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Sirona Reports Fiscal 2010 Fourth Quarter and Full Year Results
Fourth quarter revenues were $182.9 million, down 2.8% compared to prior year, and up 4.9% constant currency. Fiscal Year 2010 revenues increased 8.0%, up 7.9% constant currency, at the upper end of guidance of 6% to 8%.
Fiscal Year 2010 operating income excluding amortization expense totaled $188.9 million, up 20.7% compared to prior year and at the upper end of guidance of $186 to $190 million.
Cash flow from Operations was $175.7 million, up 46.5% compared to Fiscal Year 2009.
Sirona announces Fiscal Year 2011 guidance: constant currency revenue growth of 7% to 9% and operating income plus amortization in the range of $200 to $208 million.
Long Island City, New York, November 18, 2010 Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter and fiscal year ended September 30, 2010.
Fourth Quarter Fiscal 2010 vs. Fourth Quarter Fiscal 2009 Financial Results
Revenue was $182.9 million, a decrease of $5.3 million or down 2.8% (up 4.9% on a constant currency basis), with growth rates for the Companys business segments as follows: Treatment Centers increased 11.0% (up 24.1% on a constant currency basis); Imaging Systems increased 0.9% (up 7.2% constant currency); Instruments declined 4.2% (up 7.1% constant currency); and CAD CAM declined 13.8% (down 8.5% constant currency). Revenue in the United States declined 15.1%, due to the timing of CAD/CAM shipments, which had helped drive U.S. revenue growth of 33.7% in the third quarter of 2010. Outside the United States, revenue increased 2.8% (up 15.1% constant currency), with very strong growth in Asia Pacific and the Middle East, and solid growth in Europe.
Gross profit was $93.1 million, up $1.1 million. Gross profit margin was 50.9% in the fourth quarter of Fiscal 2010, compared to 48.9% in the prior year. The gross profit margin expansion was mainly the result of lower levels of amortization expense.
Fourth quarter 2010 operating income excluding amortization expense was $37.9 million (operating income of $23.2 million plus amortization expense of $14.7 million), compared to $43.3 million (operating income of $24.7 million plus amortization expense of $18.6 million) in the prior year.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Thursday, November 18, 2010 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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