Dentsply Sirona (Nasdaq:XRAY) shares took a slight hit today on third-quarter results that came up shy of the consensus forecast.
The Charlotte, North Carolina-based dental equipment and supplies maker posted losses of $1.1 billion in the quarter. That amounts to $5.01 per share on sales of $947 million for the three months ended Sept. 30, 2022.
Dentsply Sirona reported a massive bottom-line slide into the red on a sales decline of 8.9%. In addition, it recorded a non-cash charge for “the impairment of goodwill and intangible assets” worth $1.1 billion. The company attributed this to macroeconomic factors resulting from weakened global demand and higher cost of capital.
Additionally, it felt the effects of unfavorable foreign currency impacts and increased raw material, supply chain and service costs. These contributed to reduced revenue expectations and lowered expectations for future cash flows.
Adjusted to exclude one-time items, ea…