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Dentsply Sirona Inc XRAY

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Economic Moat




Not Much to Smile About in Dentsply's Second Quarter; Pandemic Takes a Bite Out of Demand

Soo Romanoff Equity Analyst

Analyst Note

| Soo Romanoff |

No-moat Dentsply Sirona reported second-quarter revenue of $491 million, a more than 50% year-over-year decline. The weak top line was largely attributable to the widespread government and voluntary dental office closures with the coronavirus pandemic. Although management saw positive trends emerge at the beginning of June and full recovery into July, they were not confident enough to extrapolate and instead pulled guidance in light of the volatility. Additionally, Dentsply’s operating margin was down $104 million, or 21% of sales, a stark contrast to the $68 million or 6.7% margin last year. We had baked in a substantial negative impact from the pandemic before the update and maintain our current fair value estimate of $40 with a high uncertainty rating with the undetermined timing of the rollback of mandatory and voluntary closures and the execution of the company’s aggressive restructuring plan.

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Company Profile

Business Description

Dentsply Sirona is one of the world’s largest manufacturers and distributors of dental supplies and equipment. Its product segments include dental consumables, lab products, CAD/CAM and imaging technology, medical devices, and specialty products in orthodontics, endodontics, and implantation. The majority of its products are sold through dental distributors, and over approximately 65% of Dentsply’s sales are outside the U.S.

13320 Ballantyne Corporate Place
Charlotte, NC, 28277-3607
T +1 844 848-0137
Sector Healthcare
Industry Medical Instruments & Supplies
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 15,200