Dentsply Sirona Inc. (NASDAQ: XRAY) reported its preliminary financial results for the quarter ended March 31, 2020, on Friday before the bell. The results exceeded analysts’ expectations.
Dentsply Sirona slipped to a loss in the first quarter of 2020 from a profit last year, due to an Equipment & Instruments non-cash goodwill impairment and an intangible impairment. The Equipment & Instruments unit showed weakness in sales due to the ongoing COVID-19 impact on customer demand.
The dentists and customers reduced dental visits and procedures in response to the coronavirus pandemic. 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.
During the first quarter, the company bought back shares for a total cost of $140 million. In addition, the company paid $22.1 million in dividends resulting in a total of $162.1 million returned to shareholders during the first quarter of 2020.
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