UPDATE: Barrington Research Upgrades Sirona Dental Systems Following Strong Q3/13 Report

In a report published Tuesday, Barrington Research analyst Charley R. Jones upgraded Sirona Dental Systems SIRO from Market Perform to Outperform, and named an $82.00 price target.

In the report, Barrington Research noted, “SIRO reported very strong Q3/13 revenue with earnings above the consensus and our expectations. Revenue was $283.2 million, up 17.0% YOY, driven by continued strong performance in the U.S. and Germany. Domestic revenue increased an exceptional 28.8%, helped by strong demand for Imaging and CAD/CAM products with expanded exclusivity agreement with Patterson and the delivery of Omnicam trade-ups. Moreover, sales outside the U.S. increased 10.0%, particularly strong in Germany driven by orders following the International Dental Show. Excluding currency, OUS revenue actually increased 15.7%. Q3/13 adjusted EPS were $0.91, up from $0.76 in Q3/12 and above both our estimate of $0.89 and the consensus of $0.91. Growth was solid across the board with notable strength in Imaging Systems (+21.0%) and CAD/CAM systems (+19.4%).”

Sirona Dental Systems closed on Monday at $68.05.