DENTSPLY SIRONA Inc. - XRAY STOCK NEWS

Dentsply Sirona (NASDAQ:XRAY) faces a securities class action lawsuit regarding its Byte dental aligner business. The lawsuit covers investors who purchased stock between December 1, 2022, and November 6, 2024. The company is accused of making false statements and failing to disclose that they targeted low-income individuals often ineligible for treatment, inadequately screened patients, and failed to report injuries to the FDA.

On October 24, 2024, Dentsply suspended Byte sales for regulatory review. The next day, they revealed FDA concerns about patient screening and announced an expected goodwill impairment of $450-550 million, causing a 4.5% stock drop. On November 7, 2024, they confirmed a $495 million impairment charge, lowered 2024 earnings guidance, and considered discontinuing Byte operations, leading to a 28.02% stock decline.

Dentsply Sirona (NASDAQ:XRAY) faces a securities class action lawsuit regarding its Byte dental aligner business. The lawsuit covers investors who purchased stock between December 1, 2022, and November 6, 2024. The company is accused of targeting low-income individuals unsuitable for treatment and failing to properly screen contraindicated patients.

On October 24, 2024, Dentsply announced the voluntary suspension of Byte Aligners sales. The company later revealed FDA concerns about inadequate patient screening and announced a goodwill impairment charge between $450-550 million. The stock fell 4.5% following this news.

On November 7, 2024, Dentsply confirmed a $495 million goodwill impairment charge, lowered its 2024 earnings forecast, and mentioned possible discontinuation of the Byte business. The stock subsequently dropped 28.02% to $17.26 per share.

Dentsply Sirona (NASDAQ: XRAY) faces a securities class action lawsuit regarding its Byte dental aligner business. The lawsuit alleges that between December 1, 2022, and November 6, 2024, the company made misleading statements and failed to disclose critical issues, including targeting low-income individuals unsuitable for treatment and inadequate patient screening processes.

Following regulatory concerns, Dentsply suspended Byte sales on October 24, 2024, leading to a 4.5% stock drop. Subsequently, on November 7, 2024, the company announced a $495 million goodwill impairment charge and lowered its 2024 earnings forecast, causing the stock to plummet 28.02%. The company is now considering discontinuing its Byte business entirely.

Dentsply Sirona (Nasdaq: XRAY) has announced a quarterly cash dividend declaration by its Board of Directors. The company will pay $0.16 per share of common stock, which indicates an annual rate of $0.64 per share. Shareholders who are holders of record as of December 27, 2024, will receive the dividend payment on January 10, 2025.

Dentsply Sirona (Nasdaq: XRAY) has announced its participation in the 7th Annual Evercore ISI HealthCONx Conference. The company's management will engage in a fireside chat discussion on December 5, 2024, at 8:20 am ET. Interested parties can access both the live audio webcast and replay through the Investors section of Dentsply Sirona's website at investor.dentsplysirona.com.

Dentsply Sirona (Nasdaq: XRAY) has appointed Herman V. Cueto as Interim Chief Financial Officer, effective immediately. Cueto brings over 20 years of experience in healthcare finance leadership. He will oversee the finance organization while the company conducts its search for a permanent CFO. CEO Simon Campion expressed confidence in Cueto's financial acumen, operational expertise, and understanding of the global healthcare sector to help execute strategic priorities during this transition period.

Dentsply Sirona (XRAY) reported Q3 2024 results with net sales of $951 million, up 0.5% year-over-year, with organic sales growth of 1.3%. The company posted a GAAP net loss of ($494) million, or ($2.46) per share, including a non-cash goodwill impairment charge of ($495) million. Adjusted EPS was $0.50, slightly up from $0.49 in Q3 2023. Due to market pressures in U.S. equipment and challenges with Byte, the company revised its FY24 outlook, now expecting organic sales decline of (3.5%) to (2.5%) and adjusted EPS of $1.82 to $1.86.

Dentsply Sirona (Nasdaq: XRAY) has announced a conference call and live webcast scheduled for October 25, 2024, at 9:00 am ET to discuss their Byte Aligner business. Interested participants can register for the call through the provided registration link. A replay of the webcast will be made available in the Investors section of the company's website after the call concludes.

Dentsply Sirona (XRAY) has voluntarily suspended sales and marketing of its Byte Aligners and Impression Kits while reviewing regulatory requirements in consultation with the FDA. The company reports preliminary Q3 2024 net sales of approximately $951 million with adjusted EPS expected between $0.49-$0.51. The company expects to record non-cash goodwill impairment charges of $450-$550 million for its Orthodontic Aligner Solutions and Implants & Prosthetic Solutions units, driven by state regulatory impacts on Byte business and weakened demand with competitive pricing pressures.