DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq:
XRAY) today announced its financial results for the fourth quarter
and full year 2021.
Full year 2021 net sales of $4,251 million
increased 27.2%, compared to $3,342 million for the full year of
2020. Net income was $421 million, or $1.91 per diluted share,
compared to a loss of ($83) million, or ($0.38) per diluted share
for the full year of 2020. Adjusted earnings per diluted share grew
to $2.87 compared to $1.79 in 2020. Adjusted EBITDA for the full
year of 2021 was $992 million, compared to $666 million in 2020. A
reconciliation of Non-GAAP measures (including organic sales,
adjusted operating income and margin, adjusted EPS, and adjusted
EBITDA) to GAAP measures is provided below.
Fourth quarter 2021 net sales of
$1,088 million increased 0.6%, compared to $1,082 million in
the fourth quarter of 2020. Net income was $102 million, or
$0.47 per diluted share, compared to $99 million, or $0.45 per
diluted share in the fourth quarter of 2020. Adjusted earnings per
diluted share decreased to $0.76 compared to $0.87 in the fourth
quarter of 2020.
“Our 2021 performance reflects the resilience of
the dental market, the strength of our global portfolio, and our
team's ability to execute well in an environment still impacted by
the pandemic. We delivered strong results with organic sales growth
of nearly 25%, double-digit EPS growth, and solid cash flow
generation. We made meaningful progress on the commitments we set
three years ago to strengthen the foundation of the business and
position it for long-term sustainable growth," said Don Casey,
Chief Executive Officer. "We are optimistic about our future. We
have a healthy innovation pipeline, a well-positioned portfolio,
and new strategic partnerships to accelerate our growth. Dental is
an attractive market and we will lead transformation in digital
dentistry supporting our mission to create innovative solutions for
healthy smiles."
Q4 21 and FY 21 Summary Results
(GAAP)
(in millions, except per share amount and
percentages) |
|
Q4 21 |
|
Q4 20 |
|
YoY |
|
FY 21 |
|
FY 20 |
|
YoY |
Net Sales |
|
1,088 |
|
|
1,082 |
|
|
0.6 |
% |
|
4,251 |
|
|
3,342 |
|
|
27.2 |
% |
Operating income (loss) |
|
154 |
|
|
135 |
|
|
14.2 |
% |
|
622 |
|
|
(12 |
) |
|
NM |
|
Operating income % |
|
14.2 |
% |
|
12.5 |
% |
|
|
|
14.6 |
% |
|
(0.4 |
%) |
|
|
|
Diluted EPS |
|
0.47 |
|
|
0.45 |
|
|
3.5 |
% |
|
1.91 |
|
|
(0.38 |
) |
|
NM |
|
NM - not meaningful * Percentages are based on
actual values and may not recalculate due to rounding.
Q4 21 and FY 21 Summary Results
(Non-GAAP)[1]
(in millions, except per share amount and
percentages) |
|
Q4 21 |
|
Q4 20 |
|
YoY |
|
FY 21 |
|
FY 20 |
|
YoY |
Net Sales |
|
1,088 |
|
|
1,082 |
|
|
0.6 |
% |
|
4,251 |
|
|
3,342 |
|
|
27.2 |
% |
Organic Sales Growth % |
|
|
|
|
|
1.8 |
% |
|
|
|
|
|
24.6 |
% |
Adj. Operating income |
|
217 |
|
|
251 |
|
|
(13.7 |
%) |
|
871 |
|
|
537 |
|
|
62.3 |
% |
Adj. Operating income % |
|
20.0 |
% |
|
23.2 |
% |
|
|
|
20.5 |
% |
|
16.1 |
% |
|
|
Adj. EPS |
|
0.76 |
|
|
0.87 |
|
|
(12.6 |
%) |
|
2.87 |
|
|
1.79 |
|
|
60.3 |
% |
[1] Organic sales growth, adjusted operating
income, and adjusted EPS are Non-GAAP financial measures which
exclude certain items. Please refer to "Non-GAAP Financial
Measures" below for a description of these measures and to the
tables at the end of this release for a reconciliation between GAAP
and Non-GAAP measures. * Percentages are based on actual values and
may not recalculate due to rounding.
Segment Results
Technologies & EquipmentFull
year 2021 net sales were $2,524 million, up 28.7% versus prior
year. On an organic basis, net sales increased by 23.2% as compared
to prior year. Currency favorably impacted sales by 2.9%,
acquisitions increased sales by 9.0%, while divestitures and
discontinued products decreased sales by (6.4%). Sales across all
product categories grew year-over-year.
Fourth quarter 2021 net sales were $676 million, up
6.8% versus prior year. On an organic basis, net sales increased by
6.5% as compared to prior year. Currency unfavorably impacted sales
by (1.8%), acquisitions increased sales by 5.7%, while divestitures
and discontinued products decreased sales by (3.6%). The increase
in organic sales was primarily driven by strong performance in
CAD/CAM, Implants, and Orthodontics partially offset by supply
chain constraints.
ConsumablesFull year 2021 net
sales were $1,727 million, up 25.0% versus prior year. On an
organic basis, net sales increased by 26.7%. Currency favorably
impacted sales by 2.8%, while divestitures and discontinued
products negatively impacted sales by (4.5%). Sales across all
product categories grew year-over-year.
Fourth quarter 2021 net sales were $412 million,
down (8.3%) versus prior year. On an organic basis, net sales
decreased by (4.6%). Currency unfavorably impacted sales by (0.7%),
while divestitures and discontinued products decreased sales by
(3.0%). The organic sales decline was driven by a tough comparison
to the prior year due to the COVID-19 rebound and the timing of
purchases ahead of the annual price increase, partially offset by
increased pricing.
Cash Flow and Liquidity
Operating cash flow in the fourth quarter of 2021
was $222 million, as compared to $263 million in the prior year.
Full year 2021 operating cash flow was $657 million, as
compared to $635 million in the prior year. In the fourth
quarter, the Company paid $24 million in dividends and executed
share repurchases of $110 million bringing a total of $292 million
returned to shareholders in 2021. At December 31, 2021, the Company
had $339 million of cash available on its balance sheet.
Full Year 2022 Outlook
The outlook for 2022 includes organic sales growth
of 4% to 5%, with net sales in the range of $4.3 to $4.4 billion.
Adjusted operating income margin is expected to be greater than 21%
for the full year, with a target of 22% by the fourth quarter of
2022. Adjusted EPS is estimated to be in the range of $3.05 to
$3.25, up 6% to 13% year-over-year.
Further 2022 outlook assumptions are included in
the Q4 FY2021 Earnings Presentation posted on 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 and cannot be reasonably estimated.
Recent Announcements & Additional
Highlights
- Quarterly Cash Dividend
Increased - On February 23, 2022, Dentsply Sirona's Board
of Directors approved a double-digit increase in the Company's
quarterly dividend rate, from the previous rate of $0.11 per share
of common stock to $0.125 per share. The dividend is payable on
April 8, 2022 to holders of record as of March 25, 2022.
- Primeprint - As
announced on February 25, 2022, Dentsply Sirona will be launching a
medical-grade 3D printing system for dental practices. Primeprint
will have one of the highest levels of automation, as a smart
hardware and software solution that is optimized for dental
applications and runs the entire printing process, including post
processing.
- Google Cloud Collaboration
- As announced on February 25, 2022, Dentsply Sirona and
Google Cloud are collaborating to help dentists and dental labs
maximize the benefits of digital dentistry by building a digital
ecosystem that will support end-to-end workflows in dental
practices.
- New Board & Executive Team
Members - Dr. Dorothea Wenzel has been appointed to the
Board of Directors and as a member of the Audit and Finance
Committee. Additionally, Cherée Johnson joins Dentsply Sirona at
the end of February as its Senior Vice President, Chief Legal
Officer, General Counsel and Secretary, and will be based at the
Company’s headquarters in Charlotte, NC.
- Share Repurchase Program
- In Q4 2021, the Company repurchased 2 million shares for
$110 million. For the year ended December 31, 2021, the Company
repurchased a total of 3.5 million shares for $200 million. At
December 31, 2021, $890 million of authorization remained under the
$1 billion share repurchase program.
- 3Shape Partnership -
As announced on December 8, 2021, Dentsply Sirona and 3Shape
expanded their strategic partnership with a focus on seamless
connectivity for dentists and dental labs. Dentsply Sirona
Primescan and Omnicam scanners now integrate directly with 3Shape's
lab software.
Conference Call/Webcast
InformationDentsply Sirona’s management team will host an
investor conference call and live webcast on February 28, 2022 at
8:30 am ET. The live webcast of the investor conference call and a
presentation related to the call will be available on the Investors
section of the Company’s website at
https://investor.dentsplysirona.com.
For those planning to participate on the call,
please dial +1-877-370-7637 for domestic calls, or +1-629-228-0723
for international calls. The Conference ID # is 1271213. A replay
of the conference call will be available online on the Dentsply
Sirona web site, and a dial-in replay will be available for one
week following the call at +1-855-859-2056 (for domestic calls) or
+1-404-537-3406 (for international calls), replay passcode #
1271213.
About Dentsply SironaDentsply
Sirona is the world’s largest manufacturer of professional dental
products and technologies, with a 135-year history 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. As The Dental Solutions Company, Dentsply
Sirona’s products provide innovative, high-quality and effective
solutions to advance patient care and deliver better, safer and
faster dentistry. The Company’s shares of common stock 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
Forward-Looking Statements and
Associated Risks
All statements in this press release that do not
directly and exclusively relate to historical facts constitute
“forward-looking statements.” These statements represent current
expectations and beliefs, and no assurance can be given that the
results described in such statements will be achieved. 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. Furthermore, many of these risks
and uncertainties are currently amplified by and may continue to be
amplified by or may, in the future, be amplified by, the novel
coronavirus (“COVID-19”) pandemic and the impact of varying private
and governmental responses that affect our customers, employees,
vendors and the economies and communities where they
operate. For a written description of these factors, see the
section titled 'Risk Factors' in Dentsply Sirona's Annual Report on
Form 10-K for the most recent fiscal year. 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 press release or to reflect the occurrence
of unanticipated events.
|
DENTSPLY SIRONA INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(In millions, except per share amounts and percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
December 31, |
|
December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net sales |
$ |
1,088 |
|
$ |
1,082 |
|
$ |
4,251 |
|
$ |
3,342 |
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
495 |
|
|
511 |
|
|
1,890 |
|
|
1,685 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
593 |
|
|
571 |
|
|
2,361 |
|
|
1,657 |
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
374 |
|
|
377 |
|
|
1,551 |
|
|
1,312 |
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
59 |
|
|
44 |
|
|
171 |
|
|
123 |
|
|
|
|
|
|
|
|
|
Goodwill impairment |
|
— |
|
|
— |
|
|
— |
|
|
157 |
|
|
|
|
|
|
|
|
|
Restructuring and other costs |
|
6 |
|
|
15 |
|
|
17 |
|
|
77 |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
154 |
|
|
135 |
|
|
622 |
|
|
(12 |
) |
|
|
|
|
|
|
|
|
Net interest and other expense (income), net |
|
16 |
|
|
12 |
|
|
63 |
|
|
48 |
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
138 |
|
|
123 |
|
|
559 |
|
|
(60 |
) |
|
|
|
|
|
|
|
|
Provision for income taxes |
|
36 |
|
|
24 |
|
|
138 |
|
|
23 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
102 |
|
|
99 |
|
|
421 |
|
|
(83 |
) |
|
|
|
|
|
|
|
|
Less: Net income (loss) attributable to noncontrolling
interests |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Dentsply Sirona |
$ |
102 |
|
$ |
99 |
|
$ |
421 |
|
$ |
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share attributable to Dentsply
Sirona: |
|
|
|
|
|
|
|
Basic |
$ |
0.47 |
|
$ |
0.45 |
|
$ |
1.93 |
|
$ |
(0.38 |
) |
Diluted |
$ |
0.47 |
|
$ |
0.45 |
|
$ |
1.91 |
|
$ |
(0.38 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
218.0 |
|
|
218.6 |
|
|
218.4 |
|
|
219.2 |
|
Diluted |
|
219.2 |
|
|
219.5 |
|
|
220.2 |
|
|
219.2 |
|
|
DENTSPLY SIRONA INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In millions) |
(unaudited) |
|
|
|
|
|
|
|
|
|
December 31, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
339 |
|
$ |
438 |
Accounts and notes receivable-trade, net |
|
747 |
|
|
673 |
Inventories, net |
|
504 |
|
|
466 |
Prepaid expenses and other current assets |
|
247 |
|
|
214 |
Total Current Assets |
|
1,837 |
|
|
1,791 |
|
|
|
|
Property, plant and equipment, net |
|
773 |
|
|
791 |
Operating lease right-of-use assets, net |
|
193 |
|
|
176 |
Identifiable intangible assets, net |
|
2,319 |
|
|
2,504 |
Goodwill, net |
|
3,976 |
|
|
3,986 |
Other noncurrent assets |
|
122 |
|
|
94 |
|
|
|
|
Total Assets |
$ |
9,220 |
|
$ |
9,342 |
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
268 |
|
$ |
305 |
Accrued liabilities |
|
679 |
|
|
653 |
Income taxes payable |
|
57 |
|
|
60 |
Notes payable and current portion of long-term debt |
|
182 |
|
|
299 |
Total Current Liabilities |
|
1,186 |
|
|
1,317 |
|
|
|
|
Long-term debt |
|
1,913 |
|
|
1,978 |
Operating lease liabilities |
|
145 |
|
|
130 |
Deferred income taxes |
|
408 |
|
|
393 |
Other noncurrent liabilities |
|
525 |
|
|
554 |
Total Liabilities |
|
4,177 |
|
|
4,372 |
|
|
|
|
Total Equity |
|
5,043 |
|
|
4,970 |
|
|
|
|
Total Liabilities and Equity |
$ |
9,220 |
|
$ |
9,342 |
|
|
|
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(In millions) (unaudited)
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
421 |
|
|
$ |
(83 |
) |
|
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
Depreciation |
|
124 |
|
|
|
142 |
|
Amortization of intangible assets |
|
222 |
|
|
|
192 |
|
Fixed asset impairment |
|
— |
|
|
|
3 |
|
Goodwill impairment |
|
— |
|
|
|
157 |
|
Indefinite lived intangible asset impairment |
|
— |
|
|
|
39 |
|
Deferred income taxes |
|
(20 |
) |
|
|
(64 |
) |
Stock based compensation expense |
|
48 |
|
|
|
47 |
|
Other non-cash (income) expense |
|
34 |
|
|
|
2 |
|
(Gain) Loss on sale on non-strategic businesses and product
lines |
|
(14 |
) |
|
|
1 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
Accounts and notes receivable-trade, net |
|
(109 |
) |
|
|
126 |
|
Inventories, net |
|
(63 |
) |
|
|
124 |
|
Prepaid expenses and other current assets, net |
|
(35 |
) |
|
|
42 |
|
Other noncurrent assets |
|
(10 |
) |
|
|
1 |
|
Accounts payable |
|
(46 |
) |
|
|
(23 |
) |
Accrued liabilities |
|
78 |
|
|
|
(17 |
) |
Income taxes |
|
17 |
|
|
|
(39 |
) |
Other noncurrent liabilities |
|
10 |
|
|
|
(15 |
) |
|
|
|
|
Net cash provided by operating activities |
|
657 |
|
|
|
635 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
|
(142 |
) |
|
|
(87 |
) |
Cash paid for acquisitions of businesses and equity investments,
net of cash acquired |
|
(248 |
) |
|
|
(1,078 |
) |
Cash received on sale of non-strategic businesses or product
lines |
|
28 |
|
|
|
1 |
|
Cash received on derivative contracts |
|
2 |
|
|
|
58 |
|
Other investing activities, net |
|
2 |
|
|
|
— |
|
|
|
|
|
Net cash used in investing activities |
|
(358 |
) |
|
|
(1,106 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Net borrowings on short-term borrowings |
|
179 |
|
|
|
2 |
|
Cash paid for treasury stock |
|
(200 |
) |
|
|
(140 |
) |
Cash dividends paid |
|
(92 |
) |
|
|
(88 |
) |
Proceeds from long-term borrowings, net of deferred financing
costs |
|
16 |
|
|
|
1,448 |
|
Repayments on long-term borrowings |
|
(297 |
) |
|
|
(701 |
) |
Payments on terminated derivative instruments |
|
— |
|
|
|
(30 |
) |
Proceeds from exercised stock options |
|
51 |
|
|
|
11 |
|
Other financing activities, net |
|
(36 |
) |
|
|
(12 |
) |
|
|
|
|
Net cash (used in) provided by financing
activities |
|
(379 |
) |
|
|
490 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(19 |
) |
|
|
14 |
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(99 |
) |
|
|
33 |
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
438 |
|
|
|
405 |
|
|
|
|
|
Cash and cash equivalents at end of period |
$ |
339 |
|
|
$ |
438 |
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
Interest paid, net of amounts capitalized |
$ |
64 |
|
|
$ |
45 |
|
Income taxes paid, net of refunds |
$ |
148 |
|
|
$ |
82 |
|
|
|
|
|
Non-cash investing activities |
|
|
|
Property, plant and equipment in accounts payable at end of
period |
$ |
33 |
|
|
$ |
14 |
|
Exchange of inventory for naming rights |
$ |
2 |
|
|
$ |
4 |
|
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 another 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 and divested
businesses recorded prior to the first anniversary of the
acquisition or divestiture, (2) net sales attributable to
discontinued product lines in both the current and prior year
periods, and (3) the impact of foreign currency translation, which
is calculated by translating current period net sales using the
comparable prior period's currency exchange rates.
Adjusted Operating Income (Loss) and Margin
Adjusted operating income (loss) is computed by
excluding the following items from operating income:
(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 program related costs and other
costs. These adjustments include costs related to the
implementation of restructuring initiatives, including but not
limited to, severance costs, facility closure costs, lease and
contract termination costs, and related professional service costs
associated with specific restructuring initiatives. Other costs
include legal settlements, impairments of assets, and changes in
accounting principle recorded within the period. 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 the inherent
imprecision in the estimates used to recognize the impairment of
assets, and as such may not be indicative of past and future
performance of the Company.
(3) Amortization of purchased intangible assets.
This adjustment excludes the periodic amortization expense related
to purchased intangible assets, which are recorded at fair value in
purchase accounting. 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.
(4) 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, equity-method
investments, and credit risk related to fair value of derivative
assets and liabilities. 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 margin is calculated by dividing
adjusted operating income by net sales.
Adjusted Net Income (Loss)
Adjusted net income (loss) consists of the reported
net income (loss) in accordance with US GAAP, adjusted to exclude
the items identified above, the related income tax impacts, and
discrete income tax adjustments such as: final settlement of income
tax audits, discrete tax items resulting from the implementation of
restructuring initiatives and the vesting and 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 Earnings (Loss) Per Diluted Share
Adjusted earnings (loss) (EPS) per diluted share is
computed by dividing diluted adjusted earnings (losses)
attributable to Dentsply Sirona shareholders by the diluted
weighted average number of common shares outstanding.
Adjusted EBITDA
Adjusted EBITDA is computed by excluding interest,
income tax expense, depreciation and amortization, as well as the
adjustments described above for computing Adjusted Operating
Income.
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except
percentages)(unaudited)
|
|
Three Months Ended December 31, 2021 |
|
Q4 2021 Change |
|
Three Months Ended December 31, 2020 |
(in millions, except percentages) |
|
US |
Europe |
ROW |
Total |
|
US |
Europe |
ROW |
Total |
|
US |
Europe |
ROW |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
385 |
$ |
437 |
$ |
266 |
$ |
1,088 |
|
7.2 |
% |
(2.4 |
%) |
(3.4 |
%) |
0.6 |
% |
|
$ |
359 |
$ |
448 |
$ |
275 |
$ |
1,082 |
Foreign exchange impact |
|
|
|
|
|
|
(0.8 |
%) |
(1.6 |
%) |
(1.6 |
%) |
(1.3 |
%) |
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
9.3 |
% |
— |
% |
0.9 |
% |
3.3 |
% |
|
|
|
|
|
Divestitures and discontinued products |
|
|
|
|
|
|
(1.6 |
%) |
(2.6 |
%) |
(6.7 |
%) |
(3.2 |
%) |
|
|
|
|
|
Organic sales |
|
|
|
|
|
|
0.3 |
% |
1.8 |
% |
4.0 |
% |
1.8 |
% |
|
|
|
|
|
* Percentages are based on actual values and may
not recalculate due to rounding.
|
|
Year Ended December 31, 2021 |
|
2021 Change |
|
Year Ended December 31, 2020 |
(in millions, except percentages) |
|
US |
Europe |
ROW |
Total |
|
US |
Europe |
ROW |
Total |
|
US |
Europe |
ROW |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
1,497 |
$ |
1,685 |
$ |
1,069 |
$ |
4,251 |
|
35.0 |
% |
21.5 |
% |
26.4 |
% |
27.2 |
% |
|
$ |
1,109 |
$ |
1,387 |
$ |
846 |
$ |
3,342 |
Foreign exchange impact |
|
|
|
|
|
|
0.3 |
% |
4.7 |
% |
3.2 |
% |
2.9 |
% |
|
|
|
|
|
Acquisitions |
|
|
|
|
|
|
15.4 |
% |
— |
% |
1.0 |
% |
5.4 |
% |
|
|
|
|
|
Divestitures and discontinued products |
|
|
|
|
|
|
(4.9 |
%) |
(4.7 |
%) |
(8.3 |
%) |
(5.7 |
%) |
|
|
|
|
|
Organic sales |
|
|
|
|
|
|
24.2 |
% |
21.5 |
% |
30.5 |
% |
24.6 |
% |
|
|
|
|
|
* Percentages are based on actual values and may
not recalculate due to rounding.
A reconciliation of reported net sales to organic
sales by segment is as follows:
|
|
Three Months Ended December 31, 2021 |
|
Q4 2021 Change |
|
Three Months Ended December 31, 2020 |
(in millions, except percentages) |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
676 |
$ |
412 |
$ |
1,088 |
|
6.8 |
% |
(8.3 |
%) |
0.6 |
% |
|
$ |
633 |
$ |
449 |
$ |
1,082 |
Foreign exchange impact |
|
|
|
|
|
(1.8 |
%) |
(0.7 |
%) |
(1.3 |
%) |
|
|
|
|
Acquisitions |
|
|
|
|
|
5.7 |
% |
— |
% |
3.3 |
% |
|
|
|
|
Divestitures and discontinued products |
|
|
|
|
|
(3.6 |
%) |
(3.0 |
%) |
(3.2 |
%) |
|
|
|
|
Organic sales |
|
|
|
|
|
6.5 |
% |
(4.6 |
%) |
1.8 |
% |
|
|
|
|
* Percentages are based on actual values and may
not recalculate due to rounding.
|
|
Year Ended December 31, 2021 |
|
2021 Change |
|
Year Ended December 31, 2020 |
(in millions, except percentages) |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
Technologies & Equipment |
Consumables |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
2,524 |
$ |
1,727 |
$ |
4,251 |
|
28.7 |
% |
25.0 |
% |
27.2 |
% |
|
$ |
1,961 |
$ |
1,381 |
$ |
3,342 |
Foreign exchange impact |
|
|
|
|
|
2.9 |
% |
2.8 |
% |
2.9 |
% |
|
|
|
|
Acquisitions |
|
|
|
|
|
9.0 |
% |
— |
% |
5.4 |
% |
|
|
|
|
Divestitures and discontinued products |
|
|
|
|
|
(6.4 |
%) |
(4.5 |
%) |
(5.7 |
%) |
|
|
|
|
Organic sales |
|
|
|
|
|
23.2 |
% |
26.7 |
% |
24.6 |
% |
|
|
|
|
. * Percentages are based on actual values and
may not recalculate due to rounding.
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except per share amounts and
percentages)(unaudited)
For the three months ended December 31, 2021,
a reconciliation of select items as reported in the Condensed
Consolidated Statements of Operations to adjusted Non-GAAP items is
as follows:
|
GAAP |
|
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in millions, except per share amounts and percentages) |
Three Months Ended December 31, 2021 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Fair Value and Credit Risk Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Three Months Ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
593 |
|
33 |
|
— |
|
1 |
|
— |
|
— |
— |
|
$ |
34 |
|
$ |
627 |
|
% OF NET SALES |
|
54.5 |
% |
|
|
|
|
|
|
|
|
57.7 |
% |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES |
|
374 |
|
(22 |
) |
— |
|
(1 |
) |
— |
|
— |
— |
|
|
(23 |
) |
|
351 |
|
% OF NET SALES |
|
34.4 |
% |
|
|
|
|
|
|
|
|
32.3 |
% |
RESEARCH AND DEVELOPMENT EXPENSES |
|
59 |
|
— |
|
— |
|
— |
|
— |
|
— |
— |
|
|
— |
|
|
59 |
|
RESTRUCTURING AND OTHER COSTS |
|
6 |
|
— |
|
(6 |
) |
— |
|
— |
|
— |
— |
|
|
(6 |
) |
|
— |
|
OPERATING INCOME |
|
154 |
|
55 |
|
6 |
|
2 |
|
— |
|
— |
— |
|
|
63 |
|
|
217 |
|
% OF NET SALES |
|
14.2 |
% |
|
|
|
|
|
|
|
|
20.0 |
% |
OTHER INCOME AND EXPENSE |
|
16 |
|
— |
|
— |
|
— |
|
(13 |
) |
— |
— |
|
|
(13 |
) |
|
3 |
|
INCOME BEFORE INCOME TAXES |
|
138 |
|
55 |
|
6 |
|
2 |
|
13 |
|
— |
— |
|
|
76 |
|
|
214 |
|
PROVISION FOR INCOME TAXES |
|
36 |
|
— |
|
— |
|
— |
|
— |
|
20 |
(9 |
) |
|
11 |
|
|
47 |
|
% OF PRE-TAX INCOME |
|
26.2 |
% |
|
|
|
|
|
|
|
|
21.8 |
% |
NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA |
$ |
102 |
|
|
|
|
|
|
|
$ |
65 |
|
$ |
167 |
|
% OF NET SALES |
|
9.4 |
% |
|
|
|
|
|
|
|
|
15.4 |
% |
EARNINGS PER SHARE - DILUTED |
$ |
0.47 |
|
|
|
|
|
|
|
$ |
0.29 |
|
$ |
0.76 |
|
* Percentages are based on actual values and may
not recalculate due to rounding.
For the three months ended December 31, 2021,
the following table presents the details of the "Restructuring
program related costs and other costs" column in the above table
and the affected line item in the Consolidated Statements of
Operations:
(in millions) |
|
Costs Related to Restructuring Plans |
|
Other |
|
Total |
|
|
|
|
|
|
|
Restructuring and other costs |
|
|
5 |
|
$ |
1 |
|
$ |
6 |
Total |
|
$ |
5 |
|
$ |
1 |
|
$ |
6 |
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except per share amounts and
percentages)(unaudited)
For the three months ended December 31, 2020,
a reconciliation of select items as reported in the Condensed
Consolidated Statements of Operations to adjusted Non-GAAP items is
as follows:
|
GAAP |
|
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in millions, except per share amounts and percentages) |
Three Months Ended December 31, 2020 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Fair Value and Credit Risk Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Three Months Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
571 |
|
30 |
|
11 |
|
1 |
|
— |
|
— |
— |
$ |
42 |
|
$ |
613 |
|
% OF NET SALES |
|
52.8 |
% |
|
|
|
|
|
|
|
|
56.7 |
% |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES |
|
377 |
|
(19 |
) |
(24 |
) |
(16 |
) |
— |
|
— |
— |
|
(59 |
) |
|
318 |
|
% OF NET SALES |
|
34.8 |
% |
|
|
|
|
|
|
|
|
29.4 |
% |
RESEARCH AND DEVELOPMENT EXPENSES |
|
44 |
|
— |
|
— |
|
— |
|
— |
|
— |
— |
|
— |
|
|
44 |
|
RESTRUCTURING AND OTHER COSTS |
|
15 |
|
— |
|
(15 |
) |
— |
|
— |
|
— |
— |
|
(15 |
) |
|
— |
|
OPERATING INCOME |
|
135 |
|
49 |
|
50 |
|
17 |
|
— |
|
— |
— |
|
116 |
|
|
251 |
|
% OF NET SALES |
|
12.5 |
% |
|
|
|
|
|
|
|
|
23.2 |
% |
OTHER INCOME AND EXPENSE |
|
12 |
|
— |
|
— |
|
— |
|
(4 |
) |
— |
— |
|
(4 |
) |
|
8 |
|
INCOME BEFORE INCOME TAXES |
|
123 |
|
49 |
|
50 |
|
17 |
|
4 |
|
— |
— |
|
120 |
|
|
243 |
|
PROVISION FOR INCOME TAXES |
|
24 |
|
— |
|
— |
|
— |
|
— |
|
15 |
12 |
|
27 |
|
|
51 |
|
% OF PRE-TAX INCOME |
|
19.5 |
% |
|
|
|
|
|
|
|
|
21.0 |
% |
NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA |
$ |
99 |
|
|
|
|
|
|
|
$ |
93 |
|
$ |
192 |
|
% OF NET SALES |
|
9.1 |
% |
|
|
|
|
|
|
|
|
17.7 |
% |
EARNINGS PER SHARE - DILUTED |
$ |
0.45 |
|
|
|
|
|
|
|
$ |
0.42 |
|
$ |
0.87 |
|
For the three months ended December 31, 2020,
the following table presents the details of the "Restructuring
program related costs and other costs" column in the above table
and the affected line item in the Consolidated Statements of
Operations:
(in millions) |
|
Asset Impairments |
|
Severance Costs Related to Executives |
|
Costs Related to Restructuring Plans |
|
Professional Services Costs |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
$ |
— |
|
$ |
— |
|
$ |
11 |
|
$ |
— |
|
$ |
11 |
Selling, general, and administrative expenses |
|
|
— |
|
|
11 |
|
|
1 |
|
|
12 |
|
|
24 |
Restructuring and other costs |
|
|
6 |
|
|
— |
|
|
9 |
|
|
— |
|
|
15 |
Total |
|
$ |
6 |
|
$ |
11 |
|
$ |
21 |
|
$ |
12 |
|
$ |
50 |
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except per share amounts and
percentages)(unaudited)
For the year ended December 31, 2021, a
reconciliation of select items as reported in the Condensed
Consolidated Statements of Operations to adjusted Non-GAAP items is
as follows:
|
GAAP |
|
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in millions, except per share amounts and percentages) |
Twelve Months Ended December 31, 2021 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Fair Value and Credit Risk Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Twelve Months Ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
2,361 |
|
131 |
|
(6 |
) |
3 |
|
— |
|
— |
— |
|
$ |
128 |
|
$ |
2,489 |
|
% OF NET SALES |
|
55.5 |
% |
|
|
|
|
|
|
|
|
58.6 |
% |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES |
|
1,551 |
|
(91 |
) |
(2 |
) |
(11 |
) |
— |
|
— |
— |
|
|
(104 |
) |
|
1,447 |
|
% OF NET SALES |
|
36.5 |
% |
|
|
|
|
|
|
|
|
34.0 |
% |
RESEARCH AND DEVELOPMENT EXPENSES |
|
171 |
|
— |
|
— |
|
— |
|
— |
|
— |
— |
|
|
— |
|
|
171 |
|
RESTRUCTURING AND OTHER COSTS |
|
17 |
|
— |
|
(17 |
) |
— |
|
— |
|
— |
— |
|
|
(17 |
) |
|
— |
|
OPERATING INCOME |
|
622 |
|
222 |
|
13 |
|
14 |
|
— |
|
— |
— |
|
|
249 |
|
|
871 |
|
% OF NET SALES |
|
14.6 |
% |
|
|
|
|
|
|
|
|
20.5 |
% |
OTHER INCOME AND EXPENSE |
|
63 |
|
— |
|
— |
|
11 |
|
(23 |
) |
— |
— |
|
|
(12 |
) |
|
51 |
|
INCOME BEFORE INCOME TAXES |
|
559 |
|
222 |
|
13 |
|
3 |
|
23 |
|
— |
— |
|
|
261 |
|
|
820 |
|
PROVISION FOR INCOME TAXES |
|
138 |
|
— |
|
— |
|
— |
|
— |
|
65 |
(14 |
) |
|
51 |
|
|
189 |
|
% OF PRE-TAX INCOME |
|
24.7 |
% |
|
|
|
|
|
|
|
|
23.0 |
% |
NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA |
$ |
421 |
|
|
|
|
|
|
|
$ |
210 |
|
$ |
631 |
|
% OF NET SALES |
|
9.9 |
% |
|
|
|
|
|
|
|
|
14.8 |
% |
EARNINGS PER SHARE - DILUTED |
$ |
1.91 |
|
|
|
|
|
|
|
$ |
0.96 |
|
$ |
2.87 |
|
* Percentages are based on actual values and may
not recalculate due to rounding.
For the year ended December 31, 2021, the
following table presents the details of the "Restructuring program
related costs and other costs" column in the above table and the
affected line item in the Consolidated Statements of
Operations:
(in millions) |
|
Severance Costs Related to Executives |
|
Costs Related to Restructuring Plans |
|
Professional Services Costs |
|
Other |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
$ |
— |
|
|
$ |
(3 |
) |
|
$ |
— |
|
$ |
(3 |
) |
|
$ |
(6 |
) |
Selling, general, and administrative expenses |
|
|
(1 |
) |
|
|
1 |
|
|
|
2 |
|
|
— |
|
|
|
2 |
|
Restructuring and other costs |
|
|
— |
|
|
|
21 |
|
|
|
— |
|
|
(4 |
) |
|
|
17 |
|
Total |
|
$ |
(1 |
) |
|
$ |
19 |
|
|
$ |
2 |
|
$ |
(7 |
) |
|
$ |
13 |
|
DENTSPLY SIRONA INC. AND
SUBSIDIARIES(In millions, except per share amounts and
percentages)(unaudited)
For the year ended December 31, 2020, a
reconciliation of select items as reported in the Condensed
Consolidated Statements of Operations to adjusted Non-GAAP items is
as follows:
|
GAAP |
|
|
|
|
|
|
|
ADJUSTED NON-GAAP |
(in millions, except per share amounts and percentages) |
Twelve Months Ended December 31, 2020 |
Amortization of Purchased Intangible Assets |
Restructuring Program Related Costs and Other
Costs |
Business Combination Related Costs and Fair Value
Adjustments |
Fair Value and Credit Risk Adjustments |
Tax Impact of Non-GAAP Adjustments |
Income Tax Related Adjustments |
Total Non-GAAP Adjustments |
Twelve Months Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT |
$ |
1,657 |
|
118 |
|
44 |
|
5 |
|
— |
|
— |
— |
|
$ |
167 |
|
$ |
1,824 |
|
% OF NET SALES |
|
49.6 |
% |
|
|
|
|
|
|
|
|
54.6 |
% |
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES |
|
1,312 |
|
(74 |
) |
(57 |
) |
(17 |
) |
— |
|
— |
— |
|
|
(148 |
) |
|
1,164 |
|
% OF NET SALES |
|
39.3 |
% |
|
|
|
|
|
|
|
|
34.8 |
% |
RESEARCH AND DEVELOPMENT EXPENSES |
|
123 |
|
— |
|
— |
|
— |
|
— |
|
— |
— |
|
|
— |
|
|
123 |
|
GOODWILL IMPAIRMENT |
|
157 |
|
— |
|
(157 |
) |
— |
|
— |
|
— |
— |
|
|
(157 |
) |
|
— |
|
RESTRUCTURING AND OTHER COSTS |
|
77 |
|
— |
|
(77 |
) |
— |
|
— |
|
— |
— |
|
|
(77 |
) |
|
— |
|
OPERATING (LOSS) INCOME |
|
(12 |
) |
192 |
|
335 |
|
22 |
|
— |
|
— |
— |
|
|
549 |
|
|
537 |
|
% OF NET SALES |
|
(0.4 |
%) |
|
|
|
|
|
|
|
|
16.1 |
% |
OTHER INCOME AND EXPENSE |
|
48 |
|
— |
|
— |
|
— |
|
(9 |
) |
— |
— |
|
|
(9 |
) |
|
39 |
|
(LOSS) INCOME BEFORE INCOME TAXES |
|
(60 |
) |
192 |
|
335 |
|
22 |
|
9 |
|
— |
— |
|
|
558 |
|
|
498 |
|
PROVISION FOR INCOME TAXES |
|
23 |
|
— |
|
— |
|
— |
|
— |
|
90 |
(9 |
) |
|
81 |
|
|
104 |
|
% OF PRE-TAX (LOSS) INCOME |
|
(38.3 |
%) |
|
|
|
|
|
|
|
|
20.9 |
% |
NET (LOSS) INCOME ATTRIBUTABLE TO DENTSPLY SIRONA |
$ |
(83 |
) |
|
|
|
|
|
|
$ |
477 |
|
$ |
394 |
|
% OF NET SALES |
|
(2.5 |
%) |
|
|
|
|
|
|
|
|
11.8 |
% |
(LOSS) EARNINGS PER SHARE - DILUTED |
$ |
(0.38 |
) |
|
|
|
|
|
|
$ |
2.17 |
|
$ |
1.79 |
|
For the year ended December 31, 2020, the
following table presents the details of the "Restructuring program
related costs and other costs" column in the above table and the
affected line item in the Consolidated Statements of
Operations:
(in millions) |
|
Asset Impairments |
|
Severance Costs Related to Executives |
|
Costs Related to Restructuring Plans |
|
Professional Services Costs |
|
Incentive Compensation |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products sold |
|
$ |
— |
|
$ |
— |
|
$ |
44 |
|
$ |
— |
|
$ |
— |
|
$ |
44 |
Selling, general, and administrative expenses |
|
|
— |
|
|
10 |
|
|
2 |
|
|
43 |
|
|
2 |
|
|
57 |
Goodwill impairment |
|
|
157 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
157 |
Restructuring and other costs |
|
|
47 |
|
|
— |
|
|
30 |
|
|
— |
|
|
— |
|
|
77 |
Total |
|
$ |
204 |
|
$ |
10 |
|
$ |
76 |
|
$ |
43 |
|
$ |
2 |
|
$ |
335 |
A reconciliation of Adjusted EBITDA for the years
ended December 31, 2021 and 2020 is as follows:
(in millions) |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
421 |
|
$ |
(83 |
) |
Interest expense, net |
|
|
55 |
|
|
47 |
|
Income tax expense |
|
|
138 |
|
|
23 |
|
Depreciation(1) |
|
|
117 |
|
|
121 |
|
Amortization of purchased intangible assets |
|
|
222 |
|
|
192 |
|
Restructuring program related costs and other costs |
|
|
13 |
|
|
335 |
|
Business combination related costs and fair value adjustments |
|
|
3 |
|
|
22 |
|
Fair value and credit risk adjustments |
|
|
23 |
|
|
9 |
|
Adjusted EBITDA |
|
$ |
992 |
|
$ |
666 |
|
(1) Excludes those depreciation related amounts
which were included as part of the business combination related
adjustments below.
DENTSPLY SIRONA (NASDAQ:XRAY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
DENTSPLY SIRONA (NASDAQ:XRAY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024