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2016-02-12

DENTSPLY International Inc.: DENTSPLY International Reports Fourth Quarter and Fiscal 2015 Results

* Fiscal 2015 adjusted earnings per diluted share grew 5% to $2.62; up
double-digits constant currency
* 2015 adjusted operating margin expanded 180 bps to 20.2%
* Merger with Sirona Dental Systems on track and expected to close during the
first quarter of fiscal 2016

York, PA - February 12, 2016
- DENTSPLY International Inc. (NASDAQ: XRAY) today announced sales and
earnings for the three months and fiscal year ended December 31, 2015.

Fourth Quarter Results

Net sales in the fourth quarter of 2015 decreased 6.7% to $671.1 million
compared to $719.0 million in the fourth quarter of 2014. Net sales,
excluding metals content, of $645.9 million decreased 6.5% compared to $691.0
million in the fourth quarter of 2014. Revenue for the fourth quarter,
excluding precious metals, grew 1.5% on a constant currency basis, offset by
an 8.0% headwind from foreign currency translation. The negative impact of
discontinued lab products on total fourth quarter sales, excluding precious
metal content, was approximately 1%.

Net income attributable to DENTSPLY International for the fourth quarter of
2015 was $58.6 million, or $0.41 per diluted share, compared to $84.7
million, or $0.59 per diluted share in the fourth quarter of 2014. On an
adjusted basis, excluding certain items, net earnings per diluted share grew
8.3% to $0.65 compared to $0.60 in the fourth quarter of 2014. A
reconciliation of the adjusted earnings per share, a non-US GAAP measure, to
earnings per share calculated on a US-GAAP basis is provided in the attached
table.

Fiscal 2015 Results

Net sales for fiscal 2015 of $2.67 billion decreased 8.5% compared to $2.92
billion in the prior year. Net sales in 2015, excluding precious metals
content, of $2.58 billion decreased 7.6% compared to $2.79 billion in 2014.
On a constant currency basis, 2015 net sales excluding precious metals grew
1.9%, offset by a 9.5% headwind from foreign currency translation.

Net income attributable to DENTSPLY International for fiscal 2015 was $251.2
million, or $1.76 per diluted share, compared to $322.9 million, or $2.24 per
diluted share in 2014. On an adjusted basis, excluding certain items, net
earnings per diluted share grew 4.8% to $2.62 compared to $2.50 per diluted
share in 2014.

Bret Wise, DENTSPLY's Chairman and Chief Executive Officer, stated "Fiscal
2015 ended on a positive note with strong fourth quarter adjusted earnings
growth of more than 8%, and constant currency adjusted growth of
approximately 16%. This drove adjusted EPS for 2015 to $2.62, up 5%, and
approximately 11% on a
constant currency basis. The business, supported by our global efficiency
program, produced improved margins well ahead of plan which is now allowing
us to fund incremental investments to drive future growth. We see the
business performing well fundamentally and see opportunities to accelerate
top line growth and enhance margins as we move into 2016. We also remain
confident in the value creation opportunity that lies ahead with our pending
merger with Sirona Dental Systems."

Merger Update

On September 15, 2015, the Company and Sirona Dental Systems, Inc. entered
into an Agreement and Plan of Merger and announced a merger of equals between
the two companies. Mr. Wise commented, "We are pursuing the regulatory
approvals required to complete the merger. We expect to provide consolidated
earnings guidance for 2016 after the closing of the merger which remains on
track for completion within the first quarter of 2016."

Additional Information

A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). A
live webcast will be accessible via a link on DENTSPLY's web site at
www.dentsply.com. In order to join the call, please dial (888) 298-3466 for
domestic calls, or (719) 325-2317 for international calls. The Conference ID
# is 1465518. Members of management speaking on the call will include Bret
Wise, DENTSPLY's Chairman and Chief Executive Officer, Chris Clark, President
and Chief Financial Officer, and Jim Mosch, Executive Vice President and
Chief Operating Officer.

A rebroadcast of the conference call will be available online at the DENTSPLY
web site, and a dial-in replay will be available for one week following the
call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for
international calls), Replay Passcode # 1465518.

DENTSPLY International Inc. is a leading manufacturer and distributor of
dental and other consumable medical device products. The Company believes it
is the world's largest manufacturer of consumable dental products for the
professional dental market. For over 115 years, DENTSPLY's commitment to
innovation and professional collaboration has enhanced its portfolio of
branded consumables and small equipment. Headquartered in the United States,
the Company has global operations with sales in more than 120 countries.
Visit www.dentsply.com for more information about DENTSPLY and its products.

This press release contains forward-looking information (within the meaning of
the Private Securities Litigation Reform Act of 1995) regarding future events
or the future financial performance of the Company that involve substantial
risks and uncertainties. Actual events or results may differ materially from
those in the projections or other forward-looking information set forth
herein as a result of certain risk factors. These risk factors include,
without limitation; the continued strength of dental and medical markets, the
timing, success and market reception for our new and existing products,
uncertainty with respect to governmental actions with respect to dental and
medical products, outcome of litigation and/or governmental enforcement
actions, volatility in the capital markets or changes in our credit ratings,
continued support of our products by influential dental and medical
professionals, our ability to successfully integrate acquisitions, risks
associated with merger related activities, risks associated with foreign
currency exchange rates, risks associated with our competitors' introduction
of generic or private label products, our ability to successfully integrate
acquired businesses, our ability to accurately predict dealer and customer
inventory levels, our ability to successfully realize the benefits of any
cost reduction or restructuring efforts, our ability to obtain a supply of
certain finished goods and raw materials from third parties and changes in
the general economic environment that could affect the business. Changes in
such assumptions or factors could produce significantly different results.

For additional information regarding the factors that may cause actual results
to differ materially from these forward-looking statements, please refer to
the Company's most recent Form 10-K and its subsequent periodic reports on
Forms 10-Q filed with the Securities and Exchange Commission.

Non-US GAAP Financial Measures

In addition to the results reported in accordance with US GAAP, the Company
provides adjusted net income attributable to DENTSPLY International and
adjusted earnings per diluted common share ("adjusted EPS"). The Company
discloses adjusted net income attributable to DENTSPLY International to allow
investors to evaluate the performance of the Company's operations exclusive
of certain items that impact the comparability of results from period to
period and may not be indicative of past or future performance of the normal
operations of the Company and certain large non-cash charges related to
purchased intangible assets. The Company believes that this information is
helpful in understanding underlying operating trends and cash flow
generation.

Adjusted net income and adjusted EPS are important internal measures for the
Company. Senior management receives a monthly analysis of operating results
that includes adjusted net income and adjusted EPS and the performance of the
Company is measured on this basis along with other performance metrics.

The adjusted net income attributable to DENTSPLY International consists of net
income attributable to DENTSPLY International adjusted to exclude the net of
tax impact of the following:

(1) Business combination related costs. These adjustments include costs
related to integrating and consummating recently acquired businesses and
costs, gains and losses related to the disposal of businesses or product
lines. These items are irregular in timing and as such may not be indicative
of past and future performance of the Company and are therefore excluded to
allow investors to better understand underlying operating trends.

(2) Restructuring, restructuring program related costs and other costs. These
adjustments include costs related to the implementation of restructuring
initiatives as well as certain other costs. These costs can include, but are
not limited to, severance costs, facility closure costs, lease and contract
terminations costs, related professional service costs, duplicate facility
and labor costs associated with specific restructuring initiatives, as well
as, legal settlements and impairments of assets. These items are irregular in
timing, amount and impact to the Company's financial performance. As such,
these items may not be indicative of past and future performance of the
Company and are therefore excluded for the purpose of understanding
underlying operating trends.

(3) Amortization of purchased intangible assets. This adjustment excludes the
periodic amortization expense related to purchased intangible assets.
Beginning in 2011, the Company began recording large non-cash charges related
to the values attributed to purchased intangible assets. As such,
amortization expense has been excluded from adjusted net income attributed to
DENTSPLY International to allow investors to evaluate and understand
operating trends excluding these large non-cash charges.

(4) Income related to credit risk and fair value adjustments. These
adjustments include both the cost and income impacts of adjustments in
certain assets and liabilities that are recorded through net income which are
due solely to the changes in fair value and credit risk. These items can be
variable and driven more by market conditions than the Company's operating
performance. As such, these items may not be indicative of past and future
performance of the Company and therefore are excluded for comparability
purposes.

(5) Certain fair value adjustments related to an unconsolidated affiliated
company. This adjustment represents the fair value adjustment of the
unconsolidated affiliated company's convertible debt instrument held by the
Company. The affiliate is accounted for under the equity method of
accounting. The fair value adjustment is driven by open market pricing of
the affiliate's equity instruments, which has a high degree of variability
and may not be indicative of the operating performance of the affiliate or
the Company.

(6) Income tax related adjustments. These adjustments include both income tax
expenses and income tax benefits that are representative of income tax
adjustments mostly related to prior periods, as well as the final settlement
of income tax audits, and discrete tax items resulting from the
implementation of restructuring initiatives. These adjustments are irregular
in timing and amount and may significantly impact the Company's operating
performance. As such, these items may not be indicative of past and future
performance of the Company and therefore are excluded for comparability
purposes.

Adjusted earnings per diluted common share is calculated by dividing adjusted
net income attributable to DENTSPLY International by diluted weighted-average
common shares outstanding. Adjusted net income attributable to DENTSPLY
International and adjusted earnings per diluted common share are considered
measures not calculated in accordance with US GAAP, and therefore are non-US
GAAP measures. These non-US GAAP measu...

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