Dentsply Sirona (NASDAQ: XRAY) reported Q1 EPS of $0.72, $0.16 better than the analyst estimate of $0.56. Revenue for the quarter came in at $1.03 billion versus the consensus estimate of $948.71 million.

• Revenue increased 17.5% to $1,027 million. Organic revenue increased 12.1%
• GAAP EPS increased to $0.53 vs loss of ($0.63) in 2020
• Non-GAAP EPS increased 67.4% to $0.72 vs $0.43 in 2020
• GAAP operating income increased to $154 million vs loss of ($125) million in 2020
• Non-GAAP operating income increased 67.2% to $219 million vs $131 million in 2020
• Operating cash flows increased to $49 million vs loss of ($10) million in 2020
• Raises FY21 Non-GAAP EPS outlook to $2.75 to $2.90 from $2.60 to $2.80

Don Casey, Chief Executive Officer, commented “We are pleased with our strong first quarter performance. The global dental market has demonstrated resilience with attractive underlying fundamentals. As a result, we are cautiously optimistic about the continued recovery in the category. We remain committed to executing on our restructuring goals while increasing focus on investing for revenue growth. Our revised 2021 outlook reflects confidence in our team's ability to execute on growth initiatives and capitalize on the recovery.”

GUIDANCE:

Dentsply Sirona sees FY2021 EPS of $2.75-$2.90, versus the consensus of $2.73. Dentsply Sirona sees FY2021 revenue of $4.1-4.3 billion, versus the consensus of $4.14 billion.

• Based on the results of the first quarter and the continued gradual recovery of the global dental market, we have revised the fiscal year 2021 outlook. We now expect revenues to be in the $4.1B to $4.3B range, up approximately 23-28% on a reported basis and 18-25% on an organic basis. We are increasing our Non-GAAP EPS outlook for FY2021 to $2.75 to $2.90 from $2.60 to $2.80.

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