DENTSPLY SIRONA Inc.

Good day, and thank you for standing by for 2021 Serona 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 that session, you'll need to press star 1 on your telephone. Please be advised that today's conference is being recorded, and if you require any assistance during the call, please press star 0. I would now like to hand the conference over to your speaker today, Ms. Ann Haley. Ann Haley, the floor is yours.

Thank you, Chris, and good morning, everyone. Welcome to our fourth quarter and full year 2021 earnings call. Joining me for today's call is Dawn Casey, our Chief Executive Officer, and Jorge Gomez, our Chief Financial Officer. I'd like to remind you that an earnings call press release and slide presentation related to the call are available in the investor section of our website at www.densebyserona.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 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 turn the call over to Don Casey.

Thank you, Andrea, and thank all of you for joining us this morning for the Dentsply Sirona fourth quarter and full year 2021 earnings call. There's a lot to cover today. Before getting into the discussion, though, I wanted to thank our team at Dentsply Sirona. Looking at the challenges through the last two years, there have been a few constants. The first is that dentists have shown tremendous perseverance and creativity throughout the pandemic, underscoring the resilience of the dental industry. The other is our team at Dentsply Sirona. Every day, they continue to demonstrate unwavering commitment to our customers and our mission of transforming dentistry. Across the entire company, our thoughts are also with the people and our colleagues in Ukraine. We have a great team there, and we will continue to support them however possible. Moving on today, we will cover four items, starting with an overview of 2021. Then Jorge will cover our Q4 financials and provide our 2022 outlook. I will finish by providing a strategic operating update. We are proud of our performance in 2021. Dentsply Sirona delivered robust organic sales and EPS growth, as well as solid cash generation. There was also significant progress against our critical strategic initiatives. An excellent example of that progress were the two announcements we made last week. Those included a strategic collaboration with Google Cloud and the launch of a 3D printer later this year. Both of these represent important milestones and highlight our commitment to transforming digital dentistry. Moving now to slide six. As I mentioned, our financial performance through 2021 was strong with revenues reaching $4.25 billion. This represents a robust 24.6 percent increase on an organic basis versus 2020. That would also represent an organic growth rate of 4.9 percent versus 2019. Our operating margin was 20.5 percent, with SG&A and R&D investments increasing over the year with the pace of the recovery. Adjusted EPS was $2.87, And on a full-year basis, we generated strong operating cash flow of $657 million. To provide more details on our financial performance, I will now turn the call over to Jorge.