DENTSPLY SIRONA Inc. (“Dentsply Sirona” or “the Company”) (Nasdaq:
XRAY) today announced the appointment of John Groetelaars, who
serves on Dentsply Sirona’s Board of Directors, as Interim Chief
Executive Officer. He succeeds Don Casey, who has been terminated
as CEO and will cease to serve as a member of the Company’s Board,
effective immediately. The Board has initiated a search to identify
the Company’s next CEO and has retained a leading executive search
firm to support the process.
Eric Brandt, Non-Executive Chairman of the Board stated, “We are
pleased to welcome John as Dentsply Sirona’s Interim CEO. John has
a strong track record of driving innovative business strategies,
and as a seasoned executive with more than 30 years of industry
experience, he is uniquely positioned to lead our company during
this transition period. John is the right leader to bring
continuity and guide Dentsply Sirona’s execution of its key
strategic initiatives to create sustainable value for our
shareholders. As the Board conducts its search for a permanent CEO,
we are focused on finding a candidate with a track record of
world-class execution and operational expertise who can position
the Company for the future.”
Mr. Groetelaars commented, “I look forward to serving as Interim
CEO during this important time for the Company. I joined the
Company’s Board because of my deep appreciation for our mission and
unwavering commitment to innovation, operational excellence and
providing positive outcomes for patients and customers. Dentsply
Sirona is situated in attractive, growing dental categories and has
a strong foundation in place, built on its portfolio of leading
products and differentiated position across key markets. The Board
is confident that renewing the Company’s focus on execution will
stabilize the business and deliver strong performance despite
ongoing macroeconomic challenges. This will be my focus from day
one, and I am prepared to leverage my prior executive leadership
experience as I work with the rest of the Board and management team
to drive the Company’s strategy and advance its vision to transform
dentistry and improve oral health globally.”
Mr. Brandt continued, “On behalf of the Board, I would like to
thank Don for his many contributions to our company. Don has played
a key role in strengthening our foundation and advancing our
mission to create innovative solutions for healthy smiles. We wish
him all the best in his future endeavors.”
Appointment of Interim CFO
Dentsply Sirona also today announced the appointment of Barbara
Bodem as Interim Chief Financial Officer, effective upon Jorge
Gomez’s previously announced departure on May 6, 2022. Ms. Bodem
will join the Company on April 25, 2022, and work closely with Mr.
Gomez to ensure a seamless transition.
Ms. Bodem is an accomplished executive with over two decades of
financial leadership experience in the healthcare industry, most
recently serving as Senior Vice President and CFO of Hillrom.
Previously, Barbara served in senior leadership roles at
Mallinckrodt Pharmaceuticals, Hospira and Eli Lilly and
Company.
Mr. Brandt said, “We are fortunate to welcome Barbara, a proven
finance executive, as our interim CFO during this transition
period. Barbara brings extensive expertise in healthcare with an
international perspective, having served in multiple leadership
roles across finance organizations at global companies. As we
continue our search for a permanent CFO, we believe that Barbara
and our talented financial team will continue to deliver value for
our patients, business partners and shareholders.”
Select Preliminary Financial Results for the First
Quarter of 2022
Dentsply Sirona today also provided an update on its anticipated
financial results for the first quarter ending March 31, 2022.
On a preliminary basis, the Company expects that net sales will
be approximately $965 million (representing an organic sales
decline of approximately 1.4% versus prior year). Additionally,
GAAP diluted earnings per share will be in the range of $0.26 -
$0.30 and adjusted earnings per share will be in the range of $0.48
- $0.52. Relative to last year, these results reflect weaker
sales performance in the U.S., global supply chain challenges, and
foreign exchange headwinds.
The Company will provide further information on its results and
2022 outlook when it releases its earnings as scheduled on May 5,
2022.
The amounts set forth above are preliminary estimates. The
Company is in the process of finalizing its results of operations
for the first quarter ended March 31, 2022 and therefore final
results are not yet available. These preliminary estimates are
based solely upon information available to management as of the
date of this press release. The Company’s actual results may differ
from these estimates due to the completion of its quarter-end
closing procedures, final adjustments and developments that may
arise or information that may become available between now and the
time the Company’s financial results for the first quarter ended
March 31, 2022 are finalized. The Company’s unaudited consolidated
financial statements for the first quarter ended March 31, 2022
should be consulted once they become available.
About John Groetelaars
John Groetelaars served as President, CEO and a Board member at
Hillrom from May 2018 until the company’s acquisition by Baxter
International, Inc., in December 2021. At Hillrom, Mr. Groetelaars
led a transformation of the business, successfully articulating and
launching a new connected-care strategy and vision, growing the
portfolio through seven acquisitions and one divestiture, and
driving record financial performance. Prior to Hillrom, Mr.
Groetelaars served as Executive Vice President and President of the
Interventional Segment at Becton, Dickinson and Company following
its acquisition of C.R. Bard Inc. He previously served in a variety
of progressive roles at C.R. Bard during his 10-year career there,
including as a group president from 2015 to 2017. Prior to joining
C.R. Bard, Mr. Groetelaars held various international leadership
positions in Canada, Denmark and the United Kingdom at Boston
Scientific Corporation from 2001 until 2008. Prior to joining
Boston Scientific, Mr. Groetelaars held positions in general
management, marketing, business development and sales with Guidant
Corporation and with Eli Lilly.
Mr. Groetelaars earned a Bachelor of Science in Mechanical
Engineering from Kettering University and an MBA from Columbia
Business School.
About Barbara Bodem
Barbara Bodem most recently served as Senior Vice President and
Chief Financial Officer for Hillrom, where she was responsible for
both Financial and Information Technology and oversaw portfolio
transformation and performance acceleration. She also served as
Interim CIO during the pandemic. Prior to her positions at Hillrom,
Ms. Bodem served as Senior Vice President of Finance for
Mallinckrodt Pharmaceuticals, Vice President of Finance, Global
Commercial Operations for Hospira, and at several positions of
increasing responsibility at Eli Lilly and Company, culminating in
Chief Financial Officer, Lilly Oncology. Ms. Bodem also has
extensive Board experience, and currently serves as Audit Committee
Chair for Turning Point Therapeutics, as a Director on Syneos’
Board, and as a Director on Enovis Corporation’s Board. She has
also previously served as a board member for Invacare
Corporation.
Ms. Bodem earned and a Bachelor of Science in Finance with
honors and minors in Economics and East Asian Studies, as well as
an MBA from Indiana University.
About Dentsply Sirona
Dentsply 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.
Non-GAAP Financial Measures
The Company has provided certain measures in this press release
that 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.
The Company is not able to reconcile projected adjusted earnings
per share (non-GAAP) to first quarter 2022 projected earnings per
share (GAAP) without unreasonable efforts because it is not
possible to predict with a reasonable degree of certainty the
actual impact of the tax rate and related matters for the quarter
ended March 31, 2022. The unavailable information could have a
significant impact on the Company’s first quarter 2022 reported
financial results.
Forward-Looking Statements
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, including statements regarding preliminary financial
information for the first quarter ending March 31, 2022, 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 press release or to
reflect the occurrence of unanticipated events.
Contact Information
Investors:Andrea DaleyVP, Investor
Relations+1-704-805-1293InvestorRelations@dentsplysirona.com
Press:Marion Par-WeixlbergerVP, Corporate Communications and
PR+43 676 848414588marion.parweixlberger@dentsplysirona.com
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