Dentsply Sirona Inc

XRAY: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$96.00	Hvprt	Ywwdlxfg

Dentsply Sirona Earnings: Investors Brace for a Tough Year-End as Management Lowers Guidance

Keonhee Kim

Nov 2, 2023

No-moat Dentsply Sirona reported third-quarter earnings that were below our expectations. Total sales were flat year over year as a growth in the rest of world markets, such as China, was offset by weak performance from the U.S. and key markets in Europe. Management also pulled back its full-year guidance for top and bottom lines, as the overall trend in dentistry looks challenging. Decreasing patient flow, high cancellations, and poor consumer sentiment are all likely to take a toll on growth. After slightly trimming our forecasts for next quarter and first half of 2024, we lower our fair value estimate to $27 from $28.

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