Envista (NYSE:NVST) this week posted second-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Brea, California-based dental technology company reported profits of $47.1 million, or 26¢ per share, on sales of $645.8 million for the three months ended July 1, for a bottom-line loss of 47.7% on sales growth of 1.35% compared with Q2 2021.
Adjusted to exclude one-time items, earnings per share were 48¢, 2¢ ahead of The Street, where analysts were looking for sales of $650.6 million.
“We delivered another solid quarter achieving core sales growth of 4% and adjusted EBITDA margins of 19.7%. Our team continues to utilize our EBS tools to successfully navigate a challenging operating environment marked by significant supply chain disruptions, accelerating inflation, geopolitical uncertainties, and a severe COVID-related lockdown in China. I am proud of how our team continues to build a track record of execution despite the volatile macro environment,” CEO Amir Aghdaei said in a news release.
Envista is updating its guidance for fiscal 2022 due to the persistent inflationary pressures, continued supply chain disruptions and an uncertain geopolitical environment. It anticipates additional downside risk for demand in the second half of the year and expects core sales to grow mid-single digits for the fiscal year. Envista also expects to deliver an adjusted EBITDA margin of 20% for the full year.
Shares in NVST were up 2.85% to $40.71 apiece in mid-morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.