Dentsply International Inc.

Type	Public
Traded as	NASDAQ: XRAY S&P 500 Component
Industry	Dental equipment
Founded	New York (1899)
Founder(s)	Dr. Jacob F. Frantz George H. Whiteley Dean C. Osborne and John R. Sheppard
Headquarters	York, Pennsylvania, United States
Key people	Bret W. Wise Chair, CEO[1] Christopher T Clark President, COO William R Jellison cfo,sen.vp James G. Mosch exec.vp
Products	Anaesthetics Prosthetics
Revenue	$2537,718 mil (2011)14.3%[2][3]
Net income	$247.446 mil (2011)7.4%[2]
Total assets	$4764.917 mil46.3%[2] cur $1.012 bil (2011)
Total equity	$1893.670 mil[2] (2011)
Employees	11800 (March 2011)[4]
Divisions	51
Website	www.dentsply.com

Dentsply International is an American dental equipment maker and dental consumables producer that markets its products in over 120 countries (factories in 21 countries). It is a leader in consumable dental products.^[5]

As an equipment maker it designs and manufactures laboratory and specialty products relating to dental supplies. With regards to consumable products it specializes in anesthetics, plaque and gum disease prevention (prophylaxis) and tooth polishers; It also designs and constructs artificial teeth.^[6] Because of the income disparity between wealthy and developing nations the variety of products in demand differs from region to region (and thus subsidiary to subsidiary since many of them are regional). In 2010 the most important markets for sales were Europe & CIS (40%), USA (37%), Latin America (5%), Asia (excl CIS and Japan, 5%), Canada 4%, Japan (4%), Middle East & Africa (3%) and Australia (2%).^[7] The largest market that Dentsply holds a leading market share in is the dental restorative sector ($4.0 billion according to the company).^[7]

History[link]

The company which made use of the Dentsply name goes back to an artificial teeth and dental consumable products manufacturer and distributor founded by 4 New York businessmen in 1899.^[8] However, the present company is largely the result of a merger in 1993 in which Gendex Corporation acquired Dentsply International Inc. for $590 million.^[9] Gendex's dental x-ray equipment business which complemented Dentsply's was founded in 1983.

Dentsply was originally incorporated in 1899 as Dentists' Supply Company about the same time it made its first acquisition, a Pennsylvania porcelain teeth manufacturer. One of the 4 founders, George H. Whiteley became the main operator of the company as a result of his experience as a ceramist. Whiteley's contributions to the company were invaluable as he was responsible for many innovations such as a patented process involving platinum rings that reduced tooth breakage. Other innovations (credited to doctors like James Williams who were hired by the company for research purposes) included better fitting dentures, tooth size for people of different face shapes and age specific colored teeth.

In the early 1920s the company selected European distributor E.de Trey & Sons as its primary marketer to Europe however it quickly became the company's main distributor in the US also. A rivalry between De Trey and the main other denture equipment producer at the time Ash company nearly eliminated cash flows due to extreme price cutting. The problem was resolved when the two decided to merge their distribution businesses into one named the Amalgamated Dental Company Limited. In 1925 45% of Zahnfabrik (artificial teeth producer) was bought by Dentists' Supply and its distributor Amalgamated Dental bought a 30% interest in the manufacturer.^[10]

High American tariffs and increased efforts to gain market share abroad especially in Europe and Australia led the company to set up more research and manufacturing centers abroad. Its first foreign subsidiary was established in Australia as a means to acquire Natudryl Manufacturing. In the 1950s and 1960s the company developed many of the ideas used by its equipment today like tooth cleaning machine Dentsply Cavitron and Neolux which improved the finish of plastic teeth. The company renamed itself Dentsply International in 1969 due to its products' brand name being more widely recognized.^[6]

Key acquisitions by Dentists' Supply Company: LD Caulk Company in 1963, Ransom and Randolph Company in 1964, F&F Koenigkramer Company (chairs and stools). Largest was Amalgamated Dental Industrial (former distributor that played a major role in helping the company grow early on that also controlled Australia's largest dental supply chain) in 1976.

In 1993 after it acquired Gendex Corp in a reverse takeover it went public on the Nasdaq. The new company then purchased medical x-ray tubes supplier Eureka X-Ray Inc. which was key since Gendex was a major manufacturer of x-ray systems (Eureka X-Ray was later sold in 1994).^[11] Healthco its main distributor in the US went bankcrupt in 1993.^[12]

In June 2011 Dentsply acquired Astra Tech, the world's third largest maker of dental implants from the Anglo-Swedish pharmaceutical company AstraZeneca for $1.8 billion. The deal raises revenue by 25% ($535M) and was completed on August 31, 2011.^[13][14]

Acquisitions in 2011 caused the value of long term debt to increase by 147% while total assets grew by 146% (current assets however decreased in value). ^[15] Acquisition/restructuring charges were one of the reasons net income decreased 7.4%.

Divisions[link]

Many divisions are regional in terms of their base and the market they serve (Most in Asia are named after the country they serve) while others are focussed on a specific product (Ceramco deals in prosthetics, Maillefer in endodontics). The divisions and subsidiaries sell their products through regionally focused distribution companies as well as dentists and dental schools.

Regional Dentsply; Africa, Middle East, Asia, South Africa, North America, Canada, Mexico, South America, Argentina, Brazil, Chile, Colombia, Australia Asia, China, India, Indonesia, Japan, Korea, Philippines, Taiwan, Thailand, Vietnam, France, Italia, Maillefer, Nordics, Poland, Portugal Russia (CIS), Spain, Switzerland/Austria, United Kingdom, Czech Republic, Benelux

Product specific Dentsply; Friadent, Pharmaceutical - anesthetics, Professional - preventive, handpieces & burs, Prosthetics - lab products, Raintree Essix - orthodontics, plastics, Ransom & Randolph - investment casting materials, Rinn - x-ray accessories/Crescent, Trubyte - removable full dentures Tulsa - endodontics and implants, Austenal - removable partial dentures, Caulk - restoratives/impression materials, Ceramco - crown and bridge, Friadent Ceramed - implants and grafting, GAC - orthodontics, Glenroe - orthodontics, Maillefer - endodontics, Astra Tech AB - Dental implants and surgical products

Products[link]

Products comprise 3 general groups; dental consumables, dental laboratory products and dental specialty products. In addition the company receives about 2 to 3% of its revenue from the sale of non dental products.^[16]

Dental consumable products (33% of sales in '09) refers to such products as dental sundries (more than 100 brand names market sundries), dental anesthetics, prophylaxis paste, restorative materials, dental sealants, tooth whiteners, and topical fluoride, basically things that need to be replaced regularly. This segment also includes hand equipment like polishers and light systems.

Dental laboratory products (23% of sales in '09) includes dental prosthetics, including artificial teeth, precious metal dental alloys, dental ceramics, and crown and bridge materials and equipment like computer aided machining systems.

Dental specialty products (41% of sales in '09) consists of endodontic instruments and materials, implants and related products, bone grafting materials, 3D digital implantology (the marketing and distribution of which was enhanced in 2009 with the acquisition of a company in that business) , and orthodontic appliances and accessories.

These products are marketed under a number of brand names including ankylos®, aquasil(TM), aquasil ultra(TM), biopure(TM), caulk®, cavitron®, ceramco®, cercon®, citanest®, delton®, dentsply®, detrey®, elephant®, esthet.x®, friadent®, frialit®, gac orthoworks(TM), golden gate®, in-ovation(TM), interactive mystique(TM), maillefer®, midwest®, nupro®, oraqix®, pepgen P-15(TM), polocaine®, prime & bond®, profile®, protaper(TM), rinn®, r&r®, sani-tip®, seal&protect(TM), shadepilot(TM), thermafil®, trubyte®, xeno® and xylocaine®.'^[6]

References[link]

1. ^ Dentsply Management
2. ^ ^{a b c d} "Dentsply International 2011 Annual Report". 2012-02-24. http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1odHRwOi8vaXIuaW50Lndlc3RsYXdidXNpbmVzcy5jb20vZG9jdW1lbnQvdjEvMDAwMTQ0NTMwNS0xMi0wMDA0NDYvZG9jL0RFTlRTUExZSW50ZXJuYXRpb25hbEluYy5wZGYmdHlwZT0yJmZuPURFTlRTUExZSW50ZXJuYXRpb25hbEluYy5wZGY=. 
3. ^ "Dentsply 2010 Financial Results". 2011. http://files.shareholder.com/downloads/XRAY/0x0x440032/e9f2b67e-b032-45f3-b142-8584284a68e4/2010_4th_Q_YE_Earnings_Release.pdf. 
4. ^ Dentsply profile at hoovers
5. ^ little known stocks
6. ^ ^{a b c} Securities and Exchange Commission
7. ^ ^{a b} "Dentsply 2010 Investor Presentation page 9 of 27". 2011-03-11. http://files.shareholder.com/downloads/XRAY/0x0x427906/352514ac-b6ae-4038-8d2c-1fc3d458b8ed/InvestorPresentation.pdf. 
8. ^ Dentsply International
9. ^ "Gendex and Dentsply to merge in $590 million deal". The New York Times. 1992-12-18. http://www.nytimes.com/1992/12/18/business/company-news-gendex-and-dentsply-to-merge-in-590-million-deal.html. 
10. ^ History of Dentsply International Inc
11. ^ Varian Completes Purchase
12. ^ Life After Healthco
13. ^ "DENTSPLY International Completes Acquisition of Astra Tech". August 31, 2011. http://investor.dentsply.com/releasedetail.cfm?ReleaseID=602472. 
14. ^ Krauskopf, Lewis (June 22,2011). "Dentsply buys Astra Tech for $1.8 billion". Reuters. http://www.reuters.com/article/2011/06/22/us-astrazeneca-idUSTRE75L11D20110622. 
15. ^ "DENTSPLY International Inc. Reports Fourth Quarter and Fiscal 2011 Results". 2012-02-16. http://finance.yahoo.com/news/dentsply-international-inc-reports-fourth-120403051.html. 
16. ^ "Dentsply 2009 Annual Report". 2010-02-10. http://www.dentsply.com/assets/investors/DentsplyAnnualReport.pdf. 

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