Envista (NYSE:NVST), the Danaher (NYSE:DHR) dental spinout, today post third-quarter results that beat the consensus forecast on earnings but missed the revenues mark, in its first quarterly report since going public last month.
Brea, Calif.-based Envista put up profits of $62.1 million, or 48¢ per share, on sales of $659.3 million for the three months ended Sept. 27, for a bottom-line decline of -3.1% on a -3.0 sales decline compared with Q3 2018. The company last month closed its initial public offering at $677 million.
Adjusted to exclude one-time items, earnings per share were 47¢, 4¢ above the consensus on Wall Street, where analysts were looking for sales of $669.4 million.
“We are pleased with the results of the third quarter, our first as a public company. The team has made traction on several cost initiatives resulting in earnings, margins, and cash flow that exceeded our expectations. Revenue was slightly lower than anticipated, a result of our brand consolidation efforts and weaker equipment demand,” CEO Amir Aghdaei said in prepared remarks. “As we begin our journey as a public company, our strategic priorities are centered around accelerating growth by investing in high impact areas such as clear aligners, implants and high growth markets, improving margins, and transforming our portfolio. We have made good progress over the past several years towards enhanced business performance and look forward to updating you as we move forward.”
Envista said it expects to log adjusted EPS of $1.73 to $1.76 this year and 37¢ to 41¢ during the fourth quarter.
NVST shares were down -4.3% to $27.90 apiece today in noontime trading.