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Sirona Reports Fiscal 2008 Fourth Quarter and Full Year 2008 Results
Fiscal Year 2008 revenues increased 14.7% year-over-year to $757.1 million, vs. guidance of $750 to $760 million. Fourth quarter 2008 revenues increased to $180.6 million, up 1.5% compared to the fourth quarter of 2007.
Fiscal Year 2008 operating income, excluding amortization expense of $91.6 million, totaled $155.4 million, above guidance of $150 to $155 million.
Sirona announces Fiscal Year 2009 guidance.
Long Island City, New York, December 4, 2008 Sirona (Nasdaq: SIRO), a leading global manufacturer of technologically advanced, high quality dental equipment, today reported its financial results for the quarter and fiscal year ended September 30, 2008.
Chairman, President & CEO, Jost Fischer commented; We are pleased to report another year of solid performance for Sirona in fiscal 2008, with revenues at the upper end of guidance, and operating income excluding amortization exceeding our guidance. As we anticipated, in the fourth quarter of 2008, our US revenues declined compared to prior year, due to the successful MCXL milling unit trade-in program in 2007.
Fourth Quarter Fiscal 2008 vs. Fourth Quarter Fiscal 2007 Financial Results
Revenue was $180.6 million, an increase of $2.7 million or 1.5% (down 5.2% on a constant currency basis), with growth rates for the Companys business segments as follows: Instruments increased 16% (up 6% constant currency); Treatment Centers increased 10% (flat constant currency); Imaging Systems increased 6% (up 1% constant currency); and Dental CAD/CAM Systems decreased 15% (down 19% constant currency). Revenue in the United States declined by 12%, driven by lower CAD/CAM Systems segment sales, as the prior year period benefited substantially from the MC XL trade-in program. Outside the United States, revenue increased 7% (down 3% constant currency).
Gross profit was $81.4 million, down $1.3 million compared to prior year. Gross profit margin was 45.1% in the fourth quarter of 2008 compared to 46.5% in the prior year quarter. The gross profit margin decline resulted from increased amortization expense in the fourth quarter of 2008.
Fourth quarter 2008 operating income excluding amortization expense declined 10% to $33.1 million (operating income of $10.1 million plus amortization expense of $22.9 million). This compares to fourth quarter 2007 operating income excluding amortization expense of $36.9 million (operating income of $16.7 million plus amortization expense of $20.2 million).
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Thursday, December 4, 2008 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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