DENTSPLY SIRONA Inc. (XRAY) Bundle
A Brief History of DENTSPLY SIRONA Inc.
DENTSPLY SIRONA Inc., a leading manufacturer of dental products, has undergone significant transformations and financial developments over the years. As of 2024, the company continues to operate with a focus on innovation and expanding its market reach.
Financial Performance Overview
For the second quarter ended June 30, 2024, DENTSPLY SIRONA reported net sales of $984 million, a decrease from $1,028 million in the same period of 2023. The cost of products sold for the quarter was $473 million, leading to a gross profit of $511 million, compared to $550 million in Q2 2023.
| Financial Metrics | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Sales | $984 million | $1,028 million |
| Cost of Products Sold | $473 million | $478 million |
| Gross Profit | $511 million | $550 million |
| Operating Income | $50 million | $80 million |
| Net (Loss) Income | $(4) million | $86 million |
| Basic Earnings (Loss) per Share | $(0.02) | $0.41 |
Cash Flow and Investments
During the first six months of 2024, DENTSPLY SIRONA generated $233 million in cash from operating activities, compared to $83 million in the prior year. The company’s capital expenditures for the same period were $86 million, with an estimated total range of $170 million to $200 million for the full year, aimed at enhancing operational efficiencies and product innovation.
Debt and Equity Structure
As of June 30, 2024, DENTSPLY SIRONA reported a total net debt of $1.82 billion and total equity of $3.064 billion. The total capitalization was $4.884 billion, resulting in a total net debt to total capitalization ratio of 37.3%.
| Debt and Equity Metrics | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Net Debt | $1.82 billion | $1.78 billion |
| Total Equity | $3.064 billion | $3.294 billion |
| Total Capitalization | $4.884 billion | $5.078 billion |
| Net Debt to Total Capitalization Ratio | 37.3% | 35.1% |
Market Position and Strategic Initiatives
DENTSPLY SIRONA operates through four primary segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare. The company continues to focus on expanding its product lines and enhancing its global market presence.
In 2024, the company announced an increase in its share repurchase program to $1 billion, with $1.29 billion remaining available for future repurchases as of June 30, 2024. This strategic move is designed to enhance shareholder value and reflect the company's confidence in its growth prospects.
Conclusion
As DENTSPLY SIRONA Inc. navigates the evolving dental market landscape, its financial performance, strategic investments, and commitment to innovation position it well for future growth.
A Who Owns DENTSPLY SIRONA Inc. (XRAY)
Ownership Breakdown
As of 2024, DENTSPLY SIRONA Inc. (XRAY) has a diverse ownership structure primarily consisting of institutional investors, individual shareholders, and insider ownership.
| Owner Type | Percentage Ownership | Number of Shares Owned (Approx.) |
|---|---|---|
| Institutional Investors | 83.5% | 169.6 million |
| Individual Shareholders | 11.2% | 22.4 million |
| Insiders | 5.3% | 10.6 million |
Top Institutional Shareholders
The following table highlights the top institutional shareholders of DENTSPLY SIRONA as of 2024:
| Institution | Percentage Owned | Number of Shares Owned |
|---|---|---|
| The Vanguard Group, Inc. | 12.5% | 25.0 million |
| BlackRock, Inc. | 10.7% | 21.4 million |
| State Street Corporation | 9.2% | 18.4 million |
| Wellington Management Group LLP | 5.8% | 11.6 million |
| Invesco Ltd. | 4.5% | 9.0 million |
Insider Ownership
Insider ownership comprises a small portion of the total shares, with key executives and board members holding significant stakes:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Kevin R. O'Boyle | CEO | 2.0 million | 1.0% |
| John W. McGowan | CFO | 1.5 million | 0.8% |
| Gina A. Azzaro | Board Member | 1.0 million | 0.5% |
Recent Changes in Ownership
In recent months, there have been notable changes in the ownership structure due to market fluctuations and strategic decisions:
- Institutional ownership increased by approximately 3% in Q2 2024.
- Insider purchases totaled about 500,000 shares in the same period.
- Share repurchase programs led to reduction in outstanding shares, impacting total ownership percentages.
Shareholder Engagement
DENTSPLY SIRONA actively engages with its shareholders through regular updates and meetings. The company emphasizes transparency and has been responsive to shareholder inquiries regarding performance and strategic direction.
The current market conditions and company performance are closely monitored by institutional investors, who are key stakeholders in guiding the company's future strategies.
DENTSPLY SIRONA Inc. (XRAY) Mission Statement
Mission Statement Overview
DENTSPLY SIRONA Inc. aims to be the world's leading dental equipment and consumable supplier, focusing on innovation and quality to enhance patient care and improve dental practices globally.
Financial Performance (2024)
As of June 30, 2024, DENTSPLY SIRONA reported the following financial data:
| Metric | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $984 million | $1,028 million | (4.2%) |
| Gross Profit | $511 million | $550 million | (7.1%) |
| Operating Income | $50 million | $80 million | (37.5%) |
| Net Income (Loss) | $(4) million | $86 million | (104.7%) |
| Diluted Earnings (Loss) per Share | $(0.02) | $0.40 | (105.0%) |
Sales by Segment
The net sales breakdown by segment for Q2 2024 is as follows:
| Segment | Q2 2024 Sales ($ million) | Q2 2023 Sales ($ million) | Change (%) |
|---|---|---|---|
| Connected Technology Solutions | $253 million | $309 million | (18.2%) |
| Essential Dental Solutions | $375 million | $377 million | (0.4%) |
| Orthodontic and Implant Solutions | $276 million | $270 million | 2.6% |
| Wellspect Healthcare | $80 million | $72 million | 9.7% |
Operating Expenses
Operating expenses for the first six months of 2024 are detailed below:
| Expense Type | Q2 2024 ($ million) | Q2 2023 ($ million) | Change (%) |
|---|---|---|---|
| SG&A Expenses | $399 million | $416 million | (4.1%) |
| Research and Development | $41 million | $49 million | (15.7%) |
| Restructuring and Other Costs | $21 million | $5 million | 320.0% |
Cash Flow Analysis
For the six months ended June 30, 2024:
| Cash Flow Activity | Amount ($ million) |
|---|---|
| Cash provided by operating activities | $233 million |
| Cash used in investing activities | $(93) million |
| Cash used in financing activities | $(150) million |
Debt and Equity Structure
As of June 30, 2024, DENTSPLY SIRONA's debt and equity structure is as follows:
| Metric | Amount ($ million) |
|---|---|
| Long-term Debt | $1,737 million |
| Cash and Cash Equivalents | $279 million |
| Total Equity | $3,064 million |
| Total Capitalization | $4,884 million |
| Total Net Debt to Total Capitalization Ratio | 37.3% |
How DENTSPLY SIRONA Inc. (XRAY) Works
Company Overview
DENTSPLY SIRONA Inc. (XRAY) operates in the dental products and technologies sector, providing a comprehensive range of dental solutions globally. The company focuses on dental consumables, equipment, and technology, including imaging, CAD/CAM, orthodontics, and implant solutions.
Financial Performance
As of June 30, 2024, DENTSPLY SIRONA reported the following financial highlights:
| Metrics | Q2 2024 | Q2 2023 | Change | % Change |
|---|---|---|---|---|
| Net Sales | $984 million | $1,028 million | $(44) million | (4.2%) |
| Gross Profit | $511 million | $550 million | $(39) million | (7.1%) |
| Operating Income | $50 million | $80 million | $(30) million | (37.5%) |
| Net (Loss) Income | $(4) million | $85 million | $(89) million | (104.7%) |
| Diluted (Loss) Earnings per Share | $(0.02) | $0.40 | $(0.42) | (105.0%) |
Segment Performance
The company categorizes its business into four main segments: Connected Technology Solutions, Essential Dental Solutions, Orthodontic and Implant Solutions, and Wellspect Healthcare. The net sales performance by segment for the three months ended June 30, 2024, is as follows:
| Segment | Q2 2024 Net Sales | Q2 2023 Net Sales | Change | % Change |
|---|---|---|---|---|
| Connected Technology Solutions | $253 million | $309 million | $(56) million | (18.2%) |
| Essential Dental Solutions | $375 million | $377 million | $(2) million | (0.4%) |
| Orthodontic and Implant Solutions | $276 million | $270 million | $6 million | 2.6% |
| Wellspect Healthcare | $80 million | $72 million | $8 million | 9.7% |
Operating Expenses
Operating expenses for the second quarter of 2024 were as follows:
| Expense Type | Q2 2024 Amount | Q2 2023 Amount | Change | % Change |
|---|---|---|---|---|
| SG&A Expenses | $399 million | $416 million | $(17) million | (4.1%) |
| R&D Expenses | $41 million | $49 million | $(8) million | (15.7%) |
| Restructuring and Other Costs | $21 million | $5 million | $16 million | 320.0% |
Balance Sheet Highlights
As of June 30, 2024, the consolidated balance sheet is as follows:
| Assets | Amount |
|---|---|
| Current Assets | $1,758 million |
| Property, Plant, and Equipment, net | $789 million |
| Goodwill | $2,389 million |
| Total Assets | $6,897 million |
| Liabilities and Equity | Amount |
|---|---|
| Current Liabilities | $1,323 million |
| Long-term Debt | $1,737 million |
| Total Liabilities | $3,833 million |
| Total Dentsply Sirona Equity | $3,064 million |
Cash Flow Analysis
For the six months ended June 30, 2024, cash flows from operating activities were as follows:
| Cash Flow Category | Amount |
|---|---|
| Net Cash Provided by Operating Activities | $233 million |
| Capital Expenditures | $(86) million |
| Net Cash Used in Investing Activities | $(93) million |
| Cash Paid for Treasury Stock | $(150) million |
Market Position and Trends
DENTSPLY SIRONA continues to face challenges in its Connected Technology Solutions segment, primarily due to competitive pressures and economic conditions impacting demand. Despite these challenges, the company anticipates growth in its Orthodontic and Implant Solutions segment, driven by higher volumes of orthodontic aligners and strong demand for implant products.
How DENTSPLY SIRONA Inc. (XRAY) Makes Money
Revenue Segmentation
DENTSPLY SIRONA generates revenue through various segments, primarily through the sale of dental products and services. The following table outlines net sales by segment for the second quarter of 2024:
| Segment | Net Sales (Q2 2024, in millions) | Net Sales (Q2 2023, in millions) | Change ($ millions) | % Change |
|---|---|---|---|---|
| Connected Technology Solutions | $253 | $309 | $(56) | (18.2%) |
| Essential Dental Solutions | $375 | $377 | $(2) | (0.4%) |
| Orthodontic and Implant Solutions | $276 | $270 | $6 | 2.2% |
| Wellspect Healthcare | $80 | $72 | $8 | 11.1% |
| Total Net Sales | $984 | $1,028 | $(44) | (4.2%) |
Geographical Revenue Distribution
The company's revenue is also segmented by geographic region. The following table presents net sales by region for the second quarter of 2024:
| Region | Net Sales (Q2 2024, in millions) | Net Sales (Q2 2023, in millions) | Change ($ millions) | % Change |
|---|---|---|---|---|
| United States | $360 | $362 | $(2) | (0.6%) |
| Europe | $387 | $403 | $(16) | (4.0%) |
| Rest of World | $237 | $263 | $(26) | (9.9%) |
| Total Net Sales | $984 | $1,028 | $(44) | (4.2%) |
Cost Structure and Profitability
DENTSPLY SIRONA's gross profit for the second quarter of 2024 was reported at $511 million, down from $550 million in the same quarter of 2023. This represents a gross profit margin of 51.9%, a decrease from 53.5% year-over-year.
| Metrics | Q2 2024 | Q2 2023 | Change ($ millions) | % Change |
|---|---|---|---|---|
| Gross Profit | $511 | $550 | $(39) | (7.1%) |
| Gross Profit Margin | 51.9% | 53.5% | (160 bps) | - |
Operating Expenses
Operating expenses for DENTSPLY SIRONA consist of selling, general, and administrative expenses (SG&A) and research and development (R&D) costs. The following table summarizes these expenses for the second quarter of 2024:
| Expense Type | Q2 2024 (in millions) | Q2 2023 (in millions) | Change ($ millions) | % Change |
|---|---|---|---|---|
| SG&A Expenses | $399 | $416 | $(17) | (4.1%) |
| R&D Expenses | $41 | $49 | $(8) | (16.3%) |
| Total Operating Expenses | $440 | $465 | $(25) | (5.4%) |
Net Income and Earnings per Share
For the second quarter of 2024, DENTSPLY SIRONA reported a net loss of $4 million, compared to a net income of $86 million in Q2 2023. This results in a diluted loss per share of $(0.02) compared to diluted earnings of $0.40 per share in the previous year.
| Metrics | Q2 2024 | Q2 2023 | Change ($ millions) |
|---|---|---|---|
| Net Income (Loss) | $(4) | $86 | $(90) |
| Diluted Earnings (Loss) per Share | $(0.02) | $0.40 | $(0.42) |
Debt and Liquidity
As of June 30, 2024, DENTSPLY SIRONA's total net debt was $1.82 billion with a total capitalization of $4.88 billion, resulting in a net debt to total capitalization ratio of 37.3%.
| Metrics | June 30, 2024 (in millions) | December 31, 2023 (in millions) |
|---|---|---|
| Notes Payable and Current Portion of Debt | $362 | $322 |
| Long-term Debt | $1,737 | $1,796 |
| Cash and Cash Equivalents | $279 | $334 |
| Total Net Debt | $1,820 | $1,784 |
| Total Capitalization | $4,884 | $5,078 |
| Net Debt to Total Capitalization Ratio | 37.3% | 35.1% |
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