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Sirona – SIRO – Record Fiscal 2012 Fourth Quarter and Full Year Results

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Sirona (Nasdaq: SIRO), the dental technology leader, announced its financial results for the quarter and fiscal year ended September 30, 2012.

  • Fourth quarter revenues of $247.4 million, up 13.1% compared to prior year, or up 23.4% constant currency. Fiscal year 2012 revenues increased 7.2%, or up 12.6% constant currency.
  • Fourth quarter operating income, excluding amortization of $11.7 million, totaled $57.1 million, up 25.5% compared to prior year (excluding a non-cash compensation charge). Fiscal 2012 operating income, excluding amortization of $47.9 million, totaled $233.7 million, up 5.0% compared to prior year (excluding a non-cash compensation charge).
  • Sirona announces fiscal 2013 guidance: revenue growth of 9% to 11% constant currency, and EPS on a non-GAAP adjusted basis in a range of $3.33 to $3.43 (reflecting growth of approximately 10% to 13%).

SIRO – Fourth Quarter Fiscal 2012 vs. Fourth Quarter Fiscal 2011 Financial Results

Revenue was $247.4 million, an increase of $28.6 million or up 13.1% (and up 23.4% on a constant currency basis). The Company’s business segments grew as follows: CAD/CAM Systems increased 25.6% (up 36.5% on a constant currency basis), Treatment Centers increased 13.2% (up 28.0% on a constant currency basis), Imaging Systems increased 6.9% (up 14.0% on a constant currency basis), and Instruments increased 1.0% (up 14.0% on a constant currency basis).

Revenue in the United States increased 34.1%, while revenues outside the United States increased 5.7% (up 19.2% constant currency), with particularly robust performance in the Asia-Pacific region.

Gross profit was $132.1 million, up $21.4 million. Gross profit margin was 53.4% in the fourth quarter of Fiscal 2012, compared to 50.6% in the prior year. Gross profit margin as a percent of sales was positively impacted by better segment gross profit margin and lower amortization.

Fourth quarter 2012 operating income excluding amortization expense was $57.1 million (operating income of $45.4 million plus amortization expense of $11.7 million), compared to $45.5 million (operating income of $25.0 million plus amortization expense of $13.9 million, plus a $6.6 million non-cash compensation charge) in the fourth quarter of 2011.

Net income for the fourth quarter of 2012 was $34.7 million, or $0.62 per diluted share, versus $13.8 million, or $0.24 per diluted share in the prior year period. Non-GAAP earnings per diluted share for the fourth quarter of 2012 was $0.71 compared to $0.68 in the prior year quarter.

At September 30, 2012, SIRO had cash and cash equivalents of $151.1 million and total debt of $75.5 million, resulting in net cash of $75.6 million. This compares to net debt of $22.5 million at September 30, 2011.

About Sirona Dental Systems, Inc. – SIRO

Sirona (SIRO), the dental technology leader, has served dealers and dentists worldwide for more than 130 years. SIRO develops, manufactures, and markets a complete line of dental products, including CAD/CAM restoration systems (CEREC), digital intra-oral, panoramic and 3D imaging systems, dental treatment centers and handpieces.

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edliston
Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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