Immunology

Sirona (Nasdaq:SIRO), the dental technology leader, today announced its financial results for the quarter ended March 31, 2014.

Second Quarter Fiscal 2014 vs. Second Quarter Fiscal 2013 Financial Results

Revenue was $282.7 million, an increase of $15.4 million or up 5.7% (and up 2.9% on a constant currency basis). The Company's business segments performed as follows: Instruments increased 13.4% (up 9.3% on a constant currency basis), Imaging Systems increased 5.0% (up 2.8% on a constant currency basis), CAD/CAM Systems increased 5.0% (up 2.5% on a constant currency basis), and Treatment Centers increased 4.6% (up 0.8% on a constant currency basis).

Revenue in the United States increased 4.5%, and revenues outside the United States increased 6.2% (up 2.3% constant currency). U.S. revenues benefited from continued demand for our Imaging and CAD/CAM products. Growth was driven by new user demand for our CAD/CAM products. Sales growth in international markets was driven by Asia Pacific, led by Japan.

Gross profit was $151.5 million, up $6.8 million. Gross profit margin was 53.6% in the second quarter of Fiscal 2014, compared to 54.1% in the prior year. The change in gross profit margin as a percent of sales was mainly driven by foreign exchange impacts as well as product and regional sales mix.

Net income attributable to Sirona Dental Systems, Inc. for the second quarter of 2014 was $37.3 million, or $0.66 per diluted share, versus $31.8 million, or $0.56 per diluted share in the prior year period. Non-GAAP adjusted earnings per diluted share for the second quarter of 2014 was $0.80 compared to $0.75 in the prior year quarter, or an increase of 6.3%. A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is provided in the attached table.

At March 31, 2014, the Company had cash and cash equivalents of $255.3 million and total debt of $79.6 million, resulting in net cash of $175.7 million. This compares to net cash of $135.4 million at December 31, 2013.