Byte, the leader in the rapidly growing direct-to-consumer, doctor-directed clear aligner market, was acquired by Dentsply Sirona in a $1.04 billion cash deal.
WHO: Byte was founded by serial entrepreneurs Scott Cohen and Blake Johnson in 2017, with the first products launched at the beginning of 2019. Byte is an invisible-aligner-for-teeth company with a mission to bring more confident smiles into the world by creating a more affordable, convenient, and modern solution to the category, flipping the embarrassment of braces on its head with millennial personality and trendy branding. Byte’s nationwide network of licensed dentists and orthodontists prescribe and oversee every customer’s treatment plan, delivering a top-rated consumer experience and results in up to half the time and cost of traditional methods.
Dentsply Sirona is the world’s largest manufacturer of professional dental products and technologies, with a 132-year history 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.
WHY: With the market projected to increase at a 20-25% growth rate, Dentsply Sirona strengthens its SureSmile clear aligner platform with the addition of the Byte business. As a result of the transaction, Dentsply Sirona adds scale to its SureSmile clear aligner business and strengthens its connection with dental professionals. With the global reach and supply-chain expertise of Dentsply Sirona, and the innovative direct-to-consumer system that Byte brings, the combined company’s clear aligner platform is well-positioned to drive additional growth.
Additionally, Byte has developed an innovative direct-to-consumer system that expands patient access, enabling Dentsply Sirona to connect additional patients with its network of dental partners and increase access to quality oral healthcare.
IN THEIR OWN WORDS: Don Casey, Chief Executive Officer of Dentsply Sirona, said, “Over the past two years, we have executed against our restructuring plan, strengthening the R&D, supply chain and commercial platforms, positioning Dentsply Sirona for long-term growth. We are excited to take the next step in our evolution by bringing Byte into our organization. We have been pleased with the growth of our SureSmile clear aligner business and we are confident that adding the innovative platform of Byte adds scale for us in the important clear aligner market. We look forward to working with the talented team at Byte as we utilize our collective strengths to expand patient access to quality care and support the success of our dental partners around the world.”
Neeraj Gunsagar, CEO of Byte, commented, “We’ve been impressed with the passion that Dentsply Sirona has for innovation in dentistry. This combination provides Byte with unmatched resources and R&D capabilities that allow us to reach additional customers and accelerate our mission of changing the world one smile at a time. The transaction enhances our ability to offer affordable care to patients and increases awareness of the overall benefits of oral care. Our team is committed to driving our strong growth and we are delighted to join the Dentsply Sirona family as we execute on our shared mission.”
Jorge Gomez, Chief Financial Officer of Dentsply Sirona, said, “As we bring the two businesses together, we are confident that we can unlock incremental growth and further capitalize on the increasing consumer demand for clear aligner solutions. This transaction is immediately accretive to Dentsply Sirona’s revenue growth rate and Non-GAAP EPS. In addition, we expect the acquisition to be accretive to Dentsply Sirona’s long-term financial commitments. We’re thrilled that Neeraj and his team are joining our company as we continue to focus on driving growth and value for our shareholders.”
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