Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

4b6e9088a7567f6c60f1bfd283007ca99c3900f31105f7510b0388b7d756b04d

84a018da65daac5bf6aa312720cd720a7f3fc4cbe93e174cf04b64c64cc0c6f8

c2619ccafca1970788d1e2dff20118457a3a6402b3fcc7d674e0e7d80eceb9f2

1. Given the sustained macroeconomic pressures and the **$500 million** goodwill impairment in the Orthodontic and Implant Solutions segment, what specific steps are you taking to turn around performance in this segment, particularly in the underperforming implants business?

2. With the voluntary suspension of Byte operations and the potential discontinuation of this business, how do you plan to mitigate the impact on your top-line revenue and bottom-line profitability, and what are the long-term implications for your clear aligner strategy?

3. Despite achieving **$200 million** in annualized savings from the first restructuring program and initiating a second phase targeting **$80 million to $100 million** in savings, earnings have remained flat year-over-year; can you explain why these cost savings have not translated into improved profitability, and how you plan to address this issue moving forward?

4. Given the challenges in the U.S. equipment market and the continued pressure on elective procedures, how realistic is your goal to achieve growth in these areas, and what specific initiatives are in place to drive demand in a weak macro environment?

5. Your SKU optimization efforts aim to eliminate non-revenue-generating SKUs by the end of this year and migrate most revenue-generating SKUs in **2025**; can you provide more details on how this will positively impact financial performance and when we can expect to see these benefits reflected in your results?

d675b2d3e49cf15cb4e983d5b9916de1f608cbf49b8e25edfccb9281cab36f2d

1. **Byte Business Suspension**  
   **Q:** What's the status of the Byte business, and should we remove it from our models?  
   **A:** The company is conducting a complex, multifactorial review of the Byte business, considering regulatory, technical, commercial, and operational factors, including the ongoing FDA review, which may take time and require further investment. In the recent quarter, Byte generated about **$40 million in revenue**, down roughly **19% sequentially**, operating at a loss due to high OpEx costs. While marketing activities have ceased and relevant employees have been informed of job terminations, management has not yet decided to shut down the business and continues to assess its viability.  **[XRAY_3406680_8]** **[XRAY_3406680_11]** 

2. **Implant Business Underperformance**  
   **Q:** What's causing the underperformance in the implant business, and what's the outlook?  
   **A:** The implant business saw a decline, particularly on the value side, due to factors like lapping the China situation, Middle East issues where Turkey won't import products manufactured in Israel, and timing issues in Central Europe. The company acknowledges internal execution failures and is making leadership changes to better communicate the value of their implants. They believe they have the portfolio to win in this space and are investing in clinical education and expanding the sales team, especially in the U.S.  **[XRAY_3406680_9]** **[XRAY_3406680_21]** **[XRAY_3406680_23]** 

3. **Guidance and Q4 Outlook**  
   **Q:** How does the Byte situation impact Q4 guidance, and what are expectations for 2025 earnings?  
   **A:** The implied Q4 organic growth guidance is down high single digits, with the Byte situation contributing significantly as shipments stopped after October 24, removing expected revenue. Additionally, there's a **$20 million** consumables revenue pull-forward from Q4 into Q3 due to an ERP conversion. While operating expenses are down year-over-year, revenue declines are outpacing cost savings. Management refrained from providing specific 2025 earnings guidance but noted that once Byte-related costs are addressed, there should be less impact on quarterly results going forward.  **[XRAY_3406680_12]** **[XRAY_3406680_15]** 

4. **Cost Savings Realization**  
   **Q:** Why haven't the cost savings materialized at the bottom line, and will you adjust investments?  
   **A:** The company completed a **$200 million** annualized savings from the first restructuring program and is on track with a second program targeting **$80–$100 million** in savings, with most run-rate savings expected in 2025. However, revenue challenges, including declines in Byte and macroeconomic headwinds, have offset these savings, keeping earnings flat year-over-year. Management believes in investing in growth areas and cannot cut their way to growth, focusing on areas like aligners, implants, and improving company hygiene factors like websites and e-commerce.  **[XRAY_3406680_12]** **[XRAY_3406680_14]** 

5. **CAD/CAM Retail Demand**  
   **Q:** Is lower retail demand in CAD/CAM ahead of the Primescan 2 launch, and what's impacting sales?  
   **A:** The significant drop in retail demand in Q3 is not attributed to anticipation of Primescan 2. The company performed well with Primescan 2, selling over **900 cameras**, marking the best scanner quarter in units this year and the second-best in three years. Lower demand is linked to macro factors like interest rates rather than competitive pressures. Notably, only **27%** of German dentists have a scanner, indicating significant room for digitization in that market once conditions improve.  **[XRAY_3406680_13]** 

6. **Distributor Relationships and Inventory**  
   **Q:** What's the status of distributor relationships and current channel inventory levels?  
   **A:** The company maintains strong relationships with distributors and continues to work closely with Patterson despite ongoing discussions over certain points of contention. In Q3, there was a **$48 million** sequential increase in equipment orders from dealers, attributed to normal seasonality and product launches like Primescan 2, without special incentives. Additionally, there was a **$20 million** increase in consumables due to an intentional pull-forward ahead of an ERP conversion, aiming to minimize risks in Q4.  **[XRAY_3406680_17]** 

7. **Macro Headwinds in Key Markets**  
   **Q:** How are macroeconomic factors affecting key markets like Germany and China?  
   **A:** Germany represents about **10%** of total sales, with a significant portion in the Connected Technology segment. Elective procedures declined based on a survey of over **1,300** individuals, particularly in Japan and China, while the U.S. and Germany saw no further degradation. High interest rates and reductions in dental benefits are expected to impact patients' willingness to undergo elective procedures like implants and aligners, suggesting a longer period of market compression than initially hoped.  **[XRAY_3406680_9]** **[XRAY_3406680_10]** **[XRAY_3406680_16]** 

8. **SKU Rationalization Impact**  
   **Q:** What's the progress on SKU rationalization, and will it impact the top line?  
   **A:** The company plans to eliminate all non-revenue SKUs by the end of the year and migrate the majority of revenue-generating SKUs by the end of 2025. This initiative primarily focuses on the endodontics and restorative businesses. While no specific top-line impact was shared, management indicated that SKU optimization efforts are progressing as planned, with no major changes since the last update.  **[XRAY_3406680_18]** **[XRAY_3406680_20]** **[XRAY_3406680_24]** 

9. **Orthodontics Growth Excluding Byte**  
   **Q:** How should we think about orthodontics growth excluding Byte, and what's the strategy with SureSmile?  
   **A:** Excluding the impact of a partner that stopped purchasing, the SureSmile business grew mid-single digits in North America and showed healthy growth in Europe and the Rest of World. The company is focusing on general dentistry and plans to invest in fixing the front-end software for SureSmile. Once completed, they intend to expand their commercial team to target orthodontists directly, leveraging talented personnel from Byte in software and demand generation to stimulate further growth.  **[XRAY_3406680_19]** 

10. **Dental Benefits Reduction Impact**  
    **Q:** How will reductions in dental benefits affect the implant market and company plans?  
    **A:** Reductions in dental benefits are expected to impact patients' willingness to pay out-of-pocket for procedures like implants and aligners. This, coupled with macroeconomic factors like high interest rates, is anticipated to create headwinds for the implant market. Despite this, the company believes investing in growth areas remains important, as implants and aligners are still attractive growth segments compared to core dentistry.  **[XRAY_3406680_16]** 

11. **Virtual Internal Sales Team**  
    **Q:** How will the new virtual internal sales team contribute to growth?  
    **A:** The company has hired over **75** individuals for the virtual internal sales team, who have begun making calls to customers in a specific U.S. region. They expect this team to start generating revenue in 2025, targeting opportunities across the portfolio, particularly in accounts that currently purchase only a few thousand dollars annually. The aim is to increase the company's share of business by reaching out to more of the **150,000** dentists in the U.S. and making it easier to do business with Dentsply Sirona.  **[XRAY_3406680_22]** 

9b1cba5bebc9f30ce92610b52d844a49d9abf2cbeb4af3aa67647c9a3a26e2a7

| Program Details         | Program 1       |
|-------------------------|-----------------|
| Approval Date           | **November 7, 2023**  **[0000818479-24-000093_xray-20240930.htm:64]** **[0000818479-24-000093_xray-20240930.htm:51]** **[0000818479-24-000093_xray-20240930.htm:11]**  |
| End Date/Duration       | Not specified   |
| Total additional amount | **$1.0 billion**  **[0000818479-24-000093_xray-20240930.htm:64]** **[0000818479-24-000093_xray-20240930.htm:51]** **[0000818479-24-000093_xray-20240930.htm:11]**  |
| Remaining authorization amount | **$1.19 billion** as of September 30, 2024  **[0000818479-24-000093_xray-20240930.htm:64]** **[0000818479-24-000093_xray-20240930.htm:51]** **[0000818479-24-000093_xray-20240930.htm:11]**  |
| Details                 | No specific end date or duration mentioned  **[0000818479-24-000093_xray-20240930.htm:64]** **[0000818479-24-000093_xray-20240930.htm:51]** **[0000818479-24-000093_xray-20240930.htm:11]**  |

e3e95e723caa5070c3c009239fe2f1ce65e6fda94ccc26a421af2f9fdc208f7f

DENTSPLY SIRONA Inc. (XRAY) is the world's largest manufacturer of professional dental products and technologies, with a 137-year history of innovation and service to the dental industry. The company is committed to improving oral health and continence care globally by developing, manufacturing, and marketing comprehensive solutions. These include technologically advanced dental equipment supported by cloud software solutions, as well as dental products and healthcare consumable products in urology and enterology under a strong portfolio of world-class brands.  **[0000818479-24-000021_xray-20231231.htm:3]** **[0000818479-24-000093_xray-20240930.htm:35]** **[0000818479-24-000069_xray-20240630.htm:32]** **[0000818479-24-000036_xray-20240331.htm:28]** 

1. **Essential Dental Solutions** - Develops, manufactures, and sells value-added endodontic, restorative, and preventive consumable products and small equipment used in dental offices.  **[0000818479-24-000093_xray-20240930.htm:35]** **[0000818479-24-000069_xray-20240630.htm:32]** **[0000818479-24-000036_xray-20240331.htm:28]** 
2. **Orthodontic and Implant Solutions** - Designs, manufactures, and sells digital implant systems, innovative dental implant products, digital dentures, and dental professional-directed aligner solutions.  **[0000818479-24-000093_xray-20240930.htm:35]** **[0000818479-24-000069_xray-20240630.htm:32]** **[0000818479-24-000036_xray-20240331.htm:28]** 
3. **Connected Technology Solutions** - Designs, manufactures, and sells dental technology and equipment products, such as imaging systems, CAD/CAM systems, and treatment centers, supporting digital workflows for dental procedures.  **[0000818479-24-000093_xray-20240930.htm:35]** **[0000818479-24-000069_xray-20240630.htm:32]** **[0000818479-24-000036_xray-20240331.htm:28]** 
4. **Wellspect Healthcare** - Designs, manufactures, and sells innovative continence care solutions for urinary and bowel management, primarily consisting of urology catheters and other healthcare-related consumable products.  **[0000818479-24-000093_xray-20240930.htm:35]** **[0000818479-24-000069_xray-20240630.htm:32]** **[0000818479-24-000036_xray-20240331.htm:28]**

de836fe436c6a44b560fb1a560ea6ec5fe31c99ae4ae7582c5e54576ed64e465

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

- Germany

Europe

Rest of World

Other Foreign

Total Revenue

7114d841572424a150c3e7858fa7c5c1cff1a871b67c1721dabfde1d926ce29f

9f1d1214ad09bf75796c82a508e154c5e94df079ffc69e3417769b5bae872147

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales**: $3.79 billion to $3.82 billion.  **[XRAY_3406680_5]** 
  2. **Organic Sales Growth**: Decline by 2.5% to 3.5%.  **[XRAY_3406680_5]** 
  3. **Adjusted EBITDA Margin**: Approximately 17.5%.  **[XRAY_3406680_5]** 
  4. **Adjusted EPS**: $1.82 to $1.86.  **[XRAY_3406680_5]** 
  5. **Wellspect HealthCare Growth**: Mid-single digits.  **[XRAY_3406680_4]** 

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Net Sales**: $3.86 billion to $3.90 billion.  **[XRAY_3395276_7]** 
  2. **Organic Sales Growth**: Down 1% to flat.  **[XRAY_3395276_7]** 
  3. **Adjusted EBITDA Margin**: Greater than 18%.  **[XRAY_3395276_7]** 
  4. **Adjusted EPS**: $1.96 to $2.02.  **[XRAY_3395276_7]** 
  5. **Third Quarter Sales**: Increase low single digits on an organic basis.  **[XRAY_3395276_7]** 
  6. **Gross Margin**: Improve slightly sequentially in Q3.  **[XRAY_3395276_7]** 
  7. **Byte Growth**: Approximately 15%.  **[XRAY_3395276_6]** 
  8. **Wellspect HealthCare Growth**: Mid-single-digit range.  **[XRAY_3395276_6]** 

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Organic Sales Growth**: Flat to 1.5%.  **[XRAY_3382135_5]** **[XRAY_3382135_1]** 
  2. **Adjusted EBITDA Margin**: Greater than 18%.  **[XRAY_3382135_5]** 
  3. **Adjusted EPS**: $2.00 to $2.10.  **[XRAY_3382135_5]** **[XRAY_3382135_1]** 
  4. **Foreign Exchange Impact**: $20 million headwind in Q2.  **[XRAY_3382135_5]** 
  5. **Essential Dental Solutions**: Flat for the full year.  **[XRAY_3382135_8]** 
  6. **Orthodontics**: Double-digit growth.  **[XRAY_3382135_8]** 
  7. **Implants**: Low single-digit growth.  **[XRAY_3382135_8]** 
  8. **Connected Technology Solutions**: Down mid-single digits.  **[XRAY_3382135_8]** 
  9. **Restructuring Savings**: Significant contribution in H2.  **[XRAY_3382135_25]** 

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024 and Q1 2024
- **Guidance**:
  - **FY 2024**:
    1. **Organic Sales Growth**: Flat to up 1.5%.  **[XRAY_3375899_5]** 
    2. **EBITDA Margin**: Greater than 18%.  **[XRAY_3375899_5]** 
    3. **Adjusted EPS**: $2.00 to $2.10.  **[XRAY_3375899_5]** 
    4. **Tax Rate**: Projected increase.  **[XRAY_3375899_5]** 
  - **Q1 2024**:
    1. **Organic Sales Growth**: Roughly flat.  **[XRAY_3375899_6]** 
    2. **Reported Sales**: Slightly lower due to FX headwind.  **[XRAY_3375899_6]** 
    3. **Gross Margin**: Improve sequentially.  **[XRAY_3375899_6]** 
    4. **Adjusted EPS**: Grow mid-single digits.  **[XRAY_3375899_6]** 

This comprehensive guidance reflects Dentsply Sirona's strategic outlook and adjustments in response to market conditions over the specified periods.

2f2add5020262d265ca8178c60786c9a0367bb39d44a0e138be9885d6f39cf80

| Name                     | Position                                                                 | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                     |
|--------------------------|-------------------------------------------------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Simon D. Campion         | President and Chief Executive Officer                                   | September 12, 2022 | Simon D. Campion has over two decades of experience in the global healthcare field. He previously held executive roles at Becton, Dickinson and Company (BD). He holds a Ph.D. in Mechanical Engineering from the University of Limerick, Ireland, and an MBA from The Open University in the UK.  **[0001140361-24-019103_ny20020267x1_def14a.htm:13]** **[0001193125-23-101351_d423053ddef14a.htm:14]** **[0000818479-23-000088_ex992_2023investorday-co.htm:24]**                                                    |
| Glenn G. Coleman         | Executive Vice President, Chief Financial Officer (resigning 11/7/2024) | September 2022     | Glenn G. Coleman has over 30 years of financial leadership experience. He previously served as EVP and COO at Integra LifeSciences and held roles at Curtiss-Wright, Alcatel Lucent, and PwC. He is a CPA and holds a B.S. from Montclair State University. He will resign effective November 7, 2024.  **[0001140361-24-019103_ny20020267x1_def14a.htm:41]** **[0000818479-24-000072_exhibit991_xraycfotransi.htm:0]**                                                    |
| Andreas G. Frank         | Executive Vice President, Chief Business Officer (position eliminated)  | April 2022         | Andreas G. Frank has held leadership roles at Baxter International, Hill-Rom Holdings, Danaher Corporation, and McKinsey & Company. He holds master’s degrees in business administration and economics from the Otto Beisheim School of Management and the University of Texas at Austin.  **[0001140361-24-019103_ny20020267x1_def14a.htm:41]** **[0000818479-23-000088_ex992_2023investorday-co.htm:25]** **[0001193125-23-101351_d423053ddef14a.htm:42]**                                                              |
| Andrea L. Frohning       | Senior Vice President, Chief Human Resources Officer                    | July 2023          | Andrea L. Frohning has over 25 years of HR experience across industries, including healthcare, manufacturing, and financial services. She previously served as CHRO at Premier Incorporated and Patterson Dental. She holds a Master’s in Human Resources and Industrial Relations from the University of Illinois.  **[0000818479-23-000088_ex992_2023investorday-co.htm:27]** **[0001140361-24-019103_ny20020267x1_def14a.htm:41]**                                          |
| Robert (Tony) A. Johnson | Chief Supply Chain Officer                                              | November 2022      | Tony Johnson has extensive supply chain leadership experience, previously serving as President of Global Products and Supply Chain at Cardinal Health. He also held roles at Becton Dickinson/CR Bard and Baxter International. He holds a bachelor’s degree in industrial engineering from the University of Arkansas.  **[0001140361-24-019103_ny20020267x1_def14a.htm:41]** **[0000818479-23-000088_ex992_2023investorday-co.htm:26]**                                    |
| Richard C. Rosenzweig    | Executive Vice President, Corporate Development, General Counsel        | February 2023      | Richard Rosenzweig has held senior legal roles at AngioDynamics, C. R. Bard Inc., and Johnson & Johnson. He holds a law degree from Boston University School of Law and a Bachelor of Arts in Psychology from Brandeis University.  **[0001140361-24-019103_ny20020267x1_def14a.htm:42]**                                                                                                                         |
| Richard M. Wagner        | Chief Accounting Officer                                                | August 15, 2022    | Richard Wagner has served as Chief Accounting Officer since 2022. He previously held accounting leadership roles at Hillrom Holdings, Cree, Inc., and Dentsply International. He is a CPA and holds a B.S. in Accounting from Penn State University.  **[0001140361-24-019103_ny20020267x1_def14a.htm:42]** **[0000818479-22-000080_xray-20220804.htm:1]**                                                                                                    |
| Marion Par-Weixlberger   | Vice President, Public Relations & Corporate Communications             | N/A                | Marion Par-Weixlberger serves as Vice President, Public Relations & Corporate Communications. No additional biographical details or start date are provided.  **[0000818479-24-000086_dentsply8kq32024ex991.htm:2]** **[0000818479-24-000070_dentsply8kq22024ex991.htm:2]** **[0000818479-24-000033_dentsply8kq12024ex991.htm:1]** **[0000818479-24-000099_exhibit991interimcfopres.htm:0]** **[0000818479-24-000076_a10242024-bytepressrelea.htm:3]** **[0000818479-23-000081_dentsply8kq32023ex991.htm:1]** **[0000818479-24-000072_exhibit991_xraycfotransi.htm:0]** **[0000818479-24-000017_exhibit991-pressrelease.htm:0]** **[0000818479-23-000081_ex993boardappointment.htm:0]**                                                                                                                      |
| Andrea Daley             | Vice President, Investor Relations                                      | 2021               | Andrea Daley has nearly 20 years of healthcare industry and corporate finance experience. She previously held leadership roles at McKesson Corporation and Cardinal Health, focusing on financial planning and business growth.  **[0000818479-23-000088_ex992_2023investorday-co.htm:31]** **[XRAY_3366410_0]**                                                                                                                      |

1a78d05942bde1af9d6ef9cf59596f029feca0d25a5a039f98189126b8472c6d

- **Declining CTS Segment due to Market Conditions and Increased Competition**: XRAY's Connected Technology Solutions (CTS) segment is expected to decline **mid-single digits** on a full-year basis, with the company experiencing a **5.7% organic sales decline** in the first quarter and projecting another challenging quarter in Q2. This is largely due to double-digit declines in imaging equipment sales and increased competition in the market.  **[XRAY_3382135_8]**
- **Dependence on China for Implants Growth Amid Slowdown Concerns**: While XRAY's implants business saw growth driven by China, both the U.S. and Europe experienced **low to mid-single-digit declines** in implants sales. Moreover, the company expects a **slowdown in China** due to tougher year-over-year comparisons, which may offset growth and impact overall performance in this segment.  **[XRAY_3382135_3]** **[XRAY_3382135_8]**
- **Potential Revenue Softness Necessitating Cost Controls**: The company acknowledges that if they see more **revenue softness and pressure on the top line**, they will need to take additional cost-cutting actions across the organization. This could indicate concerns about future revenue performance and profitability challenges.  **[XRAY_3382135_21]**

9d90e2b731427c0f884f79cb96ef5b91f4458b85184f5870674cce2c96aafd91

- **Declining CTS Segment with Continued Softness in Imaging**: The Connected Technology Solutions (CTS) segment experienced a decline, particularly due to softness in imaging, which is expected to continue in 2024.  **[XRAY_3375899_1]** ,  **[XRAY_3375899_11]**
- **Shift Towards Lower-Priced Products Leading to Margin Pressure**: Customers are buying lower-priced scanners like Primescan Connect, resulting in an unfavorable product mix and potential margin contraction.  **[XRAY_3375899_11]** ,  **[XRAY_3375899_6]**
- **Reliance on Future Organic Growth Amid Challenging Conditions**: The company's plan to return to normalized organic growth rates of 4%-6% starting in 2025 is crucial for achieving its targets, but they acknowledge a challenging macro environment in 2024, potentially delaying growth expectations.  **[XRAY_3375899_17]**

43309675b5dd1c49db575e8e7b6222297a71d6fd2226c246f3b9d172a35460ab

- Regulatory and legal issues in Germany raise concerns about potential financial and operational impacts.  **[XRAY_3406680_7]**
- Suspension of Byte operations due to regulatory review creates uncertainty and potential loss of revenue in the aligner business.  **[XRAY_3406680_1]**
- Macro headwinds and underperformance in key markets and product categories are leading to revenue declines, and cost savings are not translating into earnings growth.  **[XRAY_3406680_14]**

a529a41833d534d2072f628379fea39ee4ae117472366c13b69dc98339dd6745

- Dentsply Sirona expects strong growth in its orthodontics segment, projecting over **20% growth** in the back half of the year, driven by acceleration of **BiTE** and **SureSmile** products and commercial investments in **Brazil and Japan**.  **[XRAY_3382135_8]**
- The company is taking proactive measures to improve performance in its imaging segment, including the relaunch of **Orthophos SL** in Europe, implementing promotional activities, financing programs, and additional sales training, with early positive traction observed in Q2.  **[XRAY_3382135_8]**
- Dentsply Sirona is optimizing its **Endo and Resto portfolios** through SKU rationalization, eliminating non-revenue-driving SKUs to improve operational efficiencies, with benefits expected now and more meaningful impact in **2025 and 2026**.  **[XRAY_3382135_29]**

68b20773de5012409767004c31637f5d23aff3f8fe89fb62b194cfe87f4d9056

- **Dentsply Sirona expects improved performance in its Connected Technology Solutions (CTS) segment in the second half of 2024**, driven by upcoming product launches, improved retail demand in imaging, the DS World event in September, favorable Q4 seasonality, and signs of improvement in key markets like Germany.  **[XRAY_3395276_14]**
- The company reported a **strong quarter in scanner sales**, particularly with **Primescan and Primescan Connect**, which is crucial for unlocking value in other parts of their portfolio such as chairside aligners and implants. This strength in digital offerings positions them well for future growth as the market normalizes.  **[XRAY_3395276_14]**
- **Dentsply Sirona is on track to deliver the two-thirds of their EPS growth plan that is within their control** and is taking additional actions to drive towards their **$3 EPS target by 2026**, demonstrating a strong commitment to shareholder value despite macroeconomic challenges.  **[XRAY_3395276_10]**

3ec4066fd71eec419f9d669852dc837ddc5ac814bf0bb6d27ac25d51b81cd85a

- **Company performance is heavily influenced by macroeconomic factors; executives indicate that significant improvement would require multiple interest rate cuts, possibly three or four, before seeing meaningful impact**.  **[XRAY_3395276_24]**
- **The CTS segment is expected to decline for full-year 2024 due to challenges from price pressures, lower equipment demand, and a shift toward lower-margin products affecting gross margins**.  **[XRAY_3395276_14]** **[XRAY_3395276_15]**
- **Achievement of the 2026 EPS target depends on macroeconomic improvements that have not yet materialized, raising concerns about meeting long-term financial objectives**.  **[XRAY_3395276_10]**

72be345e774a244779c283af9228b045f64086c58c95e8754e07e2bceefa4463

- **Successfully launched Primescan 2**, selling over **900 scanners globally**, marking the **best quarter for scanners this year** and the **second best in three years**.  **[XRAY_3406680_13]**
- **Restructuring programs are on track**, with the **first phase completed**, achieving **$200 million** in annualized savings, and the **second phase** expected to add **$80-100 million** in savings, contributing in 2025.  **[XRAY_3406680_12]**
- **Reallocating resources to invest in growth areas** such as implants and aligners, focusing on enhancing customer experience and demand creation to drive future growth.  **[XRAY_3406680_10]**

5217768c45a06c1b2adafbe2853e5aec350205246d9936b6e5b179d9c6f3d92b

- **Management reaffirms confidence in achieving adjusted EPS of $3 by 2026**, supported by transformation initiatives and a return to normalized organic growth of 4%-6% starting in 2025.  **[XRAY_3375899_17]**
- **Byte, the direct-to-consumer aligner business, is expected to grow over 20% in 2024** due to competitive dynamics from a competitor exiting the market, with continued healthy growth anticipated beyond 2024.  **[XRAY_3375899_25]** ,  **[XRAY_3375899_26]**
- **Positive customer sentiment in the U.S. and expected EBITDA margin expansion in 2024**, particularly in the back half of the year, driven by restructuring savings and strategic investments.  **[XRAY_3375899_11]** ,  **[XRAY_3375899_21]**

28ebde07682a858e1a5ef7d73dc2c177c2855525e9ede8d420677c0ff501fc95

DENTSPLY SIRONA Inc (XRAY)

Financials