Envista (NYSE:NVST) shares are on the rise on first-quarter results that came in ahead of the consensus forecast.
The Brea, California-based dental technology company posted profits of $74.9 million, or 42¢ per share, on sales of $631.4 million for the three months ended April 1, 2022, for a 4.5% bottom-line gain on sales growth of 3.1%.
Adjusted to exclude one-time items, earnings per share were 47¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $628.4 million.
“In addition to delivering a solid first quarter, we continue to make progress in transforming our portfolio,” Envista CEO Amir Aghdaei said in a news release. “With the closing of the acquisition of Carestream Dental’s Intraoral Scanner (IOS) business, we have now added a suite of world-class scanners and software solutions that further differentiate our portfolio and support our vision of digitizing, personalizing, and democratizing dental care.
“Our purpose is to partner with dental professionals to create long-term value for patients, our customers, our employees, and our shareholders.”
Envista projects full-year 2022 sales growth to range between 6% and 8%.
NVST shares were up 5.6% at $43.93 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 2.1%.