EX-99.1 3 dex991.htm FINANCIAL RESULTS FOR ALIGN TECHNOLOGY, INC. Financial Results for Align Technology, Inc.

EXHIBIT 99.1

ALIGN TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)

(unaudited)

 

     Three Months Ended

    Year Ended

 
     December 31, 2003     December 31, 2002     December 31, 2003     December 31, 2002  
(in thousands, except per share data)   
    (as restated)

   
    (as restated)

 

Revenues

   $ 36,502     $ 20,751     $ 122,725     $ 69,698  

Cost of revenues

     12,926       11,639       51,565       44,991  
    


 


 


 


Gross profit

     23,576       9,112       71,160       24,707  
    


 


 


 


Operating expenses:

                                

Sales and marketing

     11,138       11,533       43,689       45,313  

General and administrative

     6,572       9,538       32,202       39,265  

Research and development

     3,302       3,235       13,112       13,064  
    


 


 


 


Total operating expenses

     21,012       24,306       89,003       97,642  
    


 


 


 


Profit (loss) from operations

     2,564       (15,194 )     (17,843 )     (72,935 )

Interest and other income (expense), net

     (18 )     (202 )     (185 )     116  
    


 


 


 


Net profit (loss)

   $ 2,546     $ (15,396 )   $ (18,028 )   $ (72,819 )
    


 


 


 


Net profit (loss) per share—basic

   $ 0.04     $ (0.30 )   $ (0.31 )   $ (1.52 )
    


 


 


 


Weighted-average shares used in computing basic net profit (loss) per share

     58,398       51,796       57,759       47,878  
    


 


 


 


Net profit (loss) per share—diluted

   $ 0.04     $ (0.30 )   $ (0.31 )   $ (1.52 )
    


 


 


 


Weighted-average shares used in computing diluted net profit (loss) per share

     63,704       51,796       57,759       47,878  
    


 


 


 


 

(1) Certain reclassifications of prior period amounts have been made to conform with current year presentation.


ALIGN TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS(1)

(unaudited)

 

(in thousands)    December 31, 2003

   December 31, 2002

ASSETS              

Current assets:

             

Cash and cash equivalents

   $ 44,939    $ 35,552

Restricted cash

     439      3,261

Marketable securities, short-term

     2,292      2,693

Accounts receivable, net

     21,265      16,766

Inventories, net

     1,395      1,533

Deferred costs

     939      1,139

Other current assets

     5,845      4,888
    

  

Total current assets

     77,114      65,832

Property and equipment, net

     23,121      25,078

Other long-term assets

     1,967      1,946
    

  

Total assets

   $ 102,202    $ 92,856
    

  

LIABILITIES AND STOCKHOLDERS’ EQUITY              

Current liabilities:

             

Accounts payable

   $ 3,095    $ 3,403

Accrued liabilities

     17,086      9,683

Deferred revenue

     13,113      9,403

Debt obligations, current portion

     1,989      2,183
    

  

Total current liabilities

     35,283      24,672

Debt obligations, long-term portion

     1,667      3,333

Capital lease obligations, net of current portion

     182      504
    

  

Total liabilities

     37,132      28,509

Total stockholders’ equity

     65,070      64,347
    

  

Total liabilities and stockholders’ equity

   $ 102,202    $ 92,856
    

  

 

(1) Certain prior period amounts have been adjusted to conform with current year presentation.