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Sirona Reports Record Fiscal 2015 Third Quarter Results
|·||Third quarter record revenues of $306.1 million, up 15.2% in local currency* compared to prior year and up 2.1% as reported in U.S. dollars.|
|·||Third quarter record diluted earnings per share of $1.04 on a GAAP reported basis compared to $0.92 in the prior year. Third quarter record non-GAAP adjusted EPS* of $1.16, up 17.2% compared to $0.99 in the prior year.|
|·||Management reiterates guidance of FY15 organic 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, August 7, 2015 – Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended June 30, 2015.
Third Quarter Fiscal 2015 vs. Third Quarter Fiscal 2014 Financial Results
Revenue was a record $306.1 million, an increase of $6.4 million or 2.1% reported (and up 15.2% on a local currency basis). The Company's business segments performed as follows: CAD/CAM Systems increased 11.4% (up 24.5% on a local currency basis), Treatment Centers increased 5.1% (up 26.2% on a local currency basis), Imaging Systems decreased 4.9% (up 3.0% on a local currency basis), and Instruments decreased 11.0% (up 7.2% on a local currency basis).
Revenue in the United States decreased 0.2%. Solid CAD/CAM growth was offset by a decline in imaging ahead of the introduction of the new Orthophos SL.
International revenues increased 3.3% and increased 23.4% in local currency. Local currency growth was led by Europe with outstanding growth in Germany after a very successful International Dental Show.
Gross profit was $174.6 million, up $7.0 million. Gross profit margin was 57.0% in the third quarter of Fiscal 2015, compared to 55.9% 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 third quarter of 2015 was a record $58.8 million, or $1.04 per diluted share, versus $51.5 million, or $0.92 per diluted share in the prior year period. Non-GAAP adjusted earnings per diluted share for the third quarter of 2015 was a record $1.16 compared to $0.99 in the prior year quarter, or an increase of 17.2%. A
* Non-GAAP adjusted EPS 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 7, 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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