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Sirona Reports Record Fiscal 2011 Fourth Quarter and Full Year Results
Fourth quarter revenues of $218.8 million, up 19.6% compared to prior year, and up 11.8% constant currency. Fiscal year 2011 revenues increased 18.6%, or up 16.4% constant currency.
Fiscal 2011 operating income, excluding amortization of $54.9 million, and a one-time, non-cash compensation charge of $6.6 million totaled $222.5 million, up 17.8% compared to operating income excluding amortization of $188.9 million in FY10.
Fiscal 2011 cash flow from operations was $178.9 million, compared to $175.7 million in fiscal year 2010.
Sirona announces fiscal year 2012 guidance: revenue growth of 6% to 8% constant currency and operating income plus amortization in the range of $225 to $234 million.
Long Island City, New York, November 18, 2011 Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter and fiscal year ended September 30, 2011.
Fourth Quarter Fiscal 2011 vs. Fourth Quarter Fiscal 2010 Financial Results
Revenue was $218.8 million, an increase of $35.9 million or up 19.6% (up 11.8% on a constant currency basis), with growth rates for the Companys business segments as follows: Imaging Systems increased 42.9% (up 37.1% constant currency); CAD/ CAM increased 10.9% (up 3.9% constant currency); Instruments increased 11.3% (up 1.6% constant currency); and Treatment Centers increased 2.7% (down 6.4% constant currency). Revenue in the United States increased 13.5%, while revenues outside the United States increased 21.9% (up 11.3% constant currency), with strong growth in Asia Pacific and the Middle East.
Gross profit was $110.7 million, up $17.6 million. Gross profit margin was 50.6% in the fourth quarter of Fiscal 2011, compared to 50.9% in the prior year. Gross profit margin as a percent of sales was impacted by product mix and the strengthening of the Euro relative to the Dollar.
Fourth quarter 2011 operating income excluding amortization expense and a one-time, non-cash compensation charge was $45.5 million (operating income of $25.0 million plus amortization expense of $13.9 million, plus the $6.6 million charge), compared to $37.9 million (operating income of $23.2 million plus amortization expense of $14.7 million) in the fourth quarter of 2010.
Net income for the fourth quarter of 2011 was $13.8 million, or $0.24 per diluted share, versus $24.7 million, or $0.44 per diluted share in the prior year period. Non-GAAP earnings per diluted share for the fourth quarter of 2011 was $0.68 compared to $0.44 in the fourth quarter of 2010.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Friday, November 18, 2011 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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