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Sirona Reports Fiscal 2015 Second Quarter Results
|·||Second quarter revenues of $257.3 million, up 2.0% in local currencies* compared to prior year, but down 9.0% reported in U.S. dollars.|
|·||Second quarter diluted earnings per share of $0.64 on a GAAP reported basis compared to $0.66 in the prior year. Second quarter non-GAAP adjusted EPS* of $0.76, down 5.4% compared to $0.80 in 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, May 8, 2015 – Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended March 31, 2015.
Second Quarter Fiscal 2015 vs. Second Quarter Fiscal 2014 Financial Results
Revenue was $257.3 million, a decrease of $25.4 million or down 9.0% in U.S. dollars and up 2.0% on a local currency basis. The Company's business segments performed as follows: CAD/CAM Systems decreased 6.6% (up 2.9% on a local currency basis), Imaging Systems decreased 8.2% (down 0.7% on a local currency basis), Instruments decreased 10.8% (up 6.1% on a local currency basis), and Treatment Centers decreased 13.8% (up 2.2% on a local currency basis).
Revenue growth was led by the United States which increased 8.6% on strong demand for our Imaging products and continued growth in CAD/CAM new user sales.
International revenues decreased 15.3% in U.S. dollars, but in local currency decreased 0.4%. The decline was primarily driven by Japan, which faced a difficult comparable with last year’s pre-buying ahead of the consumption tax increase.
Gross profit was $143.8 million, down $7.7 million. Gross profit margin was 55.9% in the second quarter of Fiscal 2015, compared to 53.6% 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 second quarter of 2015 was $36.0 million, or $0.64 per diluted share, versus $37.3 million, or $0.66 per diluted share in the prior year period. Non-GAAP adjusted earnings per diluted share for the second quarter of 2015 was $0.76 compared to $0.80 in the prior year quarter, or a decrease of 5.4%. 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, May 8, 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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