EX-99.1 2 e18494ex99-1.txt PRESS RELEASE Exhibit 99.1 ALIGN TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Six Months Ended Ended June 30, June 30, June 30, June 30, 2004 2003 2004 2003 (in thousands, except per share data) Revenues $44,204 $29,225 $83,409 $52,185 Cost of revenues 14,250 13,269 27,643 25,193 Gross profit 29,954 15,956 55,766 26,992 Operating expenses: Sales and marketing 13,399 11,416 26,671 22,046 General and administrative 8,656 9,014 16,933 16,908 Research and development 3,558 3,712 6,904 6,697 Total operating expenses 25,613 24,142 50,508 45,651 Profit (loss) from operations 4,341 (8,186) 5,258 (18,659) Interest and other income (expense), net (175) 427 (402) 230 Provision for income taxes (394) -- (527) (1) Net profit (loss) $3,772 $(7,759) $4,329 $(18,430) Net profit (loss) per share -- basic $0.06 $(0.13) $0.07 $(0.32) Weighted-average shares used in computing basic net profit (loss) per share 59,692 57,489 59,391 57,339 Net profit (loss) per share -- diluted $0.06 $(0.13) $0.07 $(0.32) Weighted-average shares used in computing diluted net profit (loss) per share 64,461 57,489 64,392 57,339 ALIGN TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, (in thousands) 2004 2003 ASSETS Current assets: Cash and cash equivalents $56,099 $44,939 Restricted cash 281 439 Marketable securities, short-term -- 2,292 Accounts receivable, net 25,737 21,265 Inventories, net 1,359 1,395 Deferred costs 1,042 939 Other current assets 5,350 5,845 Total current assets 89,868 77,114 Property and equipment, net 23,174 23,121 Other long-term assets 1,914 1,967 Total assets $114,956 $102,202 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,314 $3,095 Accrued liabilities 19,496 19,180 Deferred revenue 13,132 13,113 Debt obligations, current portion 1,914 1,989 Total current liabilities 37,856 37,377 Debt obligations, long-term portion 833 1,667 Capital lease obligations, net of current portion 98 182 Total liabilities 38,787 39,226 Total stockholders' equity 76,169 62,976 Total liabilities and stockholders' equity $114,956 $102,202