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…

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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…

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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…

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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. 

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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…

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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.

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Dentsply Sirona announces $150M accelerated share repurchase

Dentsply Sirona (Nasdaq: XRAY) said today that it has entered into an accelerated share repurchase agreement with Bank of America, National Association to repurchase $150 million of its common stock.

The agreement will be completed under Dentsply Sirona’s present share repurchase authorization.

The accelerated share repurchase agreement has Dentsply Sirona initially receiving delivery of roughly 2.4 million shares.

The final number of shares repurchased will be based on the average daily volume-weighted average stock prices of the company’s common stock during the valuation period of the agreement, less a discount and subject to adjustments.

The final settlement of the accelerated share repurchase agreement is expected to be completed before the end of Q2 2022, subject to acceleration.

Dentsply Sirona (Charlotte, North Carolina) is a major manufacturer of professional dental products and technologies.

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Dentsply Sirona slides as Q4 earnings miss Wall Street expectations

Dentsply Sirona (NDSQ:XRAY) shares dipped this morning on fourth-quarter results that came up shy of the consensus forecast.

XRAY shares were down 7.3% at $54.40 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.5%.

The Charlotte, North Carolina-based company posted profits of $102 million, or 47¢ per share, on sales totaling just shy of $1.1 billion for the three months ended Dec. 31, 2021, for a 3% bottom-line gain on sales growth of 0.5%.

Adjusted to exclude one-time items, earnings per share were 76¢, 3¢ behind expectations on Wall Street, where analysts were looking for sales of $1.13 billion.

“We are optimistic about our future,” Dentsply Sirona CEO Don Casey said in a news release. “We have a healthy innovation pipeline, a well-positioned portfolio, and new strategic partnerships to accelerate our growth.…

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Medtech M&A: The industry’s biggest mergers and acquisitions of 2021

[Image from Jp Valery on Unsplash]

Across 2021, medtech has seen a wide range of mergers and acquisitions covering several areas of devices, pharmaceuticals and more.

Some have gone off without a hitch, while others fell into serious scrutiny as mouthwatering financial figures were revealed and major technologies were acquired.

Here are the 10 biggest mergers and acquisitions in medtech in 2021:

Next>>

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Dentsply Sirona beats The Street in Q3 results

Dentsply Sirona (NSDQ:XRAY) posted third-quarter results this week that beat the overall consensus on Wall Street.

The Charlotte, N.C.-based company reported profits of $103 million, or 47¢ per share, on sales of $1.07 billion for the three months ended September 30, for a bottom-line gain of 94.3% on sales growth of 19.44% compared with Q3 2020.

Adjusted to exclude one-time items, earnings per share were 68¢, 3¢ ahead of The Street where analysts were looking for sales of $1.03 billion.

“In the third quarter, we delivered strong results in an environment still impacted by the pandemic. Organic sales grew over 21%, driven by continued recovery in the dental market and robust demand from our recent product launches. Our teams have also done a commendable job navigating supply chain bottlenecks to deliver products to our customers,” CEO Don Casey said in a news release. “In the quarter, we continued to accelerate investments in new products and…

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Conformis slides on Street-beating Q2 results

Dentsply Sirona (NSDQ:XRAY) posted second-quarter results today that beat the overall consensus on Wall Street.

The Charlotte, N.C.-based company reported profits of $99 million, or 45¢ per share, on sales of $1.07 billion for the three months ended June 30 for a sales growth of 117.31% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were 71¢, 6¢ ahead of The Street, where analysts were looking for sales of $1.01 billion.

“Our second-quarter performance closes out a strong first half of the fiscal year,” CEO Don Casey said in a news release. “Our financial results reflect the resilience of the dental market and demonstrate our team’s ability to execute operationally and financially. As we turn our attention to investing for future growth, we are confident that the underlying fundamentals of our business are strong and that we are well-positioned. Additionally, we remain committed to completing our restructu…

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Dentsply Sirona beats The Street in Q1 results, raises guidance

Dentsply Sirona (NSDQ:XRAY) posted first-quarter results today that beat the overall consensus on Wall Street.

The Charlotte, N.C.-based company reported profits of $117 million, or 53¢ per share, on sales of $1.027 billion for the three months ended March 31, for a sales growth of 17.5% compared with Q1 2020.

Adjusted to exclude one-time items, earnings per share were 72¢, 16¢ ahead of The Street, where analysts were looking for sales of $948.7 million.

“We are pleased with our strong first-quarter performance. The global dental market has demonstrated resilience with attractive underlying fundamentals. As a result, we are cautiously optimistic about the continued recovery in the category. We remain committed to executing on our restructuring goals while increasing focus on investing for revenue growth. Our revised 2021 outlook reflects confidence in our team’s ability to execute on growth initiatives and capitalize on the recovery,” CEO Don…

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