XRAY - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2020 Dentsply Sirona Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, John Sweeney, VP of Investor Relations. sir. ahead, go Please

John Sweeney

presentation and earnings everyone. to conference earnings at and that operator, available call third our on remind to quarter an website slide release press XXXX call. call to good you, the Welcome are morning, www.dentsplysirona.com. our you related Thank I'd like

moment Before release. a the statements to begin, we take in forward-looking read please our press earnings

on about We certain and call, statements that subject statements views we'll base current results. financial make are predictive assumption of future today's uncertainties. expectations and During our performance that and future certain these reflect events risks to

certain where independently press Don? between Our comparison over our respect of cause most and financial investors turn XX-K actual business, remarks the our on for non-GAAP to will used items vary of periods Officer, in for We prediction. some our could our differ important about financial non-GAAP Please reconciliation and call to between performance with And release would – those results. I now performance, our refer be by like with the that provide from based most Executive recent of measures Form key metrics results. non-GAAP financial results In useful the business. financial that to greater call, to risk in GAAP of allow believe information that, conference the Chief operating transparency business management factors may supplemental our to our lists Casey, today's enable results Don

Donald M. Casey Jr.

hope that keeping families all of you you, joining safe thank today. are for Thank your John, We us all and healthy. and

acknowledge Sirona chain. around to work presentation, It with and the team the work consistently supply from customers not our of delivered hard interruption. served I ability the Before our has without the yet home, wanted our does world. starts to group have This first starting Dentsply

remarkable have resilience chain, priorities. against be months X our during team to our and would It globally. like committed these have delivering shown to thank also a entire Beyond and our team. to remained past this is I supply They customers our of part privilege

we During areas. our would cover call four like to today,

is first third to quarter The outline results. our

on offices The reopened is second business around details the some have to as dental our world. performing how provide is

We outline how at will of to the with has The context also short-term some uncertainty the of will are impact our third priorities show in on of forward. looking the provide light COVID. performance the we continues quarter. industry we And around resurgence the the in finally, are environment fundamentals. years pleased and sound dental over resilience going demonstrated Overall, the we company's continued historically

of past has care several months, shown reopened nature as patients returned. the dental the Over dental offices essential been and

During actions a This during took pandemic highlighted has the pandemic parts as accelerate respond the manage have restructuring. impacted allowed demand quickly market has to improving to revenues. higher and the to Sirona reflects also quarter, opportunities we of performance Further, market Dentsply Executing level. our positively our returned. perform the at during the we

X, QX XXXX slide results. to Moving summarize we

$XXX improvement were dental an This significant X.X% two a revenues is versus million, organic (XX:XX:XX) Second sequential recovering market. (sic) the down reflects quarter [Third] the of and on impact quarter basis.

prior efforts year. XX% versus $XXX deliver up income containment year $X.XX, an million, helped XX.X% EPS cost operating ago. up strong Our resulted of versus of This in

Jorge. over basis for margin turn which performance our To came We the the up details are at year-on-year. also quarter, I pleased with to points XXX in provide our call XX%, will operating income the now of

Jorge M. Gomez

experienced compared third second what Thank morning, industry to you, are everyone. we Overall, we in dental Don, good the quarter, in with very pleased the recovery quarter. the and the robust certainly in

practices able to throughout for were the open in While their and quarter. countries, dental part, up most there certain were the were exceptions dentists offices procedures in ramp

remain are quarter. steps across to the high the see overall trends positive the time, have due to financial outcomes. pleased we performance our This globe. At on is uncertainty of resulted a same degree through in we COVID-XX-related the taking We fourth move improve to cautious we're business that industry as

and the or down partially XX.X%. SG&A of inventory initiatives. million gross the COVID-XX. XXXX on direct costs we versus improvements top we structural with began to year, our quarter. performance decisive of actions year-over-year pandemic, The Looking $XXX as in rate decline. This of third manage the we slide productivity Gross the changes a compare was we savings of product base at quarter sales the we primarily had of prior points to basis both rate the million SG&A second was profit a level is to by the versus which that when took sales, our million Starting XXX temporary in last cost were margin sales reduction $XXX was XX% down result offset and during a P&L also and a experienced down increased organic due last X. or improvement profit was XX.X% year a year. substantial the points XX result was SG&A $XX mix basis execution cost reduction line, The long-term X.X% quarter of result approaches the XX.X%. implementing declined year margin last percent of significant to as continued of

cost have the implemented and phased in of been the second quarter actions temporary out. Some were

our had the the vast majority employees quarter, example, For of end to the third work. returned at of

the collection the million efforts. in with continued result expenses SG&A volume-driven in improvement towards quarter item expense sales of end One In was addition, that improved in debt as moved a $X bad higher note of September. of volume line reduction the in to

non-US actions above, $XX prior delivered balances. up Net result by mix in EPS this the sales versus the XX.X% of million year, from of primarily the changes as million tax function rate XX.X% US was income the income XX.X% XX.X%, quarter. increased the was to an recovery year-over-year, a the increase was of cost quarter primarily The quarter, and XXXX. by in $XX listed pre-tax a in interest versus $X.XX, QX As down in operating higher million. driven and/or expense $XXX effective debt

Before I let on to an key update move provide performance, me initiatives. enterprise-wide segment two

pleased the we to this report are out last ortho that actions quarter and of traditional complete track traditional by exit laid the are businesses. we expecting we with on these the to plans end First, to fiscal year. lab We're

provide business and allowing Our activities growth make efforts to our potential us by portfolio-shaping that return greatest areas on overall on investment. focus the stronger

during target million of $XX months our regarding savings $XX of Second, $XXX the cost XXXX, XXXX. first we in nine savings achieved of million approximately structural have million, following

investment for and total the requirements remain benefit unchanged. estimates Our

of to the $XXX $XXX million, cost expect million be $XXX We non-cash. spent we million. have the is which restructuring approximately To date, of

the X, roughly with review in the performance company. a sales overall segment our slide strategies. XXXX, to sales quarter experienced our in were Moving the million, we down All $XXX organic we announced third were Consumables sales of on that product of performance. changing the line lines and an were the quarter Preventive. at basis, X.X% where we but Reported quarter, In on decline areas most third Laboratory impacted promotional

new the quarters. over have We approach four followed the last consistently

a clinically relevant time, now to our on dentists more products. giving strong try dentists, products, and incentive with focused are the new at to relationships We delivering building same

improved lower margin sales XX.X%, was this improvement to than is the second performance. with dealer year. demand. retail part programs programs term, experienced promotional our partners negative that a We to As compared incentivize that emphasize steeply this will the Consumables of operating directly working longer deliver shift, believe last and retail-focused we in slightly as significant we income and margins quarter, are

a is improvement fixed demand improvements. previously increased result have cost was a sequential we Consumables the of discussed, and, business, sharp function and relatively a as As secondarily, cost primarily of margin

declined highlight prior performance. XX, X.X%. Net we Moving Equipment were where our slide to sales million, quarter Organic compared & down year. on the X.X% Technologies to $XXX as third sales

third World. – T&E During our trajectory. our as its of growth continue Axeos XX% to flat, year-on-year as CAD/CAM Please system. a sales, quarter the new imaging the due of Healthcare quarter, declined DS sales in strong of pandemic its by offset primarily Instruments was that XXXX, of business the & result difficult was of impact Digital Equipment Dentistry remember increased in a a on revenues advance the comparison.

and into event virtual a factors to addition, are change COVID-XX consider. World the of DS In

as and operating T&E by million decline quarter. were in impacted organic Dentistry, in million, improved higher UK, markets mainly due in $XXX capital as systems In The of as X.X% across were with favorably a to in the million, and see biggest margin from a QX cost as increase of million, performance last of revenue XXXX. we T&E. This Consumables earnings actions. Organic severely declines was compared cash Of the growth of sales flow US. particular, Spain down in board. for $XXX our sales the continues working on we performance X.X% in US of to prior shipments the quarter declined declines XXXX year. margin of operations experienced driven show be comparison we in pleased strong of our World We T&E decline, in a quarter XXXX. and in Consumables. XXXX. The effective the that challenges. World our of down The were in Europe, a American XX.X% flow to $XXX were Brazil slide compared income Consumables the sales to in Third were COVID-XX. COVID-related in COVID-XX-related very XX, in On to quarter performance. better X.X%. and, the to the On a the also of impacted market contributors to sales our Digital note, in flow basis. year. had was savings compared France, management sales our compared and T&E European difficult China business represents $XXX million to XX.X% $XXX QX by saw result strong business were South European Rest decline regional from level we third X%. the third saw lingering show cash advance XX, XX.X%, DS cash to by down we Japan CAD/CAM both business T&E slide

We liquidity the ample $X.X year liquidity cash took hand committed ensure The available billion. of billion and a first the we finished during economy credit efforts as $X.X nine this company $X.X strong prior to terms XXXX. paid another QX have grow the in billion, quarter invest we facilities of year. In of Free million comprising on months with to that available total million, of and in cash XXXX. from in million dividends, $XX shareholders million, bringing $XXX $XX expenditures, to in the capital compared quarter, was flow down up $XX as returned In $XXX to XX% million the cash we spent million the of slightly a $XXX recovers. we

not thinking thoughts to to As how XXXX year. aware, any in you on we providing share the market. are But about on do we are are some guidance due uncertainty ongoing the rest the of the want I

recovery that potential range our the industry, We are are the outcomes of At quarter in considerations encouraged the in expansion. cost and fourth driving same actions see trends certain pleased that quarter. and are global can time, margin to dental are the improvement there the in we third productivity impact

First, regarding operations. some from global COVID-XX on lingering have we our impact the concerns

it revenue per quarter boosted and demand likely Second, is pent-up sales that third visit.

the sales began in ended line Third, initiatives expenses demand. to third cost reduction with within volume-driven temporary quarter, and increase certain

to World due fourth systems XXXX DS benefited program. the strong successful upgrade highly our sales quarter Finally, a CAD/CAM and from US of

fourth XX%, of increased total sales in the sales quarter company Our increased X.X% XXXX. and

the structural to QX uncertainty, result, implementing project used be and increase we're Despite cannot as ability and our achieve their improvements we on are to basis targets. outcomes. financial the back alone a With now I our Don. turn will encouraged As fourth long-term quarter financial the by performance that, to competitiveness XXXX impact a call

Donald M. Casey Jr.

continued solid organization. Thank And ago, move XXXX, program and restructuring to let's made to the achieving XXXX accelerate Two now, in simplify restructuring slide a years Dentsply objectives, in progress and we has you, In growth, progress pandemic. despite XX. the designed announced that our comprehensive margins, Sirona Jorge. improve

two As the and years look ago, are we targets the objectives than we the set that the right are convinced ever one. at plan more

and shareholders. for deliver date, restructuring growth. highest progress We was we have will continue to our the to areas the remaining making confident delivered milestones and that on some of priority The value the of accelerate against are

at looking of and has part our As our a time leadership changes. major team spent that, of has process innovation lot made

In to SBUs. take really individual This that One of base Dentsply up customers planning range sets procedures to offering, We diagnostic broad shifts portfolio, more our as a digital of company siloed assets, most portfolio is broad we around Sirona is full products sustainable. R&D allowing installed across is across now a the a that important change, made R&D. rather treatment focus now in on on our expanding products spending than advantage the and substantial areas. on and and essential done innovation an of of us focus category-leading another includes

Over XX Highlights we Primescan months, major the several include last new seen Primemill. launches. product have and

delivered We our with areas the have and digital Surefil in Palodent improvements denture consumable also program. one, XXX,

ortho, quality Field with more SureSmile aligner the easy-to-use of feel is XD/XD our dentists. image are may teeth also course, We confidently we digital large clinical training And XD robust I'm accepts highlight programs SureSmile slide This the treatment analysis. practice innovation you XXX speed standard aligners slide planning to a package imaging, to and they need software front. software the by enabling SureSmile is management dentists is not system. imaging compatible. maxillofacial the time saving educators, and and clear yet clear currently system. accurate, treatment integrated seeing specialists, good that so for made Astra of is extremely plan XD we View clear has is plan intraoral system. efficient a On specialists. refine that XD planning the upper open View for platform. unit. a SureSmile aligners. treatment architecture with and efficiently to and support they Primescan, We scanners. report clinical planning fast, and can practice the an to of from and an accelerated XD planning software compatible on On The In quarter, from another cases full a once stage. It through clear system we of a And imaging full XX, Implant. surgery, and benefit and suite can has has many digital large aligner of start builder Axeos clinically-driven continued It response seeing its The at our are progress the from seamlessly of it EV that a innovation, XX, than and we implant, airway third Field Axeos And is highlighting range up lab dentists planning root-to-crown doing integrating files provide is with get we approved, Primescan quickly movement. and clinical a

expected offer up of scanning think is over be ramping XXXX. the important aligner shows customers. footprint SureSmile Dentsply advantage to to as for of in example we digital Sirona, how of it assets clear is includes about taking on our will we team see our SureSmile Our digital X-ray imaging that manufacturing solutions our seamless, and a for The footprint unique easy-to-use rate and solid $XXX to trajectory, as expect It meet currently run of a needed demand. level is million

new In not But have proven XXXX innovation. pipeline believe outstanding these products, just growth positively that an product and beyond. is addition about impact will to we we

process. been sales our past targeting program the key effectiveness and Dentsply Sirona deliver involves It customers. focused overhaul sales cash XX holistic in force Over solutions months, on initiated messaging to from revamping to comprehensive everything is This a our even to to countries. has allowing

working the our programs, the drive In coupled marketing initiatives future. set put changed. well in future, us our demand. priorities investments like earlier, marketplace. scrutinized capabilities, One for portfolios, growth is mentioned company SureSmile success programs differentiate to Jorge been commercial in product emphasis As Dentsply and with the into up digital will programs have and the digital Sirona on with These retail now DS also like increased partners that

create and scale quarter, portfolio. which and IT, to around Our ortho next exit to HR during Last restructuring businesses. major by lab leverage. key goal like the the been Further, company margins. its areas analog of was been we invested presented our announced has has pandemic. functions expand There's centralizing chain, the reshaping finance, in like our A highlight worth the in help supply initiatives progress the challenges the and proved traditional

activities All that efficiency better future. operate expansion of with in margin the scale to the to propel these company allow critical and is

Regardless we're company to be in Our level. of of short-term two looking the is have understands during future team of near-term the lot operate to made at optimistic but impact designed we a his have a Jorge future. the remains opportunity. activities accelerate at have Indeed, COVID, that that outlined we remarks. how the about past though, reason progress used also the proud a our years, higher there believe help of we we the months several last to

strong manage As Sirona setbacks. mentioned in with ability a has The through fundamentally earlier, quarter from the Dentsply the for growth category short-term this this that future. demonstrate is excellent results prospects to

As has comprehensive plan our margin growth, priorities deliver a against our expansion, we of look developed forward, team business. and designed our management simplifying on to and executed

integrated smile. important our for of entire role of over not health the strength global the our finally, scaled With to themselves, has and customers our bettering we world and will patients market. their team Sirona all the that, advantage we unique in dental to with Dentsply believe in solutions teeth Operator? Sirona over turn and to Ultimately, has in helping our play that and heal And questions. is Dentsply Our delivering operator now an helping oral the it take confident to financial scale strategy customers them do portfolio. succeed our

Operator

JPMorgan. Peterson comes from with Our first question Tycho

with You question. proceed your may

Tycho W. Peterson

on lot hit operating think about the but of I Jorge margins. from just here, fourth XX% the the start you rate run kind morning. on target? of margins that you've know how I given on a the comment one want curious for want good I'm to you with Hey, don't to quarter,

Jorge M. Gomez

the Tycho. in in Obviously, good third and work that savings we the we're morning, frameworks, actions savings of the specifically fact, structural In two when QX like of took. Good pleased very that lot related all temporary in we that we doing. actually like And accomplished cost regions. of the Yeah. quarter, at have obviously, outcome actual all volume of quarter, to that QX. there that we about look the at different They with a week Very and changes think the are short challenges in question. were furloughs, at, you to the show in actions QX, began results you implemented When COVID and beginning categories. our

nature the very is so, expenses And we Because numbers And good the in are are some QX, coming during a we of show. experienced of volume. savings are temporary a a temporary – back. those lot of them are of And those as function rebound seeing nature. how

those they QX actions have temporary expect A of we been come to be beyond. and phased back will out So, cost out. phased already, them lot in and

within There that So, were some we sustainable quarter. will changes have savings are There some They third those that increase. will expenses of achieved. structural the remain. were completed

providing I what of margins. But reasons. are would tell our obvious pleased I we – so, with we And guidance for very trending for QX not you are the is,

the term, have trend the two go change path indicated. that could of you achieve committed expansion years. to timing same to ago, have next But If the we And the clear. achieve long couple last back years – on on good is we we to of very that little are a margin targets we to financial that the COVID a year, fundamentally, remain in the bit. committed

Tycho W. Peterson

boosted flat. you of procedures. then, revenues kind the demand Don, you if commentary? talked And quarter, on on and complex pent-up can trend. then, down wondering the that was July, comment more And noted June XX%; Okay. I'm any about by monthly Last quarter demand side, you

curious So, versus can functional I'm you then, of in monthly elective if there's procedures provide? commentary terms recovery? just And any on anything the

Donald M. Casey Jr.

complex you Tycho, that stuff, at you you at at has more procedures, – come some a And mean, for Yes. back look basic a you functional referenced implants mean, endo which and if to pretty mix, need look root a stuff pretty well. I look you canal, go or places that of well. I root the tend couple of canal. have Actually, reverse, we've rest I'll we're again, And kind be seems done the if need The seeing to of endo. you.

So, pretty that returned kind of stuff quickly. has

exactly see aerosol appointments as and trend of so that's have really, some to solid. I particularly and mix, a the the some in much right about again, tell how little the of at kind You and when begin I we're fourth how necessarily of to we've out around much prevention of a things seeing five because stuff, that out it back look a Europe in the don't play hard that concern the seen – We benefit now whatnot. quickly a of in done going a more patients Cavitron some huge quarter, far, the – there's like fourth of kind diminishment much bit kind little again, big difficult you, change. seeing see lock cleaning it's stuff really down. really whatnot. making complex But, quarter of was – there not has to as where procedures bit lockdowns and and of – just countries – trend you doesn't the it's But of how mix, seems would because was see you're be different of come to quarter third and say how

so we're you returned far, July, felt what the – give see, or that comments develop. quarter. seeing nicely again, second with kind real how look, specific comfortable we third So, we're across in wave the waiting to going October. of impacts September to not we're the globe. business August, But, We're us June, But the

Tycho W. Peterson

have then, break I and organic lab had can Okay. ortho would before hop backing people contribution? what you I me few asking a just off, growth the out? And out the been that

Jorge M. Gomez

was Yeah, Tycho, it interesting.

these is growth perspective. our a organic in were lot we as of worse that growth, exiting was demand growth announced partners a of from actually customers the exclusion for actual dispositions the purpose the product amount significant in those made dealer of the positive. because, a exit organic after than sales those That we of businesses, sales quarter, actually were calculating two of businesses. two order quarter, very There This preparation reported for and

or reported delta quarter. So, was big and way driven it chunk it interesting between a was But the that a But organic result of by two goes bit most dynamic. in around. – because case, other Typically, this little of the those an businesses. organic of this the was lower than reported

Tycho W. Peterson

Okay, thank you.

Donald M. Casey Jr.

Thanks, Tycho.

Operator

Thank you.

from Our Johnson next with question comes Baird. Jeff

with may proceed You question. your

Jeff D. Johnson

Thank two follow-up wanted that understanding are want what Jorge, you. Good you from is the what just sure myself plan today. those businesses businesses you're point morning, the excluded I'm were I I'm growth guys. That's to and Tycho you investors, of a the saying on made. make or lot organic on just divested calculation? to that divesting, just sure, asking

down that confirm, excluded to organic. X.X% want the from just you So,

Jorge M. Gomez

correct. is That

of business, we announce year. in disposition our once practice or year organic start a this obviously, a exit is in making both the periods, that from excluding those assets, calculation the we then, So, business a and last quarter,

So, this excluded they were quarter.

Jeff D. Johnson

I And and savings. enough. on of to headwinds, cost would bite kind But still down macro would with to relative assume, of for saying consumption be much on I'm to XXXX that? but either. you're on agree the the revenue you to you, relative Don, fair a given XXXX without not going think, two, some two-parter that then, headwinds to Yes, maybe fair XXXX, just of XQ, And going sure kind XXXX,

a somewhere XX.X% Do are Thanks. have you delivered of back sounds off more flat to think kind XXXX out XXXX than over those those operating you XXXX levels? So, How XX% liberty next question, it you've pace cost out. with versus few to margin maybe the margin operating like there can little another come the does $XXX same in savings And incremental down cost you'll next about quarters? revenue, if million got XXXX, you that couple over of claw in savings. that years revenues

Jorge M. Gomez

couple Thanks, A things. Jeff. of

on First, we're the the you, us I I'm bite going at XXXX. mean, of the that tell that wave that. our we're again, And people do base on XXXX not way was obviously, right is is we – come in that – that for for – going now. mix went right of thing that. Thanks to upfront your be me the to out giving look to using comparative the going of increasingly second But not kind which how I'll the we're offices really is The down, optimistic as big of dentists' working kind now. see on we big XQ. feature what one we're piece through shut credit a

we're deliver – process. continuous out those they XXXX, even, of metric-ed savings. Jeff, kind cost kind quarter, of going what we're kind I of talking track accurate feel on be they're at you're good exactly XXXX, actually and on look, a was terms of pretty In we we're you up the how – said XXXX, it if had to cost about savings. kind And improvement that of not $XXX initially to it's last and in the mean, million range but we we in took that and

So, are if is, you that going thinking do of this through independent how could there's want when functions to how hey, are head look, structurally tell thinking have you, centralize. how we in are about would going in at And looking that I cost how savings, about thinking of are, mind, about The in – timing to XXXX. we that's quarter. extrapolate we're process, to in my how that things different the the about count, year we In cost revenue. of it on savings thinking anniversary somewhat million we we're we're kind $XX

look, bring tell Jorge So, of revenues pretty XXXX. consistent COVID and where laid hit, kind stuff of we XXXX. work – would there mentioned dealers to all excellent revenue. little revenue much we be we're target there a the – improvement other starting some that to target like kind short to. we XXXX, see quarter. over could to ramp improvements, And and given million bit that There's we hit And but it'll we it's feel had going it's you, we're still we a really is B, this again, the think XX% in exactly that pay pushed timing to look, committed of guys mind, back. And and was just XXXX, potentially work given get exact a a target. been I that and things And in back, the in down – committed we're it margin comes think were that is, that have on had process that get absolutely, commissions something you're again, there. question week, structural little trying could out bit you a what number. XX% quarter. that I temporary some of so pay we're we're is, I us. we of furloughs as but stuff, XX% we attainable; that Whether fall mean, $XXX for But and obviously, A, really people tell our

Jeff D. Johnson

Thank you.

Operator

Thank you.

Beuchaw Research. from Our Steve next Wolfe question with comes

may You your with proceed question.

Steve Beuchaw

hardest follow-up. lockdown you on Rest time talk see of because the XQ for then, sort XQ it get that want is part just there exactly that model how could just follow-up. encouragement the because us basis, exiting could you are even around, diverse – stabilizing? quick do different about any a you our morning. of dynamics And of of and have the for of in One I don't if wonder Good progression I there month-to-month sort Hi. so The there. growth if – you to then the heads a XQ, and here. World give and is see signs a of be though to know things I Thanks

Jorge M. Gomez

Yeah. morning, Good Steve.

Let then start, and – me I'll that complement question. the Don have

COVID I think, the bag. to the a mixed lot there lingering were in QX, of outside was US, concerns. A related issues

by for impacted was You COVID. have UK like markets, that example, severely the

in You a that markets in have particular. countries And in Brazil Asia impacted. were America, then, Latin few

how I that's respect the going issues concentration hard are lockdowns, to So, far. those announcements the forecast with impact where that's numbers. The – to so recent to see of

too to far, it So as new not we any tell. those lockdowns, it's to relates have seen early but things

of our markets other markets, countries. kind So, region, relatively that for couple and – example, rest includes performed international or well, have that's the we're relative markets. trends that other line actually German That in area, a in the the seeing are those DACH the of There company. Germany to of

Donald M. Casey Jr.

and is certainly QX will we're on be much out your One Yeah. the is noting what between how things color there? going with the obviously, moving think point to only timing your in, sales what to But sold are in virtual and of that we Steve, of I'd DS as into technology of and is, event, that World, other kind Rest lean mix of a the about how of that that thing And countries equipment the mix and additional is whatnot. going of QX the that the QX. is and World US we people mix and thing, lockdowns

it's going the parts whether mix to in at the T&E, of there's bit trying – not of – we're mix whether of this a evasive. it's to just on – different vectors It's are again, to Asia, Consumables, business and of Rest So, just little that of, parts it's something whether exposure to that's understand, couple the of World different Brazil, hard a point, we're and or Europe. of be

Steve Beuchaw

here, digital for of of seems to year. What chain dialogue a as there? that inventory XQ. impact that SureSmile say you. Thank And number a another, understand, on side inventory the Don, whether spend more us supply XQ know in could and if or certainly the then, be couple Okay. clarifications. quick you next appropriately, levels optimistic or to seen That's have And And been about the harder of decision on you to seem I One, of be to put there, million you have supply on supply another commenting fair call, factor? Would sort little ortho, to as a of kind relates Jorge, fair. back might there was little it help the just of if inventory really of have could you the helpful on way then, not out XQ? progression in concentrate the was, it'd minute or bit terms one you pound just it the not which a a for factor, was you level the $XXX it a

Jorge M. Gomez

me to With points. macro make let respect inventory, of couple Yeah. a

internal come perspective. the first, levels. the our a goal cash flow a is of important have see inventory a cash team, in inventory I our generated we cash one reducing There like with right? of inventory, a lowering internal that our dealing the in situations chain supply been and from you at lot has look it think, I have from flow job that can team, numbers, inventory, companies good all When have – is last management supply months, chain done the lot an several

well. So, that to trying companies to think that important many thing keep assume I an mind. is I do in as are

is to what from supply Second satisfied that. good. retail customers are is, we a end seeing levels demand, make from us, are a point really matters and standpoint want we And service really, for – perspective, market the are financial that that sure that

retail in perspective, our are basis. performance retail on good from on we So, reports a the a – get seeing sales that good, we from all based channels, of

a And so, look have at possible things. inventory down in things that – you a two – network last those is come as result and two possible. is in goal, that the this of you points Long and it together, are as those When talked and In wholesale that that retail long-term on right gaps get as as our making that nothing that over very and impacts our as is don't think we ebbs be much trajectory. those but is close there shipments, possible. focused – really time, sure financial as that now, numbers get close are down come I inventories there made. quarter levels but flows, we have I two those have about and that it the when the put meantime, result, term networks retail possible could we macro

Donald M. Casey Jr.

as in DS things And build the that One inventory, Jorge we to let's that that we again, said to. And year on focused as to you we wanted how at really point that retail elimination to performing pretty referring with reduction programs comfortable But possible, see work the And some there are making, create and talking That's we've continue done. that such, of started a demand. is yeah, was through program to ultimately, going inventory. ago, itself is seen that on in smooths Jorge we of like things about that both launch as that you've COVID-related like retail, Yeah. eventually, final stuff be just that fluctuations we're all Steve, buys, well quarter-end it's a out. and about

it's not us we the a dentists sure how as the ago, been whether had digital know how many to formulaic; that. the SureSmile And on then, people, to get lot And do that it's we with doing that launched I bought had put you working. Omnicam, supply And interesting. scalable with you are we and quite it's through. to did real In with integrate well then, assets, or on with to close Invisalign some some to we a the work state scalable do basically, year emphasis you guys our things general incentives installed provide to going did or from roll really Primescan DS, And begin One the years how get it's SureSmile a advance whether and that starts and other try SureSmile, wanted SureSmile, seamlessly chain pretty around process is terms and we we One program OraMetrix mean, X.X. – a we DS work of we really software, And SureSmile. of We've make that. ago. of really two that

can we we quarter obviously, third third part excess us and the And to in of see And seen quarter. were and of as optimism are in – of one the about the because that again, And important start starts that okay, future. validated focus see us is, trials SureSmile, we're in can the out four, to we dentist beginnings this traditional of very $XXX three, four, run do for with we XXXX. give that we're quarter And get confidence seeing rate us what what dentist three, they we very once ortho reasons the once? relatively the just cases. predictable. a a really becomes the we million fourth give excited we've a getting So, was the five about cases, in talking it we see No, business out again, and five seeing try of to want the get felt comfortable seeing

on company. SureSmile and the growth pillar about seeing we're now, we're what excited for a that's So, right as that

Steve Beuchaw

Thanks Okay. color. so the for much

Donald M. Casey Jr.

Steve. Thanks,

Operator

Thank you.

Our question comes Wright Credit with Erin next Suisse. from

feedback about Dentistry? LLC your Erin Thanks. You Securities of may it - proceed Wilson internal Was with the Digital Can detail Suisse anything environment? decline this of on competitive standpoint, you the you in your changing Is question. sort (USA) Primescan? in from full is this of sort Wright Credit expectations with it in a bit tougher Great. bit little consistent little versus just standalone Primescan offering And comp? chairside, landscape environment? more a the or the Are particularly a detail for can practitioners opting

Donald M. Casey Jr.

I'll take And this one. Erin. Thanks,

We good commentary first of now. retail going right First, in – with feel what's Primemill I And other that. if we're at moving I about on we the made, That's people consistent are you Primescan, I retail. think, feel some CAD/CAM the very look thing. have that think with at

ago. the blurs as really, and on a now – had we that sitting a a Second, right DS result really was DS good a thing and of late in is what's really we the kind World had that World year going QX,

where partners very worked a working so, what to was And on about you very, comp DS and our had get well. go there, off out tough at it very, aggressive very both we're World going

We're retail, excited reception the tell you, very well would very, is going really I and first, very on. Primemill, doing So, comfortable with with marketplace. very the of in what's Primescan

we're I that with now, I'd effectively Point validation area Right on And X. selling Primemill, really to also a you point this we're It's systems obscuring basis. in what's the Dentistry as about for you, that, they excellent tell space environment. an COVID good DI you that's again, going what's pretty very on. reception comp see we One partners X and what will it's that's we're a going comfortable report, getting on. the that we're of Visit retail a in Primescan. see emphasis So, been It's feel our But of dealer competing – of with an tell full really idea us. now is

do come might You're conventionally situation, with speed a two-, taking can – – can be going a the been say people everything of particularly, an it within where hour. to of you the hey, they're that's people care three-, versus, they received out it's we it if environment. have where Primemill, with system we're four-visit well a of post-COVID if in can can taken crown and and in And sit a there position in

Erin in (USA) Wilson going again, Wright at with up DI. Suisse on full what's effectively competing environment, in then, Primemill front, as gives Securities on strategy Great. DSO front Thanks. DSO all COVID Primescan of again, Okay. - generally leg very in just than there? your has the in So, experience practices the anything real pandemic? better Have with terms they and, the kind us can the well. detail performed happy on And changed during chairside standalone and a of you LLC Credit your

Donald M. Casey Jr.

and access earlier effectively feel space. certainty. DSO practices. you than DSOs a individual the strategy. little our DSOs, the It of in in well really they PPE mean, – talk Look, have doesn't larger obviously, a change the pandemic. we position And, let's some more bit I our the there's Erin, we're might about had open did bit a in to were of competing when that to offices some the little get

do it's in specialty talk you what large kind mid-sized get we kind of what Dentsply get DSOs that we as to right and general and even that of a now, can begin – do dentist better procedures. whether opportunity to on dentist future procedures, When can clear whether and this that's to competitive about, implants, offering. the us an the endo, that's do, what it's or very of time, an there; procedure have feel – entry-level area is we done, think all focus really DSOs, whether in I can help we the idea we that's my aligners, to we're how Sirona,

faster. came I little DSOs, think, a back So

think (USA) equaled long-term Credit PPEs situation opportunity has it Suisse generally out Securities LLC as as Wilson Erin itself become you. available. we us. Thank - that Okay for And great. at a look I Wright

Donald M. Casey Jr.

Thanks, Erin.

Operator

Thank you.

Our Rich next question comes from Nathan Goldman with Sachs.

with proceed may question. You your

Nathan Rich

more bit bit done I Jorge, maybe was for maybe like further Japan questions. Brazil Good maybe would on would with given It challenging. a of a could of World detail the morning. they're little in sounds Thanks have bit Rest COVID. provide the in business? have you decline thought the a little China and dealing better, along terms

as markets have color these helpful forward. more we about be there would any that think just you just going So,

Jorge M. Gomez

down kind Yeah, said has one go spot. as COVID from you been challenges a UK a The if experiencing is obviously, a good is – a trouble I before, perspective. (XX:XX:XX) Yeah, Brazil specific of Nathan. lot also of morning, market,

categories market have the a in across than Specifically, more with some big respect to China, others. it's that and not the that are performance There board. impacted obviously consistent is been market very

then, (XX:XX:XX) for markets China. regions have (XX:XX:XX) the of core also well as a – to been relative are, impact the say, you categories also to market. the more is in the companies take about in exposure probably China, to have or that that case performed impacted. DACH That actually and help? by product were mix areas case, when so, Eastern And And of in prior we that the think the said growth you I the There impacted world. before region in in into our in COVID. account have us question, Europe couple where are The areas In – over-indexed that a

Nathan Rich

virtual. trade this of this comp. Yeah, that's quick upcoming you going maybe follow-up kind have as talked you maybe Can on the helpful. shows adjust Obviously, just of of new you to see lot the about A And dynamics how virtual DS selling environment? just World. talk of kind about tough the you moving a also kind then, year, Don, that changing

Donald M. Casey Jr.

love event. World DS DS concentrated it's, – Yeah. we World the Thanks, selling very obviously, thing is Nate. a about

bringing have force. our event partners bringing sales there, we an their So, force, they're we're we're sales where... obviously, And creating

Nathan Rich

(XX:XX:XX)

Donald M. Casey Jr.

year, live. there ...X,XXX were X,XXX – dentists last

Jorge M. Gomez

Yeah, yeah.

Donald M. Casey Jr.

World, getting What we're we're good reception the with virtual it. to seeing DS

Nathan Rich

Yeah, yeah.

Donald M. Casey Jr.

going don't Las that would I have we're out think you selling the see concentrated Vegas. to we're event when in seen

people year, a number So, the the going be We the at, to of program. World be? attending – DS virtual over going week-long course A, is it's to of this we're think not looking what's same attendance

many not – we'll immediate people be, go going in we're as get and a reason – as going not but there's buy. opinion, as So, our see to to to quite

a see to underlying have that sales, we very, tend little bit specific we these very we good. what is more gradual in think seen it past. demand the be than the So, may – Closing

So, again, expenses all world. normalized demand to the mean, news virtual adopting to the it, curve. probably associated I the we're and not there's good more with is, we're going see a

year. chain, to World going virtually of DS DS be the event, World, lot obviously, a that to mean, chain IDS, our big supply have and, is when this But we'll a moving well-attended as deal challenges have to which obviously, some not quarter, learn creates is, is supply a as next you're I which and between well. have of going don't it for we're to we with. going peaks One valleys in the go and

Nate, to to time, time. out. we going expect you, equal over tell we're learn – would So, I I over that

level demand of looking really like. – at that's thing and and orders performing we more and is we about can see see – now. might we how the right can feel trending really Primescan You what that how looks And we're loading much a see good Primemill

Nathan Rich

Thank That's you. helpful.

Operator

Thank you.

with question comes next Our America. Michael Bank from Cherny of

You question. may your with proceed

Allen Lutz

indication This out for in that saw there Mike. is there? XQ there in Thanks. morning. Is call that you to anything the is Allen is Basically, carrying demand pent-up any XQ? Good into

Jorge M. Gomez

Yeah.

is it hard very a think I assessment make. to

factor QX. was demand a pent-up big think in I

that QX, into in QX. to – might little probably be of hard bit, same the Going same really extent to There extent a saw predict. not we but the

Allen Lutz

say today ago dentists around capital was of versus the spending? level about can then, you And anything about where three just confidence months it Great.

Donald M. Casey Jr.

playing education, bit do really amount the a tech the CE, learned That's out. think to is particularly what the learned subsequent, time and thought, is really we're you're lead been that we're – a chairside pretty we for Allen, Europe hasn't that again, pandemic hey, of becomes I to the practice. seen a so, part really things makes first, judging people had – conversations issue. that that I is, saw, tell we've basis subsequent of differently the the of bit Pretty Look to dentists based one case on of go we're flow it of see dentists you – So, where the have we're see significant more and a us thank single-visit – dentists infection of a start and tax in that dentistry toward having did happy as group seeing and single-visit lot you of end with idea the going to the global a April pandemic-related an this equipment Erin, a And buy seeing of important incentives pandemic incentives you and one stimulus, that the technology the to mentioned you basis are on in – of I really year. dentistry US we that And we've to heck of how protocols, had thing to – kind may pretty it's Pretty X. really And sense. question. chairside in T&E you had continuing had their and used mean, the is, we think in equipment can all would little that and that a global had good. back our to performance, there's in Part recognize, of technology down about interesting, come May, slowly. what of little because – downturns, that patient well. by offshoots the on lot – hey, clinical a what And actually what that first, they prior going tremendous we X have seeing assessed

wide shoot system. buy having practice as Dentistry we an combine like you Second we're take And you issue move get digital XD particularly that a feel to (XX:XX:XX) pick that time. Digital lets a we're they're us movement. with people, things pickup imaging hey, looking that's that's a a Field we than to aligners, out see View seeing post-COVID And on get a good a our and in to they're is, going really of excited Primescan allow builder mentioned – image somebody because timesavers places, really minute, things that. to that's it you Well, them go we with like going into do implants, somebody scan Rather a real Axeos, than and root-to-crown okay, SureSmile, in thing, clear timesaver. to impressions, with why last the is up looking either of you when Axeos? for a at seeing, scan they're would need the And which take new less that And world. do couple

thought. us. with global good healthy there's the for a the technology and performance than on It we we're of faster happy demand little bit basis, area back And equipment with what been we've a So, it. seeing came

Allen Lutz

Thank you.

Donald M. Casey Jr.

Allen. Thanks,

Operator

Thank you.

Jefferies. question with comes next from Our Brandon Couillard

your with question. may You proceed

Brandon Couillard

implant the of your would to the if up Don, just morning. be curious on data relative I'd peers touch great in points shaped some last from Good few the had how weeks. you portfolio we've business there. Thanks. be could

Donald M. Casey Jr.

basically good. we at performed market. pretty feel We We believe

rest across feel Part think, pretty similarly, I you pretty X. now, we looking think, Straumann And has from we part obviously, all I sit where – performed good. done right if very market, the we well. of the very, X,

First, our is I better today getting portfolio tell better. and you, consistently would is

we're us, important Astra a it. seeing was to good response launch an EV, to and

has implant business I in returned. think, the general,

that. and mix when of people complex we If getting you in their implants company. performed look one at And – that's have, followed the large, planning on by rest we're done with set And our implants, has you the and procedures of things more up you kind line talking you with dentists – of were and overall have benefit from the about a of that. see see

So, I'd first that's thing tell the you.

very I portfolio looks our if the we part is Part is be, that – about next to X we feel on in plans implants as what – we've place, And years we're two outperforming where over look Second, and coming. put years we good like the over the the out want next X. outperforming market. think two

implants, So, an to us, is opportunity.

Brandon Couillard

Thanks. run from pointed figure? million here quick is year, SureSmile. geographic And rate contributes And the achieving on you to relative – the to do The what rollout your we $XXX and end then, to next that about think of a follow-up US-only that the how target? number by a

Donald M. Casey Jr.

is we're again, again, been and multiple very one But of excuse the like Obviously, We that important. – countries really that world. our would be feel DS out base, countries, pickup in – say, on we've fastest. can We around in the I and where things the picked I fastest XX US where momentum And get we're where multiple the – is are sell with. SureSmile think is now. model million CEREC – pickup model is the got focus up there, we're inclusive let's $XXX in US again, I countries in – think multiple happy let's the countries. model me. One has companies that's we We system – has multiple the the the the that the the of right, replicated

Brandon Couillard

Thanks.

Operator

Thank you.

Our with next Stifel. Block question from comes Jon

You proceed with your may question.

Trevor Brown

the Consumables two implies this the Rest there organic Jon. Overall, take have growth, for about of difference the wasn't question. true and was T&E across on while than Trevor in for Thanks But is US your might lot been the in positive weaker a of declines having a Consumables This opposite comment Hi. if in Europe I segments. World. the much US,

World maybe factor? Thanks. any played across different So seeing there and comment timing to might geographies, the DS the have the and a can you comp of what extent on trends you're differences in the

Jorge M. Gomez

morning, consumables. Yeah, to respect Good (XX:XX:XX). Jon you're correct [Trevor] with Yeah. (sic)

the were T&E, between I On regions. don't there major differences think any

difficult, in year strong a QX very the given remarks, indicated I comps we As our versus times, the commented are very prepared and last couple of XXXX had. we

most of really quarter. that we the geographies. turbocharged US, we – sell Our – last of I the the year, performance of regions, sales adjust were to and of is good kind a very are in feel had activity last In advance similar across continue to activities CAD/CAM. World we for specific with that about Those number across CAD/CAM the you the equipment. of really when QX experiencing And in shipments also well. retail really DS strong sales type think that sales in But products

Trevor Brown

And Okay, follow-up margins. on quick a great.

similar Overall, to within the is XXXX Just pretty anything just anything levels for and business. total segments? to But looking there Consumables, with significantly the call different XQ T&E it's out there?

Jorge M. Gomez

No.

we especially segments. all both applicable savings, are a think achieving, cost those savings perspective, – I to are the from of structural the the margin that

difference fixed last the we talk a work about across to – see substantially segment this tends the the quarter, Consumables – from margin, margin for one that and, quarter. two much well those example, – sequentially. last that SG&A is on happening pretty board. a a the have perspective gross only can year in we a when You is cost ratio those fact And improved segments, The our third base. between versus that is basis, recovered how higher

only And and to so, more improvements it's both segments. other lot structural of productivity a are sensitive That's volume. the changes favorably impacting actions difference, in kind but

Trevor Brown

you. Thank Great.

Donald M. Casey Jr.

Trevor. Thanks,

Jorge M. Gomez

Thank you, Trevor.

Operator

Thank you.

Our next question...

John Sweeney

Operator, next please. question,

Operator

you. Thank

with next comes from Anderson Our question Evercore. Elizabeth

You may with proceed question. your

Elizabeth Anderson

terms demand? do we about the started know, in how obviously, the look we I guys. tough Germany, think trade like just outlook, year. think But demand forward? wanted for trade quarter, like we have obviously US the you as that in (XX:XX:XX) as I a about at Like, and program. you're Europe, Qualitatively I in to in do know you that, follow-up from XXXX structuring sort how particularly go the had of and fourth speaking, Hi. comp we Good DS morning, last equipment of understand, World how

Donald M. Casey Jr.

(XX:XX:XX). point. you you, Yeah. basically Asia rolled we this this at all Europe in we've America at Thanks, stage At Part of I haven't programs. early tell we're of them X North trade Elizabeth. that hear Friday's But out about to done on or a would in And we very point, and Pac look, the

– a was ago, function of So a up year and with keeping demand. that

were pretty our can feel coming we out. played right supply to and begin things of sure about out it. we would've not chain, how we Obviously, Now, pandemic, good execute XXX%

quarter in on about on obviously, sales comp what retail, and the – fourth we're So, to a as early of that are X, third feature an obvious – encouraging. part yeah, is We know we that DS at the X. report stages, one is basis that Part World and we comp we're our thinking look one were very partners quarter. retail at happy CAD/CAM goes see we of how

heading that's was get us, things. you ago, for bolus big very, going a of very when what year obviously, So, a into a pre-shipments event to skew

really and at of funnel we retail. It's hey, couple year. feel in today, of to terms going we in So, a a retail walk want we've number a leads trends we're CAD/CAM in I times mentioned can that doesn't see, whatnot, And on Primescan. on prior again, we're laser-focused – and in we're of just what's positive seeing – obviously, somebody versus say, buy

Elizabeth Anderson

are new with re And Okay. you year That's the format? helpful. this philosophically, how launches just, handling IDS virtual more product

Donald M. Casey Jr.

we Yeah, funny. we're the big new it's a a ago, two it where ago, really huge we years and can. years were as in to roll this, going we event. going something that's out was event doing obviously And many to IDS be when is products advance, year-and-a-half as work

not say, So, and an IDS. sit okay, what is done our there's there with we've team entire to going be

Russia, and of us, a out that Germany. to in year So, stuff new we're to first, that DS beyond figure to going the we're tell things how DS we're in take So, how looking I'll works. We're World Israel, US. this World going you, be expanding doing? do we advantage It's really and at

for on The is second launch us, side. concentrated. Axeos, the is we're now, very going T&E a to big Right be

And something still XXXX, of we'd and putting chopped bit lot kind country, into along two we is You've the across going got hard. be to up. emphasis, one whereas, with lead Primemill little products sales the pick get XXX, in that consumable one or Surefil that we're Primescan, a running Palodent portfolio we're as really of drive kind thing. as a entire a before, DS of

of sales So, in Worlds is region focus – bags is that really specific a so – DS there invite really help of to IDS get we're us And the virtual The the been not going we're launch – beyond to good. the – some really in narrow have do of where overcome it traction it's our the really interesting, kind launches, X. fact and going that all good kind event there's big what with we X Part really been a US, part there. receptions a entire kind Surefil in, our there. then, mind, we trying to to create good the doing to KOLs we're global across getting push and then one, we've to we're

seen and an we created it, event. we've a of that – couple we've where we're countries in launched So,

We So, on of believe Probably place real any that'll in mitigate is things help going that we replace to combination a downward exactly? not. it. anything pressure IDS put

Elizabeth Anderson

so Thanks context. much. helpful That's Okay.

Operator

Thank you.

Our with next question Piper comes Bednar from Sandler. Jason

You question. may proceed with your

Jason M. Bednar

me in here. morning. good Hey, squeezing for Thanks

coming Don, Just the now respect order that $XXX and million rate hit really, with the on SureSmile, docs And the about what over quarters you're year? ramp from here system? number formula the if of that for you're target could right first, on and you curious coming just to to of using follow-up expecting talking system just you're new utilization are the the where expand then, to doctors with run in me. on next at seeing

Donald M. Casey Jr.

Yeah.

it's World I the been the we than of CEREC First, we've not and pretty and three this, you to is, But can targeting specifics once And you thanks would tell to reliable for a and us confident get able doctors. community inflection a progression. is of reason watch one. absolute in made of you, the the the the see see scale. things you has procedures, a you doctor point with been kind question, of number good I'm DS more and and that terms impact it's them we've see progress really One going done the consider give

very about. actually we're of back Omnicam. potential honest, And many I about that and pretty the talking we I of talking upside do Series figure want is if of of tell extrapolation we one to on is. a excited you, in Primescan go with early large World – community – tell I we're be how the really would baseball base to is that can now know kind analogies you to the things So, installed you we're doctors would innings out over don't what think have we to the

Jason M. Bednar

to wanted All force thing that's been right. just you. new you Don, the to mentioned program your And other helpful. implemented. That's Thank then, effectiveness come one prepared sales back remarks, in

being you. maybe markets a previously? here compares more you a had wondering the on model go-forward And expand bit how and then, just unpack basis that what Thank on you sales to maybe impacting? if that's what's Just could done

Donald M. Casey Jr.

which we Switzerland. and America. DACH, as think of think all Thanks, but we Sure. Germany, – SFE, – the in to not now, It's North most Jason. Germany. we're is Right in tend put Europe; France, of in now, in we've when right Austria UK, And it

thinking that model. had how been And give executed Japan about there. very XXXX. kind a off. then, you SBU-driven And bit we feel the I – is if we've let also China we've have interesting little completing we kicked me things. at of in that evolution follow of So, something thing you good is would model. looking We say, of an that will we're

we're the to So, the or were talked for or in sales US you about is, would we were we're endo to we've to and or program, was the would in there you the sales forces say, implant be in the moving our China, of, have implant that can US, in creation and the the fitting forces sales Germany across in if going China report that have number we doing SFE of instance, with so And of go endo – any format concept group like specialty no like VP as we taking demand to that board. there. that look one Germany bags commercialization. kind were there you report in the time hey, like, leverage. of a executed Sales. to And is we regional create result, so to that now of and the and simplifying when a that And were restructuring and broader the all a We're the country, on US we What or bigger world. things in group, would spent been scale format is reaches. and the put targeting, does of we've And a what the frequency what messaging, what across what want ton we measures we've exact our then, Salesforce.com ROI forces entire

our the I mind, restructuring significant we the the want customer. of see goes of that we how in where's feel about to Dentsply mean, everyone deliver is all upside consistently and SFE improvement one rolled remark the to we – I the out to program Sirona simplification where's reasons to when talk that margin, world. prepared we a as dropped the our So, our be upside we'll get the consistent think we It's that'll in around is, cost,

Jason M. Bednar

Great. Thank you.

John Sweeney

thank on for everybody, you, much. very call. of today follow-up to XXXX our We Have us good you earnings thank quarter Well, a And forward look joining today. with having many later third on calls you conference right. day. All

John Sweeney	Dentsply Sirona, Inc.
Donald M. Casey Jr.	Dentsply Sirona, Inc.
Jorge M. Gomez	Dentsply Sirona, Inc.
Tycho W. Peterson	JPMorgan Securities LLC
Jeff D. Johnson	Robert W. Baird & Co., Inc.
Steve Beuchaw	Wolfe Research LLC
Erin Wilson Wright	Credit Suisse Securities (NYSE:USA) LLC
Nathan Rich	Goldman Sachs & Co. LLC
Allen Lutz	BofA Securities, Inc.
Brandon Couillard	Jefferies LLC
Trevor Brown	Stifel, Nicolaus & Co., Inc.
Elizabeth Anderson	Evercore ISI
Jason M. Bednar	Piper Sandler

DENTSPLY SIRONA (XRAY) 5 Nov 202020 Q3 Earnings call transcript