DENTSPLY SIRONA Inc.

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2020 Dent Supply Sirona Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star 1 on your telephone. If you require any further assistance, please press star then 0. I would now like to do so, so this conference call is carried. Dixon, you may begin.

Thank you, Operator, and good morning, everyone. Welcome to our fourth quarter 2020 Earnings Conference Call. I'd like to remind you that an earnings call press release and slide presentation related to the call are available on our website at www.dentsupplyserona.com. Before we begin, please take a moment to read the forward-looking statements in our earnings press release. During today's call, we make certain predictive statements that reflect our current views about future performance and financial results. We base these statements and certain assumptions and expectations on future events that are subject to risks and uncertainties. Our most recent Form 10-K lists some of the most important risk factors that could cause actual results to differ from our predictions. In today's conference call, our remarks will be based on non-GAAP financial results. We believe that non-GAAP financial measures provide investors with useful supplemental information about financial performance of our business, enable the comparison of financial results between periods where certain items may vary independently of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. please refer to our press release for the reconciliation between GAAP and non-GAAP results. And with that, I'd like to now turn the call over to Don Casey, our Chief Executive Officer. Don?

Thank you, Carrie, and thank all of you for joining us this morning. I hope you're all safe and well. It's hard to imagine that a year ago, on this call, we first started discussing the COVID-19 pandemic. And as we enter 2021, it is still a challenge that creates some level of uncertainty. But over the course of the year, there have been many lessons for Dentsply Sirona and the experience has hopefully prepared us for the coming year and beyond. As we provide a final look at 2020, a few things really stand out. The first is the resilience of the dental market and how committed the dental community is to serving their patients. The second is how strong the underlying Dentsply Sirona business is. This is illustrated by the improvement in our results over the last two quarters. Learning new and different ways to do business has been another key lesson. whether it was a virtual DS world, creating digital KOL forums, or having our global R&D teams collaborate without physically being together. There is vital learning here that we will apply going forward. And finally, we have always talked about how our people are our most important asset. Well, 2020 certainly highlighted that. Every day, our team stayed focused on our customers and their patients, despite dealing with professional and personal challenges that we all face during the year. I want to thank them for their commitment and professionalism. Moving on, today we want to cover four things. The first is our fourth quarter results. After that, we will provide some guidance for 2021, and we will then provide some perspective on our priorities going forward. And we will finish with a discussion around our ESG plans. Moving now to slide six. We were pleased with our performance in the fourth quarter. Revenues were $1.1 billion, down 3.3 percent on an organic basis. This is a sequential improvement versus quarters two and three and reflects a gradual recover in the dental market. In the fourth quarter, we remain disciplined around spending, and these cost containment efforts help deliver a solid margin performance. Operating margin reached 23.2%, up 320 basis points versus a year ago. This results in an adjusted non-gap EPS of 87 cents, up 19.2% versus the prior year. Other actions taken by the team helped generate healthy cash flow from operations of $263 million. To provide the details of our performance for the quarter, I will now turn the call over to Jorge.