DENTSPLY SIRONA Inc. (XRAY)

Wie das Geld verdient wird

Revenue comes from selling hardware and consumables to dental and orthodontic practices, largely through independent distributors such as Henry Schein and Patterson Companies rather than directly. Equipment like imaging systems and treatment chairs is a one-time or infrequent capital purchase; consumables like fillings, cements and aligner materials are repeat purchases tied to how many patients a practice treats. The distributor relationship means Dentsply Sirona's own sales force influences demand but rarely closes the final sale.

Routine dental care is fairly steady — people keep needing fillings and cleanings regardless of the economy — which supports demand for consumables. But the equipment side is more discretionary: practices can defer buying a new imaging system or chair in a weak economy, so Dentsply Sirona's results move with dental-practice capital spending as much as with patient volume.

Wichtigste Risiken

• Distributor concentration — Two distributors, Henry Schein and Patterson, together account for around a fifth or more of net sales; losing or straining either relationship would disrupt how products reach practices.
• Product liability and recalls — Dental devices and materials carry inherent liability and recall risk; a quality issue with a widely used product could trigger a costly recall and reputational damage.
• Regulatory compliance across markets — The company operates under extensive and changing medical-device and product regulations in many countries, and failing to comply can bring civil or criminal penalties.
• Litigation and IP disputes — The company faces ongoing litigation risk, including securities claims, government investigations and patent disputes that can be costly to defend regardless of outcome.

Die größten Kunden machen 13 % des Umsatzes aus

For 2025, distributor Henry Schein accounted for 13% of net sales and Patterson Companies for just under 10%; Dentsply Sirona sells most of its products through a small number of large distributors rather than directly to practices.