Name: Align Technology Inc. (NASDAQ:ALGN) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Align Technology Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net revenues	960,214)	1,002,173)	943,147)	901,515)	890,348)	969,553)	973,219)	1,031,099)	1,015,906)	1,010,808)	894,771)	834,520)	734,144)	352,314)	550,963)	649,787)	607,341)	600,697)	548,971)	534,020)	505,289)	490,259)	436,924)
Cost of net revenues	(297,138)	(288,564)	(282,493)	(283,814)	(271,179)	(281,994)	(263,873)	(286,536)	(260,750)	(252,270)	(217,673)	(224,057)	(200,056)	(127,986)	(156,607)	(177,829)	(169,787)	(168,408)	(146,875)	(150,924)	(133,508)	(124,677)	(109,516)
Gross profit	663,076)	713,609)	660,654)	617,701)	619,169)	687,559)	709,346)	744,563)	755,156)	758,538)	677,098)	610,463)	534,088)	224,328)	394,356)	471,958)	437,554)	432,289)	402,096)	383,096)	371,781)	365,582)	327,408)
Selling, general and administrative	(407,992)	(453,193)	(439,691)	(410,067)	(398,547)	(426,398)	(439,457)	(451,195)	(428,409)	(431,921)	(397,115)	(348,392)	(312,492)	(256,967)	(282,906)	(279,481)	(277,514)	(267,948)	(247,110)	(226,819)	(213,873)	(212,087)	(199,625)
Research and development	(88,738)	(88,485)	(87,447)	(83,520)	(76,966)	(72,965)	(71,807)	(72,476)	(65,587)	(57,715)	(54,537)	(48,887)	(44,527)	(40,361)	(41,532)	(41,327)	(39,680)	(38,851)	(37,503)	(35,804)	(32,700)	(30,804)	(29,591)
Restructuring and other charges	—)	—)	—)	(11,453)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairments and other charges (gains), net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	6,792)	—)	(29,782)	—)	—)	—)	—)
Litigation settlement gain	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	51,000)	—)	—)	—)	—)	—)
Operating expenses	(496,730)	(541,678)	(527,138)	(505,040)	(475,513)	(499,363)	(511,264)	(523,671)	(493,996)	(489,636)	(451,652)	(397,279)	(357,019)	(297,328)	(324,438)	(320,808)	(310,402)	(255,799)	(314,395)	(262,623)	(246,573)	(242,891)	(229,216)
Income (loss) from operations	166,346)	171,931)	133,516)	112,661)	143,656)	188,196)	198,082)	220,892)	261,160)	268,902)	225,446)	213,184)	177,069)	(73,000)	69,918)	151,150)	127,152)	176,490)	87,701)	120,473)	125,208)	122,691)	98,192)
Interest income	5,522)	4,421)	2,337)	2,760)	1,685)	245)	677)	676)	401)	383)	1,643)	337)	329)	473)	1,986)	2,906)	3,478)	3,465)	2,633)	2,249)	2,234)	1,917)	2,176)
Other income (expense), net	(9,757)	(4,763)	(1,229)	(100)	(22,700)	(14,832)	(11,273)	(1,556)	427)	(483)	34,532)	1,021)	7,147)	(966)	(18,549)	1,741)	(2,211)	13,892)	(5,746)	(730)	(837)	(7,099)	177)
Interest income and other income (expense), net	(4,235)	(342)	1,108)	2,660)	(21,015)	(14,587)	(10,596)	(880)	828)	(100)	36,175)	1,358)	7,476)	(493)	(16,563)	4,647)	1,267)	17,357)	(3,113)	1,519)	1,397)	(5,182)	2,353)
Net income (loss) before (provision for) benefit from income taxes	162,111)	171,589)	134,624)	115,321)	122,641)	173,609)	187,486)	220,012)	261,988)	268,802)	261,621)	214,542)	184,545)	(73,493)	53,355)	155,797)	128,419)	193,847)	84,588)	121,992)	126,605)	117,509)	100,545)
(Provision for) benefit from income taxes	(40,684)	(59,775)	(46,826)	(73,546)	(49,941)	(60,809)	(53,188)	(29,051)	(81,019)	(69,088)	(61,245)	(55,554)	(45,174)	32,891)	1,464,776)	(34,535)	(25,895)	(43,121)	(8,796)	(22,517)	(24,601)	(7,703)	(2,902)
Equity in losses of investee, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,584)	(3,944)	(2,083)	(1,132)	(3,701)	(1,777)
Net income (loss)	121,427)	111,814)	87,798)	41,775)	72,700)	112,800)	134,298)	190,961)	180,969)	199,714)	200,376)	158,988)	139,371)	(40,602)	1,518,131)	121,262)	102,524)	147,142)	71,848)	97,392)	100,872)	106,105)	95,866)

Revenue growth demonstrates a strong upward trajectory from early 2018 through mid-2021, peaking at approximately $1.016 billion in the second quarter of 2021. A significant volatility event occurred in June 2020, where net revenues dropped to $352 million, followed by a rapid recovery and subsequent stabilization with quarterly revenues generally fluctuating between $890 million and $1 billion through 2023.

Gross Profitability: Gross profit margins remained consistently robust across the analyzed period. While the cost of net revenues scaled proportionally with sales, the company maintained high gross profit levels, peaking in mid-2021 and stabilizing between $617 million and $713 million during 2022 and 2023.
Operating Expense Trends: Selling, general, and administrative (SG&A) expenses showed a persistent increase, rising from approximately $200 million in early 2018 to peaks exceeding $453 million by mid-2023. Similarly, research and development (R&D) spending grew steadily from under $30 million per quarter in 2018 to nearly $89 million by the end of the period, reflecting a sustained increase in investment in product development.
Operating Performance: Income from operations reflects the direct impact of the 2020 revenue contraction, resulting in a quarterly operating loss of $73 million in June 2020. Subsequent recovery led to an operational peak of $268.9 million in June 2021. From 2022 onward, operating income experienced a gradual decline before stabilizing within the $133 million to $172 million range throughout 2023.
Net Income and Extraordinary Items: Net income exhibits extreme volatility primarily due to non-operational factors. A notable anomaly occurred in March 2020, where net income reached $1.518 billion, driven by a significant tax benefit of $1.465 billion. Excluding this event, net income generally aligned with operational trends, although it was occasionally influenced by litigation settlement gains, such as the $51 million gain recorded in June 2019, and fluctuating tax provisions.

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Align Technology Inc. (NASDAQ:ALGN)

Income StatementQuarterly Data

Income Statement
Quarterly Data