(6) Includes the amortization of acquired intangible assets.
(7) EBITDA and adjusted EBITDA. We use EBITDA as a performance measure for benchmarking against our peers and competitors. We believe EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties to evaluate companies in the medical technology industry. We also use adjusted EBITDA which excludes certain special or non-recurring expenses, net of certain special or non-recurring benefits, detailed in the reconciliation tables that accompany this release, as an internal measure of business operating performance. We believe such financial measures provide a meaningful perspective of the underlying operating performance to our current business. EBITDA and adjusted EBITDA are not recognized terms under GAAP. Because all companies do not calculate EBITDA and similarly titled financial measures in the same way, those measures as used by other companies may not be consistent with the way we calculate such measures and should not be considered as alternative measures of operating or net profit.
ALIGN TECHNOLOGYQ4 2012 EARNINGS RELEASE ADDITIONAL DATAREVENUE PERFORMANCE AND CLEAR ALIGNER METRICS(in thousands except per share data) ---------- Q1 Q2 Q3 Q4 FISCAL 2012 2012 2012 2012 2012Invisalign Clear Aligner Revenues by Geography: North America $ 86,871 $ 92,997 $ 89,568 $ 91,686 $361,122 North American Orthodontists 41,688 43,942 43,090 43,812 172,532 North American GP Dentists 45,183 49,055 46,478 47,874 188,590 International 29,700 32,883 29,700 32,513 124,796 Non-case* 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Clear Aligner Revenue $123,328 $133,669 $126,725 $132,859 $516,581 ======== ======== ======== ======== ======== YoY % growth 17.6% 17.6% 10.9% 11.7% 14.4% QoQ % growth 3.7% 8.4% -5.2% 4.8% *includes Invisalign training, ancillary products, and retainersInvisalign Clear Aligner Revenues by Product: Invisalign Full $ 82,424 $ 88,617 $ 80,294 $ 87,265 $338,600 Invisalign Express/Lite 11,806 13,632 12,779 13,269 51,486 Invisalign Teen 15,148 16,380 19,144 16,455 67,127 Invisalign Assist 7,193 7,251 7,051 7,210 28,705 Non-case* 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Clear Aligner Revenue $123,328 $133,669 $126,725 $132,859 $516,581 ======== ======== ======== ======== ========Average Invisalign Selling Price (ASP), as billed: Total Worldwide Blended ASP $ 1,370 $ 1,335 $ 1,320 $ 1,375 $ 1,350 International ASP $ 1,485 $ 1,455 $ 1,355 $ 1,455 $ 1,440Invisalign Clear Aligner Cases Shipped by Geography: North America 65,280 72,685 70,610 68,140 276,715 North American Orthodontists 32,235 35,420 35,885 33,505 137,045 North American GP Dentists 33,045 37,265 34,725 34,635 139,670 International 19,985 22,595 21,905 22,340 86,825 -------- -------- -------- -------- -------- Total Cases Shipped 85,265 95,280 92,515 90,480 363,540 ======== ======== ======== ======== ========Invisalign Clear Aligner Cases Shipped by Product: Invisalign Full 57,145 62,510 57,400 57,920 234,975 Invisalign Express/Lite 12,855 15,300 14,610 15,940 58,705 Invisalign Teen 9,935 11,860 15,265 11,255 48,315 Invisalign Assist 5,330 5,610 5,240 5,365 21,545 -------- -------- -------- -------- -------- Total Cases Shipped 85,265 95,280 92,515 90,480 363,540 ======== ======== ======== ======== ========Number of Invisalign Doctors Cases Shipped to: North American Orthodontists 4,460 4,575 4,660 4,615 5,665 North American GP Dentists 11,365 12,120 11,925 11,685 19,285 International 5,085 5,480 5,400 5,715 9,285 -------- -------- -------- -------- -------- Total Doctors Cases were Shipped to Worldwide 20,910 22,175 21,985 22,015 34,235 ======== ======== ======== ======== ========Invisalign Doctor Utilization Rates*: North American Orthodontists 7.2 7.7 7.7 7.3 24.2 North American GP Dentists 2.9 3.1 2.9 3.0 7.2 International 3.9 4.1 4.1 3.9 9.4 -------- -------- -------- -------- -------- Total Utilization Rates 4.1 4.3 4.2 4.1 10.6 ======== ======== ======== ======== ======== * # of cases shipped/# of doctors to whom cases were shippedNumber of Invisalign Doctors Trained: North American Orthodontists 90 95 125 75 385 North American GP Dentists 720 995 675 920 3,310 International 715 965 685 780 3,145 -------- -------- -------- -------- -------- Total Doctors Trained Worldwide 1,525 2,055 1,485 1,775 6,840 ======== ======== ======== ======== ======== Total to Date Worldwide 71,180 73,235 74,720 76,495 76,495 ======== ======== ======== ======== ========Scanner and CAD/CAM Services Revenue: North America Scanner and CAD/CAM Services $ 11,120 $ 11,752 $ 9,439 $ 9,940 $ 42,251 International Scanner and CAD/CAM Services 631 205 332 41 1,209 -------- -------- -------- -------- -------- Total Scanner and CAD/CAM Revenue $ 11,751 $ 11,957 $ 9,771 $ 9,981 $ 43,460 ======== ======== ======== ======== ======== Scanner Revenue $ 5,361 $ 6,032 $ 4,023 $ 4,643 $ 20,059 CAD/CAM Services Revenue 6,390 5,925 5,748 5,338 23,401 -------- -------- -------- -------- -------- Total Scanner and CAD/CAM Services Revenue $ 11,751 $ 11,957 $ 9,771 $ 9,981 $ 43,460 ======== ======== ======== ======== ========Total Revenue by Geography: Total North America Revenue $ 97,991 $104,749 $ 99,007 $101,626 $403,373 Total International Revenue 30,331 33,088 30,032 32,554 126,005 Total Non-case Revenue 6,757 7,789 7,457 8,660 30,663 -------- -------- -------- -------- -------- Total Worldwide Revenue $135,079 $145,626 $136,496 $142,840 $560,041 ======== ======== ======== ======== ======== YoY % growth 28.8% 21.3% 8.4% 10.8% 16.7% QoQ % growth 4.8% 7.8% -6.3% 4.6% ----------Note: Historical public data may differ due to rounding. Additionally, rounding may effect totals.ALIGN TECHNOLOGY, INC.BUSINESS OUTLOOK SUMMARY(unaudited)The outlook figures provided below and elsewhere in this press release are approximate in nature since Align's business outlook is difficult to predict. Align's future performance involves numerous risks and uncertainties and the company's results could differ materially from the outlook provided. Some of the factors that could affect Align's future financial performance and business outlook are set forth under "Forward Looking Information" above in this press release.Financials(in millions, except per share amounts and percentages) Q1 2013 ---------------Net Revenue $146.0 - $150.5Gross Profit $105.8 - $110.1Gross Margin 72.4% - 73.1%Operating Expenses $82.8 - $84.4Operating Margin 15.8% - 17.1%Net Income per Diluted Share $0.21 - $0.23Stock Based Compensation Expense:Cost of Revenues $0.7Operating Expenses $6.3 ---------------Total Stock Based Compensation Expense $7.0Business Metrics: Q1 2013 ---------------Case Shipments 95.0K - 97.5KCash, Cash Equivalents, and Marketable Securities $365M - $375M *Capex $3.5M - $5.0MDepreciation & Amortization $4.5M - $5.0MDiluted Shares Outstanding 83.2M** Excludes any stock repurchases during the quarter
