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UBS upgrades Dentsply Sirona to Buy, says issues 'largely transitory' » 16:4106/0106/01/22
UBS analyst Kevin…
UBS analyst Kevin Caliendo upgraded Dentsply Sirona to Buy from Neutral with a price target of $47, down from $58, implying 18% upside potential. Following "extensive" channel checks, the analyst believes the concerns coming out of the company's Q1 earnings, including increased inventories, lower margins, COVID and management uncertainty are "explainable and largely transitory." His analysis of Dentsply's current inventory headwind suggests that the issue is "meaningfully less impactful than 2018, yet the stock is down near 2018 multiples." The analyst also expects the company's margins to stabilize and cash flow to improve going forward. Caliendo views Dentsply Sirona's valuation as "compelling" at current share levels.
Dentsply Sirona upgraded to Buy from Neutral at UBS » 16:3306/0106/01/22
UBS analyst Kevin…
UBS analyst Kevin Caliendo upgraded Dentsply Sirona to Buy from Neutral with a price target of $47, down from $58.
Dentsply Sirona receives notice of filing delinquency from Nasdaq » 08:1505/1805/18/22
DENTSPLY SIRONA received…
DENTSPLY SIRONA received written notification from The NASDAQ Stock Market on May 12, 2022 that the Company is no longer in compliance with the Nasdaq Listing Rules since the Company has not yet filed its Quarterly Report on Form 10-Q for the period ended March 31, 2022. Nasdaq Listing Rule 5250(c)(1) requires Nasdaq-listed companies to timely file all periodic reports. This notice from Nasdaq has no immediate effect on the listing of the Company's common stock on the Nasdaq Global Market. As previously reported by the Company in its Notification of Late Filing on Form 12b-25, filed with the Securities and Exchange Commission on May 10, 2022, the Company was unable to file the 10-Q for the period ended March 31, 2022 within the prescribed period because the Company's Audit and Finance Committee, together with independent outside counsel, is conducting an investigation concerning the Company's use of incentives to sell products to distributors in the third and fourth quarters of 2021, whether those incentives were appropriately accounted for and whether the impact of those sales was adequately disclosed in the Company's periodic reports filed with the Commission. The Company expects to file the Quarterly Report as soon as practicable.
Dentsply Sirona price target lowered to $51 from $53 at Barrington » 09:3605/1105/11/22
Barrington analyst Michael Petusky lowered the firm's price target on Dentsply Sirona to $51 from $53 and keeps an Outperform rating on the shares. Though he admits there is "noise" and uncertainty after the company lowered its FY22 guidance and said it now expects to generate 2-3% organic revenue growth, Petusky said he suspects that investors who purchase shares below $40 "will look very smart three years from now," though he concedes he "cannot prove it today."
Moderna CFO Jorge Gomez departs, recently retired David Meline to continue role » 08:2605/1105/11/22
Moderna (MRNA) announced…
Moderna (MRNA) announced that its recently appointed CFO Jorge Gomez, has departed the Company, effective immediately. The announcement follows the May 10 public disclosure by Mr. Gomez's former employer, Dentsply Sirona (XRAY) of an ongoing internal investigation into certain matters, including financial reporting. Moderna's recently retired CFO David Meline, will continue in his role of CFO as of May 11 while Moderna reopens its search for a new CFO.
Piper trims Dentsply Sirona target, says recovery could be 'long and costly' » 15:2805/1005/10/22
Piper Sandler analyst…
Piper Sandler analyst Jason Bednar lowered the firm's price target on Dentsply Sirona to $41 from $46 and keeps a Neutral rating on the shares after the company reported Q1 revenue and EPS consistent with last month's preliminary results but reinstated guidance that shows meaningful near-term profitability pressures. In addition, the investigation from the board's audit committee into channel stuffing that may have aided in hitting comp targets is an incremental concern that adds to the risks, contends Bednar, who thinks Street estimates "may now move to a more defensible level" for 2022 and 2023. While the current valuation could provide a floor, he sees a lack of near-term catalysts and thinks the "recovery path could be long and costly," Bednar added.
Fly Intel: Pre-market Movers » 09:0605/1005/10/22
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Check out this morning's…
Dentsply Sirona notified SEC of late filing of 10-Q amid internal investigation » 08:4505/1005/10/22
Dentsply Sirona said:…
Dentsply Sirona said: "The company today has filed a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission. As noted in the Form 12b-25, the Audit and Finance Committee of the company's Board of Directors commenced an internal investigation regarding certain financial reporting matters. The investigation is ongoing, and the company cannot predict the duration or outcome of the investigation. As a result, the company has not yet finalized its financial statements or its assessment of the impact of the investigation on its historical financial statements or for the financial statements for the three months ended March 31, 2022, and is therefore unable to file the Form 10-Q on a timely basis."
Dentsply Sirona now sees FY22 adjusted EPS of $2.35-$2.55, consensus $2.77 » 08:4405/1005/10/22
Now sees FY22 revenue…
Now sees FY22 revenue $4.1B-$4.2B, consensus $4.23B. The company said: "Based on the results of the first quarter and a challenging macroeconomic environment, we are updating our 2022 outlook. The revised outlook for 2022 includes organic sales growth of 2% to 3%, with net sales in the range of $4.1 billion to $4.2 billion. Adjusted operating income margin is expected to be greater than 17% for the full year. Adjusted EPS is estimated to be in the range of $2.35 to $2.55."
Dentsply Sirona reports Q1 adjusted EPS 52c, consensus 56c » 08:4205/1005/10/22
Reports Q1 revenue $965M,…
Reports Q1 revenue $965M, consensus $988.43M. "The first quarter was a challenging quarter, and our financial performance and revised outlook reflect the impact of larger-than-expected macroeconomic headwinds and lower-than-expected performance in the United States. Despite these challenges, organic growth in Europe was robust, demand remains strong, and our teams are working diligently to reduce lead times to address supply chain challenges. We are confident in our ability to address these transient headwinds and we have high conviction about our future. Dental remains an attractive market. We have a healthy innovation pipeline, leading digital capabilities, and a well-positioned portfolio which will drive sustainable growth long-term," said Interim CEO John Groetelaars.