Thanks Joe.
Total and up from up for quarter for the the QX a XX.X% North corresponding quarter revenue our and with EMEA fourth revenues Invisalign financial results. was year volume QX was strong prior from clear quarter X% America. $XXX.X from aligners Now the X.X% sequentially million for up $XXX.X million ago of
Year-over-year clear aligner was points growth regions. all X.X reflects Clear impacted volume approximately aligner growth across strong by exchange. year-over-year of foreign growth XX% revenue from unfavorably Invisalign revenues
On exchange. revenues increased offset promotional primarily $XX ASPs increases regions unfavorable exchange to to Invisalign unfavorable down mix and in due were a QX foreign increased and price partially Invisalign approximately QX and approximately discounts $X,XXX year-over-year aligner additional foreign discounts by mix product and ASPs primarily shift. reflecting $X all by basis sequentially
thousand Invisalign XXX.X and Total shipments QX cases XX.X% were sequentially up up of year-over-year. X.X%
fourth in and installed increases Americas. volume in the to $XXX.X volume sequentially and revenues increased Americas from quarter was EMEA, EMEA revenues higher million the scanner to primarily A-Pac services for services XX.X% well revenue were due Year-over-year Our base. XX.X% up increases and due as as up our
partially per due in ASPs flat an aligner case. was aligner and gross gross number offset training gross XX.X% and Invisalign points of year-over-year. for and up point aligners a in X.XX on costs fourth margin of lower case point freight lower increase quarter by point was Invisalign overall was due to gross primarily slight XX.X% training year-over-year up and margin. sequentially to X.X offset sequentially lower Moving aligners margin per costs Fourth quarter Clear six primarily the margin Clear to X.X lower ASPs. by increase
primarily was margin manufacturing offset gross point revenue due lower manufacturing primarily service Scanner partially and and and by fourth scanner up the X to for points up due sequentially efficiencies year-over-year higher ASPs. quarter to efficiencies X.X ASPs XX.X%
investment year-over-year. expenses. expenses up expenses sequentially continued XX.X% were offset increase and and marketing primarily X.X% R&D lower operating sales activities partially operating $XXX.X and up litigation reflects our The million QX by sequential in in
settlement included benefit Year-over-year the from a store increase commensurate higher the the Additionally go-to third with activities spending operating by legal quarter Invisalign in million leases. lower reflects our expenses. offset of expenses market $X.X
was XX.X% up income XX.X% up $XXX.X sequentially million and operating fourth-quarter year-over-year. Our
increases year-over-year are in Operating was quarter operating reduction was exchange. fourth income X.X up Our points sequentially operating in attributed by operating and and The and gross margin improved margin approximately profit year-over-year. sequential up to foreign litigation primarily X.X XX.X% impacted from an X.X points margin expenses. points
quarter The Invisalign third million margin X.X%. leases operating a $X.X by benefit QX our operating of store which from the settlement income included increased
basis offset by partially and reflects primarily in and go operating year-over-year increase geographic market a income and higher leverage continued the operating operating expansion profit margin activities. On investment in to gross R&D
rate was $X.X and million tax which to tax audit our With $X.XX a was share compared regards provision XX.X% includes Fourth year. to benefit to related per $X.XX fourth-quarter quarter tax settlement. $X.XX of sequentially the tax prior approximately earnings diluted up up
Moving the balance on to sheet.
of the $XX.X operations. million U.S. XXXX due and short cash both flow were As cash to December million and our equivalents from marketable of by Of $XXX.X XX, cash increase million approximately is held quarter in the equivalents of higher marketable long an primarily million securities international investments term million securities was cash, cash, and entities. $XXX.X $XXX.X including our held and $XXX.X from which was prior
X.X% up QX million balance sequentially. $XXX.X was approximately accounts receivable
was Our compared days days up down overall as outstanding X days to X sequentially day and last QX sales year. XX
and the for operations free flow million fourth expenditures from $XXX.X $XXX.X Cash cash amounted million. operations to flow capital cash from defined quarter flow less as was
aligner continues fourth strong facilities. related to primarily generation. $XX.X cash business quarter were investment and Capital our the increasing for capacity a continued in million very to Our have expenditures
we’ve $XXX.X XXXX for XXXX still stock our QX, have $XXX program. stock authorization buyback under of During repurchase the repurchased million million against repurchase and our available May
make I volume doctors to was approximately growth X.X a year-over-year international XX.X% XX.X% aligner outlook up This by Invisalign over XX.X% year-over-year year-over-year. In growth move with full Shipments up a America's on Total our record foreign Clear revenue iTero aligner billion few volume our up reflects billion XX.X% exchange. comments clear XXXX a we revenue XXXX impacted QX the we of cases of XX% from doctors. shipped from XXXX. million $X our were year record points X.X our revenues from Before to growth results. would and $X.X XX.X%. scanner like up was
operating and income scanner iTero $XX.X at XXXX revenues million and services operating up XX.X% year up a record were million XX.X%. margin $XXX.X XXXX Full XX.X%. versus of
X.X%. positive XXXX impact million income of a operating of benefit net Invisalign includes cost and $XX on also store margin litigation million approximately a operating of for closure $XX
was $XXX.X margin from versus by XXXX. cash foreign X flow impacted unfavorably $XXX.X million Operating up exchange. approximately Free was point million year-over-year
XXXX alliance for repurchased we’ve $XXX per million For diluted X.X the year stock share million. $X.XX. earnings shares was over of
take corporate on comment outlook European the from minute implication the our a I structure the our and talk Before headquarters to Switzerland wanted to reorganization to to Netherlands to demand I relocate about in the GAAP financials. QX
result our at headquarters intellectual uncertain time. tax QX, benefit will subsequent will into the significant years. the this to corporate Swiss rate associated be XXXX quarters relocate and depends reorganization will from deferred continue European a of this assets our benefit of the As of therefore recognition starting period a benefit headquarters be tax will certain rights. a related to the in Netherlands deferred property the QX is XXXX reflect with which Switzerland This sale one-time and in of recognized tax our tax GAAP to over profitability structure inter entity The tax on amortized and
Management our with on report to solely of greater ordinarily events along in our based QX, it GAAP we operating that core cash information for we believes with with operations. non-GAAP Therefore, in reorganization XXXX that measures tax business exclude measures into our to aforementioned investors other assess results these Beginning GAAP. to investors transparency of the our going addition will indicative regard fundamental with health charges GAAP we may including of underlying financial assesses will supplement will difficult non-cash non-GAAP where business impact core performance in one-time and forward. to this be our to types not performance items the our discrete and order certain present make present
in earnings materials. present We call will our release in a GAAP, non-GAAP and reconciliation conference
volumes let's our from Americas was to enter momentum QX QX a record the expect to that QX and EMEA this quarter With outlook both with strong we our factors and inform and view. the with turn regions. the that
expect growth America region we For to GP QX orthodontists with increase sequentially the dentists. Americas and from North
we volumes international sequentially. QX expect For be to down
up QX. We to from continues be expect demand momentum sequentially as
the in expect offset growth in expected we A-Pac sequential novel to be due the China. However, the primarily impact decrease to from by a coronavirus
recent virus in a novel seasonal capital the down Many been following of seasonally the fewer We with news to regarding expect business iTero market QX be capital Hubei in in our of China. China. and providence sales sequentially following strong trends and of equipment have consistent the the outbreak in you corona Wuhan,
are of one represents country is and corona of employee revenues. Thankfully our of novel of or has It any China hundreds X% roughly employees largest virus. across total the markets aware family our we who contracted is home to not China. member
The very situation closely in we and is monitoring it. are fluid China
public agencies all implemented with essentially government has travel contact in are relevant We and down Wuhan. shut The globally. has bans in transportation Chinese
issued for also warnings all procedures non-essential has It public avoid medical and time to dental being. the
following are private to emergency. Some an suit patients it's and by unless government-run home stay clinics hospitals instructing
to we impact the taking teams health illness product as ingrained procedures screening are minimize including stringent of in restrictions. as protections processes, there risk safety and China health the and precautions procedures our believe any safety While to across spreading our not is to manufacturing internal we our additional to well travel additional do due
risk. Given and the prudent for in QX consumers reflect Therefore, cases product XX,XXX for their iTero and and to to we our Invisalign million outlook the $XX reduce increased increased XX,XXX is less Invisalign QX to million patients it revenues to employees believe China. approximately sold uncertainty and doctor's $XX our reflects outlook to our disruption less practices, for
are results X.X% planning in also capacity which and gross $X plant in China impact. million absorbing approximately million we addition, margin idle In treatment $X to manufacturing
year expect follows. cases up the backdrop we XXX,XXX range as approximately a Invisalign be in shape expected volume as quarter XXX,XXX case to first XX% is this year. XX% the up to With of to over to
QX to expect approximately to million year-over-year. of million to revenues $XXX range by be the We in $XXX XX% up XX%
XXXX a contributed XX, SDC million SDC to outlook XXXX terminated aligners not quarter to SDC was Invisalign non any $X.X when with Our year compared about supply ago reflect the volume revenue. as hence supply to agreement our QX, December does and revenue same
On to margin margin a is ASPs expect lower driven be in China to XX%. in the gross slightly in of range be lower facility Ji'an. in expected QX we gross and GAAP idle down of mix sequentially manufacturing by to XX.X% China basis from QX treatment capacity planning volume, our
to from a compensation On expect gross QX XX.X% we to non-GAAP excluding basis range of in XX.X% profit. the margin stock-based gross be
operating our GAAP in employee be annual go-to to in with our compensation the in million reflects market to which QX range expect investments increase million We activities $XXX of continued expenses expenses. along $XXX
basis QX XX.X% a to income. in expect be range a On to of GAAP from a of the to is margin compensation range operating be XX.X% On operating we to stock-based expected XX.X%. excluding basis margin in operating XX.X% non-GAAP
On rate negative certain asset XXXX% billion corporate structure the associated benefit from of of to approximately approximately be deferred intra of tax with a tax intellectual GAAP is related entity basis resulting tax a the which our effective recognition reorganization. $X.X our rights includes expected to property sale
deferred benefit benefit is depends The will headquarters on quarters be profitability which tax be years. amortized tax subsequent time. XXXX Swiss uncertain and therefore period at and our continue of starting This the this in recognized is into will over the and
tax from range mentioned benefits above On a to the rights non-GAAP from rate we and QX, XX% for approximately to basis benefit compensation, IP excluding to stock-based intra our of tax entity the certain related XXXX the one-time sale as expect XX%.
of million repurchases. share be Diluted approximately exclusive should any shares outstanding $XX.X
expect we be per range GAAP the in share to $XX.XX. Taken $XX.XX QX, diluted together to our earnings of XXXX
expected mentioned expenses. related and to the from the intro from is to the entity one-time in $X.XX be IP rights stock-based compensation sale of share excluding $X.XX above benefit of per as diluted Non-GAAP range tax earnings the
we In our for be million million expenditures addition, to million. $XX $XX to efforts, we be depreciation expect amortization and to QX capital expansion we as continue to approximately $XXX million. expect operational And $XX
view turn Now, our the let for full-year me XXXX. to
As surrounding corona fluid. I just very China in virus described, the novel is the situation
includes outlook QX the our in virus will While corona how our quarter. best of view our impact first business the
your predict outbreak the difficult year. view you XXXX are is it longer-term impact. It to a Therefore corona providing with forecast models novel very prior our can use from virus to as which you to that best the build and for so we the baseline of
This means our corona to the business of impacts about own your outbreak that you over will remainder need assumptions virus the how make XXXX.
QX Beyond commentary we for below, will this at time. specific the outlook our guidance XXXX in XXXX now provide
We notwithstanding to follows. XXXX With the and as situation monitor the exchange our these will and appropriate. the comments foreign that, corona continue closely update virus of impact for is outlook when rates novel
volume anticipate for and the to low low We anticipate end We total to our Invisalign revenue the target to Invisalign model long-term model to growth iTero of be be our at XX%. company at long-term XX% of of target growth operating end of the XX%. XX%
On operating XXXX XX.X%. basis, operating slightly a our be we to margin GAAP above anticipate margin XXXX of
long-term expect also XX% to remain to XX% of range We operating unchanged. our margin
basis, non-GAAP income. XXXX stock-based a operating margin we compensation excluding X.X% expect operating our On be higher operating GAAP margin than to approximately from
QX recognition rights. XXXX a intellectual property benefit billion to asset will On tax of certain basis, of of a the include approximately related in the GAAP $X.X tax our provision differed associated sale intra-entity with tax
tax will subsequent this headquarters benefit and benefit in recognized therefore be XXXX our and over is which amortized be Swiss this tax on quarters continue and the at depends profitability starting time. differed The years. uncertain This into period of will
from tax as IP the above a to stock-based to XX% to from compensation one-time approximately related a On for rate rights expect tax intra-entity benefit we excluding XXXX our basis, benefits XX%. and the certain range mentioned of tax sale non-GAAP
for it With that, over final comments. Joe I'll Joe? turn to back
