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Sirona Reports Fiscal 2009 Fourth Quarter and Full Year 2009 Results
Fourth quarter 2009 revenues increased to $188.2 million, up 4.2% year-over-year and up 8.4% on a constant currency basis. Fiscal Year 2009 revenues increased 1.3% constant currency, exceeding guidance.
Fiscal Year 2009 operating income excluding amortization expense totaled $156.6 million, exceeding guidance.
Cash flow from Operations was $119.9 million in Fiscal Year 2009, up 26.6% compared to Fiscal Year 2008.
Sirona announces Fiscal Year 2010 guidance.
Long Island City, New York, December 4, 2009 Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter and fiscal year ended September 30, 2009.
Chairman, President & CEO, Jost Fischer commented; We are pleased to report another year of solid performance for Sirona and note that we finished with robust fourth quarter constant currency revenue growth of 8.4%. Despite the weak global economy, Sirona was able to grow constant currency revenues in fiscal 2009, driven by our innovative high-tech product line. During the year, the Company introduced breakthrough advancements in dental care, led by the CEREC AC. Our operating cash flow increased 26.6% to $119.9 million, and we reduced our net debt by $110.0 million. These results demonstrate the strength and resilience of our diversified business model. We are well positioned to compete successfully in fiscal 2010, backed by an innovative product offering, and a strong global sales and service infrastructure.
Fourth Quarter Fiscal 2009 vs. Fourth Quarter Fiscal 2008 Financial Results
Revenue was $188.2 million, an increase of $7.6 million or 4.2% (up 8.4% on a constant currency basis), with growth rates for the Companys business segments as follows: CAD/CAM increased 35.3% (up 40.1% constant currency); Instruments increased 2.3% (up 7.7% constant currency); Imaging Systems declined 5.5% (down 2.7% constant currency); and Treatment Centers declined 15.0% (down 10.4% constant currency). Revenue in the United States increased by 32.1%, particularly driven by CAD/CAM sales which benefited from strong interest in the CEREC AC and the AC trade-in program. Outside the United States, revenue declined 5.0% (flat constant currency).
Gross profit was $92.0 million, up $10.6 million compared to prior year. Gross profit margin was 48.9% in the fourth quarter of 2009 compared to 45.1% in the prior year. The gross profit margin expansion was driven by higher CAD/CAM sales, lower levels of amortization expense, and the strengthening of the US dollar relative to the Euro.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Friday, December 4, 2009 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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