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Sirona Reports Fiscal 2007 Fourth Quarter and Full Year 2007 Results
· Fourth quarter 2007 revenues increased to $177.9 million, up 31.3% compared to the fourth quarter of 2006.
· Fiscal 2007 full year revenues reached $659.9 million.
· Sirona announces Fiscal 2008 guidance.
Long Island City, New York, December 7, 2007 Sirona (Nasdaq: SIRO), a leading global manufacturer of technologically advanced, high quality dental equipment, today reported its financial results for the quarter and full year ended September 30, 2007.
Fourth Quarter Fiscal 2007 vs. Fourth Quarter Fiscal 2006 Financial Results
Revenue was $177.9 million, an increase of $42.4 million or 31.3% (up 24.3% on a constant currency basis), with growth rates for the Companys business segments as follows: Dental CAD/CAM Systems increased 68% (up 61% constant currency); Imaging Systems increased 27% (up 22% constant currency); Instruments increased 12% (up 5% constant currency); and Treatment Centers increased 12% (up 4% constant currency). Revenue in the United States increased by 32%. Outside the United States, revenue increased 31% (up 22% constant currency). Dental CAD/CAM revenue growth was mainly driven by sales of the Companys new MC XL systems. Imaging Systems revenues increased due to the continued adoption of digital radiography, increased sales of panoramic imaging units and sales of the Companys Galileos 3D imaging system.
Gross profit increased by $23.8 million to $82.7 million, up 40.4%. Gross profit margins increased three percentage points, from 43.5% in the fourth quarter of 2006 to 46.5% in the fourth quarter of 2007. Gross profit benefited from solid revenue growth in the higher margin CAD/CAM and Imaging segments.
Fourth quarter 2007 operating income plus amortization expense reached $36.9 million (operating income of $16.7 million plus amortization expense of $20.2 million). This compares to fourth quarter 2006 operating income plus amortization expense of $19.5 million (operating income of $1.6 million plus amortization expense of $17.9 million).
Net income was $51.8 million in the fourth quarter of 2007, compared to a net loss of $1.5 million in the prior year period. Fourth quarter 2007 results include a non-cash, one time benefit of $45.6 million, due to the revaluation of deferred tax assets and liabilities resulting from a reduction in the German tax rate.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Friday, December 7, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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