UPDATE: Sirona Dental Systems Q1 Earnings Top Estimates

reported better-than-expected results for the fiscal first quarter. The Long Island City, New York-based company posted quarterly earnings of $46 million, or $0.82 per share, compared to 44.2 million, or $0.79 per share, in the year-ago period. Excluding items, the company earned $0.96 per share. Its revenue declined 1.9% to $293 million in the quarter, but gained 3.8% on a local currency basis. However, analysts were estimating earnings of $0.94 per share on revenue of $291.3 million. Revenue in the United States rose 1.6%. International revenue slipped 3.7% in US dollars, but gained 4.9% in local currencies. Gross profit margin widened to 55.6% in the first quarter, from 54.5% in the previous year. At December 31, 2014, Sirona Dental had net cash of $288.6 million, versus net cash of $135.4 million at December 31, 2013. Jeffrey Slovin, President and CEO of Sirona commented: "We are off to a good start for fiscal 2015 with 3.8% local currency growth driven by the Asia-Pacific region. The U.S. still grew 1.6%, despite a difficult comparison due to the very successful Omnicam trade-up program last year. On a segment level, both Instruments and Treatment Centers significantly outpaced the market with 9.2% and 8.5% local currency growth, respectively. CAD/CAM was down 2.1%, in local currency, despite robust new-user sales around the globe. This new user growth, although significant, could not keep pace with last year's 12.3% local currency growth." For the full year, Sirona Dental projects earnings of $3.95 to $4.05 per share. Sirona Dental shares gained 1.71% to close at $93.47 yesterday.