Shares of Dentsply Sirona Inc. (XRAY) experienced a massive selloff on Wednesday, plummeting more than 21% in pre-market trading. The steep decline came after the dental products giant slashed its full-year revenue and earnings guidance for 2024, citing several headwinds and market pressures.

While Dentsply Sirona reported 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. The company 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, Dentsply Sirona 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 company cited market pressures impacting its 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 as key factors contributing to the revised lower guidance.