Shares in Dentsply Sirona (NSDQ:XRAY) dropped 3.3% today after the dental device maker missed expectations on Wall Street with its 1st quarter earnings results.
The York, Penn.-based company posted profits of $59.7 million, or 26¢ per share, on sales of $900.5 million for the 3 months ended March 31, seeing the bottom-line shrink 52.4% while sales grew approximately 16.6% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 49¢, just behind the 50¢ consensus on The Street, where analysts were expecting to see sales of $916.6 million for the quarter.
“As expected, our 1st quarter results were impacted by the transition of our North American distribution strategy and a seasonal slowdown ahead of the International Dental Show in March. I am pleased to announce the expansion of our U.S. distribution with Henry Schein and a new agreement with Patterson Companies. By leveraging the strength of both these partners, we expect to increase adoption of our products and facilitate more revenue synergy activities. The International Dental Show in March was a tremendous success as we introduced a record number of new solutions and demonstrated why Dentsply Sirona is the innovator in the industry and the only Dental Solutions Company. The positive reaction to our new products and the market’s clear evolution towards end-to-end integrated solutions affirm our expectation for a very strong back half of the fiscal year,” CEO Jeffrey Slovin said in a prepared statement.
The company reiterated previous earnings per share guidance for the full fiscal year 2017, expecting between $2.80 and $2.90.
Dentsply Sirona shares dropped 3.3% today, or $2.18, to close at $63.25.
