Dentsply Sirona Slips To Loss In Q3; Cuts FY22 Outlook - Quick Facts

(RTTNews) - Dentsply Sirona Inc.(XRAY), a maker of dental products and technologies, reported Monday that its third-quarter net loss was $1.08 billion, or $5.01 per share, compared to last year's profit of $84 million or $0.38 per share.

In the third quarter of 2022, the company recorded a non-cash charge for the impairment of goodwill and intangible assets of $1.1 billion.

Adjusted earnings per share were $0.41, compared to $0.60 in the third quarter of 2021.

On average, 10 analysts polled by Thomson Reuters expected earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales were $947 million, down 8.9 percent from $1.04 billion last year. Organic sales decreased 0.7 percent. Analysts estimated revenues of $1.03 billion for the quarter.

Looking ahead, the company updated fiscal 2022 outlook, based on the third-quarter results and recent developments in the macroeconomic environment.

The updated outlook includes an expected organic sales decline of approximately 2 percent on a full-year basis, with net sales in the range of $3.85 billion to $3.88 billion. Adjusted operating income margin is expected to be greater than 15 percent. Adjusted earnings per share is estimated to be in the range of $1.90 to $2.00.

The company previously expected adjusted earnings in a range of $2.35 to $2.55 per share on net sales between $4.1 billion and $4.2 billion, with organic sales growth of 2 to 3 percent.

Analysts expect earnings of $2.33 per share on revenues of $4.07 billion for the year.

In pre-market activity on Nasdaq, Dentsply Sirona shares were losing around 5.2 percent to trade at $30.39.

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