Dentsply Sirona, a leading dental-products manufacturer, experienced a 12% drop in shares to $27.04 as a result of stagnant sales in the company’s latest quarter. This decline contributed to a 15% decrease in stock value for the year.
Although Dentsply managed to narrow its losses in the third quarter, sales remained unchanged from the previous year at $947 million, falling short of analysts’ expectations of $975 million according to FactSet.
Furthermore, the company revised its 2023 operating earnings and revenue projections. Previously, Dentsply had estimated adjusted earnings per share for 2023 to be within the range of $1.92 to $2.02. However, the new forecast now indicates adjusted earnings per share between $1.80 and $1.85, reflecting a downward adjustment.
In terms of revenue, Dentsply now forecasts sales between $3.9 billion and $3.94 billion for 2023, compared to the previous estimate of $3.98 billion to $4.02 billion. Notably, the Charlotte-based company anticipates a modest organic sales growth of approximately 1% for the year.
Overall, these developments present significant challenges for Dentsply Sirona as it strives to navigate the dental-products market.