DENTSPLY SIRONA Inc.

Good day and thank you for standing by. Welcome to the Dentsply Sirona first quarter 2023 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 will need to press star 11 on your telephone. You will then hear an automated message advising you that your hand is raised. To withdraw your question, just press star 11 again. As a reminder, today's conference is being recorded, and I would now like to turn the conference over to your host, Andrea Daly, Vice President for Investor Relations. Andrea, please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to our first quarter 2023 earnings call. Joining me for today's call is Simon Campion, Densly Serena's Chief Executive Officer, and Glenn Coleman, Chief Financial Officer. I'd like to remind you that an earnings press release and slide presentation related to the call are available in the investor section of our website at www.densplyserona.com. Before we begin, please take a moment to read the forward-looking statements in our earnings press release. During today's call, we may 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 uncertainty. Our most recently filed Form 10-K and any updating information in subsequent SEC filings lists some of the most important risk factors that could cause actual results to differ from our predictions. Additionally, on today's 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 will now turn the call over to Simon.

Thank you, Andrea. And thank you all for joining us this morning for our Q1 2023 earnings call. Today, I'll start by providing an overview of our recent performance. Glenn will cover Q1 results and our updated 2023 outlook. And then I will finish by providing a strategic operating update. Starting on slide five, we were pleased to begin 2023 with a strong quarter delivering more than 5% organic sales growth. Our top line return to growth with consumables and our aligner businesses, SureSmile and Byte, delivering double-digit growth. The US region grew nearly 15% in the quarter, driven by the strength in consumables and aligners, in addition to some favorable timing of CAD-CAM dealer orders. Outside of the US, we saw some growth in Europe, while performance in the rest of the world was flat due to the headwinds in China. In addition to revenue performance, we also over-delivered on adjusted EPS. As we have repeatedly noted, fulfilling our commitments internally and externally is a top priority for this leadership team. The combination of the progress we are making on our strategic objectives, our organizational transformation, and our Q1 performance is increasing our confidence in our trajectory through this transition year. As a result, we are now raising the low end of our 2023 outlook for net sales, organic sales growth, and adjusted EPS, which Glenn will cover in a moment. In Q1, we participated in IDS in Cologne, Germany for the first time since 2019. The trade show was well attended with more than 120,000 dental professionals from 162 countries. I was impressed by the power of our presence at the event and proud of the way our commercial team engaged with customers. It was very clear that there is cachet associated with Dennis by Sirona in this industry. We think it's vital to our success to leverage this reputation into a greater customer and patient-centric approach as we execute on our transformation plans. Additionally, two weeks ago, we brought together our top leaders across the company for a leadership summit to reinforce and engage on our short and long-term expectations. Hearing from customers, investors, board members, and other CEOs delivered a palpable impact, and I believe further motivated this team to believe in our future, to get some swagger back, to think boldly and courageously, and to bring their best to our company every day. Our purpose for change is clear, to make Dentsply Sirona a better place for employees to work in, for customers to work with, and for shareholders to invest in. I am very pleased with the engagement and traction that we are beginning to achieve, with our customers, employees, and partners. We have built positive momentum inside and outside of our company, which is critically important for all our stakeholders. We are also delivering on our ESG commitments and are proud to announce that the first ever global standard protocols for digitalized cleft treatment have been developed through our partnership with FDI and Smile Train, the world's largest cleft-focused organization. These protocols are expected to significantly improve the accuracy and efficacy of the current treatments by providing dental professionals with a comprehensive digital clinical approach across all stages of care for these patients. This initiative builds upon an ongoing global partnership we have with SmileTrain, which has funded over 1,000 cleft surgeries to date and is an excellent example of how we can contribute to our vision of transforming dentistry to improve oral health globally while giving back to our communities. And with that, I'll turn it over to Glenn for greater financial detail. Glenn?