Press release
Dentsply Sirona Reports Second Quarter 2024 Results and Announces Second Phase of Transformation
Net sales of $984 million decreased (4.2%), organic sales decreased (2.3%)GAAP gross margin of 51.9%, GAAP net loss of ($4) million or loss per share of
About this update from Dentsply Sirona Inc.
[{"type":"text","content":"Net sales of $984 million decreased (4.2%), organic sales decreased (2.3%)GAAP gross margin of 51.9%, GAAP net loss of ($4) million or loss per share of ($0.02)Adjusted EBITDA margin of 17.5%, adjusted EPS of $0.49Revised FY24 outlook: organic sales down (1%) to flat (previously flat to up 1.5%); adjusted EPS of $1.96 to $2.02 (previously $2.00 to $2.10)Company repurchased $150 million of its common stock in Q2 2024; expects to repurchase $100 million of its common stock in Q3 2024Second phase of transformation includes an expected reduction in annualized operating expenses of $80 to $100 million over approximately 12 to 18 months CHARLOTTE, N.C., July 31, 2024 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the \"Company\") (Nasdaq: XRAY) today announced its financial results for the second quarter of 2024. Second quarter net sales of $984 million decreased (4.2%) (organic sales decreased (2.3%)) compared to the second quarter of 2023. Net loss was ($4) million, or ($0.02) per share, compared to net income of $86 million, or $0.40 per share in the second quarter of 2023. Adjusted earnings per diluted share were $0.49, compared to $0.51 in the second quarter of 2023. A reconciliation of Non-GAAP measures (including organic sales, adjusted EBITDA and margin, adjusted EPS, adjusted free cash flow conversion, and segment adjusted operating income) to GAAP measures is provided below. “Our second quarter results were unfavorably impacted by lower demand in our Connected Technology Solutions segment due to continued macroeconomic and competitive pressures. Despite this, we were pleased to deliver growth in three of our four segments. We are revising our full year outlook to reflect lower expected sales and adjusted EPS,” said Simon Campion, President and Chief Executive Officer. “The second phase of our transformation allows us to both fund reinvestment in our business to better position us to drive profitable growth and contribute to our 2026 adjusted EPS target. As part of this second phase, Andreas Frank, Executive Vice President and Chief Business Officer, will be leaving Dentsply Sirona in October. Andreas has been an important member of our leadership team and we thank him for his many valued contributions to our Company and transformation. We wish him and his family much success in their next phase.” Q2 24 Summar...