DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq:
XRAY) will host its Investor Day today at the Company’s
headquarters in Charlotte, N.C. The event will begin at 8:30 AM ET.
The event will include presentations from members of its
executive management team, live Q&A, and panel discussions with
commercial leaders and customers. As part of the event, the Company
will introduce three-year financial targets including details of
its plan to achieve adjusted EPS of $3.00 in 2026.
The Company is also announcing that its Board of Directors has
authorized an additional $1 billion share repurchase program.
Investors and other interested parties will be able to access a
live webcast, webcast replay, and a presentation related to the
event by visiting the Investors section of the Dentsply Sirona
website at https://investor.dentsplysirona.com. The Company does
not provide forward-looking estimates on a GAAP basis, as certain
information is not available without unreasonable effort and cannot
be reasonably estimated.
About Dentsply Sirona
Dentsply Sirona is the world’s largest manufacturer of
professional dental products and technologies, with over a century
of innovation and service to the dental industry and patients
worldwide. Dentsply Sirona develops, manufactures, and markets a
comprehensive solutions offering, including dental and oral health
products as well as other consumable medical devices under a strong
portfolio of world-class brands. Dentsply Sirona’s products provide
innovative, high-quality, and effective solutions to advance
patient care and deliver better and safer dental care. Dentsply
Sirona’s headquarters are located in Charlotte, North Carolina. The
Company’s shares are listed in the United States on Nasdaq under
the symbol XRAY. Visit www.dentsplysirona.com for more information
about Dentsply Sirona and its products.
Contact Information:
Investors:Andrea DaleyVice President, Investor
Relations+1-704-805-1293InvestorRelations@dentsplysirona.com
Press:Marion Par-WeixlbergerVice President,
Public Relations & Corporate Communications+43 676
848414588marion.par-weixlberger@dentsplysirona.com
Forward-Looking Statements and
Associated Risks
This Press Release contains statements that do not directly and
exclusively relate to historical facts which constitute
forward-looking statements, including, statements and projections
concerning, among other things, the expected timing, benefits and
costs associated with the Company’s restructuring plan described in
this Press Release. The Company’s forward-looking statements
represent current expectations and beliefs and involve risks and
uncertainties. Actual results may differ significantly from those
projected or suggested in any forward-looking statements and no
assurance can be given that the results described in such
forward-looking statements will be achieved. Investors are
cautioned not to place undue reliance on such forward-looking
statements which speak only as of the date they are made. The
forward-looking statements are subject to numerous assumptions,
risks and uncertainties and other factors that could cause actual
results to differ materially from those described in such
statements, many of which are outside of our control. The Company
does not undertake any obligation to release publicly any revisions
to such forward-looking statements to reflect events or
circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. Any number of factors could
cause the Company’s actual results to differ materially from those
contemplated by any forward-looking statements, including, but not
limited to, the risks associated with the following: the Company’s
ability to remain profitable in a very competitive marketplace,
which depends upon the Company’s ability to differentiate its
products and services from those of competitors; the Company’s
failure to realize assumptions and projections which may result in
the need to record additional impairment charges; the effect of
changes to the Company’s distribution channels for its products and
the failure of significant distributors of the Company to
effectively manage their inventories; the Company’s ability to
control costs and failure to realize expected benefits of cost
reduction and restructuring efforts and the Company’s failure to
anticipate and appropriately adapt to changes or trends within the
rapidly changing dental industry. Investors should carefully
consider these and other relevant factors, including those risk
factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most
recent Form 10-K, including any amendments thereto, and any
updating information which may be contained in the Company’s other
filings with the SEC, when reviewing any forward-looking statement.
The Company notes these factors for investors as permitted under
the Private Securities Litigation Reform Act of 1995. Investors
should understand it is impossible to predict or identify all such
factors or risks. As such, you should not consider either the
foregoing lists, or the risks identified in the Company’s SEC
filings, to be a complete discussion of all potential risks or
uncertainties.
Non-GAAP Financial Measures
In addition to results determined in accordance with U.S.
generally accepted accounting principles (“US GAAP”) the Company
provides certain measures in this press release, described below,
which are not calculated in accordance with US GAAP and therefore
represent Non-GAAP measures. These Non-GAAP measures may differ
from those used by other companies and should not be considered in
isolation from, or as a substitute for, measures of financial
performance prepared in accordance with US GAAP. These Non-GAAP
measures are used by the Company to measure its performance and may
differ from those used by other companies.
Management believes that these Non-GAAP measures are helpful as
they provide a measure of the results of operations, and are
frequently used by investors and analysts to evaluate the Company’s
performance exclusive of certain items that impact the
comparability of results from period to period, and which may not
be indicative of past or future performance of the Company.
Organic Sales
The Company defines "organic sales" as the reported net sales
adjusted for: (1) net sales from acquired businesses recorded prior
to the first anniversary of the acquisition; (2) net sales
attributable to disposed businesses or discontinued product lines
in both the current and prior year periods; and (3) the impact of
foreign currency changes, which is calculated by translating
current period net sales using the comparable prior period's
foreign currency exchange rates.
Adjusted Operating Income and Margin
Adjusted operating income is computed by excluding the following
items from operating income (loss) as reported in accordance with
US GAAP:
(1) Business combination related
costs and fair value adjustments. These adjustments include costs
related to consummating and integrating acquired businesses, as
well as net gains and losses related to the disposed businesses. In
addition, this category includes the post-acquisition roll-off of
fair value adjustments recorded related to business combinations,
except for amortization expense of purchased intangible assets
noted below. Although the Company is regularly engaged in
activities to find and act on opportunities for strategic growth
and enhancement of product offerings, the costs associated with
these activities may vary significantly between periods based on
the timing, size and complexity of acquisitions and as such may not
be indicative of past and future performance of the Company.
(2) Restructuring related charges and
other costs. These adjustments include costs related to the
implementation of restructuring initiatives, including but not
limited to, severance costs, facility closure costs, and lease and
contract termination costs, as well as related professional service
costs associated with these restructuring initiatives and global
transformation activity. The Company is continually seeking to take
actions that could enhance its efficiency; consequently,
restructuring charges may recur but are subject to significant
fluctuations from period to period due to the varying levels of
restructuring activity, and as such may not be indicative of past
and future performance of the Company. Other costs include charges
related to legal settlements, executive separation costs, and
changes in accounting principle recorded within the period. This
category also includes costs related to the recent investigations,
related ongoing legal matters and associated remediation activities
which primarily include legal, accounting and other professional
service fees, as well as turnover and other employee-related
costs.
(3) Goodwill and intangible asset
impairments. These adjustments include charges related to goodwill
and intangible asset impairments.
(4) Amortization of purchased
intangible assets. This adjustment excludes the periodic
amortization expense related to purchased intangible assets, which
are recorded at fair value. Although these costs contribute to
revenue generation and will recur in future periods, their amounts
are significantly impacted by the timing and size of acquisitions,
and as such may not be indicative of the future performance of the
Company.
(5) Fair value and credit risk
adjustments. These adjustments include the non-cash mark-to-market
changes in fair value associated with pension assets and
obligations, and equity-method investments. Although these
adjustments are recurring in nature, they are subject to
significant fluctuations from period to period due to changes in
the underlying assumptions and market conditions. The non-service
component of pension expense is a recurring item, however it is
subject to significant fluctuations from period to period due to
changes in actuarial assumptions, interest rates, plan changes,
settlements, curtailments, and other changes in facts and
circumstances. As such, these items may not be indicative of past
and future performance of the Company.
Adjusted operating income margin is calculated by dividing
adjusted gross profit by net sales.
Adjusted Gross Profit and Margin
Adjusted gross profit is computed by excluding from gross profit
the impact any of the above adjustments that affect either sales or
cost of sales, which are primarily comprised of certain portions of
intangible asset amortization expense.
Adjusted gross profit margin is calculated by dividing adjusted
gross profit by net sales.
Adjusted Net Income (Loss)
Adjusted net income (loss) consists of net income (loss) as
reported in accordance with US GAAP, adjusted to exclude the items
identified above, as well as the related income tax impacts of
those items. Additionally, net income is adjusted for other
tax-related adjustments such as: discrete adjustments to valuation
allowances and other uncertain tax positions, final settlement of
income tax audits, discrete tax items resulting from the
implementation of restructuring initiatives and the windfall or
shortfall relating to exercise of employee share-based
compensation, any difference between the interim and annual
effective tax rate, and adjustments relating to prior periods.
These adjustments are irregular in timing, and the variability
in amounts may not be indicative of past and future performance of
the Company and therefore are excluded for comparability
purposes.
Adjusted EBITDA and Margin
In addition to the adjustments described above in arriving at
adjusted net income, adjusted EBITDA is computed by further
excluding any remaining interest expense, net, income tax expense,
depreciation and amortization.
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA
by net sales.
Adjusted Earnings (Loss) Per Diluted Share
Adjusted earnings (loss) (EPS) per diluted share is computed by
dividing adjusted earnings (loss) attributable to Dentsply Sirona
shareholders by the diluted weighted average number of common
shares outstanding.
Adjusted Free Cash Flow and Conversion
The Company defines adjusted free cash flow as net cash provided
by operating activities minus capital expenditures during the same
period, and adjusted free cash flow conversion is defined as
adjusted free cash flow divided by adjusted net income (loss).
Management believes this Non-GAAP measure is important for use in
evaluating the Company’s financial performance as it measures our
ability to efficiently generate cash from our business operations
relative to earnings. It should be considered in addition to,
rather than as a substitute for, net income (loss) as a measure of
our performance or net cash provided by operating activities as a
measure of our liquidity.
DENTSPLY SIRONA (NASDAQ:XRAY)
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