Dentsply Sirona at Leerink’s Conference: Strategic Focus on Digital Growth

On Tuesday, 11 March 2025, Dentsply Sirona (NASDAQ: XRAY) presented at Leerink’s Global Healthcare Conference 2025, outlining its strategic initiatives amidst a challenging market landscape. The company highlighted significant growth in its European aligner business and digital ecosystem while acknowledging macroeconomic uncertainties that have led to a reevaluation of long-term targets.

Key Takeaways

• Dentsply Sirona’s aligner business in Europe grew over 20%, with North America seeing mid to high single-digit growth.
• The company is focusing on its digital ecosystem, particularly through the expansion of DS Core and the PrimeScan II product line.
• A $300 million cost reduction initiative is underway, alongside operational streamlining.
• Challenges include macroeconomic uncertainties and the need for a permanent CFO to establish new long-term targets.
• The BYTE acquisition is being integrated to enhance demand generation and e-commerce capabilities.

Financial Results

• The European aligner business experienced growth exceeding 20%.
• North American aligner sales increased in the mid to high single digits during Q4.
• Wellspect continues to perform with mid-single-digit growth.
• Germany’s market showed its strongest performance in seven to eight quarters.

Operational Updates

• Reintroduction of a mid-range CBCT in Germany contributed to market growth.
• The company placed more scanners in 2024 than in the previous year, emphasizing its digital strategy.
• An inside sales team has been mobilized, reaching out to 16,000 accounts, with the goal of doubling revenue from accounts under $10,000.
• New compressibility software for PrimeScan II will be released to improve customer experience.

Future Outlook

• Dentsply Sirona is committed to enhancing its digital ecosystem, focusing on scanners and DS Core integration.
• The company plans to integrate implants onto DS Core later this year, aiming to improve clinical education through localized events.
• Strategic emphasis is placed on improving SureSmile software to re-engage orthodontists.
• Macro uncertainties and the absence of a permanent CFO have led to a pause in setting new long-term targets.

Q&A Highlights

• The company aims to regain the trust of orthodontists by focusing on practice growth, efficiency, and clinical outcomes.
• Education on scanner usage is a priority, as penetration remains low in the US market.
• CEO Simon Campion acknowledged the competitive challenge posed by Straumann but expressed confidence in Dentsply Sirona’s ability to compete.

For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Mike, Distribution Analyst, Leerink Partners: Good afternoon, everyone. Welcome to this session for the Leerink Global Healthcare Conference. Distribution analyst here at Leerink Partners.

My pleasure to have with us the Fenceply Sirona team, Simon Campion, CEO, Herman Cueto, CFO, Interim CFO. I forget the exact title, but we’ll go CFO for now. Andrea Daley in the IRC as well. I got bunch of questions I’m going to rip through here, in a very friendly fashion. But I mean, maybe just start the top and working our way down.

You’re in a market right now where I think it’s widely acknowledged that there’s varying degrees of demand differences both in The U. S. And abroad. Let’s start with the positive. Where are you seeing the biggest pockets of strength in your business in the level of products, your market leaders in so many different areas, the level of products that have been most in demand currently given what’s been a call it more challenging backdrop?

Simon Campion, CEO, Dentsply Sirona: Yes. Thanks, Mike. I think for sure let me start with our aligner business. While it’s rather insignificant, I would say, as compared to our competitors, we have demonstrated growth in Europe of in excess of 20%, excluding one times in North America, we grew mid to, let’s say, high single digits in Q4. We feel we have a differentiated offering there.

We’ve committed to resolve some of the front end attributes of our software and try and begin to reengage in the area where most of the volume in ortho is and that’s with the orthodontists. So we see that as a bright spot and an opportunity for us moving forward. A big high spot for us in the past two quarters in particular, which I think is a reflection on both a hyperfocus on execution and also eliminating some of the sins of the past was in Germany where we reintroduced a mid range CBCT in the April timeframe last year and we’ve actually we’ve grown Germany the last two quarters in totality. The last quarter was our biggest quarter in seven or eight quarters in Germany. And I think we grew every part of our CTS business.

So as you know, Germany is extraordinarily important for us for two reasons. Memorial, it’s our second biggest market. It’s 10% or 11% of our total company revenue. And number two, we have a very large manufacturing footprint there. So Germany is very, very important to us.

And I think obviously Wellspect has been a beacon in our business. I know it’s not dental, but it’s been a beacon in our business. Mid single digit growth, we knew we’d get there and we’ve got there and we think we’re going to do the same again in 2025. And the final piece, we have been hyper focused on the ecosystem that our technology affords customers whether they’re a standalone dental practice, a small group of dental practices or a DSO that the digital ecosystem can afford us and the entry point for a lot of that is a scanner. And we placed more scanners in 2023 than we did in 2022.

We placed more scanners in 2024 than we did in 2023. And that’s the when you all think of I see probably many of you have iPhones and iPads and AirPods and MacBook Pros, the starting point is nearly always the iPhone. I think the corollary here is a starting point is a scanner. And as we roll forward, we’ll have CBCT with a prime mills. Our DS Core is the Apple operating system.

And so just think of the interoperability that Apple affords you all with their ecosystem. We view ourselves as being unique providers of that ecosystem in dental as well.

Mike, Distribution Analyst, Leerink Partners: And by the way, just on the Wealth Spec, don’t sell it short. Growth is growth. Cash flow is cash flow. So obviously important. But maybe just to come back to SureSmile at the start, you’ve had differentiated go to market approach versus some of your other non aligned peers in terms of focusing on the GP market.

As you think about transitioning into the orthodontic market with that product, what have been the lessons you’ve learned with GPs? And where do you think the best opportunities for success are with a new product? And what is a competitive market, but not one that is so competitive, there’s not a position for another strong product?

Simon Campion, CEO, Dentsply Sirona: Yes. I think we did a lot of research over the past several months on the orthodontic market in general and the orthodontist market in particular. And we know that there are three, four, five brands available in an orthodontist’s practice. They’re not unique to align or anyone else. They pick and choose depending on, I guess, price point or capability, the patient’s pay, whatever it may be.

Today, for the most part, we are not one of those products. And there’s a variety of reasons for that. Number one, I think we have a checkered pass with the orthodontist community when we exit wires and brackets back in the day. And then number two, as I noted, I think certainly what we hear is that our SureSmile software is well renowned from a does it solve the orthodontic problem the patient has? And I think it’s well respected in that regard because it originated in wires and brackets.

Where it lets itself down is the front end. So how easy is it to use? And in Q2 of last year, we committed that we would fix that and we are in the process of fixing that right now. And I think when we fix that and make the playing field a bit more even with respect to the ability to do business with us, when a customer thinks about your customer in our mind has got three things on their mind. They want to grow their business.

They want their business to be as efficient as possible. And they want good clinical outcomes. I think partnering with us allows us to get to at least two, maybe three of those things. So they need fewer anchoring points or attachments with our aligner than the competitive aligner. They need fewer refinements with our aligner than with the competitive aligner.

And so fewer attachments and fewer refinements means more efficiency and the patient doesn’t need to show up for checkups as frequently. So they can put another bum in the seat and get another aligner system sold. So I think the software, the value proposition are going to help us get back in there. But clearly, we will have work to do to regain their trust.

Mike, Distribution Analyst, Leerink Partners: And along those lines, you’ve had some tough, but I think important decisions to make on BYTE and the BYTE platform and obviously a deal that was done before your tenure in the market clearly changed pretty drastically on you recently with some of the state regulations and other FDA dynamics. As you think about though the transition of some of the value of Bite into the product Share Smile platform, I know it’s early days, but what are you seeing as as the most interesting pieces, the areas of of Bite that you think have the most applicability, the most usage, and and I don’t wanna use the term salvage, so to speak, but there’s certainly pieces of BYTE that were really successful. Where do you think those pieces can be most best applied to your future aligner platform?

Simon Campion, CEO, Dentsply Sirona: Mike, when I think of BYTE, I think of two things. I think of our product and I think of capability. And it’s clear that we’ve moved on from the product for the reasons that have been well discussed. But the capability that the group at the BYT facilities has around demand generation, around e commerce, around interfacing with patients, we think is very meaningful. And so we’ve done we did a big survey with on orthodontics several months ago and more recently we’ve done yet another survey about perceptions of bite and perceptions of demand generation and the interface with patients.

And we did that with 150 customers and non customers of ours. And so demand generation resonates with them. Can we can the capability that the BYTE team has help generate demand for existing customers of ours? And customers would be very interested in that. They’re also very interested in can the capability that Bayer has improve the experience improve the interface of the experience between the customer, I.

E, a dentist, GP or orthodontist and their patient. And BYTE, we had a really good patient interface with BYTE, where we’re able to communicate seamlessly with the patient back and forth during the course of their treatment. And so those two things in particular have resonated with customers and non customers alike about how we could redeploy those resources. So that’s on the orthodontic side. I also hypothesized based on prior experience that Herman and I both had around educating patients.

In the surgery world that we came from originally, if you educate a patient and enable the patient to have a discussion about their surgical choices with a surgeon, if it’s clinically feasible, seventy percent of surgeons will do as the patient requests. Unfortunately, when we did this work and we spent quite a bit of money helping educate patients, only five percent of patients felt equipped to have that conversation. Dentists around chairside. So could we educate patients on, hey, if you go to this dentist here, he has the CEREC system and you can get your crown done that day versus going to the other guy who doesn’t have CEREC. I hypothesize that there may be something in that too.

We haven’t done any work on it. I think it’s if you think of if you all think those of you who cover medtech, if you think back ten, fifteen years ago, when you drive up and down the freeway, you see all the signs for Intuitive Surgical. You go to such and such a hospital because they got the robot. Zero clinical difference in outcomes at the time, but patients went to that hospital because of the robot. Could we do something the same with, you want your crown done in the day, go to Doctor.

Jones on Strip Mall A?

Mike, Distribution Analyst, Leerink Partners: If there’s a corollary to intuitive, I’ll be happy to see it. And that’s certainly not a bad way to target and emulate. Maybe flipping over a bit to implants. I think it’s been well diagnosed, market challenges, company specific challenges. I always love a company that is transparent, that doesn’t hide from the truth and what’s going on.

And particularly in The U. S, you’ve talked numerous times about your plan to reboot growth. As you think about where you stand now, what do you think are the biggest near term opportunities you have to execute on that potential success? And how much of it is product versus marketing?

Simon Campion, CEO, Dentsply Sirona: I think it’s more of the latter and less of the former. I think we have a again data shows that we have a robust portfolio. No one has a complete portfolio so to speak. We have a portfolio that should enable us to compete. We just launched another new product in that in the value part of that portfolio.

We will put implants on DS Core later this year. So I think we have a profile that should enable us to compete in the marketplace. Maybe not grow as fast as our competitors, but still compete nonetheless. I think that the challenges that we have faced, you said being well diagnosed. I would say they’ve been well documented, maybe less so diagnosed.

But for sure, we had significant turnover in our sales team between 2019 and 2022, where I think we had in excess of 20% a year turnover. We have remediated that. We invested in the sales team in early ’twenty three. We added 40 or 50 new heads. We have trained them.

It’s clear that we need to train them again. Implant dentistry is the most clinically, shall we say, significant or challenging part of dentistry. And we need to get we need to enable our reps to create more value in the clinical value in the interactions they have with their customers. That’s we’ve heard it from our customers. Our reps need to be better.

And so that’s incumbent on us to educate them in a more meaningful way. And so we’ve actually just completed testing of every single implant rep and a whole lot of them are getting retrained And they’ll be tested again. And if they don’t pass, I guess they’ll go work for someone else. On the other side, we invested a lot in clinical education. And I think we took a wrong step here.

We did spend more money, but we spent it at big events. And we had, I think, almost 1,000 implantologists at events last year. But maybe rather than doing that, we should have taken those events locally and had small rooms of an implantologist and their referral network and one or two advocates from one or two supporters of our company come and talk to them about, you know, here’s why you should partner with Dentsply Sirona, etcetera, etcetera. So that’s the pivot we’re going to make, more rep education, more local education. And I think one of the benefits we spoke at the earnings call about the work we’re doing on back office, trying to take cost out.

Given our history, there are probably easier companies to do business with than Dentsply Sirona. We’re two separate companies that grew through acquisition, then they merged, then integration was never done. And so we have multiple policies and procedures. And so arguably we’re a challenge to do business with. ERP is already making it a bit easier.

I think the work we’re doing with the third party is going to streamline some of the back office stuff that will help us be more efficient, but also will help the customer interface between us and the customer too. So I think once we put all those things in better shape, then we’ll be in a stronger position. But make no mistake Straumann are a very strong competitor. They have a great profile. They got one focus and one focus only.

And so disrupting them is not going to be easy, but there’s no reason why we shouldn’t be able to compete.

Mike, Distribution Analyst, Leerink Partners: And I’m going to come back with a more implant question, but you mentioned the third party consultant that you’re working with. How are you measuring yourself? What are the check marks? Like, what should we expect to hear as an investment community about how that relationship’s going? When you’ll see tangible results that they want you to focus on?

Like like, how should we think about the story of of that piece from here?

Herman Cueto, CFO, Interim CFO, Dentsply Sirona: I mean, I think it’s starting with industry benchmarks, looking at all of our back office functions and where do we index relative to those benchmarks. And we’re in really a diagnosis phase of that, really trying to understand where we are and why we’re over indexed because sometimes there’s a business reason that requires more finance people, bad example. But we’re trying to do all that work. We’ve put none of that in our guide. If there is upside, maybe we see a little bit inside of 25.

It helps us a little bit. But we’re thinking it’s more of a 26 and a 27 thing. And to Simon’s point, I think there are technologies and enablements, AI as an example, in customer service that are game changing in a lot of ways that if we were able to get that in the hands of our customer service associates, I think it could be game changing for our customer experience.

Simon Campion, CEO, Dentsply Sirona: And just to build on that comment on AI and investments we’ve made, we put our neck out there last year and we invested in a virtual or inside sales team. We’ve got over 100 people now up to speed or at least making phone calls. The update we gave you on the Q4 call was that they made about they had made about 40,000 calls and contacted about 8,000 separate accounts. That number is now 16,000 separate accounts. So when you think about as you all go home tomorrow, the next day and you drive from the airport to your home, many dental practices you pass by, I mean, they’re on every street corner.

And some of them just are not worth sending a rep into for us. Some of them are worth $5,000 a year. Not sending a rep in for five thousand dollars a year, but I’ll call you up. And so we’ve already seen traction with this not only selling a piece of product to a customer who’s historically may not have had a call from a Dentsply store owner for several months in many cases, but we are now gathering market intelligence to go, hey, the guy in the strip mall on South Beach, he’s in the market for a new scanner. And so we have an extraordinarily robust maybe that’s a bit aggressive.

We have a robust funnel now of leads that we would not have had if we weren’t calling these customers. And then the other angle on AI is now when we call a customer, we should have all this data coming in to say, hey, the last time they ordered was this, that. They should be in the market for tube of toothpaste or whatever it may be that they would not have had otherwise.

Mike, Distribution Analyst, Leerink Partners: And along those lines on the inside sales force because you spent a lot of time and I think it’s a very prudent investment. Is your hope that you’re going from you said you mentioned a $5,000 client is the number. That $5,000 client becomes a $6,000 client or the $5,000 client becomes a $30,000 client because a PrimeScan two opportunity clearly, more revenue is always better. But are you happy if it’s just some incremental sell through from someone who just didn’t pay enough attention to for a while?

Simon Campion, CEO, Dentsply Sirona: I I would be really pleased if all the accounts less than $10,000 doubled. That’s that would be that would be meaningful.

Herman Cueto, CFO, Interim CFO, Dentsply Sirona: You know, I would say the other thing is, it also frees up the time of the sales rep to go after the bigger customer. So instead of maybe going after a customer who’s somewhere between $5,000 and $10,000 you have this inside sales group who is handling that. So a lot of the cold calling the idea generation trying to understand what they want that goes away to a lower cost rep, so to speak. They can go and focus on bigger and better things. So I think that’s an opportunity as well.

Simon Campion, CEO, Dentsply Sirona: And it’s also huge market intelligence. As I said, they had made 40,000 phone calls, 8,000 accounts. Now they’re talking to 16,000 accounts. That’s just pure intelligence we can gather from the market about who’s doing what in the market, what they think of many competitive launches, etcetera. It’s just it’s a repository of data that we should be able to leverage.

Mike, Distribution Analyst, Leerink Partners: Turning page a bit, let’s go to PrimeScan II. Your latest kind of notable large introduction of a product. I know, obviously, you’re constantly introducing products, but that was last year. I know it was a big part of DS World presentation. I remember all the lights and the circles.

It’s certainly eye catching from that perspective. But there’s a lot of innovation on PrimeScan too in terms of both usability of the wand, but also workflow software, like the whole package behind it, the tie into DS Core. You know, six months basically six months past DS World now. Maybe just can we do a check-in on how the PrimeScan two evolution has gone, where broad availability is globally right now, and and how to think about that in terms of what’s embedded in the guidance for this year?

Simon Campion, CEO, Dentsply Sirona: Yes. So, Primus Control, I think, has gone fine. It’s gone well. It has released in all the markets we wanted to be released in. It’s obviously available in Europe and The U.

S. And Australia. We continue to innovate PrimeScan two and DS Core are synonymous really. And later this month at IDS, we will launch more software for DS Core and PrimeScan two, which I think is going to not only increase the functionality of DS Core and PrimeScan two, but also aid in the in things like upload speeds and download speed for the products as well. Because obviously, it’s contingent on customers’ Wi Fi connectivity and speeds and whatnot.

And so we are we’re releasing new compressibility software, I think later this week in fact. That’s going to aid a customer who may have been sitting on the fence because my Wi Fi isn’t good enough. Now the acceptable limit of Wi Fi is going to be halved for PrimeScan two. So I think that’s going to aid us a whole lot. But back to the whole ecosystem, scanner whether it’s PrimeScan two or AC or PrimeScan, that’s the starting point for everything digital.

We want to be really relevant in that space. We want to create an ecosystem for our customers. We launched DSCore Enterprise in Q4, which I think has a bunch of diagnostics about performance of PC equipment for DSOs, which I think has resonated with them. And then as we put more of our workflows on DS Core, you should see us begin to really be able to get leverage from the presence. I think we shared think we shared in earnings.

We’ve got now 37,000 unique accounts on DS Core. And some more data, we tripled the number of connected devices to DS Core in in 2024. We increased the number of orders going through labs by over 400% in 2024. So it’s getting traction. I would love it to be faster.

I would love to be able to monetize it far more meaningfully than we have. But we want to create an ecosystem and own the ecosystem. And it takes a while, but we’re making solid progress.

Mike, Distribution Analyst, Leerink Partners: And how should we think about the further expansion of DS Core in terms of call it chicken the egg argument? Are you going out to sell a product and then pitching the wares of DS Core? Or is there an opportunity to go out and sell the ecosystem and then use that as the hub and spoke approach where you can then branch out to other connected device? I guess, strategically, how is your team thinking about about that?

Simon Campion, CEO, Dentsply Sirona: Yes. So I think it’s I think PrimeScan two was changed, named the game when DS Core released two years ago. And now PrimeScan two, it’s synonymous with DS Core. So I think they both go hand in hand and that we want to create again back to what I noted earlier. Customers are in I think I mentioned earlier.

I said it a few times today. Customers are interested in practice growth, practice efficiency and clinical outcomes. And DS Core enables all of those three things whether because it’s DS Core and the connectivity of it or whether it’s, hey, instead of three scanners, I now need two scanners because it’s so portable. But the great thing about dentistry two great things about dentistry is number one is you have two avenues to innovate. Number one is the clinical avenue where you can improve outcomes.

And number two is the process avenue where you can improve efficiency. So that’s really important. It’s a bit like surgery in that regard. You want to improve efficiency. But the second area that’s really interesting is digital remains very underpenetrated.

Digital 40%, fifty % of customers in The U. S. Have a scanner. That’s not great. Everyone’s got an iPhone.

Why doesn’t everyone have a scanner, right? Even in Germany, the most advanced dental nation in the world, 27% of customers have a scanner. So there’s still a huge opportunity for digital ecosystems to be created in dentistry. And I think we had the right to win a number of years ago. I think we didn’t innovate fast enough and meaningfully enough and we probably lost momentum.

I think we are now in the process of regaining momentum in that space. We’re placing more scanners than we ever had before. We got DS Core. We are I think we are I feel we are now leading connected dentistry or if you think about a grading system for dentistry, When we were kids, it was Dentistry one point zero. The beginning of digital dentistry was Dentistry two point zero.

I think we’re now at Dentistry three point zero, which is connected cloud based dentistry. So maybe if I

Mike, Distribution Analyst, Leerink Partners: can ask the dumb question because it comes up all the time, but I don’t think we ever address it. Why are penetration rates so low? We just went through a cycle where the price

Simon Campion, CEO, Dentsply Sirona: point on

Mike, Distribution Analyst, Leerink Partners: intraoral scanners came down meaningfully across the board, not because people were discounting, just introduced products at a completely different price point across the market. So what’s the hindrance that you think, whether it’s The US, whether it’s Germany, emerging markets obviously are different animal, but for two very developed dental markets with plenty of product available, what’s the holdup?

Simon Campion, CEO, Dentsply Sirona: I think part of it’s I think there are two dynamics there. Part of it’s the university education that students get. And if you talk to some DSOs, the number that they provided me was that it cost them about $100,000 to prepare a dental graduate to actually practice dentistry. That’s a so they’re not ready when they graduate. And we do know that they the many of these many of the universities are not digitally orientated.

So the systems are not providing graduates who are digitally savvy. So that’s point number one. I think point number two is the changing demographic, let’s say, of graduate students who are less interested today in owning a practice than they were twenty years ago, and they’re prepared to go work for someone and take a salary and have a nice quiet life. And if the guy or gal they go work for is a 60 year old and takes impression uses impression kits, then I guess they’re going to take an impression kit until they take it over. I think they are the two dynamics.

We’ve been working more closely with universities this past eighteen months. We’ve put some good traction. I think the starting point is having graduates who are savvy with digital dentistry.

Mike, Distribution Analyst, Leerink Partners: Couple more quick ones before we run out of time.

Simon Campion, CEO, Dentsply Sirona: Sorry, can I just one more thing to state there? We I think we are arguably better equipped than others to have this discussion. You mentioned the dirty word price a moment ago. We need to stop talking about price and start talking about value and think about it in terms of the efficiency and outcomes that we can provide that leads to growth.

Mike, Distribution Analyst, Leerink Partners: No, of course. And it’s a great point. It’s not discounting. It’s just different approaches towards how to build the products. Obviously, IDS in two weeks.

You mentioned ORTHOFIS, which was into Germany. Is there a desire and expectation to build that beyond Germany? Or is that just the German market demand is so unique and that product has been so successful there historically that made sense to have a product for what’s obviously a big market?

Simon Campion, CEO, Dentsply Sirona: So Orthos is released in or SL is released in Europe again, and it’s released in some areas of Asia Pac. It was never released in The U. S. So that would be arguably a bridge too far. We’d have to go through FDA and whatnot.

But IDS is in two weeks, the biggest dental show in the world. We got some more innovation coming through mainly on the software side, on the AI side at IDS based around DSCore. So we’re looking forward to it. Someone asked me a couple of weeks ago, do you have any big releases coming out at DS World or rather, IDS? And my product launch philosophy is it will launch when it’s ready to launch.

And we’re not if it’s ready on Tuesday, I’ll not wait until Thursday. So that’s my way of looking at things.

Mike, Distribution Analyst, Leerink Partners: And then last question. On the last earnings call, you completely understandably walked away from your multiyear targets, the $3 of earnings. You’ve been extremely transparent the whole time up about here is our target, but here is what gets us there. That bridge slide has been in every deck that you’ve done and obviously the market has Norcoast to cooperate amongst other items. What are you looking for within your organization to feel comfortable though of putting out whatever a new long term guidance may be?

What needs to happen operationally? How are you thinking about the positioning of the business to give you the comfort in that level of visibility that you had previously with the targets?

Simon Campion, CEO, Dentsply Sirona: Well, I think if I think of if I break it up internally and externally, I think we are comfortable internally with what we put out two years ago and where we are today with respect to that. I think we noted that we feel we are on track with all of the internal pieces. Some of the internal stuff affects the external stuff too. Clearly, we thought we would be growing at market in implants by 2026 and we won’t be we thought we’d be we felt we’d be growing. I forgot what exactly what we said about aligners, but double digits for sure on aligners and increased profitability because of more efficiency within BiTE in particular.

And obviously, I think we can still grow double digit on a smaller base, but the profitability of BYTE won’t contribute. I think the big and I think there is discussion in the marketplace. If you look at the guide that or the guides that our friendly competitors have put out there, there are mixed signals there. Some of them are going macro is the same. Others have gone modest rebound in macro.

Our guide for the year has said macro is the same. And I think until we kind of know who’s right and who’s wrong if that’s the case, until we have a full time CFO in place and get his or her eyes on that, I think it’s unwise to put a number out. But internally, we are still committed to, as Herman was saying, to getting ourselves or beginning to get on the road to benchmark with respect to some of the back office stuff. We’ve already taken out almost $300,000,000 of costs or are on track to take out $300,000,000 of cost. We have reduced our operational footprint meaningfully and I think we need to continue to do that.

We’ve innovated and we’ve got better and more predictable at innovation. And we are relentlessly focused on getting the growth line moving. We know we can’t cut our way to growth. It’s not sustainable for us. We have to grow.

We see pockets of light at the end of tunnels. We need to see more pockets of light and we’re we’re committed to committing ourselves to help commercial teams do that.

Mike, Distribution Analyst, Leerink Partners: Perfect. Well, Simon, Herman, thank you so much for being here.

Simon Campion, CEO, Dentsply Sirona: We appreciate it. Thank you so much.

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