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Dentsply Sirona Inc. (NASDAQ:XRAY) shares are trading lower on Thursday after reporting first-quarter results.
The company reported adjusted earnings per share of 42 cents, in line with the street view.
Quarterly revenues of $953 million missed the street view of $969.136 million. Sales fell 2.6% year over year.
Segment wise, Connected Technology Solutions fell 6.9%, Essential Dental Solutions fell 5.9%, Orthodontic and Implant Solutions gained 4.4%, and Wellspect Healthcare rose 5.4%.
Quarterly gross profit of $506 million fell 2.5% year over year. Gross margin remained flat at 53.1%.
The company adjusted EBITDA margin of 16.8%, slightly higher than 16.5% a year ago. Quarterly Adjusted EBITDA fell 1.1% to $160 million.
“We did see some bright spots in the business in Q1, with over 50% growth in China, double-digit growth in our global aligners business and U.S. CAD/CAM, and mid-single digit growth in Wellspect Healthcare,” said Simon Campion, President and Chief Executive Officer.
Operating cash flow in the first quarter of 2024 was $25 million, compared to ($21) million in the prior year, primarily as a result of a lower inventory build and improved cash collections.
The company had $291 million of cash and cash equivalents as of March-end.
Outlook: The company maintained its 2024 outlook for organic sales growth in the range of flat to up 1.5%, and adjusted EPS in the range of $2.00 to $2.10 (street view: $2.06).
Based on its latest view of the macroeconomic environment, the company believes adjusted EPS and organic sales are trending towards the low-end of both ranges.
The company revised its anticipated reported sales to a new range of $3.91 billion to $3.97 billion due to an additional estimated foreign currency translation headwind of $50 million (street view: $3.99 billion).
Price Action: XRAY shares are trading lower by 4.31% to $28.88 at last check Thursday.
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Posted In: XRAY
