Dentsply Sirona stock dips on Q3 misses, lowered guidance

Dentsply Sirona (Nasdaq:XRAY) shares took a slight hit today on third-quarter results that came up shy of the consensus forecast.

The Charlotte, North Carolina-based dental equipment and supplies maker posted losses of $1.1 billion in the quarter. That amounts to $5.01 per share on sales of $947 million for the three months ended Sept. 30, 2022.

Dentsply Sirona reported a massive bottom-line slide into the red on a sales decline of 8.9%. In addition, it recorded a non-cash charge for “the impairment of goodwill and intangible assets” worth $1.1 billion. The company attributed this to macroeconomic factors resulting from weakened global demand and higher cost of capital.

Additionally, it felt the effects of unfavorable foreign currency impacts and increased raw material, supply chain and service costs. These contributed to reduced revenue expectations and lowered expectations for future cash flows.

Adjusted to exclude one-time items, ea…

Read more
  • 0

Dentsply Sirona says former top execs didn’t intentionally do wrong

Dentsply Sirona (Nasdaq: XRAY) announced today that its board’s audit committee found no evidence of intentional wrongdoing or fraud on the part of its former CEO or CFO.

The dental tech company fired former CEO Don Casey in April. Previous CFO Jorge Gomez soon left his new job at Moderna. Former BD executive Simon Campion is now CEO, with former Integra Lifesciences COO Glenn Coleman joining as CFO in September.

Dentsply Sirona had already disclosed to the SEC that it was investigating the use of incentives to sell products to distributors during the third and fourth quarters of 2021. Even though the company board’s internal inquiry is over, the SEC continues to look into matters at the company, Dentsply Sirona said in a Form 8-K filed Oct. 29.

Though the board’s investigation found no evidence of intentional wrongdoing or fraud by Casey or Gomez, it did find that they violated the company’s code of ethics and business conduct. Read more

  • 0

Dentsply Sirona has a new CFO

Dentsply Sirona’s incoming CFO Glenn Coleman. [Image courtesy of Integra Lifesciences]Dentsply Sirona (Nasdaq: XRAY) has hired a new CFO as its board looks to wrap up an internal investigation into past financial practices.

Over the past eight years, Glenn Coleman has been CFO and then COO at Integra Lifesciences. Dentsply Sirona announced yesterday evening that Coleman will start as the dental tech company’s chief financial officer on September 26.

Coleman succeeds Barbara Bodem, the former Hillrom CFO who has been Dentsply Sirona’s interim chief financial officer since the company let go of former CEO Don Casey in April. Previous CFO Jorge Gomez soon left his new job at Moderna.

John Groetelaars, the former Hillrom CEO, was Dentsply Sirona’s interim CEO until recently — when the company appointed former BD executive Simon Campion as CEO.

“I look forward to working with Simon and [the] rest of the team to bring greater …

Read more
  • 0

Dentsply Sirona launches laptop-based version of Primescan

Dentsply Sirona (Nasdaq:XRAY) announced today that it is launching new products and solutions, including the new Primescan Connect.

The company said in a news release that it expects the product launches to “bring dentistry to a new level.”

Primescan Connect is a laptop-based version of the company’s cart-based Primescan intraoral scanner. It is powered by the cloud platform DS Core, which now has new features, as well as the DS Core Care service program.

The platform offers highly connective 3D scanning technology for a lower investment. The laptop aspect offers flexibility and space-saving when not in use. Plus, Dentsply said it fosters collaboration with any lab through validated workflows to all major lab software.

Primescan Connect can be used for digital workflows such as restorative indications, implantology, orthodontics and sleep appliances. Dentsply said the innovative device can increase efficiency and improve the pati…

Read more
  • 0

Another C-level executive leaves Dentsply Sirona

Dentsply Sirona’s outgoing chief commercial officer Walter Petersohn [Image courtesy of Dentsply Sirona]Dentsply Sirona (Nasdaq:XRAY) announced that SVP and chief commercial officer Walter Petersohn is leaving the company.

Petersohn’s departure comes among a slew of exits as Dentsply handles an internal investigation into its financial practices. The Charlotte, North Carolina–based dental products and technologies company is investigating its use of incentives to sell products to distributors during the third and fourth quarters of 2021. It is looking into whether the incentives and sales impact were adequately accounted for and disclosed in SEC filings.

The board’s audit committee is also evaluating whether present and former members of the senior management used the incentives and other actions to achieve executive compensation targets.

Last week, the company appointed former BD executive Simon Campion as CEO. This came after John Groetelaars,…

Read more
  • 0

Dentsply Sirona taps BD executive as new CEO

Simon Campion is leaving BD to take over the corner office at Dentsply Sirona [Image courtesy of Dentsply Sirona]Simon Campion will be the new CEO of Dentsply Sirona (Nasdaq:XRAY) as it wraps up an internal investigation into potentially iffy financial practices.

Campion will join the Dentsply Sirona board on Sept. 12, according to a news release out yesterday. He takes over for interim CEO John Groetelaars, the former Hillrom CEO who has led the dental tech company since the removal of former CEO Don Casey in April. (Previous CFO Jorge Gomez soon left his new job at Moderna.)

At BD, Campion has most recently led the company’s Medtech segment. He joined BD through its $24 billion acquisition of Bard in 2017, leading BD’s Interventional segment through the integration.

Eric K. Brandt, chairman of the Dentsply Sirona board, described Campion as a high-integrity, transformational leader. “In his 25 years in the medical device industry, Simon …

Read more
  • 0

Dentsply Sirona replaces chief accounting officer amid internal investigation

Dentsply Sirona (Nasdaq:XRAY) announced that it parted ways with its chief accounting officer and has named a replacement.

Charlotte, North Carolina–based Dentsply and Ranjit S. Chadha agreed upon a separation between the two parties last week. The separation will be made effective Sept. 2, while the company yesterday hired Richard M. Wagner to serve as chief accounting officer and as the principal accounting officer for purposes of SEC filings, effective Aug. 15.

Until the termination date, Chadha will be an inactive employee but is expected to remain available for executive transition requests. Until Wagner’s start date, interim CFO Barbara W. Bodem will serve in the additional role of principal accounting officer, according to a news release.

The latest move from Dentsply comes amid a series of changes at the company surrounding its board’s audit committee’s continued work with independent counsel and advisors to investigate potentially qu…

Read more
  • 0

Internal investigation continues at Dentsply Sirona

The Dentsply Sirona (Nasdaq:XRAY) board’s audit committee continues to work with independent counsel and advisors to investigate potentially questionable financial practices.

The Charlotte, North Carolina–based dental products and technologies company announced yesterday that it is still unable to file official quarterly reports. It’s notified the Nasdaq markets that it cannot meet a previously agreed upon Aug. 14, 2022 deadline to file the reports and is seeking another extension until Nov. 7 to file.

Dentsply Sirona said it expects to report Q2 revenues greater than $1.005 billion; The Street is expecting $1.01 billion.

The company also expects diluted EPS at or above 26¢ and adjusted EPS at or above 60¢.

U.S. dealer inventory levels are normalizing, and recent product launches and pricing adjustments are providing additional benefits, the company said in a news release. On the flip side, Dentsply Sirona experienced ongoing supply sh…

Read more
  • 0

The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

Read more
  • 0

Moderna’s new CFO leaves after former employer discloses investigation

Moderna (Nasdaq:MRNA) CFO Jorge Gomez is gone from his new job effective immediately, the COVID-19 vaccine maker said today.

Cambridge, Massachusetts–based Moderna said the departure comes after Gomez’s former employer, Dentsply Sirona (Nasdaq: XRAY), announced an “ongoing internal investigation into certain matters, including financial reporting,” Moderna said in a news release.

Get the full story from our sister site, Pharmaceutical Processing World. 

Read more
  • 0

Dentsply Sirona sacks its CEO

Dentsply Sirona (Nasdaq: XRAY) announced today that it has fired CEO Don Casey, who has held the corner office at the dental products and technologies company since 2018.

XRAY shares were down more than 13% to $42.20 apiece by today’s close of trading.

Board member John Groetelaars, who was CEO of Hillrom until its acquisition by Baxter late last year, will serve as interim CEO.

Barbara Bodem, the CFO at Hillrom under Groetelaars, is joining Dentsply Sirona as interim CFO effective April 25. Outgoing CFO Jorge Gomez was already in the process of leaving to assume a similar role at Moderna.

Charlotte, North Carolina-based Dentsply Sirona didn’t directly explain the CEO change, but the numbers likely tell the story.

In the same news release announcing the termination of Casey’s employment, Dentsply Sirona released anticipated Q1 financial results of adjusted EPS in the range of 48–52¢, with sales expected to decline 1.4% yea…

Read more
  • 0

Dentsply CFO Jorge Gomez leaves to assume same role at Moderna

Moderna (Nasdaq:MRNA) announced today that it appointed Jorge Gomez as its new chief financial officer.

Gomez resigned as CFO of Dentsply Sirona (Nasdaq:XRAY), effective May 6, to assume the same role at Cambridge, Massachusetts-based Moderna. He will join effective May 9.

Get the full story at our sister site, Drug Discovery & Development.

Read more
  • 0