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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number 0-16211
DENTSPLY SIRONA Inc.
(Exact name of registrant as specified in its charter)
Delaware
39-1434669
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
13320 Ballantyne Corporate Place, Charlotte, North Carolina
28277-3607
(Address of principal executive offices)
(Zip Code)
(844) 848-0137
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per shareXRAYThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x
Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes   No   x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At November 3, 2022, DENTSPLY SIRONA Inc. had 214,911,886 shares of common stock outstanding.



EXPLANATORY NOTE

As described in additional detail in the Explanatory Notes to its Amendment No. 1 to its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021 (the "2021 Form 10-K/A") and Amendment No. 1 to its Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2021 (the "Form 10-Q/A"), DENTSPLY SIRONA Inc. (the "Company"), restated its audited consolidated financial statements for the fiscal year ended December 31, 2021 and the unaudited consolidated financial statements for the quarter ended September 30, 2021.

The impact of the restatement on the Company's consolidated financial statements included herein is further described in Note 1, Significant Accounting Policies and Restatement. The comparative financial information for the three and nine months ended September 30, 2021 provided herein should be read in conjunction with the applicable financial statements and accompanying notes of the Company, as provided in the 2021 Form 10-K/A and the Form 10-Q/A.




2


DENTSPLY SIRONA Inc.

TABLE OF CONTENTS
 
Page











3


General

Unless otherwise stated herein or the context otherwise indicates, reference throughout this Form 10-Q to “Dentsply Sirona,” or the “Company,” “we,” “us” or “our” refers to financial information and transactions of DENTSPLY SIRONA Inc., together with its subsidiaries on a consolidated basis.

Forward-Looking Statements and Associated Risks

All statements in this Form 10-Q that do not directly and exclusively relate to historical facts constitute “forward-looking statements” and include statements related to our ability to successfully remediate the material weaknesses in our internal control over financial reporting disclosed in this Form 10-Q in the manner currently anticipated. These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part II, Item 1A “Risk Factors” of this Form 10-Q and in Part I, Item 1A, “Risk Factors” of Amendment No. 1 to the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021 filed on November 7, 2022, and other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.

Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.


4


PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net sales$947 $1,040 $2,939 $3,128 
Cost of products sold439 471 1,329 1,385 
Gross profit508 569 1,610 1,743 
Selling, general, and administrative expenses401 395 1,187 1,174 
Research and development expenses
41 39 131 122 
Goodwill impairment1,187  1,187  
Intangible asset impairment and other costs97 3 107 11 
Operating (loss) income(1,218)132 (1,002)436 
Other income and expenses:
Interest expense, net14 14 41 43 
Other expense (income), net9 5 20 4 
(Loss) income before income taxes(1,241)113 (1,063)389 
(Benefit) provision for income taxes(164)29 (128)97 
Net (loss) income(1,077)84 (935)292 
Less: Net income attributable to noncontrolling interest    
Net (loss) income attributable to Dentsply Sirona$(1,077)$84 $(935)$292 
Net (loss) income per common share attributable to Dentsply Sirona:
Basic$(5.01)$0.39 $(4.34)$1.34 
Diluted$(5.01)$0.38 $(4.34)$1.32 
Weighted average common shares outstanding:
Basic214.9 218.6 215.6 218.6 
Diluted214.9 220.5 215.6 220.7 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
5


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net (loss) income$(1,077)$84 $(935)$292 
Other comprehensive loss, net of tax:
 Foreign currency translation loss(148)(68)(310)(130)
 Net gain on derivative financial instruments22 10 54 19 
 Pension liability gain1 2 4 8 
Total other comprehensive loss, net of tax(125)(56)(252)(103)
Total comprehensive (loss) income(1,202)28 (1,187)189 
Less: Comprehensive income attributable to noncontrolling interests    
Total comprehensive (loss) income attributable to Dentsply Sirona$(1,202)$28 $(1,187)$189 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
6


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except per share amounts)
(unaudited)
September 30, 2022December 31, 2021
Assets
Current Assets:
Cash and cash equivalents$418 $339 
Accounts and notes receivables-trade, net645 750 
Inventories, net592 515 
Prepaid expenses and other current assets284 248 
Total Current Assets1,939 1,852 
Property, plant, and equipment, net714 773 
Operating lease right-of-use assets, net201 198 
Identifiable intangible assets, net1,875 2,319 
Goodwill2,584 3,976 
Other noncurrent assets209 121 
Total Assets$7,522 $9,239 
Liabilities and Equity
Current Liabilities:
Accounts payable$271 $262 
Accrued liabilities711 760 
Income taxes payable68 57 
Notes payable and current portion of long-term debt246 182 
Total Current Liabilities1,296 1,261 
Long-term debt1,737 1,913 
Operating lease liabilities154 149 
Deferred income taxes246 391 
Other noncurrent liabilities475 528 
Total Liabilities3,908 4,242 
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued
  
Common stock, $0.01 par value;
3 3 
400.0 million shares authorized, and 264.5 million shares issued at September 30, 2022 and December 31, 2021
214.9 million and 217.4 million shares outstanding at September 30, 2022 and December 31, 2021
Capital in excess of par value6,619 6,606 
Retained earnings498 1,514 
Accumulated other comprehensive loss(844)(592)
Treasury stock, at cost, 49.6 million and 47.1 million shares at September 30, 2022 and December 31, 2021, respectively
(2,663)(2,535)
Total Dentsply Sirona Equity3,613 4,996 
Noncontrolling interests1 1 
Total Equity3,614 4,997 
Total Liabilities and Equity$7,522 $9,239 
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
7


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions, except per share amounts)
(unaudited)
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2021$3 $6,606 $1,514 $(592)$(2,535)$4,996 $1 $4,997 
Net income— — 69 — — 69 — 69 
Other comprehensive loss— — — (37)— (37)— (37)
Exercise of stock options— 1 — — 4 5 — 5 
Stock based compensation expense— 11 — — — 11 — 11 
Funding of employee stock purchase plan— 1 — — 1 2 — 2 
Accelerated share repurchase — (30)— — (120)(150)— (150)
Restricted stock unit distributions— (16)— — 10 (6)— (6)
Cash dividends declared ($0.125 per share)
— — (27)— — (27)— (27)
Balance at March 31, 2022$3 $6,573 $1,556 $(629)$(2,640)$4,863 $1 $4,864 
Net income— — 73 — — 73 — 73 
Other comprehensive loss— — — (90)— (90)— (90)
Exercise of stock options— — — — 2 2 — 2 
Stock based compensation expense— 16 — — — 16 — 16 
Funding of employee stock purchase plan— — — — 1 1 — 1 
Accelerated share repurchase— 30 — — (30) —  
Restricted stock unit distributions— (3)— — 1 (2)— (2)
Restricted stock unit dividends— 1 (1)— —  —  
Cash dividends declared ($0.125 per share)
— — (26)— — (26)— (26)
Balance at June 30, 2022$3 $6,617 $1,602 $(719)$(2,666)$4,837 $1 $4,838 
Net loss— — (1,077)— — (1,077)— (1,077)
Other comprehensive loss— — — (125)— (125)— (125)
Stock based compensation expense— 3 — — — 3 — 3 
Funding of employee stock purchase plan— — — — 3 3 — 3 
Restricted stock unit distributions— (1)— — — (1)— (1)
Cash dividends ($0.125 per share)
— — (27)— — (27)— (27)
Balance at September 30, 2022$3 $6,619 $498 $(844)$(2,663)$3,613 $1 $3,614 


8


Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2020$3 $6,604 $1,198 $(464)$(2,409)$4,932 $3 $4,935 
Net income— — 112 — — 112 — 112 
Other comprehensive loss— — — (90)— (90)— (90)
Exercise of stock options— 11 — — 22 33 — 33 
Stock based compensation expense— 13 — — — 13 — 13 
Funding of employee stock purchase plan — 1 — — 2 3 — 3 
Treasury shares purchased— — — — (90)(90)— (90)
Restricted stock unit distributions— (11)— — 7 (4)— (4)
Cash dividends declared ($0.10 per share)
— — (22)— — (22)— (22)
Balance at March 31, 2021$3 $6,618 $1,288 $(554)$(2,468)$4,887 $3 $4,890 
Net income— — 96 — — 96 — 96 
Other comprehensive income— — — 43 — 43 — 43 
Exercise of stock options— 3 — — 9 12 — 12 
Stock based compensation expense— 19 — — — 19 — 19 
Restricted stock unit distributions— (2)— — 1 (1)— (1)
Cash dividends declared ($0.11 per share)
— — (25)— — (25)— (25)
Balance at June 30, 2021$3 $6,638 $1,359 $(511)$(2,458)$5,031 $3 $5,034 
Net income— — 84 — — 84  84 
Other comprehensive loss— — — (56)— (56)— (56)
Exercise of stock options— — — — 1 1 — 1 
Stock based compensation expense— 23 — — — 23 — 23 
Funding of employee stock purchase plan— 1 — — 2 3 — 3 
Restricted stock unit distributions— (4)— — 1 (3)— (3)
Restricted stock unit dividends— 1 (1)— —  —  
Cash dividends ($0.11 per share)
— — (23)— — (23)— (23)
Balance at September 30, 2021$3 $6,659 $1,419 $(567)$(2,454)$5,060 $3 $5,063 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
9



DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net (loss) income$(935)$292 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation90 94 
Amortization of intangible assets159 167 
Goodwill impairment1,187  
Indefinite-lived intangible asset impairment94  
Deferred income taxes(220)(11)
Stock based compensation expense47 54 
Other non-cash expense38 13 
Gain on sale of non-strategic businesses and product lines (14)
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net43 (89)
Inventories, net(140)(88)
Prepaid expenses and other current assets, net(46)(24)
Other noncurrent assets(13)(12)
Accounts payable40 (45)
Accrued liabilities(2)70 
Income taxes41 6 
Other noncurrent liabilities(8)22 
Net cash provided by operating activities375 435 
Cash flows from investing activities:
Capital expenditures(117)(101)
Cash paid for acquisitions of businesses and equity investments, net of cash acquired (248)
Cash received on sale of non-strategic businesses or product lines 27 
Cash received on derivative contracts10 1 
Other investing activities(2)2 
Net cash used in investing activities(109)(319)
Cash flows from financing activities:
Cash paid for accelerated share repurchase(150) 
Proceeds on short-term borrowings64 147 
Cash paid for treasury stock (90)
Cash dividends paid(78)(68)
Proceeds from long-term borrowings, net of deferred financing costs7 15 
Repayments on long-term borrowings(2)(297)
Proceeds from exercised stock options6 47 
Other financing activities, net(15)(11)
Net cash used in financing activities(168)(257)
Effect of exchange rate changes on cash and cash equivalents(19)(16)
Net increase (decrease) in cash and cash equivalents79 (157)
Cash and cash equivalents at beginning of period339 438 
Cash and cash equivalents at end of period$418 $