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USS Sirona - History

USS Sirona - History


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Sirona
(AKA-43: dp. 4,087; 1. 4269; b. 58'; dr. 16', s. 16.9 k.;cpl. 303; a. 1 5", 8 40mm., 10 20mm., cl. Artemis T. S4-SE2-BE1)

Sirona (AKA-43) was laid down on 15 February 1945 under Maritime Commission contract (MC hull 1904) by the Walsh-Kaiser Co., Inc., Providence, R.I., Iaunched on 17 April 1945; sponsored by Mrs. Lawrence B. Harris; and commissioned on 10 May 1945, Lt. Comdr. Joseph A. Neal, USNR, in command.

Sirona arrived at Hampton Roads on 24 May 1945 and underwent abbreviated shakedown training there from 28 May to 1 June. After a brief repair period, she departed Norfolk on 7 June for France, arriving at Marseille on the 21st. There she loaded troops and supplies and sailed for the Pacific, transiting the Panama Canal on 11 July. On the 28th, she rendered medical assistance to the crew of tanker Esso Rochester, and, after calls at Eniwetok and Ulithi, she arrived at Manila on 13 August.

On 25 August, Sirona left Manila as part of a large transport force bound for Tokyo, Japan. She remained in Tokyo Bay from 2 to 5 September and arrived at Okinawa on the 7th. Upkeep there was interrupted when she got underway to avoid a typhoon between the 16th and 18th. On the 19th, the ship embarked 200 marines and 514 tons of cargo; and, on the 27th, she sailed with a large transport group, which arrived at Taku, China on 30 September. She offloaded her troops and cargo there on 4 and 5 October and then sailed for Manila on the 6th.

Upon arrival at Manila, Sirona's crew built temporary troop berthing facilities in her cargo holds, adding 295 berths to the 264 in her normal troop quarters. The ship departed Manila on 22 October, and, upon arrival at Kowloon on the 24th, she embarked 1,035 troops of the 13th Chinese Army, with 34 tons of rice small-arms ammunition, and light equipment. She sailed with six other transports on the 25th for Dairen, Manchuria; but, on the 28th, was diverted to Chinwangtao where she disembarked her troops and cargo on 30 and 31 October. Returning to Kowloon on 7 November, she embarked about 800 men of the Chinese Honorable 1st Division which she delivered at Tsingtao on the 14th. The ship remained there until being assigned on the 26th to return servicemen to the United States under operation "Magic Carpet." Between 29 November and 1 December she embarked 504 troops at Shanghai and disembarked them at Seattle on 16 December. Sirona was detached from the "Magic Carpet" force on 30 December, and remained in Seattle pending a decision on her postwar employment. On 9 April 1946, she sailed from Seattle and arrived at Boston, Mass., on 17 May. There, she was decommissioned on 12 June and transferred the same day to the Maritime Commission for service as the training ship Yankee States. Struck from the Navy list on 3 July 1946, the ship was laid up in the Maritime Commission Reserve Fleet in the James River on 29 July 1947; and was sold to the Boston Metals Corp., Baltimore, Md., on 17 May 1966 for scrapping.


USS Athene (AKA-22)

USS Athene (AKA-22) was an Artemis-class attack cargo ship named after the minor planet 881 Athene, which in turn was named after the Greek goddess Athena. She served as a commissioned ship for 20 months.

Athene (AKA-22) was laid down on 20 January 1944 under a Maritime Commission contract (MC hull 1883) at Providence, R.I., by the Walsh-Kaiser Co., Inc. launched on 18 June 1944 sponsored by Mrs. Emily Thornton and acquired by the Navy and commissioned on 29 September 1944, Comdr. Edward R. Nelson, Jr., in command.


Here's Why We Think DENTSPLY SIRONA (NASDAQ:XRAY) Is Well Worth Watching

Like a puppy chasing its tail, some new investors often chase 'the next big thing', even if that means buying 'story stocks' without revenue, let alone profit. But the reality is that when a company loses money each year, for long enough, its investors will usually take their share of those losses.

In the age of tech-stock blue-sky investing, my choice may seem old fashioned I still prefer profitable companies like DENTSPLY SIRONA (NASDAQ:XRAY). While profit is not necessarily a social good, it's easy to admire a business that can consistently produce it. While a well funded company may sustain losses for years, unless its owners have an endless appetite for subsidizing the customer, it will need to generate a profit eventually, or else breathe its last breath.

DENTSPLY SIRONA's Improving Profits

Over the last three years, DENTSPLY SIRONA has grown earnings per share (EPS) like young bamboo after rain fast, and from a low base. So I don't think the percent growth rate is particularly meaningful. As a result, I'll zoom in on growth over the last year, instead. Like a firecracker arcing through the night sky, DENTSPLY SIRONA's EPS shot from US.38 to US.80, over the last year. Year on year growth of 111% is certainly a sight to behold.

I like to see top-line growth as an indication that growth is sustainable, and I look for a high earnings before interest and taxation (EBIT) margin to point to a competitive moat (though some companies with low margins also have moats). While DENTSPLY SIRONA may have maintained EBIT margins over the last year, revenue has fallen. And that does make me a little more cautious of the stock.

You can take a look at the company's revenue and earnings growth trend, in the chart below. For finer detail, click on the image.

In investing, as in life, the future matters more than the past. So why not check out this free interactive visualization of DENTSPLY SIRONA's forecast profits?

Are DENTSPLY SIRONA Insiders Aligned With All Shareholders?

Since DENTSPLY SIRONA has a market capitalization of US$15b, we wouldn't expect insiders to hold a large percentage of shares. But we are reassured by the fact they have invested in the company. Given insiders own a small fortune of shares, currently valued at US$51m, they have plenty of motivation to push the business to succeed. This should keep them focused on creating long term value for shareholders.

It means a lot to see insiders invested in the business, but I find myself wondering if remuneration policies are shareholder friendly. A brief analysis of the CEO compensation suggests they are. I discovered that the median total compensation for the CEOs of companies like DENTSPLY SIRONA, with market caps over US$8.0b, is about US$11m.

The DENTSPLY SIRONA CEO received US$7.2m in compensation for the year ending . That seems pretty reasonable, especially given its below the median for similar sized companies. While the level of CEO compensation isn't a huge factor in my view of the company, modest remuneration is a positive, because it suggests that the board keeps shareholder interests in mind. It can also be a sign of good governance, more generally.

Does DENTSPLY SIRONA Deserve A Spot On Your Watchlist?

DENTSPLY SIRONA's earnings have taken off like any random crypto-currency did, back in 2017. The sweetener is that insiders have a mountain of stock, and the CEO remuneration is quite reasonable. The strong EPS improvement suggests the businesses is humming along. Big growth can make big winners, so I do think DENTSPLY SIRONA is worth considering carefully. Don't forget that there may still be risks. For instance, we've identified 2 warning signs for DENTSPLY SIRONA that you should be aware of.

Although DENTSPLY SIRONA certainly looks good to me, I would like it more if insiders were buying up shares. If you like to see insider buying, too, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.

Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.


The table below contains the names of sailors who served aboard the USS Tawakoni (ATF 114). Please keep in mind that this list does only include records of people who submitted their information for publication on this website. If you also served aboard and you remember one of the people below you can click on the name to send an email to the respective sailor. Would you like to have such a crew list on your website?

Looking for US Navy memorabilia? Try the Ship's Store.

There are 48 crew members registered for the USS Tawakoni (ATF 114).

Select the period (starting by the reporting year): precomm &ndash 1976 | 1977 &ndash now

NameRank/RatePeriodDivisionRemarks/Photo
Kelly, James TboneSENIOR MS3 OF THE NAVY1977 &ndash 1979supply
Loflin, BoydETC (SW) Retired1977 &ndash 1978OperationsI was on the de-commisioning crew that sent the ship to Taiwan. I retired in Ocober 1988.

Select the period (starting by the reporting year): precomm &ndash 1976 | 1977 &ndash now


USS Sirona - History

Former USN bark-rigged screw sloop-of-war enabled Massachusetts Nautical School to become first maritime academy to train engineering students. Ranger , 1910-1917.

Former USN steam brig. Returned to Navy for use in World War I. Nantucket , 1918-1941

Ex-USS Ranger . Berthed at North End Park on Commercial Street in Boston where, in November, 1941 it was renamed Bay State . Its original engine resides in Museum of U.S. Merchant Marine Academy at Kings Point. Keystone State , 1942. Borrowed from Pennsylvania Maritime Academy. Wartime cruises limited to Long Island Sound and Chesapeake Bay. Seneca , 1942. Cutter, borrowed from USCG. American Pilot , 1943-1945.

Hog Islander, built in 1919 for U.S. Shipping Board converted ca. 1931 to Training Ship Empire State (the first), then in 1943 to American Pilot . American Mariner , 1946.

Liberty, briefly George Calvert , renamed on the ways to become U.S. Maritime Service training ship. First vessel since Nantucket to sail foreign (Cuba, Bermuda). Yankee States , 1947.

Ex USS Sirona , AKA. Shared with Maine Maritime Academy. Crossed equator to Brazil accidental death of a cadet in Recife. SC 1321 , 1946-1948.

In the spring of 1946 it was delivered to MMA, tied up at Baxter's Wharf (current site of the Nantucket Steamship Authority ferry), and used for training in seamanship, piloting and diesel engineering, it cruised chiefly on weekends from Provincetown to Nantucket and Newport, RI. Round-the-clock cadet watches were maintained when tied up at Baxter's. Although much appreciated by the cadets, the ship proved impractical and was returned to MarComm in 1948. . Charleston , 1948-1957.

Ex-Navy patrol gunboat Charleston IV (PG-51). Built at Charleston Navy Yard and commissioned 8 July 1936. First cadet cruise brought it from west coast through the Panama Canal to Massachusetts. 1957 cruise its last for MMA, while it overlapped acquisition of Bay State II . Bay State II , 1957-1973.

Ex-USS Doyen . Bay State III , 1974-1978.

Ex- Empire State IV , ex- Henry Gibbins . Empire State V , 1979. Ex-USNS Barrett , borrowed from New York Maritime Academy first of three Barrett class (T-AP) vessels. Bay State IV , 1980.

ex-USNS Geiger , ex- President Adams , taken from APL during construction Barrett class. Summer cruise, stability problem, no cruise in 1981 fire aboard resulted in death of a cadet, gutted engine room, while ship at State Pier, preparing for winter cruise. State of Maine , 1982-1983.

Ex USNS Upshur, Borrowed from Maine Maritime Academy Barrett class. Empire State V , 1984.

Borrowed from State University of New York (SUNY Maritime). State of Maine , 1985.

Borrowed from Maine Maritime Academy. Patriot State , 1986-1998.

Ex- Santa Mercedes . No cruise in 1987.

Empire State VI , 1999 - 2003.

Borrowed from State University of New York (SUNY Maritime). Enterprise , 2004 - .


North American Dental Group and Dentsply Sirona Extend Partnership for Cutting Edge Technology and Clinical Solutions

North American Dental Group (NADG), a leading dental support organization, and Dentsply Sirona, the world’s chief manufacturer of dental products and technology, announced they would expand their partnership under a new agreement allowing NADG-supported dentists greater access to scanning and imaging solutions that will enhance patient treatment options.

North American Dental Group, a leading dental support organization, and Dentsply Sirona, the world’s leading manufacturer of dental products and technology, announced they would expand their partnership.

Pittsburgh, PA and Charlotte, NC. NADG-supported dentists will broaden use of Dentsply Sirona’s industry-leading digital solutions like Primescan to enable workflows for services, such as SureSmile® clear aligners, Atlantis® custom abutments, and guided implant surgery. The tools will yield critical data points from clinical outcomes that will be leveraged to develop evidence-based standards that advance best-in-class oral care at NADG’s 250 supported dental offices across 15 states.

This clinical decision and others at NADG are determined by its doctor-led advisory board known as the Professional Dental Alliance.

“At North American Dental Group, we are supporting our affiliated dentists to develop clear, evidence-based clinical standards which bolsters our mission of delivering best-in-class oral care and a tremendous patient experience at every visit,” said Dr. Andrew Matta, NADG’s co-founder and chief medical officer. “Dentistry is evolving, and these digital solutions will aid us in further standardizing our clinical processes which will enable our supported doctors to provide advanced clinical excellence across our entire company.”

The foundation for the expanded partnership will be a world class education and training platform jointly delivered by industry experts and NADG-supported doctors with support from Dentsply Sirona’s Clinical Accelerator Programs. The parties are also committed to co-developing educational courses to train and empower the NADG-supported clinical teams to provide best-in-class clinical care that exceeds patient expectations.

“We are very excited about the partnership with NADG to advance procedural workflows through a combination of differentiated equipment and consumables technologies with cutting edge clinical education and practice support programs,” said Eric Bruno, Senior Vice President, North America Commercial Organization of Dentsply Sirona. “This is a strong reflection of our belief that dentistry is essential and our commitment to Healthy Practices for Healthy Smiles.”


Dentsply Sirona Rises on Purchase of Byte Clear Aligners

Shares of Dentsply Sirona  (XRAY) - Get Report  were higher after the dental-solutions provider purchased clear-aligner provider Byte for $1.04 billion cash.

Stock of Dentsply Sirona, Charlotte, N.C., at last check rose 2.2% to $53.50. The stock is up by two-thirds from its 52-week low, $31.58, set in mid-March. A year ago the stock approached $61.

The deal, which closed Dec. 31, will add to Dentsply Sirona&aposs Sure Smile਌lear-aligner businessਊnd help the company capitalize on consumer demand for the product.

Clear aligners have been developed especially for treating adults and enable smooth alignment of teeth, without clasps, screws or brackets.

"We have been pleased with the growth of our SureSmile clear aligner business,"਌hief Executive Don Casey in a statement. Byte "adds scale for us in the important clear-aligner market."

Dentsply Sirona funded the purchase with cash on hand.

The deal should add at least a nickel a share to Dentsply Sirona’s adjusted 2021 earnings, the company said. 

Byte’s 2021 run-rate sales are estimated at a minimum $200 million, Dentsply Sirona said. Combined with SureSmile, Dentsply Sirona expects a clear-aligner-revenue run-rate exceeding $300 million by the end of 2021. 

Byte was founded in 2017 and launched its products at the beginning of 2019.

The company delivers the aligners to consumers under the direction of a network of dentists and orthodontists. Byte said its system costs under $85 a month.

"The transaction enhances our ability to offer affordable care to patients and increases awareness of the overall benefits of oral care," Neeraj Gunsagar, chief executive of Byte, Los Angeles, said in a statement. 

Centerview Partners was financial adviser to Dentsply Sirona and Skadden, Arps, Slate, Meagher & Flom served as legal counsel. 

Goldman Sachsਊnd American Discovery Capital were financial advisers to Byte, with Bodman as legal counsel.

Vidhi Choudhary is a recent graduate in Business Journalism from Columbia University. Vidhi covers breaking business news for TheStreet.


Service history [ edit ]

Sidonia's sea trials were interrupted when she struck a derelict off Cape Cod on 11 May 1945, and repairs to her port propeller and to metallurgical defects in her port shafting lasted until 31 May.

The ship arrived at Norfolk on 3 June and underwent shakedown in Hampton Roads and Chesapeake Bay from 4󈝹 June. After post-shakedown repairs, she sailed on 23 June for France, arriving at Marseilles on 4 July. There she loaded 216 troops with their supplies and sailed on 14 July for the Pacific, transiting the Panama Canal on 28 and 29 July, and calling at Eniwetok from 18󈞁 August. On 22 August, Sidonia's starboard engine was disabled by an electrical ground, and it remained out of commission during the rest of the ship's career.

Sidonia arrived at Lingayen Gulf on 31 August and disembarked her troops and cargo. On 13 September, a fire disabled her port engine, and repairs lasted until 24 September. The ship arrived at Manila on 29 September and departed on 7 October with 322 homeward-bound servicemen, whom she disembarked at Portland, Oregon, on 9 November. There her engines were dismantled but, on 18 December, repairs were suspended and the ship was ordered deactivated.

Sidonia was decommissioned at Everett, Washington, on 25 February 1946 struck from the Navy list on 17 April 1946 and transferred to the War Shipping Administration on 29 June 1946 for retention in the National Defense Reserve Fleet at Olympia, Washington. Sidonia was sold on 7 December 1964 to Zidell Explorations, Inc., Portland, Oregon, for scrapping.


Dentsply Sirona Reports First Quarter 2021 Results

May 06, 2021 06:00 ET | Source: DENTSPLY SIRONA Inc. DENTSPLY SIRONA Inc.

York, Pennsylvania, UNITED STATES

  • Revenue increased 17.5% to $1,027 million. Organic revenue increased 12.1%
  • GAAP EPS increased to .53 vs loss of (.63) in 2020
  • Non-GAAP EPS increased 67.4% to .72 vs .43 in 2020
  • GAAP operating income increased to $154 million vs loss of ($125) million in 2020
  • Non-GAAP operating income increased 67.2% to $219 million vs $131 million in 2020
  • Operating cash flows increased to $49 million vs loss of ($10) million in 2020
  • Raises FY21 Non-GAAP EPS outlook to $2.75 to $2.90 from $2.60 to $2.80

CHARLOTTE, N.C., May 06, 2021 (GLOBE NEWSWIRE) -- DENTSPLY SIRONA Inc. (“Dentsply Sirona” or the "Company") (Nasdaq: XRAY), The Dental Solutions Company, today announced its financial results for the first quarter of 2021.

First quarter net sales of $1,027 million increased 17.5%, compared to $874 million in the first quarter of 2020. Net income for the first quarter of 2021 was $117 million, or .53 per diluted share, compared to a net loss of $140 million, or (.63) per diluted share in the first quarter of 2020. On an adjusted basis Non-GAAP net earnings per diluted share grew 67.4% to .72 compared to .43 in the first quarter of 2020. A reconciliation of the Non-GAAP measures to earnings per share calculated on a GAAP basis is provided in the attached table.

Don Casey, Chief Executive Officer, commented “We are pleased with our strong first quarter performance. The global dental market has demonstrated resilience with attractive underlying fundamentals. As a result, we are cautiously optimistic about the continued recovery in the category. We remain committed to executing on our restructuring goals while increasing focus on investing for revenue growth. Our revised 2021 outlook reflects confidence in our team's ability to execute on growth initiatives and capitalize on the recovery.”

Q1 21 Summary Results (GAAP)

(in millions, except per share amount and percentages) Q1 21 Q1 20 YoY
Net Sales 1,027 874 17.5%
Operating Income (loss) 154 (125) NM
Operating Income (loss) % 15.0% (14.3%)
Diluted EPS 0.53 (0.63) NM

Q1 21 Summary Results (Non-GAAP) [1]

(in millions, except per share amount and percentages) Q1 21 Q1 20 YoY
Net Sales 1,027 874 17.5%
Organic Sales Growth % 12.1%
Operating Income 219 131 67.2%
Operating Income % 21.3% 15.0%
Diluted EPS 0.72 0.43 67.4%

[1] Organic sales growth, Non-GAAP operating income, and Non-GAAP EPS are Non-GAAP financial measures which exclude certain items. Please refer to "Non-GAAP Financial Measures" below for a description of these measures and to the tables at the end of this release for a reconciliation between GAAP and Non-GAAP measures.

Segment Results

Consumables
First quarter 2021 net sales were $430 million, up 21.5% versus prior year. On an organic basis, net sales increased by 21.2% as compared to prior year. Currency favorably impacted sales by 4.6%, while divestitures and discontinued products negatively impacted sales by 4.3%. Sales across all product categories rebounded in the quarter.

Technologies & Equipment
First quarter 2021 net sales were $597 million, up 14.8% versus prior year. On an organic basis, net sales increased by 5.8% as compared to prior year. Currency favorably impacted sales by 5.7%, acquisitions increased sales by 8.6%, and divestitures and discontinued products negatively impacted sales by 5.3%. Sales in Equipment & Instruments and Implants rebounded in the quarter. Digital Dentistry decreased due to a strong 2020 CAD/CAM comp, partially offset by growth in clear aligners.

Cash Flow and Liquidity

Operating cash flow in the first quarter of 2021 was $49 million, as compared to ($10) million in the prior year. In the first quarter, the Company paid $22 million in dividends and executed $90 million in share repurchases, for a total of $112 million returned to shareholders. The Company also funded the Datum Dental, Ltd. acquisition for $92 million. At March 31, 2021, the Company had $318 million of cash available on its balance sheet.

Revised Fiscal Year 2021 Outlook

Based on the results of the first quarter and the continued gradual recovery of the global dental market, we have revised the fiscal year 2021 outlook. We now expect revenues to be in the $4.1B to $4.3B range, up approximately 23-28% on a reported basis and 18-25% on an organic basis. We are increasing our Non-GAAP EPS outlook for FY2021 to $2.75 to $2.90 from $2.60 to $2.80.

Further revised 2021 planning assumptions are included in the Q1 FY2021 Earnings Presentation posted at www.dentsplysirona.com. The Company does not provide forward-looking estimates on a GAAP basis as certain information is not available and cannot be reasonably estimated.

Recent Announcements & Additional Highlights

    Dentsply Sirona World 2021 - After a successful virtual DS World in 2020, the “Ultimate Dental Experience” will once again welcome guests in Las Vegas, Nevada. The event will take place September 23-25, 2021, at Caesars Forum and will also include a virtual option for those who would like to take part in the experience but are not comfortable meeting in-person or cannot travel to the venue. This year’s meeting will feature a choice of educational tracks with pertinent information to help ensure that attendees are prepared for current challenges and ready to take advantage of the opportunities that digital dentistry offers.

Conference Call/Webcast Information
Dentsply Sirona’s management team will host an investor conference call and live webcast on May 6, 2021 at 8:30 am ET. A presentation will also be available on www.dentsplysirona.com in the Investors section.

Investors can access the webcast via a link on Dentsply Sirona’s web site at www.dentsplysirona.com. For those planning to participate on the call, please dial +1-877-370-7637 for domestic calls, or +1-629-228-0723 for international calls. The Conference ID # is 3396419. A replay of the conference call will be available online on the Dentsply Sirona web site, and a dial-in replay will be available for one week following the call at +1-855-859-2056 (for domestic calls) or +1-404-537-3406 (for international calls), replay passcode # 3396419.

About Dentsply Sirona
Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with a 134-year history of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. As The Dental Solutions Company, Dentsply Sirona’s products provide innovative, high-quality and effective solutions to advance patient care and deliver better, safer and faster dentistry. The Company’s shares of common stock are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products.

Contact Information:
Investors:
Kari Dixon
Vice President, Financial Planning & Analysis
+1-704-805-1281
[email protected]

Forward-Looking Statements and Associated Risks

All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (“COVID-19”) pandemic and the impact of varying private and governmental responses that affect our customers, employees, vendors and the economies and communities where they operate. For a written description of these factors, see the section titled “Risk Factors” in Dentsply Sirona’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and any updating information in subsequent SEC filings including the Company's Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2021. No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In millions, except per share amounts)

Three Months Ended March 31,
2021 2020
Net sales$1,027 $874
Cost of products sold448 406
Gross profit579 468
Selling, general, and administrative expenses385 359
Research and development expenses37 34
Goodwill impairment 157
Restructuring and other costs3 43
Operating income (loss)154 (125)
Net interest and other expense (income)5 5
Income (loss) before income taxes149 (130)
Provision for income taxes32 10
Net income (loss)117 (140)
Less: Net income attributable to noncontrolling interest
Net income (loss) attributable to Dentsply Sirona$117 $(140)
Net income (loss) per common share attributable to Dentsply Sirona:
Basic$0.53 $(0.63)
Diluted$0.53 $(0.63)
Weighted average common shares outstanding:
Basic218.8 220.9
Diluted219.9 220.9

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In millions)

March 31, 2021 December 31, 2020
Assets
Current Assets:
Cash and cash equivalents$318 $438
Accounts and notes receivables-trade, net643 673
Inventories, net500 466
Prepaid expenses and other current assets235 214
Total Current Assets1,696 1,791
Property, plant, and equipment758 791
Operating lease right-of-use assets, net168 176
Identifiable intangible assets, net2,461 2,504
Goodwill3,952 3,986
Other noncurrent assets102 94
Total Assets$9,137 $9,342
Liabilities and Equity
Current Liabilities:
Accounts payable$283 $305
Accrued liabilities557 653
Income taxes payable44 60
Notes payable and current portion of long-term debt328 299
Total Current Liabilities1,212 1,317
Long-term debt1,923 1,978
Operating lease liabilities125 130
Deferred income taxes411 393
Other noncurrent liabilities536 554
Total Liabilities4,207 4,372
Total Equity4,930 4,970
Total Liabilities and Equity$9,137 $9,342

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In millions)

Three Months Ended March 31,
2021 2020
Cash flows from operating activities:
Net income (loss)$117 $(140)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation32 32
Amortization of intangible assets56 47
Amortization of deferred financing costs2 1
Deferred income taxes(3) (8)
Stock based compensation expense13 10
Goodwill impairment 157
Indefinite-lived intangible asset impairment 39
Other non-cash expense17 10
Gain on sale of non-strategic businesses and product lines(13)
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net11 53
Inventories, net(50) (57)
Prepaid expenses and other current assets(27) (27)
Other noncurrent assets(13) (7)
Accounts payable(17) (29)
Accrued liabilities(81) (95)
Income taxes(8) 7
Other noncurrent liabilities13 (3)
Net cash provided by (used in) operating activities49 (10)
Cash flows from investing activities:
Capital expenditures(30) (26)
Cash paid for acquisitions of businesses and equity investments, net of cash acquired(92)
Cash received on sale of non-strategic businesses or product lines19
Cash received on derivative contracts 9
Proceeds from sale of property, plant, and equipment 1
Net cash used in investing activities(103) (16)
Cash flows from financing activities:
Proceeds on short-term borrowings30 31
Cash paid for treasury stock(90) (140)
Cash dividends paid(22) (22)
Proceeds from long-term borrowings, net of deferred financing costs4
Repayments on long-term borrowings, net (1)
Proceeds from exercised stock options33 4
Other financing activities, net(8) (2)
Net cash used in financing activities(53) (130)
Effect of exchange rate changes on cash and cash equivalents(13) (13)
Net decrease in cash and cash equivalents(120) (169)
Cash and cash equivalents at beginning of period438 405
Cash and cash equivalents at end of period$318 $236

Non-GAAP Financial Measures

In addition to results determined in accordance with U.S. generally accepted accounting principles (“US GAAP”) the Company provides certain measures in this press release, described below, which are not calculated in accordance with US GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures may differ from those used by other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP. The Company discloses these measures 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 which may not be indicative of past or future performance of the normal operations of the Company. The Company believes that this information is helpful in understanding underlying operating results including net sales, operating income, and net income.

The Company defines "organic sales" as the increase or decrease in net sales excluding: (1) net sales from acquired and divested businesses recorded prior to the first anniversary of the acquisition or divestiture, (2) net sales attributable to discontinued product lines in both the current and prior year periods, and (3) the impact of foreign currency translation, which is calculated by translating current period sales using the comparable prior periods currency conversion rates. Organic sales is an important internal measure for the Company. The Company's senior management receives a monthly analysis of operating results that includes organic sales and the performance of the Company is measured on this metric along with other performance metrics.

Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Diluted Common Share

The adjusted net income (loss) attributable to Dentsply Sirona consists of net income (loss) attributable to Dentsply Sirona adjusted to exclude the following:

(1) Business combination related costs and fair value adjustments. These adjustments include costs related to consummating and integrating acquired businesses, as well as net gains and losses related to the disposed businesses. In addition, this category includes the subsequent impact roll-off to the consolidated statements of operations which results from fair value adjustments related to business combinations, except for amortization expense of purchased intangible assets noted below. Although the Company is regularly engaged in activities to find and act on opportunities for strategic growth and enhancement of product offerings, the costs associated with these activities may vary significantly between periods based on the timing, size and complexity of acquisitions and as such may not be indicative of past and future performance of the Company. They are therefore excluded to allow investors to better understand underlying operating trends.

(2) 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 termination costs and related professional service costs, duplicate facility and labor costs associated with specific restructuring initiatives. Other costs include legal settlements and impairments of assets. The Company's restructuring programs usually require several years to fully implement and the Company is continually seeking to take actions that could enhance its efficiency. While restructuring charges are recurring, they are subject to significant fluctuations from period to period due to the varying levels of restructuring activity and the inherent imprecision in the estimates used to recognize the impairment of assets and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.
(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets recorded in purchase accounting. Although these costs contribute to revenue generation and will recur in future periods, their amounts are significantly impacted by the timing and size of acquisitions.

(4) Credit risk and fair value adjustments. These adjustments include both the cost and income impacts of adjustments in certain assets and liabilities including the Company’s pension obligations, that are recorded through net income which are related to the changes in fair value and credit risk. Although this non-service component of pension expense is a recurring item, it is subject to significant fluctuations from period to period due to changes in actuarial assumptions, global financial markets (including stock market returns and interest rate changes), plan changes, settlements, curtailments, and other changes in facts and circumstances. These items can be variable and driven more by market conditions than the Company’s operating performance.

(5) 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 and the vesting and exercise of employee share-based compensation. Income tax related adjustments may also include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate. These adjustments are irregular in timing the variability in amounts may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.

Both adjusted net income (loss) and adjusted EPS are important internal measures for the Company. The Company's senior management receives a monthly analysis of operating results that includes adjusted net income (loss) and adjusted EPS. The performance of the Company is measured on these metrics along with other performance metrics.

Adjusted Operating Income (Loss) and Margin

In addition to reporting operating income (loss) in accordance with US GAAP, the Company provides adjusted operating income (loss) and margin. The Company defines "adjusted operating income (loss)" as operating income (loss) in accordance with US GAAP excluding certain items noted above which are excluded on a pre-tax basis to arrive at adjusted operating income (loss), a Non-GAAP measure. The adjusted operating margin is calculated by dividing adjusted operating income (loss) by net sales. Both adjusted operating income (loss) and adjusted operating margin are important internal measures for the Company. The Company's senior management receives a monthly analysis of operating results that includes adjusted operating income (loss) and margin. The performance of the Company is measured on these metrics along with the adjusted net income (loss) and adjusted EPS metrics noted above as well as other performance metrics.

DENTSPLY SIRONA INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)

A reconciliation of reported net sales to organic sales by segment is as follows:

Three Months Ended March 31, 2021 Q1 2021 Change Three Months Ended March 31, 2020
(in millions, except percentages) Technologies & EquipmentConsumablesTotal Technologies & EquipmentConsumablesTotal Technologies & EquipmentConsumablesTotal
Net sales $597 $430 $1,027 14.8%21.5%17.5% $520 $354 $874
Foreign exchange impact 5.7%4.6%5.3%
Acquisitions 8.6%%5.1%
Divestitures and discontinued products (5.3%)(4.3%)(5.0%)
Organic sales 5.8%21.2%12.1%

A reconciliation of reported net sales to organic sales by geographic region is as follows:

Three Months Ended March 31, 2021 Q1 2021 Change Three Months Ended March 31, 2020
(in millions, except percentages) U.S.EuropeROWTotal U.S.EuropeROWTotal U.S.EuropeROWTotal
Net sales $347 $418 $262 $1,027 15.7%12.1%30.3%17.5% $300 $373 $201 $874
Foreign exchange impact 1.4%8.6%5.0%5.3%
Acquisitions 14.8%%0.1%5.1%
Divestitures and discontinued products (5.3%)(4.6%)(5.6%)(5.0%)
Organic sales 4.8%8.1%30.8%12.1%

DENTSPLY SIRONA INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)

For the three months ended March 31, 2021, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows:

GAAP ADJUSTED NON-GAAP
(in millions, except per share amounts and percentages)Three Months Ended March 31, 2021Amortization of Purchased Intangible AssetsRestructuring Program Related Costs and Other CostsBusiness Combination Related Costs and Fair Value AdjustmentsCredit Risk and Fair Value AdjustmentsTax Impact of Non-GAAP AdjustmentsIncome Tax Related AdjustmentsTotal Non-GAAP AdjustmentsThree Months Ended March 31, 2021
GROSS PROFIT$579 32 (1)1 $32 $611
% OF NET SALES56.4% 59.5%
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES385 (24)(1)(5) (30)355
% OF NET SALES37.5% 34.6%
RESEARCH AND DEVELOPMENT EXPENSES37 37
RESTRUCTURING AND OTHER COSTS3 (3) (3)
OPERATING INCOME154 56 3 6 65 219
% OF NET SALES15.0% 21.3%
OTHER INCOME AND EXPENSE5 13 (4) 9 14
INCOME BEFORE INCOME TAXES149 56 3 (7)4 56 205
PROVISION FOR INCOME TAXES32 13 2 15 47
% OF PRE-TAX INCOME21.5% 22.9%
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO DENTSPLY SIRONA$117 $41 $158
% OF NET SALES11.4% 15.4%
EARNINGS PER SHARE - DILUTED$0.53 $0.19 $0.72

For the three months ended March 31, 2021, the following table presents the details of the "Restructuring program related costs and other costs" column in the above table and the affected line item in the Consolidated Statements of Operations:

(in millions) Costs related to restructuring plans Professional services costs Total
Cost of products sold $(1) $ $(1)
Selling, general, and administrative expenses 1 1
Restructuring and other costs 3 3
Total $2 $1 $3

DENTSPLY SIRONA INC. AND SUBSIDIARIES
(In millions, except percentages)
(unaudited)

For the three months ended March 31, 2020, a reconciliation of selected items as reported in the Condensed Consolidated Statements of Operations to adjusted Non-GAAP items is as follows:

GAAP ADJUSTED NON-GAAP
(in millions, except per share amounts and percentages)Three Months Ended March 31, 2020Amortization of Purchased Intangible AssetsRestructuring Program Related Costs and Other CostsBusiness Combination Related Costs and Fair Value AdjustmentsTax Impact of Non-GAAP AdjustmentsIncome Tax Related AdjustmentsTotal Non-GAAP AdjustmentsThree Months Ended March 31, 2020
GROSS PROFIT$468 29 1 $30 $498
% OF NET SALES53.5% 57.0%
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES359 (19)(6)(1) (26)333
% OF NET SALES41.1% 38.1%
RESEARCH AND DEVELOPMENT EXPENSES34 34
GOODWILL IMPAIRMENT157 (157) (157)
RESTRUCTURING AND OTHER COSTS43 (43) (43)
OPERATING (LOSS) INCOME(125)48 206 2 256 131
% OF NET SALES(14.3%) 15.0%
OTHER INCOME AND EXPENSE5 5
(LOSS) INCOME BEFORE INCOME TAXES(130)48 206 2 256 126
PROVISION FOR INCOME TAXES10 27 (6)21 31
% OF PRE-TAX (LOSS) INCOME(7.7%) 24.6%
LESS: NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
NET (LOSS) INCOME ATTRIBUTABLE TO DENTSPLY SIRONA$(140) $235 $95
% OF NET SALES(16.0%) 10.9%
EARNINGS PER SHARE - DILUTED$(0.63) $1.06 $0.43
Weighted average common shares outstanding used in calculating diluted GAAP net loss per common share 220.9
Weighted average common shares outstanding used in calculating diluted Non-GAAP net income per common share 222.3

For the three months ended March 31, 2020, the following table presents the details of the "Restructuring program related costs and other costs" column in the above table and the affected line item in the Consolidated Statements of Operations:


Musculoskeletal Assessment and Treatment Service (MATS) and Spinal Service

The MATS and Spinal Service is for people over the age of 16 who are registered with a Bristol GP Practice.

What we do

The Bristol MATS and Spinal Service can assess and manage the care of people with musculoskeletal and spinal conditions. The care that you receive will be appropriate for your needs and we are committed to enabling individuals to make informed decisions about their care.

Our service offers the opportunity to be seen by one of our experienced Extended Scope Physiotherapists, Podiatrists or specialist GPs who will listen, assess and provide treatment and advice on how to manage pain and determine the best course of care.

Some people may be offered a steroid injection or will be referred for ultrasound (USS)/MRI (magnetic resonance imaging) or x-ray to gain further information on the problem.

At Hampton House, the MATS service provides an ultrasound guided injection clinic for certain individuals that require injections under ultrasound imaging. For certain conditions/ interventions or more complex cases these are redirected to secondary care.

Following assessment individuals may be referred to a hospital for a surgical opinion, or referred for further conservative management (eg a course of physiotherapy).


Watch the video: We are Sirona! (May 2022).