(Reuters) – Dentsply Sirona lowered its full-year profit and revenue forecasts on Thursday due to weak demand for its dental equipment and consumable products, sending the company’s shares down by 3% before the bell.
Demand for clear aligners and elective procedures, including orthodontic treatments, initially recovered this year after a lackluster 2022, but since then demand, particularly for high-end restorative procedures and clear aligners for adults, declined due to economic uncertainties in some of its markets.
Pennsylvania-based Dentsply sells clear dental aligners under the SureSmile and Byte brands.
The company now expects total revenue for fiscal 2023 to be between $3.90 billion and $3.94 billion, compared to a previous forecast of $3.98 billion to $4.02 billion.
Dentsply reported net revenue of $947 million in the third quarter, compared to analysts’ estimates of $975 million, according to LSEG data.
On an adjusted basis, the company earned 49 cents per share, beating estimates of 48 cents.
Dentsply also lowered its full-year adjusted earnings outlook to between $1.80 and $1.85 per share, from its previous forecast of $1.92 to $2.02 per share.
“Dentsply is just the latest name in the dental industry to take a step back due to deteriorating macroeconomic conditions, although it appears to be implementing its business initiatives despite these headwinds,” said analyst Brandon Vazquez at William Blair.
Rival Align (NASDAQ:) Technology cut its annual sales forecast in October after missing third-quarter profit estimates.