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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
Gross Margin 77.2% 78.1% 73.7%
Operating Expense $57.0M $53.0M $49.2M
Operating Margin 15.9% 22.8% 16.9%
Net Profit $9.9M $16.8M $11.5M
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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