Shares in Dentsply Sirona (NSDQ:XRAY) have fallen slightly today after the medical device maker met earnings per share expectations but missed sales consensus on Wall Street with its 2nd quarter earnings report.
The York, Penn.-based company posted losses of $1.1 billion, or $4.58 per share on sales of $992.7 million for the 3 months ended June 30, seeing a massive 1096% swing from profits to losses while sales shrunk 2.9% compared with the same period during the previous year.
Adjusted to exclude 1-time items, earnings per share were 65¢, just in line with the 65¢ consensus on Wall Street, where analysts were expecting to see sales of $1 billion.
“Our results were impacted by a number of factors, the largest of which are headwinds associated with Patterson reducing its inventory in North America and the transition of North American distribution. Year to date, operational execution has not met our expectations. Our lower outlook reflects the underperformance in the first half of the year and some of those challenges persisting in the back half of the year. In September, we should begin to benefit from the expanded distribution of our equipment in North America which should drive growth in the back half of this year and beyond. As we work through the distribution transition and integration initiatives, we are strengthening our foundation for the future. We believe that this should translate into more consistent growth and strong double digit earnings growth in the back half of the year creating momentum exiting the year going into 2018,” CEO Jeffrey Slovin said in a press release.
The company updated its earnings per share guidance for the entire years expecting to post between $2.65 and $2.75 per diluted share.
Shares in Dentsply Sirona have dipped 0.8% so far today, at $55.03 as of 2:49 p.m. EDT.