- Dentsply Sirona Inc XRAY announced an organizational restructuring plan and anticipates achieving at least $200 million in annual cost savings over the next 18 months.
- The restructuring plan consists of a reduction in the global workforce of approximately 8% - 10%.
- The company will also implement five global business units closely aligned to its regional commercial structures, facilitating improved transparency and communication.
- Dentsply Sirona will create a Senior Vice President of Quality and Regulatory role to elevate the quality and regulatory affairs function.
- The company expects to incur up to $165 million in non-recurring charges, most of which will be expensed in 2023.
- In addition to evolving Dentsply Sirona's operating model, the company is undertaking a review of its product offerings on an SKU-level basis to streamline the portfolio.
- Dentsply Sirona targets adjusted earnings per share of $3.00 targeted for 2026.
- The company intends to further discuss these plans on its upcoming fourth quarter and full-year 2022 earnings call on Feb. 28, 2023.
- Price Action: XRAY shares closed lower by 2.16% at $35.80 on Thursday.
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