Dentsply Sirona shares down despite Street-beating Q1

Shares in Dentsply Sirona (NSDQ:XRAY) have fallen today despite the dental-focused medical device maker posting first quarter 2018 earnings that topped consensus on Wall Street.

The York, Penn.-based company posted profits of $81.2 million, or $59.8 million per share, on sales of $956.1 million for the three months ended March 31, for bottom-line growth of 35.8% while sales grew 34.6% compared with the same period during the previous fiscal year.

Adjusted to exclude one-time items, earnings per share were 45¢, just ahead of the 42¢ consensus on Wall Street where analysts expected to see sales of $940.8 million for the quarter.

“Despite a solid performance in many businesses and regions, overall results for the quarter were disappointing due headwinds in the U.S. technologies & equipment business. Our revised guidance reflects our expectations of continued headwinds in that important business and more importantly the steps we are taking to return the company to growth. Our priority for the remainder of 2018 is to invest in comprehensive strategies designed to help accelerate demand in this market. They include increased marketing support, additional sales representatives and other efforts designed to create growth both short term and long term. Additionally, we are opening a state-of-the-art training facility in Charlotte that underscores our commitment to clinical education. It is our belief that these investments are essential to support our total portfolio, including the technologies & equipment business, our robust R&D pipeline and important new technology platforms like OraMetrix. We remain very much committed and on track with our cost savings programs. By focusing on these critical priorities we expect to drive significant and sustainable shareholder value,” Dentsply Sirona CEO Donald Casey Jr. said in a press release.

Dentsply Sirona released adjusted EPS guidance for the full 2018 year, expecting to post EPS of between $2.55 and $2.65.

Shares in Dentsply Sirona have fallen 6.4% so far today, at $46.81 as of 2:43 p.m. EDT.

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