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Sirona Reports Fiscal 2012 Third Quarter Results

Stocks in this article: SIRO

Sirona (Nasdaq: SIRO), the dental technology leader, today announced its financial results for the quarter ended June 30, 2012.

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

Revenue was $242.0 million, a decrease of $2.7 million or down 1.1% (but up 7.0% on a constant currency basis). The Company's business segments grew as follows: CAD/CAM Systems increased 2.7% (up 9.5% on a constant currency basis), Treatment Centers increased 1.3% (up 13.3% on a constant currency basis), Imaging Systems decreased 3.4% (up 2.8% on a constant currency basis), and Instruments decreased 10.0% (up 0.6% on a constant currency basis).

Revenue in the United States increased 7.7%, while revenues outside the United States decreased 4.6% (up 6.6% constant currency), with particularly robust performance in the Asia-Pacific region.

Gross profit was $128.4 million, up $1.6 million. Gross profit margin was 53.1% in the third quarter of Fiscal 2012, compared to 51.8% in the prior year. Gross profit margin as a percent of sales was positively impacted by lower amortization.

Third quarter 2012 operating income excluding amortization expense was $57.8 million (operating income of $45.9 million plus amortization expense of $11.9 million, compared to $60.4 million (operating income of $46.4 million plus amortization expense of $14.1 million) in the third quarter of 2011.

Net income for the third quarter of 2012 was $30.3 million, or $0.53 per diluted share, versus $36.3 million, or $0.63 per diluted share in the prior year period. Non-GAAP earnings per diluted share for the third quarter of 2012 was $0.80 compared to $0.78 in the prior year quarter.

At June 30, 2012, the Company had cash and cash equivalents of $104.6 million and total debt of $79.0 million, resulting in net cash of $25.6 million. This compares to net debt of $22.5 million at September 30, 2011.

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