Thursday, August 11, 2022

DEXIS Imaging Launches DEXIS Days Month-Long Series of No-Cost Virtual Educational Events

 DEXIS Days are coming!  I'm honored to be included as part of an All Star group of professionals that will be providing educational events throughout September.  Here are all the details you need to be part of it!


Leading innovator of dental imaging technologies, sensors, and Cone Beam CT systems, DEXIS Solutions announces the launch of DEXIS Days, slated for the month of September 2022. A transformational virtual experience, DEXIS Days connects dental professionals to weekly no-cost webinars and presentations focused on thought leadership, Continuing Education, and training across a broad spectrum of digital dental technologies as well as practice strategies.

Between September 6 and September 30, 2022, doctors and staff will have the opportunity to attend multiple weekly webinars covering a wide range of topics for building a digital workflow and driving practice success. Topics will include intraoral scanning, intraoral x-ray, CBCT, treatment planning, AI-assisted diagnosis and treatment, in-practice 3D printing, and more.

Led by experienced dental professionals and subject-matter experts, DEXIS Days webinars will deliver actionable insights and value for practitioners seeking to advance their knowledge, proficiency and confidence with the latest digital dental technology and to more fully realize the advantages of an integrated, efficient digital workflow.

“DEXIS has a long history of dental imaging expertise and innovation,” explains JC Kyrillos, President at DEXIS solutions. “In developing our solutions, we’ve always listened to the input and needs of the practices and doctors who use them. We’re also committed to sharing expertise and best practices with the dental community, through training, thought leadership, and Continuing Education opportunities. DEXIS Days is an extension of that commitment.”

Offered through convenient virtual webinars and presentations, DEXIS Days will delve into subject matter most relevant to today’s practices, including:

• Easing the transition to digital dentistry

• Developing an efficient implant workflow

• Incorporating CBCT into any practice

• Practice radiation safety

• Retaining and engaging staff

• Leveraging Assisted Intelligence, software advancements, and navigated surgery

• Using 3D imaging for diagnosis, treatment planning and case presentation

• And more

Among the lineup of presenters are highly respected and renowned dental professionals who are leaders in their areas of expertise, including Dr. Chris Salierno, DDS, Dr. Pamela Maragliano-Muniz, DMD, Dr. Katya Archmbault, DMD, Dr. Martin Jablow, DMD, Dr John Flucke, DDS, and others.

“In planning the curriculum for DEXIS Days, we incorporated feedback from practices and carefully considered the topics that would be of most value to them,” says Brian Gooch, VP – Global Product Management and Marketing at DEXIS solutions. “Whether they attend some or all of the webinars, dental professionals will emerge from their DEXIS Days experience with learning, insight, guidance and resources they can use right away to advance their practice and patient outcomes.”

To learn more about DEXIS Days, view the complete curriculum, and register, click here.

Wednesday, August 10, 2022

AI Upgrades to Owandy’s QuickVision 3D Software Now Guide The Placement of More Than 100 Dental Implant Brands


 Owandy Radiology Inc., a global leader in the manufacture of dental radiology hardware and imaging software, recently upgraded the capabilities of its comprehensive  QuickVision 3D Implant Planning Software to include sophisticated Artificial Intelligence (AI) functions and the expansion of its substantial dental implant library.

QuickVision 3D: Now Powered by AI

According Owandy company spokesperson, Boris Loyez,  “We’ve implemented new features into QuickVision 3D software with the help of our internally-developed AI platform, which enables the auto-matching of a *.dicom and a *.STL file to easily create customized surgical guides. Now more than ever, QuickVision 3D software is a perfect match with the Owandy I-Max 3D compact wall-mounted cone beam unit, and the combination of our hardware and software truly makes the I-Max 3D a game-changer within the cone beam industry.”

100 Dental Implant Libraries and Counting

In addition to adding advanced AI capabilities, Owandy has been aggressively expanding the number of implant manufacturer libraries in QuickVision 3D Implant Planning Software which now includes most of the leading brands such as Bicon, BioHorizons, Camlog, Dentsply-Sirona, Nobel Biocare, Ritter, Straumann, Sweden & Martina, Zimmer Biomet, and more.

“Owandy’s new intuitive AI platform, extensive implant library, and open architecture enables QuickVision 3D to be used with any 3D intraoral scanner on the market to enhance the digital workflow capabilities and overall efficiency of virtually any modern dental implant practice, adds Loyez.”

For more information about the Owandy' QuickVision 3D and its full line of products, visit www.Owandy.com, call 516-858-5695, or send an e-mail to sales@owandyus.com. 

Distributor and DSO inquiries are always welcome.

About QuickVision 3D Implant Planning Software

Owandy’s world-renown QuickVision 3D generates panoramic images, cross-sections and bone models from axial images that can be used to identify the mandibular canal, as well as show the 3D bone model. QuickVision 3D can also be used to simulate implant placement on 2D and 3D models. What’s more, the software can easily design surgical guides by identifying the patient’s main anatomical characteristics. In addition, to secure the implant planning procedure, it will also detect any potential collisions, and several other clinical details. There is also a dedicated program for complex endo cases and thanks to the cephalometric addition, orthodontists can also benefit from QuickVision 3D.

About Owandy Radiology, Inc.: 

Headquartered in France, and serving North America from Roslyn, New York, Owandy Radiology is a global leader in the manufacture of dental radiology hardware and imaging software. Its products are distributed through dental dealers across the USA, and in more than 100 countries world-wide, on every continent. For more information, visit www.Owandy.com.


Tuesday, August 9, 2022

For those of you who don't know, Dentsply Sirona has been under investigation for some shady accounting practices that were pulled off by executives that have since been terminated.  Be that as it may, the company is having to dig out from under these dark business clouds.  In the long run, the company is going to be fine, but this kind of news is not something you expect from the largest dental manufacturer in the world...

Here is the latest press release from the company.  


DENTSPLY SIRONA Inc. (“Dentsply Sirona” or “the Company”) (Nasdaq: XRAY) today is providing a business update.


As previously disclosed, the Audit and Finance Committee of the Company’s Board of Directors (the “Audit Committee”) is conducting an internal investigation regarding certain financial reporting matters. The investigation is ongoing and therefore the Company expects that it will not be in a position to file its Quarterly Report on Form 10-Q for the period ended June 30, 2022, (the “Second Quarter 10-Q”) by the August 9, 2022, deadline.


Select Preliminary Second Quarter 2022 Results


The Company’s operational performance improved sequentially in the quarter with net sales and adjusted EPS expected to be above preliminary first quarter 2022 results. While net sales declined year-over-year due to the unfavorable impact of foreign exchange, the business delivered organic sales growth driven by solid European regional performance and demand in strategic areas of the business, most notably, CAD/CAM, Equipment & Instruments, and Restorative and Preventive Consumables.


As anticipated, in the second quarter, the Company saw normalizing dealer inventory levels in the U.S. as well as realized benefits from recent product launches and pricing adjustments. The Company continued to experience macro headwinds including ongoing supply shortages and softness in sales in China due to COVID-related shutdowns.


As a result, Dentsply Sirona expects to report second quarter 2022 net sales of greater than $1,005 million. Additionally, diluted EPS is expected to be at or above $0.26 and adjusted EPS at or above $0.60.


The second quarter gross margin and adjusted EPS were favorably impacted by the timing of certain expenses which will be reflected in the third and fourth quarters.


For the full year 2022 outlook, the Company’s assumptions outlined on May 10, 2022, remain intact with the exception of foreign exchange. Management expects to provide an updated full year 2022 outlook after filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “First Quarter 10-Q”) and the Second Quarter 10-Q (collectively with the First Quarter 10-Q, the “Quarterly Reports”).


Consistent with the Company’s commitment to return cash to shareholders, Dentsply Sirona's Board of Directors declared a quarterly cash dividend of $0.125 per share of common stock, an indicated annual rate of $0.50 per share. The dividend is payable October 14, 2022, to holders of record as of September 30, 2022.


Investigation Update 


The Audit Committee continues to work diligently with independent counsel and advisors to complete its previously announced investigation as soon as possible. However, the Company cannot predict the duration or outcome of the investigation. Due to the pendency of the investigation, the Company has not yet filed its First Quarter 10-Q and does not believe it will file its Second Quarter 10-Q on a timely basis. In the course of the investigation, the Company has also evaluated certain other accounting practices. As a result of this review, the Company anticipates certain adjustments will be made to the previously announced preliminary first quarter financial results, and the Company is currently evaluating whether fiscal year 2021 reported financial results also require adjustments.


The Company will work to finalize its financial statements and review of internal controls and procedures, including the evaluation of any deficiencies in internal controls over financial reporting, as soon as practicable.


As previously disclosed, the Company has voluntarily contacted the SEC to advise it that an internal investigation is underway, and the Audit Committee intends to provide additional information to the SEC as its investigation proceeds. The Company intends to fully cooperate with the SEC regarding this matter.


Nasdaq Compliance Update 


On May 18, 2022, the Company announced it received a written notification from The Nasdaq Stock Market (“Nasdaq”) on May 12, 2022, indicating that the Company is no longer in compliance with Nasdaq Listing Rules because the Company had not timely filed its First Quarter 10-Q. In response to the notification and pursuant to the Nasdaq Listing Rules, the Company submitted a plan to regain compliance and it targeted filing the Quarterly Reports by August 14, 2022. The Nasdaq staff granted the Company an extension of time through August 14, 2022, in which to file the Quarterly Reports. The Company has notified Nasdaq that it no longer expects that it will be able to file the Quarterly Reports by August 14, 2022, and will submit an updated compliance plan to Nasdaq. If Nasdaq accepts the updated plan to be submitted by the Company, Nasdaq can grant an extension of time for shares of the Company’s common stock to remain listed for up to 180 calendar days from the First Quarter 10-Q’s original filing deadline to regain compliance, which would be November 7, 2022.


Notice Regarding Preliminary Results


The Select Preliminary Second Quarter 2022 Results included above in this press release are based upon preliminary financial results. These preliminary financial results are based upon information available to management as of the date of this press release. The Company’s actual results may differ from these results due to final adjustments and developments that may arise or information that may become available between now and the time the Company’s financial results for the three months period ended June 30, 2022, are finalized, and included in the Company’s Second Quarter 10-Q. During the course of the Audit Committee’s investigation, the Company may identify items that could cause its actual results to be different from these preliminary financial results. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary financial results, nor has it expressed any opinion or any other form of assurance on such results or their achievability, and assume no responsibility for, and disclaim any association with, such results.


About Dentsply Sirona 


Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with over a century of innovation and service to the dental industry and patients worldwide. Dentsply Sirona develops, manufactures, and markets a comprehensive solutions offering including dental and oral health products as well as other consumable medical devices under a strong portfolio of world class brands. Dentsply Sirona’s products provide innovative, high-quality and effective solutions to advance patient care and deliver better and safer dental care. Dentsply Sirona’s headquarters is located in Charlotte, North Carolina. The Company’s shares are listed in the United States on Nasdaq under the symbol XRAY. Visit www.dentsplysirona.com for more information about Dentsply Sirona and its products. 


Forward-Looking Statements


All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, including statements regarding the Audit Committee’s ongoing internal investigation and the preliminary financial information for the second quarter ending June 30, 2022, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. Furthermore, many of these risks and uncertainties are currently amplified by and may continue to be amplified by or may, in the future, be amplified by, the novel coronavirus (“COVID-19”) pandemic and the impact of varying private and governmental responses that affect our customers, employees, vendors and the economies and communities where they operate. For a written description of these factors, see the section titled “Risk Factors” in Dentsply Sirona’s Annual Report on Form 10-K for the most recent fiscal year. No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of press release or to reflect the occurrence of unanticipated events.


Non-GAAP Financial Measures


The Company has provided certain measures in this press release that are not calculated in accordance with US GAAP and therefore represent Non-GAAP measures. These Non-GAAP measures may differ from those used by other companies and should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP. These Non-GAAP measures are used by the Company to measure its performance and may differ from those used by other companies.


Management believes that these Non-GAAP measures are helpful as they provide another measure of the results of operations, and are frequently used by investors and analysts to evaluate the Company’s performance exclusive of certain items that impact the comparability of results from period to period, and which may not be indicative of past or future performance of the Company.


Organic Sales

The Company defines "organic sales" as the reported net sales adjusted for: (1) net sales from acquired businesses recorded prior to the first anniversary of the acquisition, (2) net sales attributable to disposed businesses or discontinued product lines in both the current and prior year periods, and (3) the impact of foreign currency changes, which is calculated by translating current period net sales using the comparable prior period's currency exchange rates.


Adjusted Operating Income (Loss) and Margin

Adjusted operating income (loss) is computed by excluding the following items from operating income:


(1) Business combination related costs and fair value adjustments. These adjustments include costs related to consummating and integrating acquired businesses, as well as net gains and losses related to the disposed businesses. In addition, this category includes the post-acquisition roll-off of fair value adjustments recorded related to business combinations, except for amortization expense of purchased intangible assets noted below. Although the Company is regularly engaged in activities to find and act on opportunities for strategic growth and enhancement of product offerings, the costs associated with these activities may vary significantly between periods based on the timing, size and complexity of acquisitions and as such may not be indicative of past and future performance of the Company.


(2) Restructuring program related costs and other costs. These adjustments include costs related to the implementation of restructuring initiatives, including but not limited to, severance costs, facility closure costs, lease and contract termination costs, and related professional service costs associated with specific restructuring initiatives. Other costs include legal settlements, asset impairments, executive separation costs, and changes in accounting principle recorded within the period. The Company is continually seeking to take actions that could enhance its efficiency, consequently restructuring charges may recur but are subject to significant fluctuations from period to period due to the varying levels of restructuring activity and the inherent imprecision in the estimates used to recognize the impairment of assets, and as such may not be indicative of past and future performance of the Company.


(3) Amortization of purchased intangible assets. This adjustment excludes the periodic amortization expense related to purchased intangible assets, which are recorded at fair value in purchase accounting. Although these costs contribute to revenue generation and will recur in future periods, their amounts are significantly impacted by the timing and size of acquisitions, and as such may not be indicative of the future performance of the Company.


(4) Fair value and credit risk adjustments. These adjustments include the non-cash mark-to-market changes in fair value associated with pension assets and obligations and equity-method investments. Although these adjustments are recurring in nature, they are subject to significant fluctuations from period to period due to changes in the underlying assumptions and market conditions. The non-service component of pension expense is a recurring item, however it is subject to significant fluctuations from period to period due to changes in actuarial assumptions, interest rates, plan changes, settlements, curtailments, and other changes in facts and circumstances. As such, these items may not be indicative of past and future performance of the Company.


Adjusted operating margin is calculated by dividing adjusted operating income by net sales.


Adjusted Net Income (Loss)


Adjusted net income (loss) consists of the reported net income (loss) in accordance with US GAAP, adjusted to exclude the items identified above, the related income tax impacts, and discrete income tax adjustments such as: final settlement of income tax audits, discrete tax items resulting from the implementation of restructuring initiatives and the vesting and exercise of employee share-based compensation, any difference between the interim and annual effective tax rate, and adjustments relating to prior periods.


These adjustments are irregular in timing, and the variability in amounts may not be indicative of past and future performance of the Company and therefore are excluded for comparability purposes.


Adjusted Earnings (Loss) Per Diluted Share

Adjusted earnings (loss) (EPS) per diluted share is computed by dividing adjusted net income (losses) attributable to Dentsply Sirona shareholders by the diluted weighted average number of common shares outstanding.


Monday, August 8, 2022

LightForce Welcomes Roger George to Company Board


Former Invisalign Exec Joins LightForce to Help Drive the Second-Wave of Orthodontic

Digitization

 LightForce, makers of the world’s only fully customizable 3D

printed braces system, announced today that industry veteran, Roger George, has been appointed

to the company’s Board of Directors. Mr. George served as Senior Vice President of Global Legal

and Regulatory Affairs at Align Technology, helping that company scale during a pivotal time in their

growth. In particular, he became an established expert in establishing, prosecuting, and protecting IP

in the dental industry.


“Roger has been in the orthodontics space for over 15 years and understands what it means to

focus an organization for rapid growth,” said LightForce CEO Alfred Griffin. “His industry

knowledge, functional expertise, and leadership experience in a hypergrowth environment will

all be invaluable to the LightForce team and the Board as we pursue our mission to create a

new standard of care for braces.


“Based on my experience, I see a tremendous opportunity in front of Alfred and the LightForce

team,” said Mr. George. “Clear aligners demonstrated that customized treatment plans based

on 3D-scans and sophisticated software were the future of orthodontics; however, the vast

majority of patients continue to be treated with braces. It’s truly exciting to join LightForce as

they drive the second-wave of digitization and customized braces therapy to address this huge

segment of the orthodontic patient population.”


About LightForce

LightForce is a digital platform providing orthodontists with fully customized, 3D printed tooth-moving

tools. Founded in 2015 by Dr. Alfred Griffin, DMD, PhD, MMSc, along with Dr. Lou Shuman, DMD,

CAGS, LightForce is revolutionizing the specialty through advanced manufacturing and technology.

After five years of extensive research and development, LightForce launched its first product to the

Orthodontic market- the world’s only fully customized 3D printed bracket system and digital

treatment software. Learn more at www.lf.co.

Thursday, August 4, 2022

National Institutes of Health Uncovers Potential New Transmissioin Route of Norovirus... through Saliva

 An interesting announcement from NIH recently.  They have discovered that in laboratory animals (mice) a class of viruses, collectively called enteric viruses, can be passed through saliva.  This is a new discovery as previously this mode of transmission was unknown.

These viruses are well know to cause diarrhea in humans.  Outbreaks of this on cruise ships have been documented in the past.  These viruses can cause serious problems with dehydration as a great deal of fluid is lost when a human is affected with strong bouts of diarrhea.  This can even lead to death in some instances.

This discovery could be incredibly important if it is proven to also happen in humans.  Outbreaks caused by enteric viruses can often quickly pass from one host to another in close confines (like a cruise ship).  If humans also show these viruses in saliva, that means that the can be passed by coughing, sneezing, even talking; which would explain why they tend to spread so rapidly.

Human testing needs to be done to truly be sure, but this is a fascinating development.

Wednesday, August 3, 2022

You Can't Outrun the Long Arm of the Law

 


It always amazes me when someone tries to scam the federal government in a healthcare setting.  There are entire governmental entities whose existence is solely based on looking for oddities in the billing numbers.  It amazes me even *more* when those numbers are massive... as in $1.2 billion massive!  

It seems that there was a healthcare system in Texas that was running a huge kickback scam between hospitals, labs, and doctors.  The problem is, that when you do that kind of thing and then try and bill federal programs... you are violation of federal laws... and when you violate federal laws, the Department of Justice gets involved.  Two things most of us don't want is either the DOJ or a team from 60 Minutes asking to speak with us.

So I offer today's post as advice to anyone thinking of cooking up some similar scam.  You might get away with it for a while, but when you get that call from the DOJ, things are NOT going to be going your way for 10 or more years; if you get my drift.

The full announcement is here, but this is an interesting part of the indictment.


21 Charged, Including Hospital and Lab CEOs, in Connection with Multistate Healthcare Kickback Conspiracy

$32 Million Paid to Date in Civil Settlements

TYLER, Texas – The Department of Justice announced criminal charges against 36 defendants in 13 federal districts across the United States for more than $1.2 billion in alleged fraudulent telemedicine, cardiovascular and cancer genetic testing, and durable medical equipment (DME) schemes.

In connection with this national effort, the U.S. Attorney’s Office for the Eastern District of Texas has charged 21 individuals, including doctors, laboratory executives, hospital executives, and marketers for their involvement in healthcare kickback and money laundering conspiracies.  Former True Health Diagnostics LLC CEO Christopher Grottenthaler, former Boston Heart Diagnostics Corporation Susan L. Hertzberg, former Rockdale Hospital d/b/a Little River Healthcare CEO Jeffrey Paul Madison, and others are defendants in a False Claims Act lawsuit captioned United States ex rel. STF, LLC v. True Health Diagnostics, LLC, et al., No. 4:16-cv-547 (E.D. Tex.).  Additionally, 33 doctors and healthcare executives have agreed to pay over $32 million in order to resolve False Claims Act allegations for their involvement in the scheme.  The criminal and civil cases allege that the defendants unlawfully enriched themselves by paying and receiving illegal kickbacks in exchange for laboratory referrals. 


Tuesday, August 2, 2022

3M Announces Plans to Create Long Term Value Through Spin-Off of Health Care Business

 


This is a pretty major announcement.  3M, which has a huge position in the dental market, is looking at spinning off that portion of their business into a new company.  All of the divisions that 3M has in the healthcare sector will be spun off & combined into a new company called "Health Care" that currently accounts for $8.6 billion in sales.  What follows the press release provided by 3M.  This is an interesting move...


3M (NYSE: MMM) today announced its intent to spin off its Health Care business, resulting in two world-class public companies well positioned to pursue their respective growth plans.  The New 3M will remain a leading global material science innovator serving customers across a range of industrial and consumer end markets, and Health Care will be a leading global diversified healthcare technology company focused on wound care, healthcare IT, oral care, and biopharma filtration.

"Today's actions advance our ability to create value for customers and shareholders," said 3M chairman and chief executive officer Mike Roman. "Disciplined portfolio management is a hallmark of our growth strategy. Our management team and board continually evaluate the strategic options that will best drive long term sustainable growth and value. The decision to spin off our Health Care business will result in two well-capitalized, world-class companies, well positioned to pursue their respective priorities."

As leading standalone companies, each is expected to benefit from:

Enhanced agility and focus to better position for long term success;

Ability to tailor capital allocation strategies and make company-specific investment decisions to drive innovation and growth;

Compelling investment profiles appealing to different investor bases; and,

Distinct boards and management teams comprised of world-class leaders with relevant expertise and track records driving value creation.

New 3M: A Leading Global Material Science Innovator

New 3M, with $26.8 billion in sales in 2021, will remain a leading global material science innovator, powered by an operating model rooted in science and technology, manufacturing, global capabilities, and iconic brands. The company will continue to leverage its unique and differentiated innovation to capitalize on customer opportunities aligned with key global megatrends such as electronics, safety, mobility, digitization, home improvement, and sustainability.

New 3M expects to continue to deliver profitable growth, generate robust cash flow, and return capital to shareholders while maintaining a strong balance sheet. New 3M will continue to prioritize strategic opportunities, including investments in growth, productivity, and sustainability while maintaining a proactive approach to portfolio management. 3M anticipates that there will be no changes to the Company's capital allocation priorities through the completion of the separation.

Health Care: A Leading Global Diversified Health Care Technology Company

Health Care, with approximately $8.61 billion in sales in 2021, will be a diversified healthcare technology leader with a deep and diverse portfolio of trusted brands, global capabilities, and leadership in attractive end market segments such as wound care, oral care, healthcare IT, and biopharma filtration. Health Care will be better positioned to deliver industry-leading innovation that enables better, smarter, and safer healthcare for patients worldwide.

Health Care will focus on growth, grounded in its strong track record of profitability. With robust cash flow generation, Health Care will be well positioned to pursue its strategic objectives.

Transaction Details

Health Care is currently expected to be spun off with net leverage of approximately 3.0x – 3.5x EBITDA and to be positioned for rapid deleveraging. Additionally, New 3M expects to retain a stake of 19.9% in Health Care, which will be monetized over time.
The spin-off is intended to be tax-free for U.S. federal income tax purposes. The Company expects to complete the transaction by year-end 2023. The transaction is subject to satisfaction of customary conditions, including final approval from the 3M Board of Directors, filing and effectiveness of a Form 10 registration statement with the U.S. Securities and Exchange Commission, receipt of a tax opinion, receipt of a private letter ruling from the Internal Revenue Service, satisfactory completion of financing, and receipt of other regulatory approvals.
3M will retain responsibility for non-Health Care related litigation, including those related to Combat Arms Earplugs and PFAS.

Advisors
Goldman Sachs & Co and PJT Partners are serving as financial advisors and Wachtell, Lipton, Rosen & Katz is serving as legal counsel on the spin-off of 3M's Health Care business.
Update on Pending Food Safety Transaction with Neogen
3M intends to complete the transaction through a split-off with a targeted closing date of September 1, 2022, subject to approval by Neogen shareholders, receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Taking Action to Efficiently and Equitably Resolve Combat Arms Earplugs Litigation
In a separate press release issued today, 3M announced it is taking steps to resolve litigation related to Combat Arms Earplugs. Aearo Technologies and related entities ("Aearo Technologies"), all of which are wholly-owned 3M subsidiaries, have voluntarily initiated chapter 11 proceedings. With this change in strategy, this process is intended to resolve claims related to Combat Arms Earplugs in a manner that is more efficient and equitable to all parties, including plaintiffs with claims that are determined to be entitled to compensation. 3M and its other businesses have not filed for chapter 11 and will continue to operate as usual. Aearo Technologies' operations are also expected to continue operating in the ordinary course.

To access the press release, please visit our press release page here.
Q2 2022 Earnings Results and Conference Call
In a separate press release issued today, 3M announced its second-quarter 2022 results and updated its outlook for the full-year 2022.

3M will conduct an investor teleconference at 9 a.m. EDT (8 a.m. CDT) today. Investors can access this conference via the following:
Live webcast at http://investors.3M.com.
Live telephone:
Call 800-762-2596 within the U.S. or +1 212-231-2916 outside the U.S. Please join the call at least 10 minutes before the start time.
Webcast replay:
Go to 3M's Investor Relations website at http://investors.3M.com and click on "Quarterly Earnings."
Telephone replay:
Call 800-633-8284 within the U.S. or +1 402-977-9140 outside the U.S. (for both U.S. and outside the U.S., the access code is 21999290). The telephone replay will be available until 11:30 a.m. EDT (10:30 a.m. CDT) on August 1, 2022.




1
Includes Food Safety (~$0.4B), expected to be divested by Sept. 1, 2022, that will no longer be part of the Health Care business.
Forward-Looking Statements
This news release contains forward-looking information about 3M's financial results and estimates and business prospects that involve substantial risks and uncertainties. You can identify these statements by the use of words such as "anticipate," "estimate," "expect," "aim," "project," "intend," "plan," "believe," "will," "should," "could," "target," "forecast" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans or prospects. Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, regulatory, capital markets and other external conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations of the Company or its customers and suppliers; (2) risks related to public health crises such as the global pandemic associated with the coronavirus (COVID-19); (3) foreign currency exchange rates and fluctuations in those rates; (4) liabilities related to certain fluorochemicals, including lawsuits concerning various PFAS-related products and chemistries, and claims and governmental regulatory proceedings and inquiries related to PFAS in a variety of jurisdictions; (5) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2021, as updated by the Company's Current Report on Form 8-K dated April 26, 2022, and any subsequent quarterly reports on Form 10-Q (the "Reports"); (6) competitive conditions and customer preferences; (7) the timing and market acceptance of new product offerings; (8) the availability and cost of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (9) unanticipated problems or delays with the phased implementation of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) the impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (11) operational execution, including scenarios where the Company generates fewer productivity improvements than estimated; (12) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; (13) the Company's credit ratings and its cost of capital; (14) tax-related external conditions, including changes in tax rates, laws or regulations; (15) matters relating to the proposed spin-off of the Company's Health Care business, including whether the transaction will be completed, or if completed, will be on the expected terms; the risk that the expected benefits will not be realized; the risk that the costs or dis-synergies will exceed the anticipated amounts; the ability to satisfy the various closing conditions; potential business disruption; the diversion of management time; the impact of the transaction (or its pendency) on the Company's ability to retain talent; potential impacts on the Company's relationships with its customers, suppliers, employees, regulators and other counterparties; the ability to realize the desired tax treatment (including whether an Internal Revenue Service private letter ruling will be sought or obtained); the risk that any consents or approvals required will not be obtained; risks associated with financings that may be undertaken and indebtedness that may be incurred in connection with the transaction; and (16) matters relating to the voluntary chapter 11 proceedings of the Company's subsidiary Aearo Technologies and certain of its affiliates (the "Aearo Entities"), including legal risks related to the chapter 11 proceedings; potential impacts to the Company's reputation and its relationships with customers, suppliers, employees, regulators and other counterparties and community members; potential impacts to the Company's liquidity or results of operations, including risks related to the amount that will be necessary to fully and finally resolve all of the Company's obligations to make payments to resolve such claims under the terms of its funding and indemnification agreement with the Aearo Entities; and the Aearo Entities' ability to navigate the chapter 11 proceedings to obtain approval and consummation of a plan of reorganization. Changes in such assumptions or factors could produce significantly different results. A further description of these factors is located in the Reports under "Cautionary Note Concerning Factors That May Affect Future Results" and "Risk Factors" in Part I, Items 1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A (Quarterly Reports). The Company assumes no obligation to update any forward-looking statements discussed herein as a result of new information or future events or developments.