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Sirona Reports Fiscal 2016 First Quarter Results
|·||First quarter revenues of $304.2 million, up 11.6% local currency* and up 3.8% as reported compared to prior year.|
|·||First quarter non-GAAP adjusted EPS* of $0.99, up 3.1% compared to $ 0.96 in the prior year. First quarter diluted earnings per share of $0.91 on a GAAP reported basis compared to $0.82 in the prior year.|
|·||Management expects the merger of Sirona and DENTSPLY International Inc. to close in the first calendar quarter of 2016.|
Long Island City, New York, February 8, 2016 – Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended December 31, 2015.
First Quarter Fiscal 2016 vs. First Quarter Fiscal 2015 Financial Results
Revenue was $304.2 million, an increase of $11.2 million or up 3.8% reported (and up 11.6% on a local currency basis). In local currencies, internally generated sales increased 8.2% and acquisition growth was 3.4%. The Company's business segments performed as follows: CAD/CAM Systems increased 25.9% (up 33.8% on a local currency basis with internally generated sales growth of 23.5% and acquisition growth of 10.3%), Imaging Systems decreased 2.6% (up 2.8% on a local currency basis), Treatment Centers decreased 9.4% (up 1.3% on a local currency basis), and Instruments decreased 19.2% (down 8.6% on a local currency basis).
in the United States increased 20.9% and revenues outside the United States decreased 5.6% (up 6.5% local currency). The U.S.
generated internal sales growth of 11.2% driven by strong demand for our CAD/CAM Systems and acquisition growth of 9.7%. Sales
growth in international markets was broad based.
Gross profit was $174.0 million, up $11.1 million. Gross profit margin was 57.2% in the first quarter of Fiscal 2016, compared to 55.6% 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 first quarter of 2016 was $51.3 million, or $0.91 per diluted share, versus $46.0 million, or $0.82 per diluted share in the prior year period. Non-GAAP adjusted earnings per diluted share for the first quarter of 2016 was
* 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 Monday, February 8, 2016 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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