DENTSPLY SIRONA Inc. reported preliminary financial results for the year ended December 31, 2022.
“Based on preliminary financial information, the Company anticipates its estimated net sales for the year ended December 31, 2022 will be above the high end of its previously provided outlook range of $3.85 billion to $3.88 billion and reaffirms preliminary expectations for adjusted earnings per share (“EPS”) to be in the range of $1.90 to $2.00.”
Earnings Releases
DENTSPLY SIRONA Inc. reported the third quarter ended September 30, 2022 results: revenue $947 million, net income ($1,077) million, EPS ($5.01) loss per diluted share.
“Charlotte, N.C., November 14, 2022 - DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq: XRAY) today announced its financial results for the third quarter of 2022. Third quarter net sales of $947 million decreased (8.9%), compared to $1,040 million in the third quarter of 2021. Foreign currency translation negatively impacted sales by (8.2%). Net loss for the third quarter of 2022 was ($1,077) million, or ($5.01) loss per diluted share, compared to $84 million, or $0.38 per diluted share in the third quarter of 2021.”
Material Agreements
DENTSPLY SIRONA Inc. amended Note Purchase Agreement Amendment No. 2 and Consent with the noteholders with respect to the Note Purchase Agreement, dated as of June 24, 2019 (effective 2022-11-05).
“c. Note Purchase Agreement Amendment No. 2 and Consent, dated as of November 5, 2022, by and among the Company and the noteholders with respect to the Note Purchase Agreement, dated as of June 24, 2019”
Material Agreements
DENTSPLY SIRONA Inc. amended Note Purchase and Guarantee Agreement Amendment No. 2 and Consent with Sirona Dental Services GmbH and the noteholders with respect to the Note Purchase Agreement and Guarantee Agreement, dated as of October 27, 2016 (effective 2022-11-05).
“b. Note Purchase and Guarantee Agreement Amendment No. 2 and Consent, dated as of November 5, 2022, by and among the Company, Sirona Dental Services GmbH and the noteholders with respect to the Note Purchase Agreement and Guarantee Agreement, dated as of October 27, 2016”
Material Agreements
DENTSPLY SIRONA Inc. amended Note Purchase Agreement Amendment No. 2 and Consent with the noteholders with respect to the Note Purchase Agreement, dated as of December 11, 2015 (effective 2022-11-05).
“On November 5, 2022, the Company entered into the following agreements (collectively, the “Consent Agreements”): a. Note Purchase Agreement Amendment No. 2 and Consent, dated as of November 5, 2022, by and among the Company and the noteholders with respect to the Note Purchase Agreement, dated as of December 11, 2015”
Material Agreements
DENTSPLY SIRONA Inc. amended Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent (effective 2022-11-04).
“On November 4, 2022, DENTSPLY SIRONA Inc. (the “Company”) obtained the consent of the requisite lenders under its revolving credit facility, dated July 27, 2018, with JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”), to further extend the time period for delivery of the Company’s unaudited financial statements for the fiscal quarter ended June 30, 2022”
Earnings Releases
DENTSPLY SIRONA Inc. reported third quarter ended September 30, 2022 results: revenue approximately $947 million. Guidance initiated.
“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.”
Restructurings & Charges
DENTSPLY SIRONA Inc. announced a impairment with charges of between $1.0 billion and $1.3 billion affecting goodwill and intangible assets.
“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.”
Barbara Bodem changed role as Interim Chief Financial Officer at DENTSPLY SIRONA Inc..
“Mr. Coleman will succeed Barbara Bodem who has served as Interim Chief Financial Officer since May 6, 2022; however, the Company and Ms. Bodem entered into an amendment to her employment agreement, dated as of September 22, 2022, pursuant to which Ms. Bodem will continue her employment with the Company as an advisor to Mr. Coleman until October 24, 2022.”
Glenn G. Coleman was appointed as Executive Vice President and Chief Financial Officer at DENTSPLY SIRONA Inc..
“On September 22, 2022, the Company appointed Glenn G. Coleman as Executive Vice President and Chief Financial Officer of the Company effective as of September 26, 2022”
Walter Petersohn departed as Senior Vice President, Chief Commercial Officer at DENTSPLY SIRONA Inc..
“On September 1, 2022, DENTSPLY SIRONA Inc. (the “Company”) and Walter Petersohn, the Company’s Senior Vice President, Chief Commercial Officer, mutually agreed upon the separation of Mr. Petersohn from the Company, effective September 30, 2022 (the “Termination Date”).”
John P. Groetelaars changed role as Interim Chief Executive Officer at DENTSPLY SIRONA Inc..
“As of the Effective Date, Mr. Campion will succeed John P. Groetelaars, who has served as Interim Chief Executive Officer since April 16, 2022, and Mr. Groetelaars will continue as a non-executive director of the Company.”
Simon D. Campion was appointed as President and Chief Executive Officer at DENTSPLY SIRONA Inc..
“On August 22, 2022, DENTSPLY SIRONA Inc. (the “Company”) appointed Simon D. Campion as the President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors (the “Board”), in each case effective as of September 12, 2022, or such other date as mutually agreed between the Company and Mr. Campion (the “Effective Date”).”
Richard M. Wagner was appointed as Chief Accounting Officer at DENTSPLY SIRONA Inc..
“On August 9, 2022, the Company hired Richard M. Wagner to serve as its Chief Accounting Officer, as well as the principal accounting officer for purposes of the Company’s filings with the Securities and Exchange Commission, which appointment will be effective August 15, 2022.”
Ranjit S. Chadha departed as Chief Accounting Officer at DENTSPLY SIRONA Inc..
“On August 4, 2022, DENTSPLY SIRONA Inc. (the “Company”) and Ranjit S. Chadha, the Company’s Chief Accounting Officer, mutually agreed upon the separation of Mr. Chadha from the Company, effective September 2, 2022”
Barbara W. Bodem was appointed as Interim Chief Financial Officer at DENTSPLY SIRONA Inc..
“Additionally, effective on the earlier of (i) the effective date of termination of employment of the individual who was serving as the Company’s Chief Financial Officer and (ii) the close of business on May 6, 2022, Barbara W. Bodem will become the Company’s Interim Chief Financial Officer and principal financial officer.”
John P. Groetelaars was named as Interim Chief Executive Officer at DENTSPLY SIRONA Inc..
“Effective immediately, John P. Groetelaars, who serves as a member of the Board of Directors of the Company, has been named Interim Chief Executive Officer and principal executive officer.”
Donald M. Casey Jr. was terminated as Chief Executive Officer at DENTSPLY SIRONA Inc..
“On April 19, 2022, the Company announced that Donald M. Casey Jr. has been terminated as the Company’s Chief Executive Officer and has ceased to serve as a member of the Board of Directors of the Company, effective as of April 19, 2022.”
Jorge M. Gomez resigned as Executive Vice President and Chief Financial Officer at DENTSPLY SIRONA Inc..
“Jorge M. Gomez, Executive Vice President and Chief Financial Officer has resigned from his position with the Company, effective May 6, 2022, to assume a chief financial officer position at another public company.”
John Groetelaars was appointed as Director at DENTSPLY SIRONA Inc..
“Effective April 5, 2022, DENTSPLY SIRONA Inc. (the “Company”) appointed Mr. John Groetelaars to the Board of Directors of the Company (the “Board”) and expanded the size of the Board from eleven members to twelve members.”
Dr. Dorothea Wenzel was appointed as Director at DENTSPLY SIRONA Inc..
“Effective February 22, 2022, DENTSPLY SIRONA Inc. (the “Company”) appointed Dr. Dorothea Wenzel to the Board of Directors of the Company (the “Board”) and expanded the size of the Board from ten members to eleven members.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.