Sirona - SIRO - Record Fiscal 2012 Fourth Quarter and Full Year Results
11/16/2012 10:56:04 AM
Sirona (Nasdaq: SIRO), the dental technology leader, announced its financial results for the quarter and fiscal year ended September 30, 2012.
SIRO - Fourth Quarter Fiscal 2012 vs. Fourth Quarter Fiscal 2011 Financial Results
Revenue was $247.4 million, an increase of $28.6 million or up 13.1% (and up 23.4% on a constant currency basis). The Company's business segments grew as follows: CAD/CAM Systems increased 25.6% (up 36.5% on a constant currency basis), Treatment Centers increased 13.2% (up 28.0% on a constant currency basis), Imaging Systems increased 6.9% (up 14.0% on a constant currency basis), and Instruments increased 1.0% (up 14.0% on a constant currency basis).
Revenue in the United States increased 34.1%, while revenues outside the United States increased 5.7% (up 19.2% constant currency), with particularly robust performance in the Asia-Pacific region.
Gross profit was $132.1 million, up $21.4 million. Gross profit margin was 53.4% in the fourth quarter of Fiscal 2012, compared to 50.6% in the prior year. Gross profit margin as a percent of sales was positively impacted by better segment gross profit margin and lower amortization.
Fourth quarter 2012 operating income excluding amortization expense was $57.1 million (operating income of $45.4 million plus amortization expense of $11.7 million), compared to $45.5 million (operating income of $25.0 million plus amortization expense of $13.9 million, plus a $6.6 million non-cash compensation charge) in the fourth quarter of 2011.
Net income for the fourth quarter of 2012 was $34.7 million, or $0.62 per diluted share, versus $13.8 million, or $0.24 per diluted share in the prior year period. Non-GAAP earnings per diluted share for the fourth quarter of 2012 was $0.71 compared to $0.68 in the prior year quarter.
At September 30, 2012, SIRO had cash and cash equivalents of $151.1 million and total debt of $75.5 million, resulting in net cash of $75.6 million. This compares to net debt of $22.5 million at September 30, 2011.
About Sirona Dental Systems, Inc. - SIRO
Sirona (SIRO), the dental technology leader, has served dealers and dentists worldwide for more than 130 years. SIRO develops, manufactures, and markets a complete line of dental products, including CAD/CAM restoration systems (CEREC), digital intra-oral, panoramic and 3D imaging systems, dental treatment centers and handpieces.