Dentsply Sirona Stock Sinks On Dismal 2024 Guidance, Blames Macroeconomic, Competitive Pressures And Weakened Demand

Dentsply Sirona Inc. (NASDAQ:XRAY) shares are trading lower on Thursday.

The company reported third-quarter adjusted earnings per share of 50 cents, beating the street view of 47 cents. Quarterly sales of $951 million (increased 0.5%) outpaced the analyst consensus estimate of $939.10 million.

The company recorded a $495 million non-cash goodwill impairment charge in the Orthodontic and Implant Solutions segment. This was due to ongoing economic challenges, legislative changes affecting Byte, weaker demand, increased competition in implants, and lower expected lab material volumes.

Segment wise, Connected Technology Solutions fell 2.3%, Essential Dental Solutions gained 6.6%, Orthodontic and Implant Solutions slumped 4.6%, while Wellspect Healthcare fell 0.4%.

Also Read: Steve Madden Q3 Earnings Top Estimates As Revenue Jumps 13%, Lifts 2024 Outlook

Quarterly adjusted EBITDA fell 1.8% to $170 million. Adjusted EBITDA Margin contracted to 17.9% from 18.3% in the quarter under review.

“Third quarter organic growth was driven by favorable timing in Essential Dental Solutions of approximately ...