DENTSPLY SIRONA Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance amid significant challenges. Net sales for Q3 2024 reached $951 million, a slight increase from $947 million in Q3 2023. However, for the nine months ended September 30, 2024, net sales decreased to $2,888 million from $2,953 million in the same period last year, reflecting a decline of 2.2%. The increase in Q3 was primarily driven by the Essential Dental Solutions segment, which saw higher volumes in preventive and restorative products, particularly in the U.S.
Gross profit remained stable at $495 million for Q3 2024, but the company faced rising selling, general, and administrative (SG&A) expenses, which increased to $390 million from $372 million in Q3 2023. The company also recorded significant goodwill and intangible asset impairments totaling $504 million in Q3 2024, compared to $307 million in Q3 2023. This contributed to an operating loss of $(462) million for Q3 2024, worsening from $(236) million in the prior year. The net loss attributable to DENTSPLY SIRONA for Q3 2024 was $(494) million, compared to $(266) million in Q3 2023, resulting in a basic loss per share of $(2.46), up from $(1.25).
For the nine-month period, the net loss increased to $(480) million from $(199) million in 2023, with a basic loss per share of $(2.35) compared to $(0.94) in the previous year. The company’s total current assets decreased to $1,921 million from $1,973 million at the end of 2023, while total equity fell to $2,491 million from $3,293 million.
Strategically, DENTSPLY SIRONA is undergoing restructuring initiatives, including the 2024 Plan, which aims for a global workforce reduction of 2% to 4% and annual cost savings of $80 million to $100 million by the end of 2025. The company incurred $24 million in restructuring charges related to this plan as of September 30, 2024. Additionally, the company announced a voluntary suspension of its Byte aligner system and impression kits on October 24, 2024, due to regulatory reviews, which is expected to materially impact future operations.
The company continues to face challenges from inflationary pressures, higher raw material costs, and decreased demand for elective dental procedures, particularly in recession-affected markets like Germany. Despite these challenges, DENTSPLY SIRONA is implementing strategic procurement initiatives and cost-containment measures to mitigate the impact of these adverse conditions.
About DENTSPLY SIRONA Inc.
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