- Dentsply Sirona Inc XRAY reported Q1 2023 adjusted EPS of $0.39 (-27.8% Y/Y), beating the consensus of $0.34.
- Net sales of $978 million rose 0.9% Y/Y (organic sales increased 5.1% Y/Y), beating the consensus of $937.7 million.
- Adjusted EBITDA declined 15.6% Y/Y to $161 million, with a margin of 16.4% (vs 19.6% a year ago).
- Cash used in operating activities stood at $(21) million in Q1, compared to cash generated of $93 million in the prior year.
- In Q1, the company paid dividends of $27 million and announced a $150 million accelerated share repurchase agreement.
- Cash and equivalents stood at $318 million at end-Q1 2023.
- 2023 Guidance: Dentsply Sirona raised the lower end of the previous revenue guidance by $50 million, representing $3.90 billion-$3.95 billion range (consensus $3.93 billion).
- The company also raised the lower end of adjusted EPS guidance by $0.05, representing $1.85-$2.00 range (consensus of $1.89).
- "Our first quarter results reflect a strong start to 2023 that exceeded our outlook, driven primarily by strong demand for aligners and consumables. As a result of our first quarter performance, stable patient traffic in key markets, and improving confidence in our ability to execute on strategic objectives, we are raising the low-end of our full year outlook for net sales, organic sales growth, and adjusted EPS," said Simon Campion, President and CEO.
- Price Action: XRAY shares traded lower by 3.40% at $40.67 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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