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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 classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per shareXRAYThe 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









2


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.


3


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,
2024202320242023
Net sales$951 $947 $2,888 $2,953 
Cost of products sold456 452 1,376 1,389 
Gross profit495 495 1,512 1,564 
Selling, general, and administrative expenses390 372 1,204 1,204 
Research and development expenses
40 46 123 141 
Goodwill and intangible asset impairments504 307 510 307 
Restructuring and other costs23 6 45 70 
Operating loss(462)(236)(370)(158)
Other income and expenses:
Interest expense, net18 19 53 61 
Other (income) expense, net(2)(5)(10)13 
Loss before income taxes(478)(250)(413)(232)
Provision (benefit) for income taxes17 16 69 (28)
Net loss(495)(266)(482)(204)
Less: Net loss attributable to noncontrolling interests(1) (2)(5)
Net loss attributable to Dentsply Sirona$(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:
Basic201.0 211.8 204.7 212.7 
Diluted201.0 211.8 204.7 212.7 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
4


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in millions)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
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 tax39 (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.
5


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)
September 30, 2024December 31, 2023
Assets
Current Assets:
Cash and cash equivalents$296 $334 
Accounts and notes receivable-trade, net671 695 
Inventories, net619 624 
Prepaid expenses and other current assets335 320 
Total Current Assets1,921 1,973 
Property, plant, and equipment, net817 800 
Operating lease right-of-use assets, net150 178 
Identifiable intangible assets, net1,538 1,705 
Goodwill1,937 2,438 
Other noncurrent assets263 276 
Total Assets$6,626 $7,370 
Liabilities and Equity
Current Liabilities:
Accounts payable$297 $305 
Accrued liabilities798 749 
Income taxes payable25 49 
Notes payable and current portion of long-term debt422 322 
Total Current Liabilities1,542 1,425 
Long-term debt1,795 1,796 
Operating lease liabilities103 125 
Deferred income taxes193 228 
Other noncurrent liabilities503 502 
Total Liabilities4,136 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 value6,639 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 Equity2,491 3,293 
Noncontrolling interests(1)1 
Total Equity2,490 3,294 
Total Liabilities and Equity$6,626 $7,370 
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
6


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 


7


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.
8



DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net loss$(482)$(204)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation99 99 
Amortization of intangible assets162 159 
Goodwill and intangible asset impairments510 307 
Deferred income taxes(20)(107)
Stock-based compensation expense35 33 
Other non-cash expense36 29 
Changes in operating assets and liabilities:
Accounts and notes receivable-trade, net19 (31)
Inventories, net2 (45)
Prepaid expenses and other current assets61 (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 activities374 217 
Cash flows from investing activities:
Capital expenditures(129)(109)
Cash received on derivative contracts 39 
Cash paid on derivative contracts(12) 
Other investing activities1 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 borrowings99 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 period334 365 
Cash and cash equivalents at end of period$296 $309 
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
9


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.
10


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:
Three Months EndedNine Months Ended
(in millions)2024202320242023
Equipment & Instruments$138 $148 $402 $480 
CAD/CAM131 128 367 370 
Connected Technology Solutions269 276 $769 $850 
Essential Dental Solutions369 347 $1,108 $1,110 
Orthodontics83 83 $276 $255 
Implants & Prosthetics158 169 512 526 
Orthodontic and Implant Solutions241 252 $788 $781 
Wellspect Healthcare72 72 $223 $212 
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:
Three Months EndedNine Months Ended
(in millions)2024202320242023
United States$374 $356 $1,089 $1,069 
Europe347 354 1,110 1,153 
Rest of World230 237 689 731 
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.

11


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.

12


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:
Three Months EndedNine Months Ended
(in millions)2024202320242023
Cost of products sold
$ $1 $2 $3 
Selling, general, and administrative expense11 1 31 25 
Research and development expense1 1 2 3 
Restructuring and other costs (1) 2 
Total stock-based compensation expense$12 $2 $35 $33 

13


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:
(in millions)Foreign Currency Translation Gain (Loss)Gain (Loss) on Cash Flow HedgesGain (Loss) on Net Investment and Fair Value HedgesPension
Liability Gain (Loss)
Total
Balance, net of tax, at December 31, 2023$(473)$(13)$(107)$(43)$(636)
Other comprehensive (loss) income before reclassifications and tax impact(34) 42  8 
Tax expense
(28) (10) (38)
Other comprehensive (loss) income, net of tax, before reclassifications(62) 32  (30)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax     
Net (decrease) increase in other comprehensive income(62) 32  (30)
Balance, net of tax, at March 31, 2024$(535)$(13)$(75)$(43)$(666)
Other comprehensive (loss) before reclassifications and tax impact(14) (2) (16)
Tax benefit4  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)
Balance, net of tax, at June 30, 2024$(545)$(13)$(76)$(43)$(677)
Other comprehensive income (loss) before reclassifications and tax impact58  (46) 12 
Tax benefit17  10  27 
Other comprehensive income (loss), net of tax, before reclassifications75  (36) 39 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax     
Net increase (decrease) in other comprehensive income75  (36) 39 
Balance, net of tax, at September 30, 2024$(470)$(13)$(112)$(43)$(638)
14


(in millions)Foreign Currency Translation Gain (Loss)Gain (Loss) on Cash Flow HedgesGain (Loss) on Net Investment and Fair Value HedgesPension
Liability Gain (Loss)
Total
Balance, net of tax, at December 31, 2022$(522)$(17)$(73)$(16)$(628)
Other comprehensive income (loss) before reclassifications and tax impact6 (1)  5 
Tax benefit
9    9 
Other comprehensive income (loss), net of tax, before reclassifications15 (1)  14 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax     
Net increase (decrease) in other comprehensive income15 (1)  14 
Balance, net of tax, at March 31, 2023$(507)$(18)$(73)$(16)$(614)
Other comprehensive loss before reclassifications and tax impact(3) (11) (14)
Tax benefit3  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)
Balance, net of tax, at June 30, 2023$(507)$(16)$(81)$(16)$(620)