Align Technology Announces Fourth Quarter And Fiscal 2010 Results

• Q4 net revenues of $92.9 million increased 7.2% year-over-year
• Q4 GAAP diluted EPS was $0.13 and Q4 Non-GAAP diluted EPS was $0.14
• Record fiscal 2010 GAAP net revenues of $387.1 million increased 23.9% year-over-year
• Record fiscal 2010 non-GAAP net revenues of $372.8 million increased 19.4% year-over-year
• Record fiscal 2010 case shipments of 260,800 increased 18.2% year-over-year

SAN JOSE, Calif., Jan. 26, 2011 (GLOBE NEWSWIRE) -- Align Technology, Inc. (Nasdaq:ALGN) today reported financial results for the fourth quarter and fiscal year ended December 31, 2010.

Total net revenues for the fourth quarter of fiscal 2010 (Q4 10) were $92.9 million compared to $95.9 million reported in the third quarter of 2010 (Q3 10) and compared to $86.6 million reported in the fourth quarter of 2009 (Q4 09). For fiscal 2010 (FY 10), record net revenues of $387.1 million increased 23.9 percent from $312.3 million reported for fiscal 2009 (FY 09). Fiscal 2010 net revenues include the release of $14.3 million of previously deferred revenue for Invisalign Teen replacement aligners.

Invisalign case shipments for Q4 10 were 63.5 thousand, compared to 66.2 thousand in Q3 10 and compared to 61.1 thousand in Q4 09. For fiscal 2010, record case shipments of 260.8 thousand increased 18.2 percent from 220.6 thousand reported for fiscal 2009.

"Our fourth quarter results were solid with revenue and case shipments at the high end of our guidance, and despite a soft start in North America, Invisalign case submissions rebounded in the second half of the quarter and this has continued into the first quarter of 2011," said Thomas M. Prescott, Align president and CEO. "Fourth quarter EPS was slightly below our outlook primarily due to costs associated with the Cadent relationship we announced recently as well as higher than expected participation in the Advantage Rebate Program."