Dental supply company Dentsply Sirona recently completed its internal audit investigating financial reporting matters.
Here are 10 things to know:
1. Dentsply Sirona launched an investigation into possible securities fraud in March.
2. The company replaced several key leadership roles since the start of the investigation, including its CEO, CFO and executive vice president, chief accounting officer and senior vice president and chief commercial officer.
3. The investigation caused Dentsply Sirona to miss the filing date for its first- and second-quarter earnings.
4. The company said in a Nov. 1 news release it identified "weaknesses in the company’s internal control over financial reporting" and determined its financial statements and related disclosures for the months leading up to Sept. 30, 2021, and for the 2021 fiscal year are unreliable because of "certain misstatements contained in those financial statements."
5. The company said it will amend the financial reports for those periods to correct the misstatements.
6. The dental supplier said the results of its investigation were included in a Form 8-K submitted Oct. 29 with the Securities and Exchange Commission.
7. Dentsply Sirona said it has begun implementing remedial measures related to internal control over financial reporting and disclosure.
8. The company is finalizing its third-quarter 2022 financial report.
9. For the nine months ending Sept. 30, 2022, the company said it expects to record a pre-tax, non-cash charge for the impairment of goodwill and intangible assets between $1 billion and $1.3 billion.
10. For the third quarter of 2022, Dentsply Sirona expects to record about $947 million in net sales. It also expects net sales to be flat or in the low single digits for the fourth quarter of this year.