Align Technology Completes Acquisition of Intra-Oral Scanning Leader Cadent
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SAN JOSE, Calif., May 2, 2011 (GLOBE NEWSWIRE) -- Align Technology, Inc.
(Nasdaq:ALGN) today announced that it has completed the acquisition of
privately-held Cadent Holdings, Inc. (Cadent), a leading provider of 3D digital
scanning solutions for orthodontics and dentistry, and makers of the iTero(TM)
and OrthoCAD(R) iOC(TM) scanning systems.
The acquisition of Cadent positions Align as a leader in one of the best growth
opportunities in dentistry and medical devices today. Intra-oral scanning is a
critical part of enabling new digital technologies and procedures in dental
practices including CAD/CAM for restorative dentistry or in-office restorations.
Cadent strengthens Align's ability to drive adoption of Invisalign by
integrating Invisalign treatment more fully with mainstream chair-side tools and
procedures in doctors' practices. The combination of the two companies will help
accelerate the use of intra-oral scanning in the dental industry by leveraging
Align's global sales reach, extensive professional and consumer marketing
capabilities, and base of over 55 thousand ClinCheck(R) software users.
"Align is committed to supporting and building on the technology and products
that have made Cadent one of the emerging leaders in intra-oral scanning. That
commitment includes continued support of an open system approach that gives
doctors and laboratories maximum flexibility, and continued investment in tools
that aid and improve restorative, implant, and orthodontic procedures," said
Thomas M. Prescott, Align Technology president and chief executive officer. "We
will continue to invest in Cadent products and look forward to combining our
technology and expertise with Cadent's to deliver innovative new tools to our
customers."
Cadent president and chief executive officer, Timothy Mack, has been appointed
senior vice president of business development, reporting directly to Mr.
Prescott. Mr. Mack is responsible for creating and developing business
partnerships in dentistry and extending Align's technology with distributors and
lab partners.
Align plans to maintain all Cadent products and services which includes the
iTero digital impression system, OrthoCAD iOC orthodontic digital impression
system, OrthoCAD iCast(TM), OrthoCAD iQ(TM), and OrthoCAD iRecord(TM). As part
of an ongoing program to evaluate interoperability of intra-oral scanning
systems for future use with Invisalign treatment, Align is in final
interoperability beta tests with Cadent's intra-oral scanning systems and
continues to expect to announce interoperability in the second quarter of 2011.
About Align Technology, Inc.
Align Technology designs, manufactures and markets Invisalign, a proprietary
method for treating malocclusion, or the misalignment of teeth. Invisalign
corrects malocclusion using a series of clear, nearly invisible, removable
appliances that gently move teeth to a desired final position. Because it does
not rely on the use of metal or ceramic brackets and wires, Invisalign
significantly reduces the aesthetic and other limitations associated with
braces. Invisalign is appropriate for treating adults and teens. Align
Technology was founded in March 1997 and received FDA clearance to market
Invisalign in 1998.The Invisalign product family includes Invisalign, Invisalign
Teen, Invisalign Assist, Invisalign Express, and Vivera Retainers.
To learn more about Invisalign or to find an Invisalign trained doctor in your
area, please visit www.invisalign.com.
Cadent Holdings, Inc. is a subsidiary of Align Technology and is a leading
provider of 3D digital scanning solutions for orthodontics and dentistry. The
Cadent family of products includes iTero and OrthoCAD iOC scanning systems,
OrthoCADiCast, OrthoCAD iQ and OrthoCAD iRecord. For additional information,
please visit www.cadentinc.com.
Forward-Looking Statement
This news release, contains forward-looking statements, including statements
regarding the combination strengthening Align's ability to drive adoption,
helping to accelerate the use of intra-oral scanning and creating a significant
opportunity to create growth and build value, the industry trend of digital
imaging solutions becoming more widely used in dental practices, and the
expectations with regard to announcement of interoperability in the second
quarter of 2011. Forward-looking statements contained in this news release
relating to expectations about future events or results are based upon
information available to Align as of the date hereof. Readers are cautioned that
these forward-looking statements are only predictions and are subject to risks,
uncertainties and assumptions that are difficult to predict. As a result, actual
results may differ materially and adversely from those expressed in any
forward-looking statement. Factors that might cause such a difference include,
but are not limited to, risks that Align does not successfully combine and
integrate the business, operations and products of Cadent with those of Align in
a timely and cost efficient manner, and risks that the anticipated financial and
operating benefits of the transaction are not realized. These and other risks
are detailed from time to time in Align's periodic reports filed with the
Securities and Exchange Commission, including, but not limited to, its Annual
Report on Form 10-K for the fiscal year ended December 31, 2010, which was filed
with the Securities and Exchange Commission on February 24, 2011. Align
undertakes no obligation to revise or update publicly any forward-looking
statements for any reason.
CONTACT: Investor Relations Contact
Shirley Stacy
Align Technology, Inc.
(408) 470-1150
sstacy@aligntech.com
Press Contact
Shannon Mangum Henderson
Ethos Communication, Inc.
(678) 261-7803
align@ethoscommunication.com
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