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Sirona Reports Fiscal 2015 First Quarter Results
|·||First quarter revenues of $293.0 million, down 1.9% compared to prior year, but up 3.8% on a local currency* basis.|
|·||First quarter diluted earnings per share of $0.82 on a GAAP reported basis compared to $0.79 in the prior year. First quarter non-GAAP adjusted EPS* of $0.96, unchanged from the prior year.|
|·||Management reiterates guidance of FY15 local currency revenue growth of 6% to 8%, and non-GAAP adjusted EPS* in the range of $3.95 to $4.05.|
Long Island City, New York, February 6, 2015 – Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended December 31, 2014.
First Quarter Fiscal 2015 vs. First Quarter Fiscal 2014 Financial Results
Revenue was $293.0 million, a decrease of $5.7 million or down 1.9% (up 3.8% on a local currency basis). The Company's business segments performed as follows: Imaging Systems increased 2.1% (up 5.5% on a local currency basis), Instruments increased 0.3% (up 9.2% on a local currency basis), Treatment Centers decreased 0.7% (up 8.5% on a local currency basis), and CAD/CAM Systems decreased 7.2% (down 2.1% on a local currency basis).
Revenue in the United States increased 1.6% benefitting from strength in Imaging while facing a difficult year-over-year comparison due to last year’s high deliveries of Omnicam trade-up units.
International revenues decreased 3.7% in U.S. dollars, but increased 4.9% in local currencies. The local currency growth was driven by the increasing success of our expanded international sales and services infrastructure, led by the Asia-Pacific region.
Gross profit was $162.9 million, up $0.2 million. Gross profit margin was 55.6% in the first quarter of Fiscal 2015, compared to 54.5% in the prior year. The increase in the gross profit margin was mainly due to the benefit of foreign exchange effects as well as reduced amortization and depreciation expense resulting from the step-up to fair values of tangible and intangible assets.
Net income attributable to Sirona Dental Systems, Inc. for the first
quarter of 2015 was $46.0 million, or $0.82 per diluted share, versus $44.2 million, or $0.79 per diluted share in the prior year
period. Non-GAAP adjusted earnings per diluted share for the first quarter of 2015 was $0.96, the same as the prior year quarter.
A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is provided in the attached table.
The following information was filed by Sirona Dental Systems, Inc. (SIRO) on Friday, February 6, 2015 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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