Dentsply Sirona Reports Preliminary Fourth Quarter and Full Year 2018 Results
•Reported Q4 revenues of $1,059.7 million, down 2.9%, and down 0.1% on an internal sales growth basis. 
•Q4 2018 US GAAP EPS of $0.01 vs. a loss of $2.85 in Q4 2017. Q4 2018 Non-US GAAP EPS of $0.58 compared with Non-US GAAP EPS of $0.82 in Q4 2017.
•4Q18 Cash Flow from Operations of $202.1 million, less Capital Expenditures of $51.9 million resulted in 4Q18 Free Cash Flow of $150.2 million.
•The Company issued 2019 guidance and anticipates 2019 Non-US GAAP adjusted EPS in the range of $2.25 to $2.40.
York, Pennsylvania, March 1, 2019 - DENTSPLY SIRONA Inc. (“Dentsply Sirona”) (Nasdaq: XRAY), The Dental Solutions Company, today announced its preliminary financial results for the three and twelve months ended December 31, 2018.
Preliminary Fourth Quarter 2018 Financial Results
Reported net sales of $1,059.7 million declined 2.9% compared to $1,091.0 million in the fourth quarter of 2017, and declined 0.1% on an internal sales growth basis. Revenues saw solid increases in Europe, up 4.6% (+8.7% on an internal sales growth basis), and in the Rest of World, up 1.4% (+7.1% on an internal sales growth basis). This was partially offset by declines in the U.S., down 14.7% (-16.3% on an internal sales growth basis), driven by expected high levels of dealer destocking during the quarter.
Net income attributable to Dentsply Sirona for the fourth quarter of 2018 was $1.8 million, or $0.01 per diluted share, compared to a net loss of $650.4 million, or $2.85 per diluted share, in the fourth quarter of 2017. On an adjusted basis, excluding certain items, non-US GAAP net earnings per diluted share were $0.58 compared to $0.82 in the fourth quarter of 2017. A reconciliation of the non-US GAAP measures to earnings per share calculated on a US GAAP basis is provided in the attached tables.
Fourth quarter Consumable revenues increased by 3.4% and increased by 5.4% on an internal sales growth basis. Consumable segment revenue growth benefited from a recovery in shipment levels at our European distribution center in Venlo, the Netherlands.
Technology & Equipment revenues declined by 7.4% in the fourth quarter of 2018, down 4.1% on an internal sales growth basis. Fourth quarter Technology & Equipment revenues were impacted by $31 million of inventory destocking, as compared to inventory stocking of $21 million in the fourth quarter of 2017. Excluding inventory stocking and destocking in both quarters, Technology & Equipment fourth quarter internal revenues would have increased as compared to the fourth quarter of the prior year.
Don Casey, Chief Executive Officer of Dentsply Sirona, commented: “Although fiscal 2018 financial results were disappointing, we have taken important steps to position the company for improved
The following information was filed by Dentsply Sirona Inc. (XRAY) on Friday, March 1, 2019 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.