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Sirona Reports Fiscal 2012 Second Quarter Results

Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended March 31, 2012.

Second Quarter Fiscal 2012 vs. Second Quarter Fiscal 2011 Financial Results

Revenue was $231.9 million, an increase of $17.1 million or up 8% (up 11.1% on a constant currency basis), with growth rates for the Company's business segments as follows: Treatment Centers increased 12.7% (up 17.5% on a constant currency basis), CAD/CAM Systems increased 11.1% (up 13.7% on a constant currency basis), Imaging Systems increased 3.5% (up 6.0% on a constant currency basis), and Instruments increased 3.3% (up 7.7% on a constant currency basis).

Revenue in the United States increased 4.9%, while revenues outside the United States increased 9.2% (up 13.7% constant currency), with particularly robust performance in the Asia Pacific region.

Gross profit was $124.6 million, up $9.0 million. Gross profit margin was 53.8% in the second quarter of Fiscal 2012, compared to 53.9% in the prior year. Gross profit margin as a percent of sales was positively impacted by lower amortization, which was offset by margin compression mainly due to product mix.

Second quarter 2012 operating income excluding amortization expense was $52.2 million (operating income of $40.1 million plus amortization expense of $12.0 million, compared to $47.0 million (operating income of $33.5 million plus amortization expense of $13.5 million) in the second quarter of 2011.

Net income for the second quarter of 2012 was $30.5 million, or $0.54 per diluted share, versus $29.3 million, or $0.51 per diluted share in the prior year period. Non-GAAP earnings per diluted share for the second quarter of 2012 was $0.64 compared to $0.58 in the prior year quarter.

At March 31, 2012, the Company had cash and cash equivalents of $77.8 million and total debt of $77.6 million, resulting in net cash of $0.2 million. This compares to net debt of $22.5 million at September 30, 2011.

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