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Sirona Reports Record Fiscal 2014 Third Quarter Results
|·||Third quarter revenues of $299.7 million, up 5.8% compared to prior year, or up 2.5% constant currency*.|
|·||Third quarter diluted earnings per share of $0.92 on a GAAP reported basis compared to $0.72 in the prior year. Third quarter non-GAAP adjusted EPS* of $0.99, up 8.2% compared to $ 0.91 in the prior year.|
|·||Management continues to anticipate FY14 constant currency revenue growth of 4% to 6%, and non-GAAP adjusted EPS* in the range of $3.60 to $3.70 (reflecting growth of approximately 6% to 9%).|
Long Island City, New York, August 8, 2014 – Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended June 30, 2014.
Third Quarter Fiscal 2014 vs. Third Quarter Fiscal 2013 Financial Results
Revenue was $299.7 million, an increase of $16.5 million or up 5.8% (and up 2.5% on a constant currency basis). The Company's business segments performed as follows: Instruments increased 14.0% (up 8.9% on a constant currency basis), Imaging Systems increased 8.9% (up 6.1% on a constant currency basis), CAD/CAM Systems increased 6.2% (up 3.5% on a constant currency basis), and Treatment Centers decreased 4.7% (down 9.3% on a constant currency basis).
Revenue in the United States increased 8.2%, and revenues outside the United States increased 4.7% (down 0.3% constant currency). U.S. revenues benefited from continued demand for our Imaging and CAD/CAM products. Growth was driven by new user demand for our CAD/CAM products. Sales growth in international markets was particularly strong in Asia Pacific, led by China and Japan.
Gross profit was $167.6 million, up $16.1 million. Gross profit margin was 55.9% in the third quarter of Fiscal 2014, compared to 53.5% in the prior year. The increase in gross profit margin as a percent of sales was driven by improvements in product and regional sales mix and cost reductions more than offsetting foreign exchange headwinds.
Net income attributable to Sirona Dental Systems, Inc. for the third quarter of 2014 was $51.5 million, or $0.92 per diluted share, versus $40.6 million, or $0.72 per diluted share in the prior year period. Non-GAAP adjusted earnings per diluted share for the third quarter of 2014 was $0.99 compared to $0.91 in the prior year quarter, or an
* Non-GAAP adjusted EPS, constant currency growth and local currency growth and results are non-GAAP financial measures that exclude certain items. Please refer to “Reconciliation of GAAP and non-GAAP Information (unaudited)” in the attached exhibits for a description of these items.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Friday, August 8, 2014 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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