Align Technology (ALGN) FY2019 results: revenue $2.4 billion, up 22.4% on the year
Align Technology Inc. (ALGN) reported revenue of $2.4 billion for fiscal 2019, the year ended 31 December 2019, up 22.4% on the year before. Net income was $443 million, up 10.6%, and diluted earnings per share $5.53. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$2.4 billion
+22.4% on the year
FY2012FY2019
Operating margin
22.5%
23.7% a year earlier
FY2012FY2019
Net income
$443 million
+10.6% on the year
FY2012FY2019
Diluted EPS
$5.53
+12.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
2,407
1,966
1,473
+22.4%
Cost of revenue
663
519
356
+27.8%
Gross profit
1,744
1,448
1,117
+20.4%
Gross margin
72.5%
73.6%
75.8%
Research and development
157
129
97.6
+22.1%
Selling, general and administrative
1,072
852
n/a
+25.8%
Operating income
542
467
354
+16.3%
Operating margin
22.5%
23.7%
24.0%
Pre-tax income
563
467
365
+20.6%
Income tax
112
57.7
130
+94.6%
Effective tax rate
20.0%
12.4%
35.7%
Net income
443
400
231
+10.6%
Net margin
18.4%
20.4%
15.7%
Diluted EPS
$5.53
$4.92
$2.83
+12.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
747
555
439
+34.7%
Capital expenditure
150
223
196
-33.0%
Free cash flow
598
331
243
+80.3%
Free cash flow margin
24.8%
16.9%
16.5%
Cash from investing
-350
6.9
-251
Cash from financing
-486
-369
-136
Depreciation and amortisation
79.0
54.7
37.7
+44.3%
Share-based compensation
88.2
70.8
58.9
+24.6%
Buybacks
400
300
104
+33.3%
Diluted shares, weighted
80m
81m
82m
-1.5%
Shares outstanding at period end
78m
80m
80m
-1.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,346
1,253
1,154
+7.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
43.5
0.0
n/a
Other liabilities
1,111
800
630
+39.0%
Total liabilities and equity
2,501
2,052
1,784
+21.8%
Fixed assets
632
521
349
+21.2%
Goodwill
63.9
64.0
64.6
-0.2%
Intangible assets
11.8
17.9
24.5
-34.3%
Investments
318
108
312
+195.8%
Cash and equivalents
550
637
450
-13.6%
Receivables
550
439
324
+25.3%
Inventory
112
55.6
31.7
+101.4%
Other assets
262
210
229
+24.9%
Total assets
2,501
2,052
1,784
+21.8%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.