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Dentsply Sirona Reports Fourth Quarter and Full Year 2020 Results

Q4 revenue decreased 2.6% to $1.08 billion. Organic revenue decreased 3.3%
Q4 GAAP EPS decreased 2.2% to $0.45
Q4 Non-GAAP EPS increased 19.2% to $0.87
Q4 GAAP operating income decreased 1.5% to $135 million
Q4 Non-GAAP operating income increased 13.1% to $251 million
FY20 Generated strong operating cash flow of $635 million
FY20 GAAP EPS loss of $(0.38)
FY20 Non-GAAP EPS of $1.79
Provides FY21 Non-GAAP EPS outlook range of $2.60 to $2.80

Charlotte, N.C., March 1, 2021
- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq: XRAY), The Dental Solutions Company, today announced its financial results for the fourth quarter and full year 2020.

Fourth quarter net sales of $1.08 billion decreased 2.6%, compared to $1.1 billion in the fourth quarter of 2019. Net income for the fourth quarter of 2020 was $99 million, or $0.45 per diluted share, compared to $102 million, or $0.46 per diluted share in the fourth quarter of 2019. On an adjusted basis Non-GAAP net earnings per diluted share grew 19.2% to $0.87 compared to $0.73 in the fourth quarter of 2019. A reconciliation of the Non-GAAP measures to earnings per share calculated on a GAAP basis is provided in the attached table.

Don Casey, Chief Executive Officer, commented “Our fourth quarter results reflect the continued focus on disciplined execution and the gradual recovery in global dental markets. Our team delivered strong operational performance, exceeding our expectations across most metrics including operating margin expansion, healthy EPS growth and cash flow generation. We capped off the year with the strategic acquisition of Byte, a rapidly growing direct-to-consumer, doctor-directed clear aligner company. This acquisition is key to accelerating our growth in the clear aligner space. While uncertainty remains on the timing and extent of a full recovery in the dental market, our 2021 outlook reflects our confidence in our portfolio and our commitment to driving growth through strategic investments.”

Q4 20 and FY 20 Summary Results (GAAP)
(in millions, except per share amount and percentages)Q4 20Q4 19YoYFY 20FY 19YoY
Net Sales1,0821,111(2.6%)3,3424,029(17.1%)
Operating income (loss)135137(1.5%)(12)361(103.3%)
Operating income %12.5%12.3%(0.4%)9.0%
Diluted EPS0.450.46(2.2%)(0.38)1.17(132.5%)

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The following information was filed by Dentsply Sirona Inc. (XRAY) on Monday, March 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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