Align Technology Announces Fourth Quarter And Fiscal 2010 Results
To supplement our consolidated financial statements, we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating margin, non-GAAP net profit and non-GAAP earnings per share. Detailed reconciliations between GAAP and non-GAAP information are contained in the tables following the financial tables of this release.
For fiscal 2010 (FY 10), record non-GAAP net revenues of $372.8 million increased 19.4% from $312.3 million reported for fiscal 2009 (FY 09). Non-GAAP net profit for Q4 10 was $11.0 million, or $0.14 per diluted share. This is compared to non-GAAP net profit of $19.3 million, or $0.25 per diluted share in Q3 10 and non-GAAP net profit of $12.1 million, or $0.16 per diluted share in Q4 09. Non-GAAP net profit for fiscal 2010 was $62.3 million or $0.80 per diluted share. This compares to a non-GAAP net profit of $29.1 million or $0.41 per diluted share in fiscal 2009.
|Q4 10 Operating Results|
|Key GAAP Operating Results||Q4 10||Q3 10||Q4 09|
|Earnings Per Diluted Share (EPS)||$0.13||$0.22||$0.15|
|Key Non-GAAP Operating Results||Q4 10||Q3 10||Q4 09|
|Non-GAAP Gross Margin||77.2%||78.1%||78.6%|
|Non-GAAP Operating Expense||$55.7M||$49.7M||$49.2M|
|Non-GAAP Operating Margin||17.2%||26.3%||21.8%|
|Non-GAAP Net Profit||$11.0M||$19.3M||$12.1M|
|Non-GAAP Earnings Per Diluted Share (EPS)||$0.14||$0.25||$0.16|
Total stock-based compensation expense included in Q4 10 was $3.9 million compared to $4.4 million in Q3 10 and compared to $3.1 million in Q4 09. Stock based compensation expense included in GAAP gross margin was $0.4 million in Q4 10, Q3 10 and Q4 09. Stock-based compensation expense included in GAAP operating expense in Q4 10 was $3.5 million compared to $4.0 million in Q3 10, and $2.7 million in Q4 09. Total stock-based compensation expense included in fiscal 2010 was $16.1 million compared to $15.1 million in fiscal 2009. Stock based compensation expense included in GAAP gross margin in FY10 was $1.6 million, compared to $1.5 million in FY 09. Stock-based compensation expense included in FY 10 operating expense was $14.5 million compared to $13.6 million in FY 09.
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