Dentsply Sirona (NASDAQ: XRAY) reported Q1 EPS of $0.49, $0.10 better than the analyst estimate of $0.39. Revenue for the quarter came in at $946.2 million versus the consensus estimate of $925.07 million.

• Reported Q1 revenues of $946.2 million, declined 1.0% versus prior year and increased 3.9% on an internal sales growth basis.
• Q1 2019 US GAAP EPS of $0.17 vs. $0.35 in Q1 2018. Q1 2019 Non-US GAAP EPS of $0.49 compared with Non-US GAAP EPS of $0.45 in Q1 2018 (1)
• Q1 2019 cash flow from operations of $29.3 million, less capital expenditures of $33.9 million resulted in Q1 2019 free cash flow of $(4.6) million.
• The Company narrowed the range for 2019 Adjusted Earnings Per Share guidance, and now expects to achieve Adjusted EPS in the range of $2.30 to $2.40, as compared to the previous guidance range of $2.25 to $2.40.

Don Casey, Chief Executive Officer, commented: "Dentsply Sirona delivered solid financial results in the first quarter of 2019, with internal sales growth of 3.9% and a one hundred ten basis point year-over-year improvement in our adjusted operating income margin. This translated into Adjusted EPS of $0.49, an increase of 9% as compared to the prior year period. The highlight of the quarter was our strong performance at the biannual International Dental Show in Cologne, where we introduced a variety of new products and received an excellent reception to our innovative, Primescan dental CAD CAM digital impression system. Our first quarter results clearly demonstrate that Dentsply Sirona is beginning to benefit from the comprehensive restructuring program that we put in place in November 2018 and we are confident that the program will continue to drive significant value for our shareholders as we move forward."

GUIDANCE:

Dentsply Sirona sees FY2019 EPS of $2.30-$2.40, versus the consensus of $2.32. Dentsply Sirona sees FY2019 revenue of $3.95-4.05 billion, versus the consensus of $4.03 billion.

The 2019 guidance incorporates the following assumptions:

• Portfolio shaping initiatives that have already been executed reduce 2019 revenues by approximately $70 million.
• At current exchange rates, currency is anticipated to be a 2.7% headwind to 2019 revenues, reducing 2019 reported revenues by approximately $110 million.
• Internal sales growth of 4% to 5%. 2019 internal revenues benefit from absence of dealer destocking and 2019 new product introductions.
• Operating expenses below 2018 levels.
• Non-US GAAP effective tax rate of 24%.

For earnings history and earnings-related data on Dentsply Sirona (XRAY) click here.