DENTSPLY SIRONA Inc. (XRAY): restructuring charge — Dentsply Sirona to restate 2021 financials; internal investigation finds misconduct, goodwill impairment $1.0-1.3B

DENTSPLY SIRONA Inc.

Restating FY2021: Net sales overstated by ~$20M, net income overstated by ~$10M; nine-month 2021 net sales overstated by ~$35M, net income by ~$27M.
Internal investigation found former CEO/CFO violated Code of Ethics; China team committed intentional wrongdoing by obstructing accounting team.
Material weaknesses in internal control over financial reporting identified as of Sep 30, 2021 and Dec 31, 2021, still unresolved.
Expects pre-tax non-cash goodwill and intangible impairment charge of $1.0-1.3B for nine months ended Sep 30, 2022.
Preliminary Q3 2022 net sales ~$947M; expects sequential net sales to decline low-single digits in Q4 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

DENTSPLY SIRONA Inc. reported third quarter ended September 30, 2022 results: revenue approximately $947 million. Guidance initiated.

Period: third quarter ended September 30, 2022
Revenue: approximately $947 million
Guidance: initiated
Result: preliminary results

Exact text from the filing

On a preliminary basis, the Company expects that third quarter 2022 Net sales will be approximately $947 million (representing a slight decline in organic sales versus the prior year). Relative to the prior year period, these results reflect foreign exchange headwinds, global supply chain challenges, and softer volumes in the U.S. and China. Based on expected demand trends and foreign exchange impacts, the Company expects sequential Net sales to decline low-single digits in the fourth quarter 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

DENTSPLY SIRONA Inc. announced a impairment with charges of between $1.0 billion and $1.3 billion affecting goodwill and intangible assets.

Type: impairment
Charge: between $1.0 billion and $1.3 billion
Affected area: goodwill and intangible assets

Exact text from the filing

The Company estimates that the pre-tax non-cash goodwill and intangible assets impairment charge will be between $1.0 billion and $1.3 billion.

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DENTSPLY SIRONA Inc. filing history →

Source: SEC EDGAR

accession 0001140361-22-039283

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