Dentsply Sirona (NASDAQ: XRAY) reported Q1 EPS of $0.43, $0.05 better than the analyst estimate of $0.38. Revenue for the quarter came in at $874.3 million versus the consensus estimate of $867.83 million.

• Reported net sales of $874.3 million, down 7.6% in the first quarter. Organic sales declined 4.3%
• Reported operating loss was $124.8 million and operating margin was negative 14.3%. Non-GAAP operating income was $130.7 million and operating income margin was 14.9%
• Reported EPS was a loss of $0.63. Non-GAAP EPS was $0.43
• Available liquidity of ~ $1.3 billion

Don Casey, Chief Executive Officer, commented: “The ongoing execution of our plan, and in particular, our continued emphasis on new product introductions and improved organizational efficiency, drove solid revenue growth and margin expansion early in the first quarter. In mid-March, the global response to the COVID-19 pandemic changed the market dynamics for both dental practitioners and their patients. As a company, we moved quickly to ensure employee safety, continued high customer service levels, and to further enhance our strong balance sheet. In addition, Dentsply Sirona took the appropriate steps to contain costs in both SG&A and in our supply chain.”

Mr. Casey added: “We continue to drive the strategic initiatives that position us well for the future. Despite the current short-term disruption, we are starting to see early signs of improvement in demand in countries that are beginning to re-open their economies. Longer-term, we believe that our industry fundamentals are sound and that Dentsply Sirona’s financial strength, broad portfolio, and global reach position the Company to succeed and win as we move forward.”

Fiscal Year 2020 Outlook

As a result of the uncertainty around the duration of the COVID-19 pandemic and its impact on the business, the Company previously withdrew its 2020 guidance.

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