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Item 1. Business

2026-02-26 compared with 2025-02-27 · 116 added, 167 removed, 114 unchanged (71% of the section changed)

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(“Dentsply Sirona” or the “Company”) is the world’s largest diversified manufacturer of professional dental products and technologies, with a 139-year history of innovation and service to the dental industry and a vision of improving oral health and continence care globally.

Dentsply Sirona develops, manufactures, and markets comprehensive solutions, including technologically advanced dental equipment supported by cloud-enabled solutions, dental products, and healthcare consumable products in urology and enterology under a strong portfolio of world-class brands.

Dentsply Sirona develops, manufactures, and markets comprehensive solutions, including technologically advanced dental equipment supported by cloud-enabled software solutions as well as dental products and healthcare consumable products in urology and enterology under a strong portfolio of world-class brands.

Dentsply Sirona’s innovative products provide high-quality, effective, and connected solutions to advance patient care and deliver better, safer, and faster dentistry.

The Company introduced the first dental electric drill approximately 133 years ago, the first dental X-ray unit approximately 100 years ago, the first hydrophilic catheter and the first dental computer-aided design/computer-aided manufacturing (“CAD/CAM”) system approximately 40 years ago, and numerous other significant innovations, including pioneering ultrasonic scaling to increase the speed, effectiveness and comfort of cleaning and revolutionizing both file and apex locater technology to make root canal procedures easier and safer.

Dentsply Sirona continues to make significant investments in research and development (“R&D”), and its track record of innovative and profitable new products continues today.

Dentsply Sirona’s worldwide headquarters is located in Charlotte, North Carolina and its shares of common stock are listed in the United States on Nasdaq under the symbol XRAY.

Dentsply Sirona’s worldwide headquarters is located in Charlotte, North Carolina.

The Company’s shares of common stock are listed in the United States on the Nasdaq stock market under the symbol XRAY.

Dentsply Sirona’s headquarters and principal operations are located in the United States of America (“U.S.” or “United States”) and the Company sells products globally through its foreign subsidiaries to customers in approximately 140 countries.

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Our Company’s mission is to transform oral health and continence care with innovative products, solutions and services through an engaged workforce.

We conduct our business in accordance with that goal using the following core operating principles:

• Approach customers as one:

The Company has an integrated approach to customer service, direct and indirect selling, and clinical education to strengthen relationships with customers and better serve customers’ needs.

• Create innovative solutions that customers love to use:

We manage a comprehensive R&D program that prioritizes strategic spending, builds the next generation of digital workflow technologies and service offerings, and results in impactful innovations that grow our business.

• Think and act with positive intent and the highest integrity:

We execute our business in a way that empowers our people, respects the communities in which we do business, and establishes trust with our partners and stakeholders.

• Use size and global breadth to our advantage:

We are focused on integrating our dental product portfolios to unlock operational efficiencies, and on enhancing our healthcare consumables product portfolio, with an emphasis on performance improvements in procurement, logistics, manufacturing, sales force and marketing programs, while at the same time simplifying our business on a worldwide scale.

In combination, these initiatives will improve organizational efficiency and better leverage our selling, general and administrative infrastructure.

• Operate sustainably in everything we do:

We take a thoughtful, proactive approach to creating a sustainable company through investments in our employees, customers, and the environment.

Principal Products and Product Categories

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Additionally, the Company manufactures and sells healthcare consumable products for urological and enterological applications.

As part of its dental technology and equipment solutions, the Company also offers an open, cloud-based platform for digital services, DS Core.

These products and solutions are produced by the Company globally and are distributed throughout the world under some of the most well-established brand names and trademarks in these industries, including but not limited to:

AH PLUS, ANKYLOS, AQUASIL ULTRA, ARTICADENT, ASTRA TECH, ATLANTIS, AXANO, AXEOS, BYTE, CALIBRA, CAULK, CAVITRON, CELTRA, CERAMCO, CERCON, CEREC, CITANEST, CONFORM FIT, DAC, DELTON, DENTSPLY, DETREY, DS CORE, DYRACT, ENERGO, ESTHET.X, FRIOS, HELIODENT, EV, INLAB, INTEGO, IPN, LOFRIC, LUCITONE, MAILLEFER, MIDWEST, MIS, NAVINA, NUPRO, OMNITAPER, ORAQIX, ORIGO, ORTHOPHOS, OSSEOSPEED, OSSIX, PALODENT, PRIME & BOND, PROFILE, PRIMEMILL, PRIMEPRINT, PRIMESCAN, PRIMESCAN CONNECT, PRIMETAPER, PROGLIDER, PROTAPER, RECIPROC, PUREVAC, SCHICK, SDR FLOW+, SIDEXIS, SIMPLANT, SINIUS, SIROLASER, SIRONA, SLIMLINE, SMARTLITE, SPECTRA ST, STYLUS, SULTAN, SURESMILE, SYMBIOS, T1, T2, T3, T4, THERMAFIL, TRIODENT, TRUBYTE, TRUNATOMY, VDW, VIPI, WAVEONE, WELLSPECT, XENO, XIOS, X SMART, XYLOCAINE and ZHERMACK.

As part of its dental technology and equipment solutions, the Company also offers an open,

cloud-based platform for digital services, DS Core.

These products and solutions are produced by the Company globally and are distributed throughout the world under some of the most well-established brand names and trademarks in these industries.

The Company conducts business through four reportable segments:

(1) Connected Technology Solutions, (2) Essential Dental Solutions, (3) Orthodontic and Implant Solutions, and (4) Wellspect Healthcare.

For the year ended December 31, 2024, the Company’s net sales of each reportable segments and the product categories of these reportable segments as a percent of total net sales were as follows:

For the year ended December 31, 2025, the Company’s net sales disaggregated by reportable segment and the product categories of these reportable segments as a percent of net sales were as follows:

Connected Technology Solutions

This segment includes the design, manufacture and sales of the Company’s dental technology and equipment products.

These products include the Equipment & Instruments and CAD/CAM product categories.

These products include the Equipment & Instruments and computer-aided design/computer-aided manufacturing (“CAD/CAM”) product categories.

Equipment & Instruments

The Equipment & Instruments product category consists of basic and high-tech dental equipment such as imaging equipment, motorized dental handpieces, treatment centers, and other instruments for dental practitioners and specialists.

The Equipment & Instruments product category consists of dental equipment products such as imaging equipment, motorized dental handpieces, treatment centers, and other instruments for dental practitioners and specialists.

Imaging equipment serves as a key point of entry to the Company’s digital workflow offerings and consists of a broad range of diagnostic imaging systems for 2D or 3D, panoramic, and intraoral applications, as well as cone-beam computed tomography systems (“CBCT”).

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The endodontic products include motorized endodontic handpieces, files, sealers, irrigation needles and other tools or single-use solutions which support root canal procedures.

The restorative products include dental ceramics and other materials used in prosthetic restorations including crowns and veneers.

The preventive products include small equipment products such as curing light systems, dental diagnostic systems and ultrasonic scalers and polishers, as well as other dental supplies including dental anesthetics, prophylaxis paste, dental sealants and impression materials.

The restorative products include curing light systems, dental ceramics, composites, and other materials used in prosthetic restorations, including crowns and veneers.

The preventive products include small equipment, such as dental diagnostic systems and ultrasonic scalers and polishers, as well as other dental supplies including dental anesthetics, prophylaxis paste, dental sealants, and impression materials.

Orthodontic and Implant Solutions

This segment includes the design, manufacture, and sales of the Company’s various digital implant systems and innovative dental implant products, digital dentures and dental professional-directed aligner solutions.

This segment includes the design, manufacture, and sales of the Company’s various digital implant systems and innovative dental implant products, digital dentures, and digital orthodontic solutions.

Offerings in this segment also include application of our digital services and technology, including those provided by DS Core, our cloud-based platform.

The Orthodontics product category includes SureSmile, a clear aligner solution provided through clinician offices and Byte, a direct-to-consumer clear aligner solution.

The Orthodontics product category includes a High Frequency Vibration technology device known as VPro, as well as the SureSmile Simulator which uses intraoral scanners and our DS Core platform to create a 3D visualization of patient outcomes, and SureSmile aligner solutions, which include whitening kits and retainers.

The aligner offerings also include software technology that enables aligner treatment planning and the seamless connectivity of a digital workflow from diagnostics through treatment delivery.

Byte operations were significantly reduced after October 24, 2024 and limited to supporting patients already undergoing treatment, following a decision to voluntarily suspend sales and marketing of Byte aligners and impression kits.

In January 2025, the Company subsequently announced it will no longer offer the Byte direct-to-consumer clear aligner solution to new patients, and it has decided to leverage technologies developed by Byte elsewhere in the aligners portfolio to create orthodontic demand, support a digital clinical workflow, enhance the customer experience, and improve patient monitoring.

The Orthodontics product category includes the SureSmile brand, a comprehensive digital treatment planning and orthodontic appliance solution.

Cloud-based software is used to prescribe SureSmile clear aligners, robotically bent wires, and digital indirect bonding trays.

The SureSmile Simulator uses intraoral scanners and our DS Core platform to create a 3D visualization of potential patient outcomes.

The category also includes whitening kits and retainers.

The Orthodontics product category previously included a direct-to-consumer clear aligner product marketed as Byte, which was no longer offered to new patients after October 24, 2024.

The Company continues to provide support to Byte clear aligner patients in treatment, provided they meet certain criteria.

Implants & Prosthetics

The Implants & Prosthetics product category includes technology to support the Company’s digital workflows for implant systems, a portfolio of innovative dental implant products, digital dentures, crown and bridge porcelain products, bone regenerative and restorative solutions, treatment planning software and educational programs.

The Implants & Prosthetics product category includes a portfolio of innovative dental implant products, supported by the Company’s digital workflow for implant solutions, digital dentures, crown and bridge products, bone regenerative and restorative solutions, treatment planning software and educational programs.

The Implants & Prosthetics product category is supported by key technologies including custom abutments, advanced tapered immediate load screws and regenerative bone growth factor.

Offerings in this category also include dental prosthetics such as artificial teeth and precious metal dental alloys.

Offerings in this category also include dental prosthetics such as artificial teeth.

Wellspect Healthcare

This segment includes the design, manufacture, and sales of the Company’s innovative continence care solutions for both urinary and bowel management.

Wellspect Healthcare is a leading global provider of innovative medical devices that help people suffering from urinary retention or chronic constipation.

Wellspect is one of the world’s leading manufacturers of intermittent urinary catheters, with LoFric as the most known brand.

To help those with chronic or severe constipation, Wellspect also offers an advanced irrigation system, Navina, which combines a high degree of user convenience, clinical effectiveness and connectivity into one smart system.

Wellspect Healthcare is a leading global manufacturer and provider of innovative medical devices, including catheters to help people suffering from urinary retention and advanced irrigation systems to help people suffering from chronic or severe constipation, which combine a high degree of user convenience, clinical effectiveness and connectivity into one smart system.

Industry Growth Drivers

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• Increasing worldwide population, including a shift toward aging demographics, which will require greater dental care.

• Natural teeth are being retained longer - individuals with natural teeth are much more likely to visit a dentist than those without any natural teeth.

• Increasing demand for aesthetic dentistry and the use of clear aligners as an orthodontic treatment.

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• Growing preference for single visit dentistry versus historical multi-visit procedure requirements, and for higher quality of patient care in terms of comfort and ease of product use and handling.

• Increasing demand for earlier preventive care - dentistry has evolved from a profession primarily dealing with pain, infections, and tooth decay to one with increased emphasis on earlier diagnosis, preventive care, and the role oral health plays in overall health.

• Increasing demand for earlier preventive care in dentistry.

• Increasing opportunity for digital collaboration between General Practitioners (“GPs”), specialists, labs, and patients is creating widening demand for fully integrated solutions such as cloud-based platforms and services facilitated by GPs.

• Increasing demand for more efficiency and better workflow in the dental office, including digital tools such as diagnostic equipment enhanced through the power of 3D imaging.

The rapid pace of digital technology adoption, including the digitization of clinical workflows, is becoming a category standard versus traditional manual processes.

• An accelerating trend, predominately in the United States, toward consolidation of dental practices into group affiliations, often called Dental Support Organizations (“DSOs”), which may expand access for underserved patient populations, remove administrative and capital burdens on providers, and allow more opportunities for investment in dental technology and patient care.

• An accelerating trend, predominately in the United States, toward consolidation of dental practices into group affiliations, often called Dental Support Organizations, which may expand access for underserved patient populations, remove administrative and capital burdens on providers, and allow more opportunities for investment in dental technology and patient care.

Similarly, we believe that the healthcare consumables market for urology and enterology products will grow over the long-term based on the following:

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• An expansion of the population covered by medical insurance and the trend toward more supportive reimbursement policies by governments and insurers encouraging the use of continence care products and related therapies.

• The growth in specialized care facilities, technical advancements pertaining to the identification and treatment of chronic renal ailments, and the increasing awareness of incontinence diseases.

• The growth in specialized care facilities and technical advancements pertaining to the identification and treatment of chronic renal ailments.

Sales and Distribution

As of December 31, 2024, Dentsply Sirona employed approximately 4,600 hi ghly trained, sales and technical staff specialized in each of our various products and solutions to provide comprehensive marketing, sales, and technical support services to meet the needs of our distributors and end-users.

The Company remains focused on its strategy of enabling dentists to utilize superior integrated workflows through our robust market offerings in all key areas of dental procedures (implants, endodontic, restorative and aligners) as well as digital infrastructure (CAD/CAM and imaging) utilized in dental practices around the globe.

In 2024, the Company continued a rigorous portfolio management process to simplify and optimize our suite of product offerings, gain efficiencies through optimized product life-cycle management, and improve overall customer experience.

The program, which has the potential to be expanded in future years, had an initial focus on endodontic and restorative consumable products, including a goal of achieving additional efficiency from optimizing our geographic footprint.

Dentsply Sirona distributes approximately two-thirds of its dental consumable and technology and equipment products through third-party distributors.

Dentsply Sirona sells approximately two-thirds of its dental consumable and technology and equipment products through third-party distributors.

Certain products, such as endodontic instruments and materials, dental implants and orthodontic aligners and appliances, are often sold directly to dental laboratories or dental professionals in some markets.

Our continence care products are primarily sold to distributors of medical supplies, with the remaining sales being made directly to patients and medical providers.

Customers that accounted for 10% or more of net sales or accounts receivable for the year ended December 31, 2025 were as follows:

% of net sales

% of accounts receivable

Henry Schein, Inc.

13 % Less than 10%

Patterson Companies, Inc.

Less than 10% 11 %

For the year ended December 31, 2024, no customer accounted for 10% or more of consolidated net sales or consolidated accounts receivable.

Customers that accounted for 10% or more of net sales or accounts receivable for the years ended December 31, 2023 and 2022 were as follows:

% of net sales % of accounts receivable % of net sales

Customers that accounted for 10% or more of net sales or accounts receivable for the year ended December 31, 2023 were as follows:

% of net sales

% of accounts receivable

Henry Schein, Inc.

14 % 11 % 11 % 15 %

Patterson Companies, Inc.

N/A 10 % N/A 12 %

Although a significant portion of the Company’s sales are made to distributors, Dentsply Sirona focuses much of its marketing efforts on the orthodontists, dentists, dental specialists, dental hygienists, dental assistants, dental laboratories and dental schools which are the end-users of its products.

As part of this end-user “pull through” marketing strategy, the Company conducts extensive marketing programs with a combined approach that also engages DSOs and distributors.

Less than 10% 10 %

Product Development

While the Company enjoys market leadership in several of its product categories, continuous innovation and product development are critical for it to continue to grow its share in markets it serves.

We continue to focus efforts on successfully launching innovative products that have a significant impact on how dental and clinical professionals treat their patients.

The Company’s plans for investment in product development include maintaining a level of R&D spending that is at approximately 4% of annual net sales, with a focus on innovation in and expansion of digital workflow solutions and other platform offerings.

In particular, the Company has continued to prioritize investments supporting digitally connected solutions and enhanced workflows through each stage of patient care, including software for improved collaboration and treatment planning, imaging and scanning technologies used in diagnosis, and products which are customizable and scalable.

During 2022, the Company unveiled its cloud solution, DS Core, an open platform developed in collaboration with Google Cloud that integrates digital dentistry workflows across its devices, services, and technologies.

DS Core supports access of end users to case files, orders, and messages through a web browser without any software licenses.

The DS Core digital platform is designed to enable simplified cloud storage, optimize diagnostic capabilities, and streamline existing workflows with laboratory partners.

Innovations include:

the Company’s Primeprint Solution, which provides medical-grade 3D printing;

Primescan Connect, which offers a laptop-based version of Primescan;

the SmartLite Pro EndoActivator which serves as a new irrigation solution for root canal procedures;

and the Axano treatment center combining smart design with efficient workflows.

During 2022, the Company also introduced its premium EV Implants System for providing implants that are simplified and digitally enabled and introduced SureSmile Solutions, an enhanced orthodontic offering that includes a whitening kit, retainers, and the VPro orthodontic device.

During 2023, the Company launched key digital dentistry offerings within the DS Core platform including the SureSmile Simulator and several updates to DS Core.

The SureSmile Simulator creates a 3D visualization of patients’ potential new smile to be achieved in clear aligner treatment using uploads from a Primescan intraoral scanner.

The DS Core Communication Canvas allows for communication with patients through images and scans along with annotations by the dentist.

DS Core’s lab connectivity features enable digital collaboration between dentists and their preferred lab.

Also in 2023, the Company released expanded milling and printing materials to enhance the Primeprint and Primemill Solutions and workflows for patient-specific nightguards and splints.

The Company continued to expand its innovative endodontic solutions with the X-Smart Pro+ motor, the Midwest Energo series of electric handpiece instruments, and the Ossix Agile, an innovative, pericardium-based membrane for periodontic procedures.

During 2024, the Company introduced additional key offerings in digital dentistry with Primescan 2 and further updates to DS Core.

Primsescan 2 is the next generation of intraoral scanners and features a cloud-native and wireless design.

The new technology performs scans, which are then captured directly on the DS Core cloud platform, enabling dental professionals additional mobility when treating patients.

The newly launched DS Core Enterprise provides DSOs a cloud-based platform for digital workflows to centralize management and monitoring of equipment, giving DSOs transparency over all equipment connected to DS Core across their practices.

The Company also introduced the Axano Pure treatment center, which incorporates an enhanced touch display screen, allowing dental professionals to integrate DS Core directly for processing and displaying patient scans and patient communication.

In 2024, the Company also expanded its implant business with the MiS Lynx implant, a new, conical connection implant technology, the PrimerTaper Guided Surgery and Atlantis for BLX and Neodent.

The Company also added a multi-layer abutment block to the CEREC Zirconia offering within the restorative business and the Oryx product within the endodontic business.

While the Company maintains market leadership in several of its product categories, continuous innovation and product development are critical for it to continue to maintain or grow its share in the markets it serves.

The Company continues to focus efforts on successfully launching innovative products that have a significant impact on how dental and clinical professionals treat their patients.

The Company has a history of investments in product development with a recent focus on innovation in and expansion of digital workflow solutions and other platform offerings.

These investments in research and development have historically amounted to approximately 4% of net sales annually, and the Company has made certain additional investments to develop software and enhance its DS Core platform.

In particular, the Company has continued to prioritize investments supporting digitally connected solutions and enhanced workflows through each stage of patient care,

including software for improved collaboration and treatment planning, imaging and scanning technologies used in diagnosis, and products which are customizable and scalable.

The Company plans to increase its annual investment in research and development to approximately 5% of net sales beginning in 2026.

During 2025, the Company introduced CEREC Primemill Lite, which offers bridges, veneers, and other material classes, in a budget-friendly format.

CEREC Primemill Lite is fully compatible with CEREC Software and the new CEREC workflow on DS Core.

The Company also launched CEREC Go, an easy-to-use wet-grinding unit designed specifically for composite and hybrid ceramic restorations.

CEREC Go is designed to transform complex Class II restorations into a digitally supported workflow.

The Company also launched a bioceramic sealer product called ProRoot Bio Sealer.

The product addresses root canal obturation with its calcium silicate-based formula.

ProRoot Bio Sealer is applied with ProRoot Flex Tip, allowing for easy application into all canal anatomies.

The Company continued to expand and simplify workflows through clinical AI-powered solutions by launching DS Core Diagnose features in the United States.

With this expansion, dental professionals are able to use DS Core Diagnose for a wide array of functions, including visualizing AI-powered and CBCT-based illustrations for enhanced patient communication;

combining X-rays, intraoral scans, and annotations in a unified digital Canvas;

and sharing treatment plans digitally.

The Company also introduced the CEREC Cercon 4D Multidimensional Zirconia Abutment Block.

The product combines high strength with esthetics for both hybrid abutments and hybrid abutment crowns.

Research and Development (“R&D”) investments include activities to accelerate product and clinical innovation and discipline and to develop potential improvements to the manufacturing process.

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The Company also undertakes pre-commercialization trials and testing of technological improvements prior to inception of the manufacturing process.

As is true across its other functions, the Company regularly enhances how R&D is conducted by identifying best practices, driving efficiencies, and optimizing cost structure to enable a more effective development process with a strategic focus on innovation process discipline.

We are also looking to increasingly utilize an enterprise approach to funding that employs a returns-based mindset with the goal of allocating R&D spending to those areas with the highest return.

In addition to internal product development, the Company also pursues external R&D opportunities, including acquisitions, licensing, or other arrangements with third parties.

The Company regularly enhances how R&D is conducted by identifying best practices, driving efficiencies, and optimizing cost structure to enable a more effective development process with a strategic focus on innovation process discipline.

The Company has also transitioned to an enterprise approach to funding R&D projects, focusing on those areas with the highest return and impact to advancing digital dentistry.

Clinical Education

In 2024, the Company continued its investments in clinical education as a key value driver to leverage its global footprint, enhance digital content, and strengthen its clinical network.

In 2025, the Company continued its investments in clinical education as a key value driver for its dental products to leverage its global footprint, enhance digital content, and strengthen its clinical network.

As part of this objective, the Company remains committed to participation in clinical research demonstrating the efficacy of its products prior to market introduction, and in supporting the clinical education and technical training of dental professionals.

Dentsply Sirona has 57 academies and education centers in 35 countries worldwide that are home to state-of-the-art training facilities which provide training both directly and through third-party content for dental professionals seeking clinical and technical continuing education.

Dentsply Sirona has academies and education centers in multiple countries around the world that are home to state-of-the-art training facilities which provide training both directly and through third-party content for dental professionals seeking clinical and technical continuing education.

The academies offer hands-on teaching, live lectures, and on-demand webinars and courses which are taught by a diverse range of internationally recognized experts in all fields of dentistry.

In 2024, we partnered in the delivery of thousands of training courses to dental professionals through in-person, online, and hybrid formats.

As part of these courses, the Company trains laboratory technicians, dental hygienists, dental assistants and dentists in the proper use of its products and introduces them to the latest technological developments.

Additionally, we maintain ongoing consulting and educational relationships with various dental associations and recognized worldwide opinion leaders in the dental field.

In 2025, the Company partnered with these experts in the delivery of thousands of courses to train dental professionals in the proper use of the Company’s products and to introduce those professionals to the latest technological developments.

Initiatives to support clinical education also include partnerships with research institutions and dental and medical schools.

The Company offers education tracks at its premier DS World trade and professional education events, which hosted over 7,000 participants at six DS World events across the globe in 2024.

These investments in clinical education allow us to reinforce and develop relationships with dental professionals.

We also annually support the achievements of dental students conducting innovative research through our Student Competition for Advancing Dental Research and its Application Awards program.

Through our internal research centers as well as through our collaborations with external research institutions, dental and medical schools, the Company directly invests in the development of new products, the improvement of existing products, and advancements in technology.

These investments include an emphasis on research in digital data sharing technology, including the incorporation of long-term artificial intelligence and machine learning.

The continued development of these areas is a critical step in meeting the Company’s strategic goal to be a leader in defining the future of dentistry and preparing the next generation of dental practitioners.

The Company conducts its global operations under highly competitive market conditions.

Competition in the industries for dental technology and equipment, dental consumables, orthodontics and continence care products is based primarily upon product performance, quality, safety and ease of use, as well as price, customer service, innovation and acceptance by clinicians, technicians and patients.

The Company also offered education tracks at its premier DS World trade and professional education events across the globe in 2025.

The Company conducts its global operations in highly competitive market conditions.

Competition in the industries for dental technology and equipment, dental consumables, orthodontics and continence care products is based primarily upon product performance, quality, safety and ease of use, as well as price, customer experience, innovation and acceptance by clinicians, technicians and patients.

Dentsply Sirona believes that its principal strengths include its well-established brand names, its end-to-end dental portfolio, its reputation for high quality and innovative products, its leadership in product development and manufacturing, its global sales force, the breadth of its distribution network, its commitment to customer satisfaction and the support of the Company’s products by dental and medical professionals.

The size and number of the Company’s competitors vary by product line and from region to region.

There are many companies that produce some of the same types of products as those produced by the Company, but no single competitor produces the breadth of products that are produced by the Company.

The size and number of the Company’s competitors vary by product and region.

There are many companies that produce some of the same types of products as those produced by the Company, but no single competitor produces the breadth of products that are produced by Dentsply Sirona.

The development, manufacture, sales and distribution of the Company’s products are subject to comprehensive governmental regulation within the United States and internationally.

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countries in which they are produced or sold.

Dental and medical devices sold by the Company in the United States are generally classified by the FDA into a category that renders them subject to the same controls that apply to all medical devices, including regulations regarding alteration,

misbranding, notification, record-keeping and good manufacturing practices.

In the EU, the Company’s products are subject to the medical device laws of the various member states, which are based on a Directive of the European Commission.

Such laws generally regulate the safety of the products in a similar way to the FDA regulations.

Such laws generally regulate the safety of products in a similar way to the FDA regulations.

The Company’s products in Europe bear the CE mark showing that such products comply with European regulations.

The Company’s products classified by the EU MDD were mandated to be certified under the MDR.

These regulations also applied to all medical device manufacturers who market their medical devices in the EU and all such manufacturers had to perform significant upgrades to quality systems and processes including technical documentation and subject them to certification under the EU MDR in order to continue to sell those products in the EU.

These regulations also applied to all medical device manufacturers who market their medical devices in the EU and all such manufacturers had to perform significant upgrades to quality systems and processes, including technical documentation, and subject their medical devices to certification under the EU MDR in order to continue to sell those products in the EU.

Although all medical device manufacturers were required to certify their Class I products by May 2021, on March 15, 2023, the EU extended the MDR transition periods to December 31, 2027 for Class III and implantable Class IIb devices and December 31, 2028 for non-implantable Class IIb and lower risk devices and for Class I devices (each such Class as defined in the EU MDR regulations) that are a higher class under the MDR.

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The Company remains focused on ensuring that all its products that are considered to be medical devices will be fully certified as required by the EU MDR dates and timelines.

Beginning in late 2022, the Chinese government launched a national program for volume-based, centralized medical device and consumables procurement with minimum quantity commitments in an attempt to negotiate lower prices from drug manufacturers and reduce the price of medical devices and other products.

Under the program, the government will award contracts to the lowest bidders who are able to satisfy the quality and quantity requirements.

The successful bidders will be guaranteed a sales volume for at least a year, giving the winner an opportunity to gain or increase market share.

The volume guarantee is intended to make manufacturers more willing to cut their prices in order to win a bid and may also enable successful bidders to lower their distribution and commercial costs.

The program, which took effect in the first half of 2023, resulted in a temporary reduction in net sales of our implants products during that period due to reduced prices, which was offset by higher volume of net sales in the second half of 2023.

In 2024, the program resulted in increased volumes for implants products, particularly during the first half of the year, with a decline in the second half of the year due to current macroeconomic conditions.

Although significant changes to the program were not made in 2024, China’s volume-based procurement strategy is expected to evolve further in future years, including a formal updated program policy expected in 2026, which may include expansion to new categories, new incentives for innovation, changes to the bidding process which could increase price competition, and possible implementation of stricter quality standards.

It is expected that the government may also move to prioritize domestic production and the purchase of products from domestic companies in certain categories, aligning with the country’s “Made in China 2025” initiative, which may result in additional competitive pressures from the sale of implants made locally.

Future expansion of the program by the Chinese government could also result in reduced margins on covered devices and products, required renegotiation of distributor arrangements, and incurrence of inventory-related charges.

The Company is also subject to domestic and foreign laws, rules, regulations, self-regulatory codes, circulars and orders regarding anti-bribery and anti-corruption, including, but not limited to, the U.S.

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Violations of these requirements are punishable by criminal and civil sanctions, including substantial fines and imprisonment.

The Company’s Byte aligner business in the United States is subject to various state laws, rules and policies which govern the practice of dentistry within such states, particularly based on the direct-to-consumer model that leverages teledentistry, which is no longer a model applicable to products offered to new patients as of October 24, 2024.

Byte has historically contracted with an expansive nationwide network of independent licensed dentists and orthodontists for the provision of clinical services, including the oversight and control of each customer’s clinical treatment in order to comply with these regulations and to ensure that the business does not violate rules pertaining to the corporate practice of dentistry.

The Company is subject to domestic and foreign laws, rules, regulations, self-regulatory codes, circulars and orders governing data privacy and transparency, including, but not limited to, the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (the “HITECH Act”), the California Consumer Privacy Act, the California Privacy Rights Act, the European General Data Protection Regulation (“GDPR”), China’s Personal Information Protection Law (“PIPL”), Brazil’s Lei Geral de Protecäo de Dados (“LPGD”), the Physician Payments Sunshine Provisions of the Patient Protection and Affordable Care Act, EU Directive 2002/58/EC (and implementing and local measures adopted thereunder), France’s Data Protection Act of 1978 (rev.

The Company is subject to domestic and foreign laws, rules, regulations, and self-regulatory codes governing data privacy and transparency, including, but not limited to, the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”) as

amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (the “HITECH Act”), the California Consumer Privacy Act as amended by the California Privacy Rights Act, the European General Data Protection Regulation (“GDPR”), China’s Personal Information Protection Law (“PIPL”), Brazil’s Lei Geral de Protecäo de Dados (“LPGD”), the Physician Payments Sunshine Provisions of the Patient Protection and Affordable Care Act, EU Directive 2002/58/EC (and implementing and local measures adopted thereunder), France’s Data Protection Act of 1978 (rev.

2004) and France’s Loi Bertrand, certain rules issued by Denmark’s Health and Medicines Authority, and similar international laws and regulations.

Applicable privacy laws around the world restrict the use and disclosure of personal information and mandate the adoption of standards relating to the privacy and security of individually identifiable information such as data minimization, access control, providing transparent notice of our privacy practices, and respecting data subject rights.

Privacy laws also require the reporting of certain breaches of individually identifiable information.

Privacy laws also require the reporting of certain unauthorized disclosures of personally identifiable information.

The Physician Payments Sunshine Provisions of the Patient Protection and Affordable Care Act require the Company to record all transfers of value to physicians and teaching hospitals and to report this data to the Centers for Medicare and Medicaid Services for public disclosure.

Similar reporting requirements have also been enacted in several states, and an increasing number of countries worldwide either have adopted or are considering similar laws requiring transparency of interactions with health care professionals.

The Company believes it is in substantial compliance with the laws and regulations that regulate its business.

There are, however, significant uncertainties involving the application of various legal requirements, the violation of which could result in, among other things, sanctions.

There are significant uncertainties involving the application of various legal requirements, the violation of which could result in, among other things, sanctions.

See Item 1A, “Risk Factors,” of this Form 10-K for additional detail.

Sources and Supply of Raw Materials and Finished Goods

The Company manufactures the majority of the products that it sells.

The Company sources the necessary raw materials from various suppliers, and no single supplier accounts for more than 10% of our supply requirements.

Intellectual Property

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Human Capital

Every day, our people create innovative solutions that transform lives.

Our inclusive, agile & high-performance culture equips us to build, grow, and win as one.

Together, we are shaping the future and delivering value to customers and patients.

As of December 31, 2024, our organization and its subsidiaries employed approximately 14,000 employees globally.

Of these employees, approximately 3,000 were employed in the United States.

Employees outside of the United States, particularly in Europe, may be covered by collective bargaining agreements, union contracts, worker councils or other similar programs.

At Dentsply Sirona, we believe our global talent strategy enables our employees to reach their highest performance.

Every day, we create innovative solutions that transform lives.

With the customer at the center of everything we do, our high‑performance culture equips us to build, grow, and win together.

We are shaping the future of dentistry while delivering meaningful value to customers and patients worldwide.

As of December 31, 2025, the Company and its subsidiaries employed approximately 14,000 employees globally, including approximately 3,000 in the United States.

Employees outside the United States, particularly in Europe, may be covered by collective bargaining agreements, union contracts, worker councils, or similar programs.

We believe our global talent strategy enables employees to perform at their highest potential in service of our customers.

High-Performance Culture

We deliver a consistent, high-quality talent selection process in alignment with our desired culture.

We offer Emerging Talent programs focused on attracting early-career employees through university relationships, including partnerships with Historically Black Colleges and Universities and local trade schools.

These programs provide options for apprenticeships, rotational assignments, on-the-job experiences, networking, development, and executive interactions.

New employees participate in our custom Enterprise Orientation module that introduces our culture and instills pride in what we do.

Our Performance Feedback Process includes performance and development goal-setting and regular reviews between the employee and manager.

Every employee has access to our Own Your Journey career development pathing toolkit to explore their career aspirations.

We offer access to an OnDemand learning library available in multiple languages to develop skills and capabilities through our partnership with LinkedIn Learning, and we also provide an additional eLearning training program through Cornell University.

All employees globally can utilize our automated matching system for internal mentoring and coaching.

To ensure employees know what development resources are available, we offer live sessions on self-development at our organization.

In 2024, we began a partnership with Prosci, the industry leader in Change Management methodology and research, to provide a consistent set of tools and processes for leading the people side of change.

Our Change Management training strategy focuses on building our internal change capabilities to support our business priorities.

We internally deliver courses to project teams, front-line employees, and managers.

We prioritize preparing our internal talent for available opportunities.

All aspiring and existing managers have access to participate in our Manager Fundamentals course options to develop leadership skills.

We utilize regular talent reviews to identify successors and high-potential employees to participate in our nomination-based Leadership Development program, delivered in partnership with Cornell University.

Our executives each commit to sponsoring high potential employees to accelerate their growth and visibility.

Compensation and Benefits

As part of our total rewards strategy, we offer competitive compensation and benefit programs designed to attract, retain, and reward top talent.

We are committed to providing and administering these programs in a way that treats our employees at all levels fairly and equitably.

Our total rewards offerings vary by country and include an array of programs that support our employees’ financial, physical, and mental well-being, including annual performance incentive opportunities, pension and retirement savings programs, health and welfare benefits, paid time off (including for charitable actions), leave programs, flexible work schedules, and employee assistance programs.

We maintain a consistent, high‑quality talent selection process aligned with our values and our commitment to putting the customer at the center.

All new employees participate in our custom Enterprise Orientation, which introduces our culture, explains how to navigate our organization, and reinforces our shared responsibility to deliver exceptional customer experiences.

We also provide industry‑specific overviews to help employees learn the fundamentals of our industry and products.

Our Performance Feedback Process includes goal setting and regular development discussions between employees and managers, ensuring that goals align with our customer‑at‑the‑center approach and lead to improved customer experiences.

Every employee has access to our Own Your Journey career‑pathing toolkit to explore career aspirations and development planning resources.

We conduct regular talent reviews to identify successors and to support sustainability of our operations.

Developing Key Capabilities

We provide a robust on‑demand learning library in multiple languages through LinkedIn Learning.

In addition, employees worldwide can participate in our mentoring and coaching programs.

Furthermore, to increase awareness of available development resources, we regularly offer live self‑development sessions.

We continue our partnership with Prosci, a global leader in change‑management methodology and research.

This collaboration provides a consistent set of tools and processes to support the people side of change using our internal facilitators, enabling teams to adopt new ways of working that ultimately enhance the customer experience.

In 2025, we partnered with Korn Ferry to offer the Professional Selling Skills® (“PSS”) suite of courses to standardize global sales training and drive growth.

We are certifying our sales leaders to deploy PSS and complementing the training with sales‑specific onboarding, product training, coaching, mentoring, development pathing, and sales‑focused leadership development.

Lastly, we have five Communities of Practice, which are groups of employees united to share knowledge in critical skill areas, including Change, Project Management, Sales, Cultural Awareness, and Management.

Employees use our online chat forum to share ideas, network, and ask questions within each group.

Live virtual events are hosted where employees can learn from one another’s experiences.

Inclusion & Engagement

One of our greatest strengths and competitive advantages as an organization is our global diversity.

To further build on this strength, we are concentrating our diversity, equity, and inclusion efforts to focus on inclusion and engagement.

This shift reflects the deep significance we place on creating a workplace where every employee feels valued, heard, and empowered to contribute.

By integrating inclusion and engagement more closely, we aim to enhance the experience of our employees and ensure meaningful progress toward our desired culture.

Diversity, Equity & Inclusion Council

Our Diversity, Equity & Inclusion Council is a group of diverse employees in terms of perspectives, experience, background, geography, and function within the organization dedicated to championing an environment where all employees can reach their highest performance.

Employee Resource Groups

Our Employee Resource Groups (“ERGs”) encourage an inclusive work environment, cultivate collaboration, and offer development opportunities.

As of December 31, 2024, we have nine established ERGs consisting of approximately 3,800 members globally.

Training and Awareness

We offer a catalog of optional training courses aimed at strengthening our inclusive work environment.

Our ongoing “Conversations of Understanding” sessions are a standout offering.

Employees can choose to participate in group discussions where internal volunteers share experiences on varying topics to generate awareness.

We keep employees connected, engaged, and informed through regular town hall meetings and live video chats.

These events provide multiple opportunities for our global workforce to submit questions and interact with our executive leadership team.

We deploy an annual global engagement survey to all employees, share the results internally and commit to prioritizing actions and communicating progress throughout the year.

We also monitor multiple stages of the employee experience through lifecycle and pulse surveys.

Our global diversity is one of our greatest strengths.

Our Inclusion & Engagement Council is composed of employees representing a wide range of levels, experiences, backgrounds, geographies, and functions.

The Council champions an environment where all employees can reach their highest performance in service of our customers and helps us better understand opportunities to reflect our customers’ diverse needs.

Our Employee Resource Groups (“ERGs”) foster an inclusive environment, encourage collaboration, and provide development opportunities.

As of December 31, 2025, we had nine ERGs with approximately 4,700 members globally.

We also offer an on‑demand learning catalog of optional training courses designed to strengthen our inclusive culture.

Our Conversations of Understanding series is a signature program, providing voluntary group discussions where employees share experiences and perspectives to build awareness and empathy—qualities that support stronger customer relationships.

We keep employees informed, connected, and engaged through regular town halls and live video chats, offering opportunities to engage directly with executive leadership.

We conduct global engagement surveys every 1–2 years, share results internally, and commit to action planning and transparent progress updates.

We also monitor key moments in the employee lifecycle through targeted pulse surveys.

Compensation and Benefits

Our total rewards strategy is designed to attract, retain, and reward top talent so we can consistently meet customer expectations.

We offer competitive compensation and benefits administered fairly and equitably across all levels.

While offerings vary by country, our programs support employees’ financial, physical, and mental well‑being.

These include annual performance incentives, pension and retirement savings plans, health and welfare benefits, paid time off (including time for charitable activities), leave programs, flexible work arrangements, and employee assistance programs.

Employee Health & Safety Matters

The health and safety of our employees are of utmost importance to us.

We have a dedicated Employee Health & Safety (“EHS”) program that provides global processes and trainings and monitors our progress against set goals.

Our actions are in line with EHS frameworks and certifications such as OHSAS 1800 and ISO 45001.

We also have a corporate Crisis Management Team and a newly implemented crisis response platform which prepare us to respond in a prompt and efficient manner to crisis situations which we may face on a local or global scale.

The health and safety of our employees is paramount.

Our global Employee Health & Safety program provides standardized processes, training, and performance monitoring aligned with frameworks such as OHSAS 18001 and ISO 45001.

Our corporate Crisis Management Team and newly implemented crisis‑response platform enhance our ability to respond quickly and effectively to local or global events—ensuring continuity for our customers and patients.

Other Factors Affecting the Business

The Company’s business is subject to quarterly fluctuations in demand due to price changes, marketing and promotional programs, management of inventory levels by distributors, and implementation of strategic initiatives which may impact sales levels in any given period.

levels in any given period.

More broadly, our business is impacted by macroeconomic conditions including changes in global supply chain constraints, growth rates, interest rate variability, labor and energy costs, and geopolitical conflicts, which can impact manufacturing costs as well as demand for our products.

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The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this report.

All filings with the Securities and Exchange Commission (“SEC”) are also available at the SEC’s website, www.sec.gov.

All filings with the SEC are also available at the SEC’s website, www.sec.gov.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business