Shares of Dentsply Sirona Inc. (XRAY) plummeted over 28% on Thursday, as the dental products giant slashed its full-year revenue and earnings guidance for 2024, citing several headwinds and market pressures.

Despite reporting better-than-expected third-quarter earnings of $0.50 per share, beating analysts' estimates of $0.47, the company's revised outlook for the full fiscal year overshadowed the positive earnings surprise.

Dentsply Sirona now expects net sales in the range of $3.79 billion to $3.83 billion, down from its previous guidance of $3.86 billion to $3.90 billion. Additionally, the company cut its adjusted earnings per share forecast to $1.82 to $1.86, compared to the earlier range of $1.96 to $2.02.

The significant downward revision in guidance was driven by several factors, including market pressures impacting the company's U.S. equipment business, legislative changes affecting the direct-to-consumer aligner business model, and the voluntary suspension of sales, marketing, and shipments of Byte Aligners and Impression Kits due to regulatory issues.

Analysts expressed concerns over the company's ability to maintain growth momentum, citing ongoing challenges in the market, increased competition in the implant segment, and weaker demand for lab materials. The guidance cut and the uncertainty surrounding the company's operations have raised doubts among investors, leading to the steep sell-off in Dentsply Sirona's stock.