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National Vision (EYE) Q4 Revenues Miss Mark, Margins Down
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National Vision Holdings, Inc. (EYE - Free Report) delivered an adjusted loss per share of 8 cents for the fourth quarter of 2022 against the year-ago quarter’s earnings of 13 cents per share. The figure missed the Zacks Consensus Estimate by 33.3%.
The adjustment excludes the impact of certain non-recurring charges like stock compensation expense, asset impairment and amortization of acquisition intangibles, among others.
GAAP loss per share for the quarter was 12 cents compared with the year-ago earnings per share of 7 cents.
For the full year, adjusted earnings per share (EPS) were 65 cents compared with the year-ago EPS of $1.48. The figure surpassed the Zacks Consensus Estimate by 8.3%.
Revenues in Detail
Revenues in the fourth quarter totaled $468.9 million, missing the Zacks Consensus Estimate by 0.6%. The top line declined 1.9% from the year-ago number. Net revenue was negatively impacted by 2.9% due to the timing of unearned revenue.
In the fourth quarter, comparable store sales declined 5.7%. Adjusted comparable store sales plunged 2.4%. National Vision opened 23 new stores to reach a store count of 1,354 at the end of the quarter. Overall, the store count grew 5.9% year over year.
National Vision Holdings, Inc. Price, Consensus and EPS Surprise
Total revenues in 2022 were $2.01 billion, down 3.6% from the year-ago period’s levels. The figure was in-line with the Zacks Consensus Estimate.
Margins
Gross profit in the reported quarter was $246.7 million, down 5.2% from the prior-year quarter. The gross margin of 52.6% contracted 183 basis points (bps).
Selling, general and administrative expenses rose 4.1% to $233.9 million. Adjusted operating margin was 2.7%, down 468 bps year over year.
Financial Position
National Vision exited 2022 with cash and cash equivalents of $229.4 million compared with $305.8 million at the end of Q1.
Cumulative net cash flow from operating activities at the end of the quarter was $119.2 million compared with $258.9 million a year ago.
2023 Outlook
For 2023, net revenues are expected in the range of $2.08-$2.14 billion. The Zacks Consensus Estimate for the metric is currently pegged at $2.15 billion.
Adjusted earnings per share are estimated in the band of 42-60 cents. The Zacks Consensus Estimate for the same is currently pegged at 90 cents.
Adjusted comparable store sales to expected in the range of 0%-3%.
Our Take
National Vision reported fourth-quarter 2022 results on a dismal note, with lower-than-expected revenues. The company reported an adjusted loss in the reported quarter. On a year-over-year basis, the company reported a significant decline in those numbers. According to the company, net revenue was negatively impacted due to the timing of unearned revenues. Moreover, the contraction of both margins on escalating expenses is discouraging too.
On a positive note, the company successfully rolled out remote medicine and electronic health record capabilities in over 300 locations and delivered on our objective of opening 80 new stores in 2022.
Zacks Rank and Other Key Picks
National Vision currently carries Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space that have announced quarterly results are Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
BD, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2023 adjusted EPS of $2.98, beating the Zacks Consensus Estimate by 11.6%. Revenues of $4.59 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BD has a long-term estimated growth rate of 7.8%. BDX’s earnings surpassed estimates in all the trailing four quarters, the average being 6.5%.
McKesson, having a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.
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National Vision (EYE) Q4 Revenues Miss Mark, Margins Down
National Vision Holdings, Inc. (EYE - Free Report) delivered an adjusted loss per share of 8 cents for the fourth quarter of 2022 against the year-ago quarter’s earnings of 13 cents per share. The figure missed the Zacks Consensus Estimate by 33.3%.
The adjustment excludes the impact of certain non-recurring charges like stock compensation expense, asset impairment and amortization of acquisition intangibles, among others.
GAAP loss per share for the quarter was 12 cents compared with the year-ago earnings per share of 7 cents.
For the full year, adjusted earnings per share (EPS) were 65 cents compared with the year-ago EPS of $1.48. The figure surpassed the Zacks Consensus Estimate by 8.3%.
Revenues in Detail
Revenues in the fourth quarter totaled $468.9 million, missing the Zacks Consensus Estimate by 0.6%. The top line declined 1.9% from the year-ago number. Net revenue was negatively impacted by 2.9% due to the timing of unearned revenue.
In the fourth quarter, comparable store sales declined 5.7%. Adjusted comparable store sales plunged 2.4%. National Vision opened 23 new stores to reach a store count of 1,354 at the end of the quarter. Overall, the store count grew 5.9% year over year.
National Vision Holdings, Inc. Price, Consensus and EPS Surprise
National Vision Holdings, Inc. price-consensus-eps-surprise-chart | National Vision Holdings, Inc. Quote
Total revenues in 2022 were $2.01 billion, down 3.6% from the year-ago period’s levels. The figure was in-line with the Zacks Consensus Estimate.
Margins
Gross profit in the reported quarter was $246.7 million, down 5.2% from the prior-year quarter. The gross margin of 52.6% contracted 183 basis points (bps).
Selling, general and administrative expenses rose 4.1% to $233.9 million. Adjusted operating margin was 2.7%, down 468 bps year over year.
Financial Position
National Vision exited 2022 with cash and cash equivalents of $229.4 million compared with $305.8 million at the end of Q1.
Cumulative net cash flow from operating activities at the end of the quarter was $119.2 million compared with $258.9 million a year ago.
2023 Outlook
For 2023, net revenues are expected in the range of $2.08-$2.14 billion. The Zacks Consensus Estimate for the metric is currently pegged at $2.15 billion.
Adjusted earnings per share are estimated in the band of 42-60 cents. The Zacks Consensus Estimate for the same is currently pegged at 90 cents.
Adjusted comparable store sales to expected in the range of 0%-3%.
Our Take
National Vision reported fourth-quarter 2022 results on a dismal note, with lower-than-expected revenues. The company reported an adjusted loss in the reported quarter. On a year-over-year basis, the company reported a significant decline in those numbers. According to the company, net revenue was negatively impacted due to the timing of unearned revenues. Moreover, the contraction of both margins on escalating expenses is discouraging too.
On a positive note, the company successfully rolled out remote medicine and electronic health record capabilities in over 300 locations and delivered on our objective of opening 80 new stores in 2022.
Zacks Rank and Other Key Picks
National Vision currently carries Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader medical space that have announced quarterly results are Becton, Dickinson and Company (BDX - Free Report) , popularly known as BD, McKesson Corporation (MCK - Free Report) and Hologic, Inc. (HOLX - Free Report) .
BD, carrying a Zacks Rank #2 (Buy), reported first-quarter fiscal 2023 adjusted EPS of $2.98, beating the Zacks Consensus Estimate by 11.6%. Revenues of $4.59 billion outpaced the consensus mark by 0.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BD has a long-term estimated growth rate of 7.8%. BDX’s earnings surpassed estimates in all the trailing four quarters, the average being 6.5%.
McKesson, having a Zacks Rank #2, reported third-quarter fiscal 2023 adjusted EPS of $6.90, which beat the Zacks Consensus Estimate by 8.8%. Revenues of $70.49 billion outpaced the consensus mark by 0.02%.
McKesson has a long-term estimated growth rate of 10.4%. MCK’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average being 3.4%.
Hologic reported first-quarter fiscal 2023 adjusted earnings of $1.07 per share, beating the Zacks Consensus Estimate by 18.9%. Revenues of $1.07 billion surpassed the Zacks Consensus Estimate by 9.5%. It currently sports a Zacks Rank #1.
Hologic has a long-term estimated growth rate of 15.2%. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 30.6%.