Dentsply Sirona beats The Street in Q2, raises guidance

August 3, 2023 By Chris Newmarker

Dentsply Sirona (NYSE: PHG) + "}" data-sheets-userformat="{"2":769,"3":{"1":0},"11":3,"12":0}"> (NYSE: XRAY) + reported Street-beating Q2 results and upped its full-year guidance, citing solid performance across its business segments.

The Charlotte, North Carolina–based dental products and equipment company yesterday evening reported a net income of $86 million, or 40¢ per share, on sales of $1.028 billion for the three months ended June 30, 2023. Earnings were up 17.8%, and revenue more modestly rose 0.5% compared to Q2 2022.

Adjusted to exclude one-time items, Dentsply Sirona had earnings per share of 51¢. The result was 8¢ ahead of The Street, where analysts expected EPS of 43¢ and $998.96 million in revenue.

“We are pleased with our second quarter results, the highlight of which was organic growth in all four segments. Notably, aligners delivered another quarter of double-digit growth and our business in China returned to growth. We continue to see healthy patient traffic in most key markets and are making meaningful progress on our transformation initiatives,” Dentsply Sirona CEO Simon Campion said in a news release.

“We are confident that we are on the right path and are executing well on our strategic objectives, which we expect will position us to deliver sustainable performance over time, and translate to significant value creation for all of our stakeholders.”

Dentsply Sirona now anticipates sales in the range of $3.98 billion to $4.02 billion, up from its previous forecast. It has also upped its adjusted EPS outlook to a range of $1.92 to $2.02.

Despite the overall positive performance, XRAY shares took a hit, falling more than 3% to $39.33 apiece by midday trading today. MassDevice‘s MedTech 100 Index was down about 0.6%.

Filed Under: Business/Financial News, Dental, MassDevice Earnings Roundup, Wall Street Beat Tagged With: Dentsply Sirona