Dentsply Sirona (NSDQ:XRAY) shares dipped today despite preliminary first-quarter results that topped the consensus forecast.
The Charlotte, N.C.-based company posted losses of -$139.9 million, or -63¢ per share, on sales of $874.3 million for the three months ended March 31, 2020, for a bottom-line slide from profits of $39.2 million this time last year on a sales decline of 7.6%.
Adjusted to exclude one-time items, earnings per share were 43¢, 5¢ ahead of Wall Street, where analysts were looking for sales of $867.8 million.
Dentsply Sirona said in a news release that the COVID-19 pandemic caused a hit on its consumables business, with a 16.8% decline in revenue in that department as dental visits and procedures were reduced over the quarter.
“We continue to drive the strategic initiatives that position us well for the future,” Dentsply Sirona CEO Don Casey said in the release. “Despite the current short-term disruption, we are starting to see early signs of improvement in demand in countries that are beginning to re-open their economies. Longer-term, we believe that our industry fundamentals are sound and that Dentsply Sirona’s financial strength, broad portfolio, and global reach position the company to succeed and win as we move forward.”
Dentsply Sirona is withdrawing its 2020 financial guidance amid uncertainties caused by the coronavirus crisis.
XRAY shares were down -1.8% at $40.34 per share in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.3%.