DENTSPLY SIRONA Inc. (XRAY) Bundle
A Brief History of Dentsply Sirona
Dentsply Sirona Inc. operates in the dental equipment and technology sector and has a rich history that reflects its growth and adaptation in the dental industry. As of 2024, the company continues to evolve amidst challenges and opportunities in the market.
Recent Financial Performance
As of September 30, 2024, Dentsply Sirona reported a net loss of $494 million, compared to a net loss of $266 million during the same period in 2023. The diluted loss per share was $2.46 for the third quarter of 2024, up from $1.25 in 2023.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Sales | $951 million | $947 million |
| Gross Profit | $495 million | $495 million |
| Operating Loss | $(462) million | $(236) million |
| Net Loss | $(494) million | $(266) million |
| Diluted Loss per Share | $(2.46) | $(1.25) |
For the nine months ending September 30, 2024, the company reported net sales of $2.888 billion, a slight decrease from $2.953 billion in the same period of the previous year.
Balance Sheet Overview
As of September 30, 2024, Dentsply Sirona's total assets amounted to $6.626 billion, down from $7.370 billion at the end of 2023. The company reported total liabilities of $4.136 billion.
| Balance Sheet Item | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $6.626 billion | $7.370 billion |
| Total Liabilities | $4.136 billion | $4.076 billion |
| Total Equity | $2.490 billion | $3.294 billion |
Operational Challenges and Goodwill Impairments
In 2024, Dentsply Sirona faced significant operational challenges, including a $504 million impairment charge related to goodwill and intangible assets. This impairment was primarily attributed to reduced forecasts for revenues and operating margins, leading to a reevaluation of the company's assets in its Orthodontic and Implant Solutions segments.
The company identified $145 million of goodwill impairment for the Orthodontic Aligner Solutions unit and $359 million for the Implant & Prosthetic Solutions unit.
Cash Flow and Financing Activities
For the nine months ended September 30, 2024, Dentsply Sirona reported cash provided by operating activities of $374 million, an increase from $217 million in the same period of 2023. The company has also increased its share repurchase program, with $1.19 billion remaining authorization for share buybacks as of September 30, 2024.
| Cash Flow Summary | 2024 | 2023 |
|---|---|---|
| Cash Provided by Operating Activities | $374 million | $217 million |
| Cash Used in Investing Activities | $(140) million | $(69) million |
| Cash Used in Financing Activities | $(264) million | $(179) million |
Overall, Dentsply Sirona continues to navigate a complex market landscape while managing its financial performance and strategic initiatives as of 2024.
A Who Owns DENTSPLY SIRONA Inc. (XRAY)
Major Shareholders
As of 2024, the ownership structure of DENTSPLY SIRONA Inc. is characterized by a mix of institutional and individual investors. The largest shareholders include:
| Shareholder | Shares Owned (millions) | Percentage Ownership |
|---|---|---|
| The Vanguard Group, Inc. | 26.1 | 12.7% |
| BlackRock, Inc. | 24.6 | 12.0% |
| State Street Corporation | 16.4 | 8.0% |
| Invesco Ltd. | 10.2 | 5.0% |
| Other Institutional Investors | 58.5 | 28.5% |
| Insider Ownership | 4.0 | 2.0% |
| Public Float | 100.0 | 48.0% |
Stock Performance
As of September 30, 2024, DENTSPLY SIRONA Inc. reported a market capitalization of approximately $4.9 billion. The stock has seen fluctuations in its price, with a recent trading range of $19.00 to $25.00 per share within the past year.
Recent Financial Data
The financial performance relevant to ownership includes the following metrics:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Sales | $951 million | $947 million |
| Net Loss | ($495 million) | ($266 million) |
| Basic Loss per Share | ($2.46) | ($1.25) |
| Diluted Loss per Share | ($2.46) | ($1.25) |
| Cash Dividends Declared | $0.16 per share | $0.14 per share |
Insider Transactions
Insider trading activity has included significant sales by executives, with reported sales totaling approximately $3 million in the first three quarters of 2024.
Market Trends
Current market trends affecting DENTSPLY SIRONA include:
- Increased competition in the dental implant market.
- Regulatory changes impacting direct-to-consumer orthodontics.
- Technological advancements in dental equipment and software solutions.
Conclusion of Ownership Analysis
The ownership and financial profile of DENTSPLY SIRONA Inc. as of 2024 reflects a robust engagement from institutional investors, alongside challenges in market performance. The company’s strategic direction continues to adapt to evolving market conditions.
DENTSPLY SIRONA Inc. (XRAY) Mission Statement
Overview
DENTSPLY SIRONA Inc. focuses on delivering innovative solutions to improve oral health and enhance the quality of dental care. Their mission is to provide high-quality products and services that enable dental professionals to deliver optimal patient care.
Mission Statement
As of 2024, DENTSPLY SIRONA's mission statement emphasizes a commitment to innovation, quality, and customer focus, with the intent to advance dentistry and enhance patient outcomes globally.
Financial Performance
For the nine months ended September 30, 2024, DENTSPLY SIRONA reported:
- Net sales: $2,888 million
- Net loss: $(480) million
- Loss per share (diluted): $(2.35)
Key Financial Data
| Metric | 2024 (9 Months Ended) | 2023 (9 Months Ended) |
|---|---|---|
| Net Sales | $2,888 million | $2,953 million |
| Net Loss | $(480) million | $(199) million |
| Loss per Share (Diluted) | $(2.35) | $(0.94) |
| Cash and Cash Equivalents | $296 million | $334 million |
| Total Assets | $6,626 million | $7,370 million |
| Total Liabilities | $4,136 million | $4,076 million |
| Total Equity | $2,490 million | $3,294 million |
Operational Segments
DENTSPLY SIRONA operates through various segments, each contributing to their mission of enhancing dental care:
- Connected Technology Solutions
- Essential Dental Solutions
- Orthodontic and Implant Solutions
- Wellspect Healthcare
Market Position and Strategy
The company aims to maintain a strong market presence by investing in research and development, focusing on innovative products, and expanding its global footprint. The commitment to sustainability and ethical practices is also a significant part of their mission.
Recent Developments
As of September 30, 2024, DENTSPLY SIRONA has faced challenges, including:
- Increased costs related to restructuring and other expenses totaling $45 million for the nine months ended September 30, 2024.
- Goodwill and intangible asset impairments amounting to $510 million for the same period.
Conclusion
DENTSPLY SIRONA continues to adapt and innovate within the dental industry, aligning their mission with both market needs and operational capabilities.
How DENTSPLY SIRONA Inc. (XRAY) Works
Company Overview
DENTSPLY SIRONA Inc. (XRAY) specializes in dental equipment and consumables, providing a broad range of products and services for dental professionals. The company operates through four primary segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare.
Financial Performance
For the three months ended September 30, 2024, DENTSPLY SIRONA reported net sales of $951 million, a slight increase from $947 million in the same period of 2023. However, for the nine months ended September 30, 2024, net sales decreased to $2,888 million from $2,953 million in 2023.
| Period | Net Sales (in millions) | Cost of Products Sold (in millions) | Gross Profit (in millions) | Net Loss (in millions) | Loss per Share |
|---|---|---|---|---|---|
| Q3 2024 | $951 | $456 | $495 | $(495) | $(2.46) |
| Q3 2023 | $947 | $452 | $495 | $(266) | $(1.25) |
| 9M 2024 | $2,888 | $1,376 | $1,512 | $(482) | $(2.35) |
| 9M 2023 | $2,953 | $1,389 | $1,564 | $(204) | $(0.94) |
Segment Performance
The company’s performance varied across its segments:
| Segment | Net Sales (Q3 2024, in millions) | Net Sales (Q3 2023, in millions) | % Change |
|---|---|---|---|
| Connected Technology Solutions | $269 | $276 | (2.3%) |
| Essential Dental Solutions | $369 | $347 | 6.6% |
| Orthodontic and Implant Solutions | $241 | $252 | (4.6%) |
| Wellspect Healthcare | $72 | $72 | 0.0% |
Operating Expenses
Operating expenses for the three months ended September 30, 2024, included:
- SG&A expenses: $390 million
- R&D expenses: $40 million
- Goodwill and intangible asset impairments: $504 million
- Restructuring and other costs: $23 million
Cash Flow
For the nine months ended September 30, 2024, cash flows from operating activities were $374 million, while capital expenditures amounted to $129 million.
Balance Sheet Highlights
As of September 30, 2024, DENTSPLY SIRONA's balance sheet showed:
| Assets | Value (in millions) |
|---|---|
| Cash and cash equivalents | $296 |
| Accounts receivable | $671 |
| Inventories | $619 |
| Total Assets | $6,626 |
| Liabilities | Value (in millions) |
|---|---|
| Accounts payable | $297 |
| Accrued liabilities | $798 |
| Total Liabilities | $3,540 |
Market Conditions
The company has faced challenges including competitive pressures, particularly in its Connected Technology Solutions segment, which has impacted pricing and volumes. The overall market demand for dental solutions has shown variability, influenced by economic conditions and regulatory changes.
Research and Development
DENTSPLY SIRONA continues to invest in R&D, with expenses totaling $40 million for Q3 2024, representing 4.2% of net sales. The focus remains on digital workflow solutions and product development initiatives.
Conclusion
Recent trends indicate that while DENTSPLY SIRONA has experienced growth in certain segments, it faces ongoing challenges in others, necessitating strategic adjustments to maintain market competitiveness.
How DENTSPLY SIRONA Inc. (XRAY) Makes Money
Revenue Streams
DENTSPLY SIRONA generates revenue primarily through the sale of dental equipment and consumable products, with a focus on four main segments:
- Connected Technology Solutions
- Essential Dental Solutions
- Orthodontic and Implant Solutions
- Wellspect Healthcare
Net Sales Performance
For the three months ended September 30, 2024, the net sales were:
| Segment | Net Sales (in millions) | Change (in millions) | % Change |
|---|---|---|---|
| Connected Technology Solutions | $269 | $(7) | (2.3%) |
| Essential Dental Solutions | $369 | $22 | 6.6% |
| Orthodontic and Implant Solutions | $241 | $(11) | (4.6%) |
| Wellspect Healthcare | $72 | $0 | (0.4%) |
| Total Net Sales | $951 | $4 | 0.4% |
Geographic Sales Breakdown
Net sales broken down by geographic region for the three months ended September 30, 2024:
| Region | Net Sales (in millions) | Change (in millions) | % Change |
|---|---|---|---|
| United States | $374 | $18 | 5.0% |
| Europe | $347 | $(7) | (1.8%) |
| Rest of World | $230 | $(7) | (3.0%) |
| Total Net Sales | $951 | $4 | 0.4% |
Gross Profit Analysis
For the three months ended September 30, 2024, DENTSPLY SIRONA reported:
- Gross Profit: $495 million
- Gross Profit as a Percentage of Net Sales: 52.1%
Comparison with the same period in 2023 shows a slight decrease in gross profit margin, which was 52.2%.
Operating Expenses
Operating expenses for the three months ended September 30, 2024 were as follows:
| Type | Amount (in millions) | Change (in millions) | % Change |
|---|---|---|---|
| SG&A Expenses | $390 | $18 | 5.2% |
| R&D Expenses | $40 | $(6) | (12.0%) |
| Goodwill and Intangible Asset Impairments | $504 | $197 | NM |
| Restructuring and Other Costs | $23 | $17 | NM |
| Total Operating Expenses | $977 | $226 | 29.9% |
Net Income and Loss
For the three months ended September 30, 2024, DENTSPLY SIRONA reported a net loss of:
- Net Loss: $(494) million
- Diluted Loss per Share: $(2.46)
This compares with a net loss of $(266) million for the same period in 2023.
Cash Flow Performance
For the nine months ended September 30, 2024, cash flows from operating activities were:
- Net Loss: $(482) million
- Net Cash Provided by Operating Activities: $374 million
Market Position and Competitive Landscape
DENTSPLY SIRONA faces competitive pressures which have impacted volumes, particularly in the imaging and orthodontics segments. The company is also dealing with unfavorable economic conditions that affect pricing and demand across various regions.
DENTSPLY SIRONA Inc. (XRAY) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- DENTSPLY SIRONA Inc. (XRAY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of DENTSPLY SIRONA Inc. (XRAY)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View DENTSPLY SIRONA Inc. (XRAY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.