DENTSPLY SIRONA Inc.

to 2025 Dense Splice Serona Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a -and-answer session. To ask a question during the session, you will need to press star, one, one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, one again. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to Andrea Daly, Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and good morning, everyone. Welcome to the Dense Splice Serona Second Quarter 2025 Earnings Call. Joining me for today's call is Dan Scavella, Chief Executive Officer, and Matt Garth, 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 .denseplicerona.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 forward-looking 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 recently filed Form 10-K and any updated information in subsequent Form 10-Q or other SEC filings list some of the most important risk factors that could cause actual results to differ from our predictions. On today's call, our remarks will be based on non-GAP financial results. We believe that non-GAP financial measures offer investors valuable additional insights into our business's financial performance, enable the comparison of financial results between periods where certain items may vary independently of business performance, and enhance transparency regarding key metrics utilized by management in operating our business. Please refer to our press release for the reconciliation between GAP and non-GAP results. Comparisons provided are to the prior year quarter unless otherwise noted. A webcast replay of today's call will be available on the investor section of the company's website following the call. And with that, I will now turn the call over to Dan.

Thank you, Andrea, and good morning, everyone. This is my first earnings call since taking the CEO role on August 1st. So I thought it would be appropriate to open with a few statements before progressing into the Q2 business results. Then that will cover Q2 financials and give an update on our 2025 outlook. First, I wanna thank Simon for his nearly three years in the role where he built a strong team, strengthened communications with our customers, and initiated multiple programs to improve Denys Sply-Saronis' position in the market. Having come from our board of directors, I can tell you that I personally appreciate the work he's done, and I plan to build on these programs with an eye on moving deeper, faster, and strengthening our long-term position in the market. Second, I look forward to partnering with Matt as our new CFO. I believe Matt's experience and background are exactly what we need, and we're forming a strong partnership as we move forward together. I've also had the opportunity to engage with senior leadership at Denys Sply-Saronis, and my initial assessment is that we have the core foundation to shape this company's future. I'm sure many of you are wondering what I plan on doing or what changes you should expect from me. While I do have several hypotheses and ideas on what to focus on, I'm currently working with the team and our customers to listen and learn so we can prioritize and focus our approach before fully developing pathways. There are a few areas that are immediately apparent that I will share with you now, starting on slide three. I've been focusing initially on providing stability to the organization through the CEO change so we can focus on execution and drive results. I've been active with the DS team, connecting, interacting, and conducting deep dives to listen, learn, and align on our go-forward approach. We will continue to improve our focus on the customer and the customer experience. Every position in every department will make this a priority. We will enhance our support of the customers and our field-based employees through simplifying interactions, speed of response, and increased strategic investments. The field team is and will become even more so a strength of our company, the tip of our spear. We will focus on enhancing investments and innovation, including speed to market and adding value to our clinicians and their workflows so that they can offer the best products and services to their patients and grow their skills and practices. As market leaders, we will need to shape the future of our markets, partnering with our practitioners to migrate from product offerings into proceduralization, focusing on the complete provider-patient experience, leveraging the strength of our entire company's broad portfolio to outpace competition. DS Core Platform is a critical element of the company's strategy, and it continues to gain traction, with 50,000 unique users now using the platform and more connected devices and lab orders processed each month. We have a strong supply chain under great leadership that I believe we can enhance even further through streamlining several components to unlock value, reduce cost and free funds to invest in fueling future growth. As you've heard from us, we have programs underway that will continue, but we'll also be looking at more strategic moves to better position ourselves for the future. Wrapped around our commercial enablement, innovation engine, and operations muscle will be streamlined support functions that will add value through simplifying and standardizing systems, processes and structure that will allow us to move faster, support customers better, and unlock funds that can be redirected into sustained profitable growth. The team has made progress here seen in our financial results, but there's more work to do in this area. I believe that focusing on the customer and moving with urgency while investing in our sales team and product development capabilities will unlock value throughout our P&L. We will make decisions that support long-term sustained growth that leads to stronger financial performance, benefiting our business and our shareholders. Moving into our Q2 business results on slide four, global sales were $936 million, decreasing 5% as reported, or negative 7% on a constant currency basis. Excluding the bite impact, sales declined approximately 4%. Adjusted EBITDA margin was 21%, increasing 360 basis points versus prior year Q2. Adjusted earnings per share were 52 cents, growing 7% versus prior year. Both adjusted EBITDA and EPS results are driven primarily from bite impact and active cost reduction programs. Cash flow from operation was $48 million for the quarter. Our data and customer survey in the second quarter show global patient volumes and procedures largely unchanged from previous quarters. From a regional perspective, US sales in Q2 were $293 million, down 18% in total or 11% excluding the bite impact. Results were driven primarily by continued softness and connected technology solutions and orthodontic and implant solutions. Given the performance, this is a priority area for us to address. We've already kicked off activities in my first week. European sales were $404 million, basically flat versus Q2 prior year. Germany delivered its fourth consecutive quarter of growth driven by CTS and SureSmile, which was up over 27% offset by softness and IPS. Rest of world sales were $239 million, up slightly versus prior year, with growth in essential dental solutions and SureSmile up double digits, partially offset by softness and CTS. Before I hand the call to Matt, I wanna say that I'm excited to join the Dense By Serona team and be part of shaping the future of this organization. I believe our potential has never been greater, but it's up to us to harness our resources and shape the future of our markets, placing our customers at the center of all we do and making thoughtful investments to drive long-term sustained profitable growth. Thank you. I will now turn the call over to Matt.