Press release
Dentsply Sirona Reports First Quarter 2024 Results
Net sales of $953 million decreased (2.6%), organic sales decreased (1.9%)GAAP gross margin of 53.1%, GAAP net income of $18 million or $0.09 per
About this update from Dentsply Sirona Inc.
[{"type":"text","content":"Net sales of $953 million decreased (2.6%), organic sales decreased (1.9%)GAAP gross margin of 53.1%, GAAP net income of $18 million or $0.09 per shareAdjusted EBITDA margin of 16.8%, adjusted EPS of $0.42Maintaining FY24 outlook for organic sales and adjusted EPS, trending towards the low-end of both ranges; reported sales adjusted for additional foreign currency impactCompany expects to repurchase up to $150 million of its common stock in Q2 2024 CHARLOTTE, N.C, May 02, 2024 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the \"Company\") (Nasdaq: XRAY) today announced its financial results for the first quarter of 2024. First quarter net sales of $953 million decreased (2.6%) (organic sales decreased (1.9%)), compared to the first quarter of 2023. Net income (loss) was $18 million, or $0.09 per share, compared to net income (loss) of ($19) million, or ($0.09) per share in the first quarter of 2023. Adjusted earnings per diluted share were $0.42, compared to $0.39 in the first quarter of 2023. A reconciliation of Non-GAAP measures (including organic sales, adjusted EBITDA and margin, adjusted EPS, adjusted free cash flow conversion, and segment adjusted operating income) to GAAP measures is provided below. “With first quarter sales softer than anticipated due to continued lower demand for imaging equipment, we believe our full year is trending towards the low end of the outlook range for both organic sales and adjusted EPS. 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. “While the macroeconomic environment remains uncertain, we continue to make progress on our strategic initiatives and believe that our transformation will position us to deliver long-term sustainable performance.” Q1 24 Summary Results (GAAP) (in millions, except per share amount and percentages) Q1 24 Q1 23 YoY Net Sales $953 $978 (2.6%)Gross Profit $506 $519 (2.5%)Gross Margin 53.1% 53.1% Net Income (Loss) Attributable to Dentsply Sirona $18 ($19) NMDiluted Earnings (Loss) Per Share $0.09 ($0.09) NMNM - not meaningfulPercentages are based on actual values and may not reconcile due to rounding. Q1 24 Summary Results (Non-GAAP)[1] ...