Dentsply Sirona (NSDQ:XRAY) shares soared this morning on fourth-quarter results that easily topped the consensus forecast.
XRAY shares were up 13.7% at $60.35 per share in mid-morning trading today.
The Charlotte, N.C.-based dental solutions company posted profits of $99 million, or 45¢ per share, on sales of $1.1 billion for the three months ended Dec. 31, 2020, for a -2.9% bottom-line slide on a sales decline of -2.6%.
Adjusted to exclude one-time items, earnings per share were 87¢, 23¢ ahead of Wall Street, where analysts were looking for sales of $995.7 million.
“Our fourth-quarter results reflect the continued focus on disciplined execution and the gradual recovery in global dental markets,” Dentsply Sirona CEO Don Casey said in a news release. “Our team delivered strong operational performance, exceeding our expectations across most metrics including operating margin expansion, healthy EPS growth and cash flow generation. We capped off the year with the strategic acquisition of Byte, a rapidly growing direct-to-consumer, doctor-directed clear aligner company.
“This acquisition is key to accelerating our growth in the clear aligner space. While uncertainty remains on the timing and extent of a full recovery in the dental market, our 2021 outlook reflects our confidence in our portfolio and our commitment to driving growth through strategic investments.”
Dentsply Sirona said it now expects to log adjusted EPS of $2.60 to $2.80 and set its sales guidance for between $4 billion and $4.3 billion for fiscal year 2021.
While XRAY shares were rising high, MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1.4% this morning.