Exhibit 99.1
ALIGN TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(1)
(unaudited)
Three Months Ended | Year Ended | |||||||||||||||
(in thousands, except per share data)
| December 31, 2003 | December 31, 2002 (as restated) | December 31, 2003 | December 31, 2002 (as restated) | ||||||||||||
Revenues | $ | 36,502 | $ | 20,751 | $ | 122,725 | $ | 69,698 | ||||||||
Cost of revenues | 12,926 | 11,639 | 51,565 | 44,991 | ||||||||||||
Gross profit | 23,576 | 9,112 | 71,160 | 24,707 | ||||||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 11,138 | 11,533 | 43,689 | 45,313 | ||||||||||||
General and administrative | 8,666 | 9,538 | 34,296 | 39,265 | ||||||||||||
Research and development | 3,302 | 3,235 | 13,112 | 13,064 | ||||||||||||
Total operating expenses | 23,106 | 24,306 | 91,097 | 97,642 | ||||||||||||
Profit (loss) from operations | 470 | (15,194 | ) | (19,937 | ) | (72,935 | ) | |||||||||
Interest and other income (expense), net | (18 | ) | (202 | ) | (185 | ) | 116 | |||||||||
Net profit (loss) | $ | 452 | $ | (15,396 | ) | $ | (20,122 | ) | $ | (72,819 | ) | |||||
Net profit (loss) per share - basic | $ | 0.01 | $ | (0.30 | ) | $ | (0.35 | ) | $ | (1.52 | ) | |||||
Weighted-average shares used in computing basic net profit (loss) per share | 58,398 | 51,796 | 57,759 | 47,878 | ||||||||||||
Net profit (loss) per share - diluted | $ | 0.01 | $ | (0.30 | ) | $ | (0.35 | ) | $ | (1.52 | ) | |||||
Weighted-average shares used in computing diluted net profit (loss) per share | 63,704 | 51,796 | 57,759 | 47,878 | ||||||||||||
(1) | Certain reclassifications of prior period amounts have been made to conform with current year presentation. |
ALIGN TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS(1)
(unaudited)
(in thousands)
| December 31, 2003 | December 31, 2002 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 44,939 | $ | 35,552 | ||
Restricted cash | 439 | 3,261 | ||||
Marketable securities, short-term | 2,292 | 2,693 | ||||
Accounts receivable, net | 21,265 | 16,766 | ||||
Inventories, net | 1,395 | 1,533 | ||||
Deferred costs | 939 | 1,139 | ||||
Other current assets | 5,845 | 4,888 | ||||
Total current assets | 77,114 | 65,832 | ||||
Property and equipment, net | 23,121 | 25,078 | ||||
Other long-term assets | 1,967 | 1,946 | ||||
Total assets | $ | 102,202 | $ | 92,856 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 3,095 | $ | 3,403 | ||
Accrued liabilities | 19,180 | 9,683 | ||||
Deferred revenue | 13,113 | 9,403 | ||||
Debt obligations, current portion | 1,989 | 2,183 | ||||
Total current liabilities | 37,377 | 24,672 | ||||
Debt obligations, long-term portion | 1,667 | 3,333 | ||||
Capital lease obligations, net of current portion | 182 | 504 | ||||
Total liabilities | 39,226 | 28,509 | ||||
Total stockholders’ equity | 62,976 | 64,347 | ||||
Total liabilities and stockholders’ equity | $ | 102,202 | $ | 92,856 | ||
(1) | Certain prior period amounts have been adjusted to conform with current year presentation. |