- Dentsply Sirona Inc's (NASDAQ: XRAY) Q1 FY22 sales decreased 6.1% Y/Y to $965 million, missing the consensus of $988.43 billion.
- Adjusted EPS decreased to $0.52 from $0.72 a year ago and missed the consensus of $0.56.
- "The first quarter was a challenging quarter, and our financial performance and revised outlook reflect the impact of larger-than-expected macroeconomic headwinds and lower-than-expected performance in the United States.," said John Groetelaars, Interim CEO.
- Technologies & Equipment sales decreased 5.4% (-0.5% organic) to $565 million, driven by supply chain constraints and a weaker sales performance in the U.S., partially offset by continued growth in dentist-directed clear aligners and Implants.
- Consumables sales declined 7.1% to $400 million, and organic sales fell 2.7%, driven by a weaker sales performance, the impact of COVID-19 variants on sales volumes in certain markets, supply chain constraints, partially offset by increased pricing and demand for Endodontic Consumables.
- Operating cash flow reached $93 million.
- Guidance: For FY22, Dentsply Sirona expects organic sales growth of 2% - 3%, with net sales of $4.1 billion - $4.2 billion, versus the consensus of $4.23 billion.
- Earlier, the company expected sales growth of 4% - 5%, with sales of $4.3 billion - $4.4 billion.
- The adjusted operating income margin is expected to be greater than 17% (earlier 21%).
- The company forecasts adjusted EPS of $2.35 - $2.55, down from the prior outlook of $3.05 - $3.25 and the consensus of $2.77.
- Price Action: XRAY shares are down 6.89% at $36.55 during the market session on the last check Tuesday.
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Read at Benzinga