Shares in Dentsply Sirona (NSDQ:XRAY) have significantly fallen today after the medical device maker posted second quarter earnings results that met expectations on Wall Street but showed growing losses.
The York, Penn.-based company posted losses of $1.12 billion, or 4.98¢ per share, on sales of $1.04 billion for the three months ended June 30, seeing losses grow 6.9% while sales grew a smaller 5% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 60¢, just ahead of the 59¢ consensus on The Street, where analysts were looking for sales of $1.02 billion.
“We are clearly not satisfied with our performance. Our global management team is in the middle of an extensive review of the business and is putting together a comprehensive restructuring program. This restructuring plan is focused on accelerating growth, improving our margin through aggressive cost containment programs and simplifying the organization. We will begin to execute against this plan immediately and expect it to deliver sustainable, consistent earnings growth and enhanced forecasting capability beginning in early 2019,” CEO Don Casey said in a press release.
Dentsply Sirona lowered its earnings per share guidance for the full year significantly, down to between $2.00 and $2.15 per share from previous guidance of between $2.55 and $2.65.
Shares in Dentsply Sirona have fallen 18% so far today, at $39.70 as for 2:00 p.m. EDT.
In May, Dentsply Sirona saw shares fall despite the dental-focused medical device maker posting first quarter 2018 earnings that topped consensus on Wall Street.