Q4 2012 Earnings Call Transcript

Transcript Call Date 11/16/2012

Operator: Good day, ladies and gentlemen, and welcome to the Sirona Dental Fourth Quarter and Full Year 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later on we will conduct a question-and-answer session. As a reminder, today's conference is being recorded for replay purposes.

With that, I'd now like to turn the conference over to your host for today Mr. Joshua Zable, Vice President of Investor Relations. Please go ahead sir.

Joshua Zable - VP, IR: Thank you and good morning, everyone. Welcome to our fourth quarter and full year fiscal 2012 conference call. I'd like to remind you that an earnings slide deck presentation relating to this call is available on our website at

Before we begin, please take a moment to read the forward-looking statement on Slide 2 of our earnings slide presentation. During today's conference call, we'll make certain predictive statements that reflect our current views about our future performance and financial results. We base these statements on certain assumptions and expectations of future events that are subject to risks and uncertainties. Our most recent Form 10-K lists some of our most important risk factors that could cause actual results to differ from our predictions.

With that, I'll now turn the program over to Jost Fischer, Chairman and CEO of Sirona Dental Systems.

Jost Fischer - Chairman and CEO: Thanks, Josh. It is my pleasure to welcome all of you to our fourth quarter and full year 2012 conference call. Joining me today are Jeffrey Slovin, President; and Simone Blank, Executive Vice President and Chief Financial Officer. I am delighted to report that fiscal 2012 was a year with many accomplishments for Sirona.

We ended the year on a high note with Q4 constant currency revenue growth up 23.4% and operating income plus amortization growth up 25.5%. Each one of our four business segments delivered double-digit constant currency revenue growth in the fourth quarter.

In August, we launched our revolutionary Omnicam, a product with no equal at the largest digital dentistry event ever, CEREC 27.5. For the full year, Sirona achieved constant currency revenue growth of 12.6%. This was particularly noteworthy compared to a record setting fiscal 2011 where Sirona grew over 16% constant currency. We continue to take market share. Keep in mind we did all of this while continuing to invest in our sales and service infrastructure.

2012 was a very productive year for Sirona. Let me reiterate the key pillars of our successful strategy. To expand our outstanding portfolio of high-tech dental product through continuous innovation, we have invested over $290 million in the past six years creating new and enhanced products and solutions for better dentistry.

To grow and leverage our world-class global sales and service infrastructure, we are active in over 135 countries around the globe. We continue to execute on our strategy giving Sirona a clear competitive advantage and enabling us to deliver consistent robust organic growth. We’ve also built a solid foundation that will allow Sirona to keep growing for years to come. This year we’ve strengthened our go-to-market strategy in the U.S. by expanding our exclusive relationship with Patterson.

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