Dentsply Sirona shares fell 12% to $27.04 following flat sales in the company’s latest quarter and cuts to its 2023 outlook.
The stock is down 15% on the year.
The dental-products manufacturer narrowed its loss in the third quarter but logged sales were unchanged from a year earlier at $947 million. Analysts polled by FactSet expected $975 million.
Dentsply also cut its 2023 operating earnings and revenue projections.
The company issued an adjusted earnings projection for 2023 in a range between $1.80 a share and $1.85 a share from an August forecast set between $1.92 a share and $2.02 a share
Additionally, Dentsply now expects 2023 sales between $3.9 billion and $3.94 billion, compared with a prior estimate between $3.98 billion and $4.02 billion. The Charlotte, N.C.-based company now anticipates organic sales growth of about 1% for the year.