Denstply Sirona Earnings: Starts 2024 on Weak Ground as Market Challenges Pull Back Top Line

No-moat Dentsply Sirona reported first-quarter earnings that came in slightly below our expectations. Total sales of $953 million were down 2.6% year over year, as underlying market demand and patient flow remain dampened. Management lightly trimmed its full-year sales guidance by $50 million and called for full-year adjusted EPS to land on the low end of the previous range. Having said that, we are maintaining our $27 per share fair value estimate, as minor adjustments to our near-term assumptions were offset by the time value of money.