Envista reported a challenging first quarter in 2020, with a net loss of $17.2 million and a 17.1% decrease in sales compared to the previous year. The company's performance was significantly impacted by the COVID-19 pandemic, which led to a 14.6% decline in core sales. In response, Envista has taken immediate steps to ensure the safety of its employees, support its customers and partners, and preserve its financial strength. These actions include cost reduction measures and borrowing on its revolving credit facility.
Envista reported a net loss of $17.2 million, or $0.11 per share, for the first quarter ended April 3, 2020.
Sales for the first quarter were $547.2 million, a 17.1% decrease compared to the same period year-over-year.
Core sales declined 14.6% over the same period, with the COVID-19 pandemic adversely impacting sales by approximately 16.0%.
The company borrowed $250 million on its revolving credit facility and implemented cost reduction measures of more than $100 million.
Envista has withdrawn its guidance for 2020 due to the uncertainties surrounding the current operating environment and the unknown duration of the COVID-19 global health pandemic. The Company is not providing further guidance at this time.
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