Dental devices maker Sirona Dental Systems (NSDQ:SIRO) posted a strong quarter, but the boost in sales and widening profits didn’t stir much enthusiasm from Wall Street.
Sirona posted a 17% boost in revenues and a 33.8% spike in profits for its 3rd quarter ended June 30, 2013, but SIRO shares have dropped nearly 5% since the company released its report. SIRO shares opened at $71.35 on the morning of Friday, August 2, but slid hard during the day, opening today at $67.86, a 4.9% drop.
The New York-based medical device maker reported $40.6 million in profits, or 72¢ per diluted share, on sales of $283.2 million during its 3rd quarter 2013. That compared with $30.3 million, or 53¢ per share, on sales of $242 million during the same period last year.
Sirona touted 28.8% revenue growth in the U.S. and 11.8% revenue growth overseas, culminating in a total 17% boost in sales for the 3 months ended June 30, 2013. Excluding special items, Sirona reported earnings of 91¢ per share, beating Wall Street estimates by 9¢.
"Sirona’s record 3rd quarter reflects our strong showing at IDS, the delivery of Omnicam trade-ups and the continued adoption of digital dentistry," president & CEO Jeffrey Slovin said in prepared remarks. "We are on track for a third consecutive year of double digit revenue growth clearly demonstrating the strength of our organization. We continue to take market share and are well positioned for future growth."
Sirona also affirmed its financial guidance for the year at its previous projections of 10-12% revenue growth and adjusted EPS in the range of $3.36-$3.43.
Shares managed to steady this morning, trading at $68.25 as of about 10:20 a.m.
The Wall Street retreat was a reversal of sorts from the company’s last quarter, when shares rose nearly 4% after the device maker posted flat profit growth.
