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    Top30

    22. Dentsply Sirona

    ...

    22. Dentsply Sirona
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    07.30.19
    AT A GLANCE
    Rank: #22 (Last year: #22)
    $3.99 Billion
    Prior Fiscal: $3.99 Billion
    Percentage Change:±0%
    No. of Employees: 16,400
    Global Headquarters: Charlotte, N.C.

    KEY EXECUTIVES
    Donald M. Casey Jr., CEO
    Nick Alexos, Exec. VP and CFO
    Keith Ebling, Exec. VP, General Counsel, and Secretary
    Maureen MacInnis, Sr. VP, Chief Human Resources Officer and Communications

    Toward the end of 2017, Dentsply Sirona experienced an exodus of several top members of its management team, including Bret Wise, executive chairman; Jeffrey Slovin, CEO and director; and Christopher Clark, president and COO. In reports of the change, an unnamed source claimed the shakeup was related to lagging earnings. An article in The Wall Street Journal stated the executives were forced out by the company’s directors, while a regulatory filing stated the bigwigs were terminated without cause.

    Regardless of the reason, several interim management members filled the vacant roles until the start of the company’s 2018 fiscal year (which follows the calendar year) when the firm announced a new CEO. Donald M. Casey Jr. took the reins of Dentsply Sirona, the still relatively new entity that formed as the result of a $14.5 billion merger in 2016. Casey, who prior to taking on the role had served as CEO of the Medical segment of Cardinal Health, was brought in “to lead Dentsply Sirona to achieve its full potential,” according to Eric K. Brandt, non-executive chairman of the board.

    Thrust into the arguably unenviable position of attempting to right the ship, which still seemed to be attempting to find its way following the merger, Casey admitted the company’s financial results in 2018 were “clearly disappointing” in his letter to shareholders in the firm’s annual report. In that same letter, he explained that based upon a diagnostic of the company conducted after he took on his new position, the firm was rolling out a comprehensive restructuring plan. The plan was organized around three key objectives: accelerate growth, improve margins, and simplify the business. As a result, the company expects to experience annualized top line growth of 3-4 percent and annual net cost savings of $200-$225 million by 2021, in addition to other positive effects.

    That impact would certainly be welcome for a company that was flat in terms of sales growth between 2017 and 2018. Its $3.986 billion in net sales in 2018 was just short of 2017’s high water mark of $3.993 billion for the firm (by approximately $7 million).

    In its Technologies & Equipment segment, which accounted for about 54 percent of Dentsply Sirona’s net sales in 2018, there was a 3 percent decline compared to the prior year. It finished with 2.098 billion in net sales (excluding precious metal content), short of 2017 by about $62 million.

    The unit is comprised of two portions—Dental Technology and Equipment Products, which represented about 45 percent of the overall business in 2018, and Healthcare Consumable Products, which was only about 9 percent during the same fiscal year. The Dental Technology and Equipment Products primarily consist of treatment centers (basic and sophisticated dentist chairs), imaging equipment, and CAD/CAM systems for dental practitioners and laboratories. The Healthcare Consumable Products include urology catheters, medical drills, and other non-medical products.

    On the other hand, the Consumables Segment offered a positive for the firm in 2018. Accounting for 46 percent of the net sales for the overall company’s 2018 fiscal year, its more than 3 percent rise over 2017 saved the company from experiencing a noteworthy financial loss when compared against the prior year’s net sales. The unit, which offers value-added dental supplies and small equipment used in dental offices for the treatment of patients, as well as specialized treatment products used within the dental office and laboratory settings, rose to $1.85 billion in net sales (excluding precious metal content) in 2018.

    When examining the regions in which Dentsply Sirona offers its goods, its more prominent challenges emerge. The firm gained over 3 percent in net sales in both Europe and Rest of World, where it enjoyed net sales of $1.64 billion and $1.04 billion respectively. In the United States, however, net sales shrunk more than 7 percent compared to 2017 to finish at $1.27 billion—a difference of almost $100 million between the two fiscal years.

    In addition to the aforementioned reorganization plan, Dentsply Sirona placed several irons in the fire in 2018 to try to get onto the right track for growth. In the first quarter of the fiscal year, it made two strategic acquisitions. Cleverdent, the first transaction, was the developer of the ClasenUNO, an innovative fusion of a dental mirror and high volume evacuation tip. According to the company, the device creates efficiency for clinicians performing two-handed dentistry and reduces the need for four-handed procedures by enabling assistants to complete other tasks.

    The other purchase was for an orthodontic care firm, OraMetrix, for $120 million, in addition to an additional payment of $30 million, subject to earn-out provisions. OraMetrix offered an advanced, CAD platform developed for dental professionals to deliver consistently predictable orthodontic outcomes. According to a statement from Dentsply Sirona, the combination of its digital technologies, GAC’s bracket expertise (a subsidiary of Dentsply), and the OraMetrix solution will enable Dentsply Sirona to provide a comprehensive orthodontic offering that will include a full arch clear aligner solution.

    New products were also a focus for the firm in 2018, seeking to not only generate growth from acquisition, but rather through organic means as well. Notable announcements included:
    • Introduction of the SICAT Endo 3D software for improved planning and workflow in endodontic treatment. It offers advantages for dental professionals such as enhanced diagnostics, improved certainty in planning, and optimized accuracy of treatment through the use of surgical guides.
    • Launch of Acuris, an implant based on a conometric concept that uses friction instead of a screw or cement to secure the crown and the cap to the abutment in the final prosthetic part of treatment.
    • Release in the U.S. market of the SiroLaser Blue, the first dental diode laser in the country that emits a blue light at a wavelength of 445 nanometers, which enables very fast, precise, and virtually painless cutting.
    • Availability of the MATRx plus—a multi-function device capable of performing both a standard home sleep test and an oral appliance trial—following de novo clearance being granted by the FDA. The product is available through Dentsply Sirona as part of an agreement with Zephyr Sleep Technologies.
    • U.S. launch of Azento, a single tooth replacement solution that is highly customized and based around each patient’s digital scans.
    • Introduction of Ovation S polysapphire clear brackets, which are developed from a specially formulated ceramic material.
    The firm also made headlines during the year with the opening of a new facility—Dentsply Sirona Academy, Charlotte—in Charlotte, N.C. The location was envisioned to be a multi-purpose training facility, enabling the firm to showcase dental product solutions in a clinical setting. According to the firm, the 28,525-square-foot academy offers a variety of clinical and technical curriculums, including hands-on teaching, live lectures, and on-demand webinars. According to an article by The Charlotte Observer, the location was selected over the firm’s headquarters (York, Pa.) in part due to a nearly $4 million incentives package from North Carolina based around job-creation goals. Dentsply Sirona said it was seeking to make the facility its new commercial hub, adding 320 positions at the location over the next three years. More recently, in May 2019, the Board of Directors for the company voted to move the firm’s headquarters to the Charlotte address.
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