Dentsply Sirona (NSDQ:XRAY) posted first-quarter results today that beat the overall consensus on Wall Street.
The Charlotte, N.C.-based dental equipment manufacturer reported profits of $117 million, or 53¢ per share, on sales of $1.027 billion for the three months ended March 31, versus a loss of –$140 million, or –63¢ per share, off sales of $874 million during Q1 2020.
Adjusted to exclude one-time items, earnings per share were 72¢, 16¢ ahead of The Street, where analysts were looking for sales of $948.7 million.
“We are pleased with our strong first-quarter performance. The global dental market has demonstrated resilience with attractive underlying fundamentals. As a result, we are cautiously optimistic about the continued recovery in the category. We remain committed to executing on our restructuring goals while increasing focus on investing for revenue growth. Our revised 2021 outlook reflects confidence in our team’s ability to execute on growth initiatives and capitalize on the recovery,” CEO Don Casey said in a news release.
Dentsply Sirona revised its fiscal year 2021 outlook. It now expects revenues to be in the $4.1 billion to $4.3 billion range with non-GAAP EPS projected to be in the range of $2.75 to $2.90.
Shares in XRAY were down nearly –2% to $66.45 apiece by midday today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.