y/Y Change |
Invisalign Case
Shipments1 |
|
349,195 |
|
333,800 |
|
272,235 |
|
+4.6% |
|
|
+28.3% |
|
Net Revenues |
$549.0M |
$534.0M |
$436.9M |
|
+2.8% |
|
|
+25.6% |
|
Clear
Aligner2 |
$469.2M |
$445.6M |
$385.5M |
|
+5.3% |
|
|
+21.7% |
|
Scanner &
Services |
$79.8M |
$88.4M |
$51.4M |
|
(9.8)% |
|
|
+55.1% |
|
Net
Profit3 |
$71.8M |
$97.4M |
$95.9M |
|
(26.2)% |
|
|
(25.1)% |
|
Diluted EPS3 |
|
$0.89 |
|
$1.20 |
|
$1.17 |
|
$(0.31) |
|
|
$(0.28) |
|
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
aligners3 Q1’19 results include impairments and other charges
related to closing Invisalign Stores in the U.S. as a result of the
arbitrator’s decision regarding SmileDirectClub (SDC) announced
March 5, 2019.
As of March 31, 2019, Align had $732.5 million
in cash, cash equivalents and marketable securities compared to
$744.5 million as of December 31, 2018. In February 2019, we
purchased on the open market approximately 0.2
million shares of our common stock at an average price
of $243.42 per share, including commission for an
aggregate purchase price of approximately of $50.0 million. We
have $450.0 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: Invisalign and iTero Intraoral Scanner
- Launched the new iTero Element 5D Imaging System for
comprehensive, preventative and restorative oral care. The
iTero Element 5D Imaging System provides a new comprehensive
approach to clinical applications, workflows and user experience
that expands the suite of existing high-precision, full-color
imaging and fast scan times of the iTero Element portfolio.
- Launched SmileView, an online tool designed to help prospective
Invisalign patients visualize a new, straighter smile before they
opt for Invisalign treatment.
Corporate
- Announced that Raj Pudipeddi joined Align Technology as senior
vice president and CMO, responsible for Align’s global marketing
organization including product portfolio, product management,
commercialization, and global branding for the Invisalign and iTero
product brands.
- Announced that on February 27, 2019, the United States
International Trade Commission voted to institute a third
investigation based on Align’s claims of scanner related 3Shape
patent infringement.
- Announced the outcome of the arbitration decision with SDC
Entities requiring Align to close its U.S. Invisalign Stores by
April 3, 2019.
- Announced that on March 1, 2019, an Administrative Law Judge
with the United States International Trade Commission determined
that 3Shape infringes four claims from three Align patents, but
declined to find a violation of Section 337.
- Entered into a distribution agreement with Benco Dental, the
largest privately-owned dental distributor in the United States,
for Align’s family of iTero Element intraoral scanners.
- Entered into a partnership with Digital Smile Design (DSD), a
leader in holistic, digital and emotional dentistry solutions, to
bring dedicated tools that incorporate DSD into Align’s end-to-end
digital workflow, including iTero scanning technology.
- Opened Align University Training Institute in Shanghai, China,
Align’s second training facility in China.
- Announced that Align Technology and Straumann Group settled
global ClearCorrect patent disputes and signed a non-binding letter
of intent for Straumann to distribute iTero scanners.
Q2 2019 Business OutlookFor the second quarter
of 2019 (Q2’19), Align provides the following guidance:
- Net revenues in the range of $590 million to $600 million, up
approximately 20% to 22% over the same period a year ago
- Invisalign case shipments in the range of 380 thousand to 385
thousand, up approximately 26% to 27% over the same period a year
ago
- Operating margin in the range of 24.5% to 25.4%
- Diluted EPS in the range of $1.47 to $1.54
Align Web Cast and Conference
CallAlign will host a conference call today, April 24,
2019 at 4:30 p.m. ET, 1:30 p.m. PT, to review its first 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
13689188 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 May
8, 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 StatementThis
news release, including the tables below, contains forward-looking
statements, including statements regarding certain business metrics
for the second quarter of 2019, including, but not limited to,
anticipated net revenues, gross margin, operating expenses,
operating profit, diluted earnings per share, tax rate and case
shipments. 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,
Align's ability to protect its intellectual property rights,
continued compliance with regulatory requirements, competition from
existing and new competitors, 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, the risks relating to Align's
ability to sustain or increase profitability or revenue growth in
future periods while controlling expenses, 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, 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. 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 March
31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
Net revenues |
|
$ |
548,971 |
|
|
$ |
436,924 |
|
|
|
|
|
|
|
Cost of net
revenues |
|
|
146,875 |
|
|
|
109,516 |
|
|
|
|
|
|
|
Gross profit |
|
|
402,096 |
|
|
|
327,408 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Selling,
general and administrative |
|
|
247,110 |
|
|
|
199,625 |
|
Research
and development |
|
|
37,503 |
|
|
|
29,591 |
|
Impairments and other charges |
|
|
29,782 |
|
|
|
- |
|
Total
operating expenses |
|
|
314,395 |
|
|
|
229,216 |
|
|
|
|
|
|
|
Income from
operations |
|
|
87,701 |
|
|
|
98,192 |
|
|
|
|
|
|
|
Interest income |
|
|
2,633 |
|
|
|
2,176 |
|
Other income (expense),
net |
|
|
(5,746 |
) |
|
|
177 |
|
|
|
|
|
|
|
Net income before
provision for income taxes and equity in losses of investee |
|
|
84,588 |
|
|
|
100,545 |
|
|
|
|
|
|
|
Provision for income
taxes |
|
|
8,796 |
|
|
|
2,902 |
|
Equity in losses of
investee, net of tax |
|
|
3,944 |
|
|
|
1,777 |
|
|
|
|
|
|
|
Net income |
|
$ |
71,848 |
|
|
$ |
95,866 |
|
|
|
|
|
|
|
Net income per
share: |
|
|
|
|
|
Basic |
|
$ |
0.90 |
|
|
$ |
1.20 |
|
Diluted |
|
$ |
0.89 |
|
|
$ |
1.17 |
|
|
|
|
|
|
|
Shares used in
computing net income per share: |
|
|
|
|
|
Basic |
|
|
79,860 |
|
|
|
80,036 |
|
Diluted |
|
|
80,687 |
|
|
|
81,628 |
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
|
|
|
|
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31,
2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
588,001 |
|
$ |
636,899 |
|
Marketable securities, short-term |
|
|
144,540 |
|
|
98,460 |
|
Equity
method investments |
|
|
41,969 |
|
|
- |
|
Accounts
receivable, net |
|
|
479,281 |
|
|
439,009 |
|
Inventories |
|
|
68,489 |
|
|
55,641 |
|
Prepaid
expenses and other current assets |
|
|
116,833 |
|
|
72,470 |
|
Total
current assets |
|
|
1,439,113 |
|
|
1,302,479 |
|
|
|
|
|
|
|
Marketable securities,
long-term |
|
|
- |
|
|
9,112 |
|
Property, plant and
equipment, net |
|
|
575,267 |
|
|
521,329 |
|
Operating lease
right-of-use assets |
|
|
56,384 |
|
|
- |
|
Equity method
investments |
|
|
- |
|
|
45,913 |
|
Goodwill and intangible
assets, net |
|
|
80,329 |
|
|
81,949 |
|
Deferred tax
assets |
|
|
57,151 |
|
|
64,689 |
|
Other assets |
|
|
26,186 |
|
|
26,987 |
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,234,430 |
|
$ |
2,052,458 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
62,512 |
|
$ |
64,256 |
|
Accrued
liabilities |
|
|
252,754 |
|
|
234,679 |
|
Finance
lease liabilities |
|
|
56,100 |
|
|
- |
|
Deferred
revenues |
|
|
433,518 |
|
|
393,138 |
|
Total
current liabilities |
|
|
804,884 |
|
|
692,073 |
|
|
|
|
|
|
|
Income tax payable |
|
|
93,463 |
|
|
78,008 |
|
Operating lease
liabilities |
|
|
59,307 |
|
|
- |
|
Other long-term
liabilities |
|
|
21,072 |
|
|
29,486 |
|
Total
liabilities |
|
|
978,726 |
|
|
799,567 |
|
|
|
|
|
|
|
Total stockholders'
equity |
|
|
1,255,704 |
|
|
1,252,891 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,234,430 |
|
$ |
2,052,458 |
|
|
|
|
|
|
|
ALIGN TECHNOLOGY,
INC. |
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31, |
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
Net cash
provided by operating activities |
|
$ |
117,207 |
|
|
$ |
77,332 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
Net cash
(used in) provided by investing activities |
|
|
(74,418 |
) |
|
|
109,269 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
Net cash
used in financing activities |
|
|
(92,762 |
) |
|
|
(139,822 |
) |
|
Effect of
foreign exchange rate changes on cash, cash equivalents, and
restricted cash |
|
|
1,089 |
|
|
|
1,715 |
|
|
Net
(decrease) increase in cash, cash equivalents, and restricted
cash |
|
|
(48,884 |
) |
|
|
48,494 |
|
|
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 |
|
$ |
588,682 |
|
|
$ |
498,619 |
|
|
|
|
|
|
|
|
ALIGN
TECHNOLOGY, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVISALIGN
BUSINESS METRICS* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
Q1 |
|
|
|
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2019 |
|
|
Invisalign Average Selling Price (ASP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide ASP |
|
|
|
$ |
1,310 |
|
|
$ |
1,315 |
|
|
$ |
1,230 |
|
|
$ |
1,235 |
|
|
$ |
1,270 |
|
|
$ |
1,245 |
|
|
|
International ASP |
|
|
|
$ |
1,435 |
|
|
$ |
1,425 |
|
|
$ |
1,340 |
|
|
$ |
1,295 |
|
|
$ |
1,370 |
|
|
$ |
1,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Cases Shipped by Geography: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
166,665 |
|
|
|
181,425 |
|
|
|
190,615 |
|
|
|
189,410 |
|
|
|
728,115 |
|
|
|
202,935 |
|
|
|
International |
|
|
|
|
105,570 |
|
|
|
121,260 |
|
|
|
128,730 |
|
|
|
144,390 |
|
|
|
499,950 |
|
|
|
146,260 |
|
|
|
Total Cases
Shipped |
|
|
|
|
272,235 |
|
|
|
302,685 |
|
|
|
319,345 |
|
|
|
333,800 |
|
|
|
1,228,065 |
|
|
|
349,195 |
|
|
|
YoY %
growth |
|
|
|
|
30.8 |
% |
|
|
30.5 |
% |
|
|
35.3 |
% |
|
|
30.9 |
% |
|
|
31.9 |
% |
|
|
28.3 |
% |
|
|
QoQ %
growth |
|
|
|
|
6.7 |
% |
|
|
11.2 |
% |
|
|
5.5 |
% |
|
|
4.5 |
% |
|
|
|
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Invisalign Doctors Cases Were Shipped
To: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
27,105 |
|
|
|
28,280 |
|
|
|
28,890 |
|
|
|
29,215 |
|
|
|
42,000 |
|
|
|
30,200 |
|
|
|
International |
|
|
|
|
19,700 |
|
|
|
21,805 |
|
|
|
23,270 |
|
|
|
25,475 |
|
|
|
36,040 |
|
|
|
26,510 |
|
|
|
Total
Doctors Cases Shipped To |
|
|
|
|
46,805 |
|
|
|
50,085 |
|
|
|
52,160 |
|
|
|
54,690 |
|
|
|
78,040 |
|
|
|
56,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invisalign Doctor Utilization Rates**: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
6.3 |
|
|
|
6.6 |
|
|
|
6.9 |
|
|
|
6.7 |
|
|
|
18.2 |
|
|
|
7.0 |
|
|
|
North
American Orthodontists |
|
|
|
|
15.3 |
|
|
|
16.4 |
|
|
|
17.4 |
|
|
|
16.5 |
|
|
|
56.7 |
|
|
|
18.3 |
|
|
|
North
American GP Dentists |
|
|
|
|
3.4 |
|
|
|
3.6 |
|
|
|
3.5 |
|
|
|
3.6 |
|
|
|
9.1 |
|
|
|
3.6 |
|
|
|
International |
|
|
|
|
5.4 |
|
|
|
5.6 |
|
|
|
5.5 |
|
|
|
5.7 |
|
|
|
13.9 |
|
|
|
5.5 |
|
|
|
Total
Utilization Rates |
|
|
|
|
5.8 |
|
|
|
6.0 |
|
|
|
6.1 |
|
|
|
6.1 |
|
|
|
15.7 |
|
|
|
6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Invisalign Doctors Trained***: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
|
|
|
1,630 |
|
|
|
1,880 |
|
|
|
2,085 |
|
|
|
2,290 |
|
|
|
7,885 |
|
|
|
1,725 |
|
|
|
International |
|
|
|
|
2,645 |
|
|
|
3,300 |
|
|
|
2,845 |
|
|
|
2,980 |
|
|
|
11,770 |
|
|
|
2,410 |
|
|
|
Total
Doctors Trained Worldwide |
|
|
|
|
4,275 |
|
|
|
5,180 |
|
|
|
4,930 |
|
|
|
5,270 |
|
|
|
19,655 |
|
|
|
4,135 |
|
|
|
Total to
Date Worldwide |
|
|
|
|
136,575 |
|
|
|
141,755 |
|
|
|
146,685 |
|
|
|
151,955 |
|
|
|
151,955 |
|
|
|
156,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Fiscal |
|
Q1 |
|
|
|
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2019 |
|
|
Stock-based Compensation (SBC) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SBC included in Gross
Profit |
|
|
|
$ |
881 |
|
|
$ |
900 |
|
|
$ |
966 |
|
|
$ |
948 |
|
|
$ |
3,695 |
|
|
$ |
1,112 |
|
|
|
SBC included in Operating
Expenses |
|
|
|
|
14,949 |
|
|
|
15,990 |
|
|
|
18,232 |
|
|
|
17,897 |
|
|
|
67,068 |
|
|
|
19,932 |
|
|
|
Total SBC
Expense |
|
|
|
$ |
15,830 |
|
|
$ |
16,890 |
|
|
$ |
19,198 |
|
|
$ |
18,845 |
|
|
$ |
70,763 |
|
|
$ |
21,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2'19 Guidance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenues |
|
$590.0
- $600.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin |
|
71.5%
- 72.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
$277.0
- $282.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Margin |
|
24.5%
- 25.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per
Diluted Share |
|
$1.47
- $1.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business
Metrics: |
|
Q2'19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Case Shipments |
|
380.0K
- 385.0K |
|
|
|
|
|
|
|
|
Capital
Expenditure |
|
$85M-$90M |
|
|
|
|
|
|
|
|
Depreciation &
Amortization |
|
$20M-22M |
|
|
|
|
|
|
|
|
Diluted Shares
Outstanding |
|
80.6 |
(2 |
) |
|
|
|
|
|
|
|
Stock Based
Compensation Expense |
|
$23M |
|
|
|
|
|
|
|
|
Effective Tax Rate |
|
~24% |
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes excess tax benefits related to share-based
compensation expense pursuant to ASU 2016-09 |
|
(2) Excludes any stock repurchases during the quarter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Align TechnologyMadelyn Homick(408)
470-1180mhomick@aligntech.com
Zeno Group:Sarah Johnson(828)
551-4201sarah.johnson@zenogroup.com
Align Technology (NASDAQ:ALGN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Align Technology (NASDAQ:ALGN)
Historical Stock Chart
From Apr 2023 to Apr 2024