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- **Q3 Results**: Global sales $904M (-5% YoY), EBITDA 18.4%, EPS $0.37 (-26% YoY). U.S. sales down 22.2% YoY, Europe +9.9% YoY.
- **2025 Outlook**: Sales $3.6-3.7B (-5% to -4% constant currency YoY), EPS ~$1.60. Tariffs and volume declines weigh on U.S.
- **Strategic Shifts**: Reorganizing commercial teams, doubling R&D investment, and enhancing customer service to revive U.S. market.
- **Key Risks**: Dealer relationship challenges, China VBP program impact, and ongoing tariff pressures.
- **Leadership Changes**: CFO departure, interim oversight by Board member, and search for successor underway.

**【CEO Summary Section】**
- **Q3 2025 Results**: Global sales of $904 million (-5% YoY, -8% constant currency). Adjusted EBITDA 18.4%, up 50bps vs prior year. Non-GAAP EPS $0.37 (-26% YoY). Cash from operations $79M, ending balance $363M.
- **2025 Outlook**: Net sales $3.6-3.7B (-5% to -4% constant currency YoY). Adjusted EPS ~$1.60. Tariffs and volume declines impacting U.S. equipment, implants, and prosthetics.
- **Return-to-Growth Plan**: 4 pillars - customer-centricity, U.S. market revival, talent empowerment, operational evolution. Actions include reorganizing commercial teams, investing in R&D, and enhancing customer service.

**【Financial Results】**
- **U.S. Sales**: $291M (-22.2% YoY), driven by dealer prebuy impact. Excluding this, -9.7% YoY. Wellspect healthcare grew 22.3%.
- **Europe**: $382M (+9.9% YoY, +2.6% constant currency). Strength in Connected Tech Solutions (CTS) and Labs offset by restorative softness.
- **Rest of World**: $231M (-1% YoY). Australia and India growth offset by Japan weakness. Wellspect grew 87.3%.
- **Segment Performance**: CTS down 7% YoY (imaging growth offset by CAD/CAM decline). EDS down 6.2% (dealer prebuy impact). OIS down 17.1% (Byte impact). IPS down mid-single digits in U.S. and China.

**【Q&A Highlights】**
- **U.S. Market Challenges**: Structural issues with dealer relationships, DSO engagement, and rep coverage. Plan includes multichannel approach, rep hiring, and clinical education investment.
- **R&D Investment**: Accelerating R&D spend in Q4 to position for 2026 growth. Targeting 6-7% R&D as % of sales, with focus on efficiency.
- **Dividend Policy**: Evaluating dividend importance vs debt reduction. Prioritize EBITDA growth through U.S. revival and global expansion.
- **Leadership Changes**: CFO Matt Garth departed; interim oversight by Board member Leslie Varon. Search underway for successor.
- **Wellspect Strategy**: Retaining business due to strong cash flow and growth potential. Recent 9.2% constant currency growth highlights opportunity.

DENTSPLY SIRONA Inc. (XRAY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Gain (Loss) on Change in Fair Value

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Net Income

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Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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XRAY

XRAY fundamentals

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