Q2 2024 DENTSPLY SIRONA Inc Earnings Call Transcript
Key Points
- Dentsply Sirona Inc (XRAY) reported strong cash flow in Q2, resulting in over $100 million in cash becoming available.
- The company plans to return approximately $380 million to shareholders this year through share buybacks and dividends.
- Organic sales growth was achieved in three segments: essential dental solutions, orthodontic and implant solutions, and Wellspect HealthCare.
- Double-digit growth was observed in aligners and Wellspect HealthCare.
- The company has identified $80 million to $100 million in annualized structural and operational synergies, incremental to their recently completed $200 million restructuring program.
- Q2 revenue of $984 million was unfavorably impacted by lower sales in the connected technology solutions segment.
- Capital equipment continued to experience pressure due to macroeconomic conditions, pricing degradation, and weaker than expected performance in certain major markets.
- The company revised its full-year outlook based on first-half performance, FX, evolving market dynamics, and continued macroeconomic headwinds.
- EBITDA margins contracted by 30 basis points, mainly due to a decline in gross margins driven by lower volumes, pricing, and unfavorable product mix in the CTS segment.
- The company expects prolonged macroeconomic challenges, particularly in markets like Germany and Australia, as well as higher interest rates persisting across major markets including the US.
Good day and thank you for standing by, and welcome to the DENTSPLY SIRONA earnings conference call. (Operator Instructions) Again please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Andrea Daley. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to the DENTSPLY SIRONA second quarter 2024 earnings call. Joining me for today's call is Simon Campion, Chief Executive Officer, and Glenn Coleman, Chief Financial Officer. I'd like to remind you that an earnings press release and slide presentation related to the call are available in the Investors section of our website at www.Dentsply Sirona.com.
Before we begin, please take a moment to read the forward-looking statements in our earnings press release.
During today's call, we may make certain predictive statements that reflect our current views about future performance and financial results. And we base these
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