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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-16211
DENTSPLY SIRONA Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 39-1434669 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
| | |
13320 Ballantyne Corporate Place, Charlotte, North Carolina | | 28277-3607 |
(Address of principal executive offices) | | (Zip Code) |
(844) 848-0137
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, par value $.01 per share | XRAY | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | |
Large accelerated filer x | Accelerated filer ☐
|
Non-accelerated filer ☐
| Smaller reporting company ☐
|
| Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No x
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At October 18, 2024, DENTSPLY SIRONA Inc. had 198,779,568 shares of common stock outstanding.
DENTSPLY SIRONA Inc.
TABLE OF CONTENTS
General
Unless otherwise stated herein or the context otherwise indicates, reference throughout this Form 10-Q to “Dentsply Sirona,” or the “Company,” “we,” “us” or “our” refers to financial information and transactions of DENTSPLY SIRONA Inc., together with its subsidiaries on a consolidated basis.
Forward-Looking Statements and Associated Risks
All statements in this Form 10-Q that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” Such statements are subject to numerous assumptions, risks, 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, including those described in Part I, Item 1A, “Risk Factors” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "2023 Form 10-K") and in Part II, Item 1A, “Risk Factors” of this Form 10-Q, and other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.
Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.
Disclosure Regarding Trademarks
This report includes trademarks, trade names and service marks that are our property or the property of other third parties. Solely for convenience, such trademarks and trade names sometimes appear without any “™” or “®” symbol. Failure to include such symbols is not intended to suggest, in any way, that we will not assert our rights or the rights of any applicable licensor, to these trademarks and trade names.
PART I – FINANCIAL INFORMATION
Item 1 – Financial Statements
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| | | | | | | |
Net sales | $ | 951 | | | $ | 947 | | | $ | 2,888 | | | $ | 2,953 | |
Cost of products sold | 456 | | | 452 | | | 1,376 | | | 1,389 | |
| | | | | | | |
Gross profit | 495 | | | 495 | | | 1,512 | | | 1,564 | |
| | | | | | | |
Selling, general, and administrative expenses | 390 | | | 372 | | | 1,204 | | | 1,204 | |
Research and development expenses | 40 | | | 46 | | | 123 | | | 141 | |
Goodwill and intangible asset impairments | 504 | | | 307 | | | 510 | | | 307 | |
Restructuring and other costs | 23 | | | 6 | | | 45 | | | 70 | |
| | | | | | | |
Operating loss | (462) | | | (236) | | | (370) | | | (158) | |
| | | | | | | |
Other income and expenses: | | | | | | | |
Interest expense, net | 18 | | | 19 | | | 53 | | | 61 | |
| | | | | | | |
Other (income) expense, net | (2) | | | (5) | | | (10) | | | 13 | |
| | | | | | | |
Loss before income taxes | (478) | | | (250) | | | (413) | | | (232) | |
Provision (benefit) for income taxes | 17 | | | 16 | | | 69 | | | (28) | |
| | | | | | | |
| | | | | | | |
Net loss | (495) | | | (266) | | | (482) | | | (204) | |
| | | | | | | |
Less: Net loss attributable to noncontrolling interests | (1) | | | — | | | (2) | | | (5) | |
| | | | | | | |
Net loss attributable to Dentsply Sirona | $ | (494) | | | $ | (266) | | | $ | (480) | | | $ | (199) | |
| | | | | | | |
Loss per common share attributable to Dentsply Sirona: | | | | | | | |
Basic | $ | (2.46) | | | $ | (1.25) | | | $ | (2.35) | | | $ | (0.94) | |
Diluted | $ | (2.46) | | | $ | (1.25) | | | $ | (2.35) | | | $ | (0.94) | |
| | | | | | | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 201.0 | | | 211.8 | | | 204.7 | | | 212.7 | |
Diluted | 201.0 | | | 211.8 | | | 204.7 | | | 212.7 | |
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in millions)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | |
| | | | | | | |
Net loss | $ | (495) | | | $ | (266) | | | $ | (482) | | | $ | (204) | |
| | | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation gain (loss) | 75 | | | (64) | | | 3 | | | (49) | |
Net (loss) gain on derivative financial instruments | (36) | | | 27 | | | (5) | | | 20 | |
| | | | | | | |
| | | | | | | |
Total other comprehensive income (loss), net of tax | 39 | | | (37) | | | (2) | | | (29) | |
| | | | | | | |
Total comprehensive loss | (456) | | | (303) | | | (484) | | | (233) | |
| | | | | | | |
Less: Comprehensive loss attributable to noncontrolling interests | (1) | | | — | | | (2) | | | (5) | |
| | | | | | | |
Total comprehensive loss attributable to Dentsply Sirona | $ | (455) | | | $ | (303) | | | $ | (482) | | | $ | (228) | |
| | | | | | | |
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited) | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| | | |
Assets | | | |
Current Assets: | | | |
Cash and cash equivalents | $ | 296 | | | $ | 334 | |
| | | |
Accounts and notes receivable-trade, net | 671 | | | 695 | |
Inventories, net | 619 | | | 624 | |
Prepaid expenses and other current assets | 335 | | | 320 | |
Total Current Assets | 1,921 | | | 1,973 | |
| | | |
Property, plant, and equipment, net | 817 | | | 800 | |
Operating lease right-of-use assets, net | 150 | | | 178 | |
Identifiable intangible assets, net | 1,538 | | | 1,705 | |
Goodwill | 1,937 | | | 2,438 | |
Other noncurrent assets | 263 | | | 276 | |
Total Assets | $ | 6,626 | | | $ | 7,370 | |
| | | |
Liabilities and Equity | | | |
Current Liabilities: | | | |
Accounts payable | $ | 297 | | | $ | 305 | |
Accrued liabilities | 798 | | | 749 | |
Income taxes payable | 25 | | | 49 | |
Notes payable and current portion of long-term debt | 422 | | | 322 | |
Total Current Liabilities | 1,542 | | | 1,425 | |
| | | |
Long-term debt | 1,795 | | | 1,796 | |
Operating lease liabilities | 103 | | | 125 | |
Deferred income taxes | 193 | | | 228 | |
Other noncurrent liabilities | 503 | | | 502 | |
Total Liabilities | 4,136 | | | 4,076 | |
| | | |
Commitments and contingencies (Note 14) | | | |
| | | |
Equity: | | | |
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued | — | | | — | |
Common stock, $0.01 par value; | 3 | | | 3 | |
400.0 million shares authorized, and 264.5 million shares issued at September 30, 2024 and December 31, 2023 | | | |
198.8 million and 207.2 million shares outstanding at September 30, 2024 and December 31, 2023 | | | |
Capital in excess of par value | 6,639 | | | 6,643 | |
(Accumulated deficit) retained earnings | (374) | | | 205 | |
Accumulated other comprehensive loss | (638) | | | (636) | |
Treasury stock, at cost, 65.7 million and 57.3 million shares at September 30, 2024 and December 31, 2023, respectively | (3,139) | | | (2,922) | |
Total Dentsply Sirona Equity | 2,491 | | | 3,293 | |
| | | |
Noncontrolling interests | (1) | | | 1 | |
Total Equity | 2,490 | | | 3,294 | |
Total Liabilities and Equity | $ | 6,626 | | | $ | 7,370 | |
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Capital in Excess of Par Value | | (Accumulated Deficit) Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total Dentsply Sirona Equity | | Noncontrolling Interests | | Total Equity |
| | | | | | | | | | | | | | | |
Balance at December 31, 2023 | $ | 3 | | | $ | 6,643 | | | $ | 205 | | | $ | (636) | | | $ | (2,922) | | | $ | 3,293 | | | $ | 1 | | | $ | 3,294 | |
Net income (loss) | — | | | — | | | 18 | | | — | | | — | | | 18 | | | (1) | | | 17 | |
Other comprehensive loss | — | | | — | | | — | | | (30) | | | — | | | (30) | | | — | | | (30) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 11 | | | — | | | — | | | — | | | 11 | | | — | | | 11 | |
Funding of employee stock purchase plan | — | | | — | | | — | | | — | | | 3 | | | 3 | | | — | | | 3 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restricted stock unit distributions | — | | | (15) | | | — | | | — | | | 11 | | | (4) | | | — | | | (4) | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.16 per share) | — | | | — | | | (33) | | | — | | | — | | | (33) | | | — | | | (33) | |
Balance at March 31, 2024 | $ | 3 | | | $ | 6,639 | | | $ | 190 | | | $ | (666) | | | $ | (2,908) | | | $ | 3,258 | | | $ | — | | | $ | 3,258 | |
Net loss | — | | | | | (4) | | | — | | | — | | | (4) | | | — | | | (4) | |
Other comprehensive loss | — | | | — | | | — | | | (11) | | | — | | | (11) | | | — | | | (11) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 12 | | | — | | | — | | | — | | | 12 | | | — | | | 12 | |
| | | | | | | | | | | | | | | |
Treasury shares purchased | — | | | — | | | — | | | — | | | (152) | | | (152) | | | — | | | (152) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restricted stock unit distributions | — | | | (20) | | | — | | | — | | | 15 | | | (5) | | | — | | | (5) | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.16 per share) | — | | | — | | | (34) | | | — | | | — | | | (34) | | | — | | | (34) | |
Balance at June 30, 2024 | $ | 3 | | | $ | 6,631 | | | $ | 152 | | | $ | (677) | | | $ | (3,045) | | | $ | 3,064 | | | $ | — | | | $ | 3,064 | |
Net loss | — | | | — | | | (494) | | | — | | | — | | | (494) | | | (1) | | | (495) | |
Other comprehensive income | — | | | — | | | — | | | 39 | | | — | | | 39 | | | — | | | 39 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 12 | | | — | | | — | | | — | | | 12 | | | — | | | 12 | |
Funding of employee stock purchase plan | — | | | (2) | | | — | | | — | | | 5 | | | 3 | | | — | | | 3 | |
Treasury shares purchased | — | | | — | | | — | | | — | | | (101) | | | (101) | | | — | | | (101) | |
| | | | | | | | | | | | | | | |
Restricted stock unit distributions | — | | | (3) | | | — | | | — | | | 2 | | | (1) | | | — | | | (1) | |
Restricted stock unit dividends | — | | | 1 | | | (1) | | | — | | | — | | | — | | | — | | | — | |
Cash dividends declared ($0.16 per share) | — | | | — | | | (31) | | | — | | | — | | | (31) | | | — | | | (31) | |
Balance at September 30, 2024 | $ | 3 | | | $ | 6,639 | | | $ | (374) | | | $ | (638) | | | $ | (3,139) | | | $ | 2,491 | | | $ | (1) | | | $ | 2,490 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Capital in Excess of Par Value | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Treasury Stock | | Total Dentsply Sirona Equity | | Noncontrolling Interests | | Total Equity |
| | | | | | | | | | | | | | | |
Balance at December 31, 2022 | $ | 3 | | | $ | 6,629 | | | $ | 456 | | | $ | (628) | | | $ | (2,649) | | | $ | 3,811 | | | $ | 1 | | | $ | 3,812 | |
Net loss | — | | | — | | | (19) | | | — | | | — | | | (19) | | | (4) | | | (23) | |
Other comprehensive income | — | | | — | | | — | | | 14 | | | — | | | 14 | | | — | | | 14 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 17 | | | — | | | — | | | — | | | 17 | | | — | | | 17 | |
Funding of employee stock purchase plan | — | | | — | | | — | | | — | | | 3 | | | 3 | | | — | | | 3 | |
Accelerated share repurchase | — | | | (30) | | | — | | | — | | | (121) | | | (151) | | | — | | | (151) | |
Restricted stock unit distributions | — | | | (12) | | | — | | | — | | | 8 | | | (4) | | | — | | | (4) | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.14 per share) | — | | | — | | | (30) | | | — | | | — | | | (30) | | | — | | | (30) | |
Balance at March 31, 2023 | $ | 3 | | | $ | 6,604 | | | $ | 407 | | | $ | (614) | | | $ | (2,759) | | | $ | 3,641 | | | $ | (3) | | | $ | 3,638 | |
Net income (loss) | — | | | — | | | 86 | | | — | | | — | | | 86 | | | (1) | | | 85 | |
Other comprehensive loss | — | | | — | | | — | | | (6) | | | — | | | (6) | | | — | | | (6) | |
| | | | | | | | | | | | | | | |
Exercise of stock options | — | | | — | | | — | | | — | | | 1 | | | 1 | | | — | | | 1 | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 14 | | | — | | | — | | | — | | | 14 | | | — | | | 14 | |
Accelerated share repurchase | — | | | 30 | | | — | | | — | | | (30) | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restricted stock unit dividends | — | | | — | | | (1) | | | — | | | — | | | (1) | | | — | | | (1) | |
Cash dividends declared ($0.14 per share) | — | | | — | | | (29) | | | — | | | — | | | (29) | | | — | | | (29) | |
Balance at June 30, 2023 | $ | 3 | | | $ | 6,648 | | | $ | 463 | | | $ | (620) | | | $ | (2,788) | | | $ | 3,706 | | | $ | (4) | | | $ | 3,702 | |
Net loss | — | | | — | | | (266) | | | — | | | — | | | (266) | | | — | | | (266) | |
Other comprehensive loss | — | | | — | | | — | | | (37) | | | — | | | (37) | | | — | | | (37) | |
| | | | | | | | | | | | | | | |
Stock-based compensation expense | — | | | 2 | | | — | | | — | | | — | | | 2 | | | — | | | 2 | |
Funding of employee stock purchase plan | — | | | (1) | | | — | | | — | | | 3 | | | 2 | | | — | | | 2 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Restricted stock unit distributions | — | | | (4) | | | — | | | — | | | 2 | | | (2) | | | — | | | (2) | |
| | | | | | | | | | | | | | | |
Cash dividends ($0.14 per share) | — | | | — | | | (30) | | | — | | | — | | | (30) | | | — | | | (30) | |
Balance at September 30, 2023 | $ | 3 | | | $ | 6,645 | | | $ | 167 | | | $ | (657) | | | $ | (2,783) | | | $ | 3,375 | | | $ | (4) | | | $ | 3,371 | |
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited) | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| | | |
| | | |
Cash flows from operating activities: | | | |
Net loss | $ | (482) | | | $ | (204) | |
| | | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
Depreciation | 99 | | | 99 | |
Amortization of intangible assets | 162 | | | 159 | |
| | | |
| | | |
Goodwill and intangible asset impairments | 510 | | | 307 | |
| | | |
| | | |
Deferred income taxes | (20) | | | (107) | |
Stock-based compensation expense | 35 | | | 33 | |
| | | |
| | | |
| | | |
Other non-cash expense | 36 | | | 29 | |
| | | |
| | | |
| | | |
| | | |
Changes in operating assets and liabilities: | | | |
Accounts and notes receivable-trade, net | 19 | | | (31) | |
Inventories, net | 2 | | | (45) | |
Prepaid expenses and other current assets | 61 | | | (52) | |
Other noncurrent assets | (6) | | | (4) | |
Accounts payable | (6) | | | (10) | |
Accrued liabilities | (17) | | | 16 | |
Income taxes | (15) | | | (6) | |
Other noncurrent liabilities | (4) | | | 33 | |
Net cash provided by operating activities | 374 | | | 217 | |
| | | |
Cash flows from investing activities: | | | |
Capital expenditures | (129) | | | (109) | |
| | | |
| | | |
| | | |
Cash received on derivative contracts | — | | | 39 | |
Cash paid on derivative contracts | (12) | | | — | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Other investing activities | 1 | | | 1 | |
Net cash used in investing activities | (140) | | | (69) | |
| | | |
Cash flows from financing activities: | | | |
Cash paid for treasury stock | (250) | | | (150) | |
Proceeds on short-term borrowings | 99 | | | 68 | |
| | | |
Cash dividends paid | (95) | | | (86) | |
| | | |
Proceeds from long-term borrowings | — | | | 2 | |
Repayments on long-term borrowings | (8) | | | (6) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Other financing activities, net | (10) | | | (7) | |
Net cash used in financing activities | (264) | | | (179) | |
Effect of exchange rate changes on cash and cash equivalents | (8) | | | (25) | |
Net decrease in cash and cash equivalents | (38) | | | (56) | |
Cash and cash equivalents at beginning of period | 334 | | | 365 | |
Cash and cash equivalents at end of period | $ | 296 | | | $ | 309 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
DENTSPLY SIRONA Inc. and Subsidiaries
NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – BUSINESS AND BASIS OF PRESENTATION
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Certain prior period amounts have been reclassified to conform to current year presentation. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY SIRONA Inc. and subsidiaries (“Dentsply Sirona” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 29, 2024 (the “2023 Form 10-K”).
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of net sales and expense during the reporting period. Actual results could differ materially from those estimates.
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires public entities to disclose information about significant expenses in their reportable segment results on both an interim and annual basis. Public entities are required to disclose significant expense categories and amounts for each reportable segment. Significant expense categories are derived from expenses that are regularly reported to an entity’s chief operating decision-maker (“CODM”) and included in a segment’s reported measures of profit or loss. Public entities are also required to disclose the title and position of the CODM and explain how the CODM uses the reported measures of profit or loss to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted and should be applied retrospectively for all prior periods presented in the consolidated financial statements. The Company expects this ASU to only impact the Company’s disclosures with no impacts to results of operations, financial position, or cash flows.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires public entities to disclose additional income tax information, primarily related to the income tax rate reconciliation and income taxes paid on an annual basis. The amendment in the ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024, and early adoption is permitted and should be applied prospectively. The Company expects this ASU to only impact the Company’s disclosures with no impacts to results of operations, financial position, or cash flows.
Seasonality
The Company’s business is subject to quarterly fluctuations in demand due to price changes, marketing and promotional programs, management of inventory levels by distributors and other customers, and implementation of strategic initiatives, which may impact sales levels in any given period. Demand can also fluctuate based on the timing of dental tradeshows, new product introductions, and variability in dental patient traffic, which can be exacerbated by seasonal or severe weather patterns, demographic disruptions, macroeconomic conditions, or other factors. Some dental practices in certain countries may also delay purchasing equipment and restocking consumables until year-end due to tax or other financial planning reasons, which can impact the timing of the Company’s consolidated net sales, net income, and cash flows. Sales for the industry and the Company are generally strongest in the second and fourth quarters and weaker in the first and third quarters, due to the effects of the items noted above and due to the impact of holidays and vacations, particularly throughout Europe. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year.
NOTE 2 - REVENUE
Revenues are derived primarily from the sale of dental equipment and dental and healthcare consumable products. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.
Net sales disaggregated by product category for the three and nine months ended September 30, 2024 and 2023 were as follows:
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| | Three Months Ended | | Nine Months Ended |
(in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
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Equipment & Instruments | | $ | 138 | | | $ | 148 | | | $ | 402 | | | $ | 480 | |
CAD/CAM | | 131 | | | 128 | | | 367 | | | 370 | |
Connected Technology Solutions | | 269 | | | 276 | | | $ | 769 | | | $ | 850 | |
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Essential Dental Solutions | | 369 | | | 347 | | | $ | 1,108 | | | $ | 1,110 | |
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Orthodontics | | 83 | | | 83 | | | $ | 276 | | | $ | 255 | |
Implants & Prosthetics | | 158 | | | 169 | | | 512 | | | 526 | |
Orthodontic and Implant Solutions | | 241 | | | 252 | | | $ | 788 | | | $ | 781 | |
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Wellspect Healthcare | | 72 | | | 72 | | | $ | 223 | | | $ | 212 | |
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Total net sales | | $ | 951 | | | $ | 947 | | | $ | 2,888 | | | $ | 2,953 | |
Net sales disaggregated by geographic region for the three and nine months ended September 30, 2024 and 2023 were as follows:
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| | Three Months Ended | | Nine Months Ended |
(in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
United States | | $ | 374 | | | $ | 356 | | | $ | 1,089 | | | $ | 1,069 | |
Europe | | 347 | | | 354 | | | 1,110 | | | 1,153 | |
Rest of World | | 230 | | | 237 | | | 689 | | | 731 | |
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Total net sales | | $ | 951 | | | $ | 947 | | | $ | 2,888 | | | $ | 2,953 | |
Contract Assets and Liabilities
The Company does not typically have contract assets in the normal course of its business. Contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for customer orthodontic aligner treatments where the performance obligation has not yet been satisfied. The Company recorded deferred revenue of $123 million and $67 million in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at September 30, 2024. The Company recorded deferred revenue of $91 million and $57 million in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at December 31, 2023. During the three and nine months ended September 30, 2024, the Company recognized approximately $14 million and $77 million of net sales, respectively, which was previously deferred as of December 31, 2023. During the three and nine months ended September 30, 2023, the Company recognized approximately $12 million and $59 million, respectively, which was previously deferred as of December 31, 2022. The Company expects to recognize most of the remaining deferred revenue in net sales within the next twelve months.
Allowance for Doubtful Accounts
Accounts and notes receivable-trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $15 million at September 30, 2024 and $17 million at December 31, 2023. For the three and nine months ended September 30, 2024 and 2023, changes to the provision for doubtful accounts, including write-offs of accounts receivable that were previously reserved, were not significant. Changes to this provision are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.
NOTE 3 – STOCK COMPENSATION
The amounts of stock compensation expense recorded in the Company's Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 were as follows:
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| | Three Months Ended | | Nine Months Ended |
(in millions) | | 2024 | | 2023 | | 2024 | | 2023 |
| | | | | | | | |
Cost of products sold | | $ | — | | | $ | 1 | | | $ | 2 | | | $ | 3 | |
Selling, general, and administrative expense | | 11 | | | 1 | | | 31 | | | 25 | |
Research and development expense | | 1 | | | 1 | | | 2 | | | 3 | |
Restructuring and other costs | | — | | | (1) | | | — | | | 2 | |
Total stock-based compensation expense | | $ | 12 | | | $ | 2 | | | $ | 35 | | | $ | 33 | |
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NOTE 4 – COMPREHENSIVE INCOME (LOSS)
Changes in Accumulated other comprehensive income (loss) (“AOCI”), net of tax, by component for the nine months ended September 30, 2024 and 2023 were as follows:
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(in millions) | | Foreign Currency Translation Gain (Loss) | | Gain (Loss) on Cash Flow Hedges | | Gain (Loss) on Net Investment and Fair Value Hedges | | | | Pension Liability Gain (Loss) | | Total |
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Balance, net of tax, at December 31, 2023 | | $ | (473) | | | $ | (13) | | | $ | (107) | | | | | $ | (43) | | | $ | (636) | |
Other comprehensive (loss) income before reclassifications and tax impact | | (34) | | | — | | | 42 | | | | | — | | | 8 | |
Tax expense | | (28) | | | — | | | (10) | | | | | — | | | (38) | |
Other comprehensive (loss) income, net of tax, before reclassifications | | (62) | | | — | | | 32 | | | | | — | | | (30) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | | — | | | — | | | — | | | | | — | | | — | |
Net (decrease) increase in other comprehensive income | | (62) | | | — | | | 32 | | | | | — | | | (30) | |
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Balance, net of tax, at March 31, 2024 | | $ | (535) | | | $ | (13) | | | $ | (75) | | | | | $ | (43) | | | $ | (666) | |
Other comprehensive (loss) before reclassifications and tax impact | | (14) | | | — | | | (2) | | | | | — | | | (16) | |
Tax benefit | | 4 | | | — | | | 1 | | | | | — | | | 5 | |
Other comprehensive (loss), net of tax, before reclassifications | | (10) | | | — | | | (1) | | | | | — | | | (11) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | | — | | | — | | | — | | | | | — | | | — | |
Net (decrease) in other comprehensive income | | (10) | | | — | | | (1) | | | | | — | | | (11) | |
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Balance, net of tax, at June 30, 2024 | | $ | (545) | | | $ | (13) | | | $ | (76) | | | | | $ | (43) | | | $ | (677) | |
Other comprehensive income (loss) before reclassifications and tax impact | | 58 | | | — | | | (46) | | | | | — | | | 12 | |
Tax benefit | | 17 | | | — | | | 10 | | | | | — | | | 27 | |
Other comprehensive income (loss), net of tax, before reclassifications | | 75 | | | — | | | (36) | | | | | — | | | 39 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | | — | | | — | | | — | | | | | — | | | — | |
Net increase (decrease) in other comprehensive income | | 75 | | | — | | | (36) | | | | | — | | | 39 | |
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Balance, net of tax, at September 30, 2024 | | $ | (470) | | | $ | (13) | | | $ | (112) | | | | | $ | (43) | | | $ | (638) | |
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(in millions) | | Foreign Currency Translation Gain (Loss) | | Gain (Loss) on Cash Flow Hedges | | Gain (Loss) on Net Investment and Fair Value Hedges | | | | Pension Liability Gain (Loss) | | Total |
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Balance, net of tax, at December 31, 2022 | | $ | (522) | | | $ | (17) | | | $ | (73) | | | | | $ | (16) | | | $ | (628) | |
Other comprehensive income (loss) before reclassifications and tax impact | | 6 | | | (1) | | | — | | | | | — | | | 5 | |
Tax benefit | | 9 | | | — | | | — | | | | | — | | | 9 | |
Other comprehensive income (loss), net of tax, before reclassifications | | 15 | | | (1) | | | — | | | | | — | | | 14 | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | | — | | | — | | | — | | | | | — | | | — | |
Net increase (decrease) in other comprehensive income | | 15 | | | (1) | | | — | | | | | — | | | 14 | |
Balance, net of tax, at March 31, 2023 | | $ | (507) | | | $ | (18) | | | $ | (73) | | | | | $ | (16) | | | $ | (614) | |
Other comprehensive loss before reclassifications and tax impact | | (3) | | | — | | | (11) | | | | | — | | | (14) | |
Tax benefit | | 3 | | | — | | | 3 | | | | | — | | | 6 | |
Other comprehensive loss, net of tax, before reclassifications | | — | | | — | | | (8) | | | | | — | | | (8) | |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | | — | | | 2 | | | — | | | | | — | | | 2 | |
Net increase (decrease) in other comprehensive income | | — | | | 2 | | | (8) | | | | | — | | | (6) | |
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Balance, net of tax, at June 30, 2023 | | $ | (507) | | | $ | (16) | | | $ | (81) | | | | | $ | (16) | | | $ | (620) | |
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