Dentsply Sirona Sees Decline In Q3 Sales, To Restate FY21 Results; Stock Down

(RTTNews) - Dentsply Sirona Inc.(XRAY), a maker of dental products and technologies, said on Tuesday that it expects a slight decline in net sales for the third-quarter, reflecting foreign exchange headwinds, global supply chain challenges, and softer volumes in the U.S. and China.

On a preliminary basis, the healthcare products maker expects that third quarter net sales will be around $947 million, representing a slight decline in organic sales versus the prior year.

Based on the expected demand trends and foreign exchange impacts, the firm anticipates its sequential net sales to decline low-single digits in the fourth quarter.

In addition, the firm has also announced the completion of the previously disclosed internal probe into certain financial reporting matters.

Accordingly, Dentsply Sirona has concluded that the company's financial reports for the three and nine month periods ended September 30, 2021, and for the fiscal 2021, should no longer be relied upon due as they contain certain misstatements.

The company intends to correct those misstatements through necessary amendments.

XRAY is trading down by 3.05 percent at $29.88 per share on the New York Stock Exchange.