Align Technology reported fiscal 2010 third-quarter net revenues of $95.9 million, a 21% increase over revenues of $79.3 million for the same quarter a year ago.
For the quarter (end-September 30), net profit was $16.8 million, compared with a net loss of $49.9 million in the third quarter of 2009. The 2010 third-quarter net profit includes pretax litigation settlement costs of $3.3 million related to the settlement of a class-action lawsuit announced October 21, the company noted. The 2009 third-quarter net loss included pretax litigation settlement costs of $69.7 million, pretax royalties of $1.9 million, and additional tax benefit of $12.7 million related to a settlement agreement with Ormco.
"Case shipments were within our guidance range, though at the lower end, reflecting growth from North American orthodontists and international doctors, offset primarily by greater than expected summer seasonality," said Thomas Prescott, Align president and CEO, in a press release. "This softness has persisted into the fall, especially among our North American general practitioner dentists, who have reported lower dental visits and reduced demand for premium procedures, which we believe contributed to lower-than-expected case submissions for Invisalign as well."
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