PresentationWe will get started. I'm Elizabeth Anderson. I'm Evercore's health care services and dental analyst. Very pleased to be joined by Eric Hammes and Jim Gustafson from Envista this morning, CFO and VP IR, respectively. As we sort of sit here in December of 2025, we've gotten different signals from different dental participants. And maybe that's a true -- maybe doesn't even -- that's not even true of December 2025, it's been true this whole year. So how do we think about the overall dental market an ...

Summary of Envista's Conference Call Industry Overview - The dental market is characterized as "soft but stable," with low single-digit growth observed over the past four quarters [2][3] - The consumables market has shown the most consistency, with low single-digit growth [3] - Orthodontics is experiencing low to mid-single-digit growth, with brackets and wires performing well [3] - The implant market is growing steadily, with a focus on digitization and equipment sales [4] - Diagnostics have been a negative low single-digit market but are showing signs of improvement [4] Company Performance - Envista has achieved approximately 5% growth year-to-date, with trends continuing positively into the fourth quarter [6][7] - December is a significant month for purchasing, and a strong finish to the year is anticipated [7] - The Spark business is expected to grow, with a consistent global aligner market performance [9][10] Product Innovations and Strategies - Envista has focused on providing a full solution to orthodontists, combining aligners with brackets and wires [10][11] - New product introductions, such as Spark On Demand and BiteSync, are aimed at enhancing treatment options and efficiency [12][13] - Continuous innovation is a key strategy, with a focus on both line extensions and new product launches [15] Financial Insights - The Spark business had a $45 million revenue headwind last year, with a significant portion expected to return this year [18][19] - A 20% year-over-year cost reduction in aligner production has been achieved through automation [21][22] - Envista's G&A expenses have decreased by 12% year-to-date, with expectations to maintain flat spending going forward [55] Market Dynamics - North America is recovering positively, while Europe continues to perform well [4][5] - China remains uncertain, with ongoing questions about market dynamics [5] - The diagnostics market is expected to recover modestly, driven by interest rate reductions and consumer confidence [47] R&D and Acquisitions - Envista invested $25 million in R&D for implants, focusing on commercial and clinical improvements [28] - Two acquisitions were made to enhance geographic penetration and product offerings in the implant space [33] Capital Deployment and Future Outlook - Envista aims for organic growth as the primary capital deployment strategy, with M&A opportunities also being a priority [62] - A share repurchase program of $250 million over two years has been approved [63] - The company anticipates a lower tax rate in 2026 due to improved profitability and the resolution of intercompany loans [58][59] Conclusion - Envista is positioned for continued growth through innovation, strategic acquisitions, and a focus on operational efficiency, with a positive outlook for 2026 and beyond [64][65]

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Core Insights - Envista Holdings Corporation will participate in the 8th Annual Evercore Healthcare Conference on December 3, 2025, with a fireside chat scheduled from 12:30 to 1:15 pm ET [1] Company Overview - Envista is a global family of over 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr, focused on improving lives through dental care [2] - The company offers a comprehensive portfolio that includes dental implants, orthodontics, and digital imaging technologies, addressing various clinical needs for dental professionals [2] - Envista is recognized as one of the largest global dental products companies, holding significant market positions in attractive segments of the dental products industry [2]

Core Viewpoint - Envista Holdings Corporation is positioned as a significant player in the dental products industry, specializing in a variety of dental solutions and competing with major companies like Dentsply Sirona and Align Technology [1] Stock Performance - Over the past month, NVST has shown a modest gain of approximately 1.20%, indicating a steady upward trend [2] - In the last 10 days, the stock has experienced a decline of about 4.42%, which may present a potential buying opportunity for investors [2][6] Growth Potential - NVST has an estimated stock price growth potential of 23.39%, suggesting significant room for appreciation [3] - The company has a robust Piotroski Score of 8, indicating strong fundamentals and a solid financial position [3][6] Investment Opportunity - NVST has reached a local minimum, which could be an opportune moment for investors to consider entering a position [4] - The target price for NVST is set at $24, reflecting market confidence in the company's ability to deliver value to shareholders [4] Overall Assessment - Envista Holdings Corporation presents a compelling investment opportunity due to its strong growth potential, solid financial health, and recent price dip [5]

Core Insights - Erste Group Bank raised its annual targets following third-quarter results that exceeded expectations, driven by loan growth and reduced customer deposit costs, resulting in a record high for its shares [1] Financial Performance - The third-quarter results showed significant loan growth, which contributed positively to the bank's performance [1] - Lower customer deposit costs also played a crucial role in enhancing the bank's financial results [1] Market Reaction - The positive earnings report and raised targets led to Erste Group Bank's shares reaching a record high [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported sales of $670 million, with core sales increasing by 9.4% year-over-year, aided by foreign exchange contributing approximately 200 basis points [12][16] - Adjusted EBITDA margin was 14.5%, up 540 basis points from the prior year, driven by improved gross margins and strong G&A productivity [13][22] - Adjusted EPS for the quarter was $0.32, more than double the Q3 2024 result, with year-to-date adjusted EPS reaching $0.82, a 67% increase over the same period last year [6][13] Business Line Data and Key Metrics Changes - Specialty products and technology revenue grew 13% year-on-year, with core sales up 10.6%, while the orthodontics business, particularly Spark, saw high teens growth before deferral benefits [17][18] - The equipment and consumables segment experienced core sales growth of 7.3%, with double-digit growth in consumables [19] - Diagnostics core sales growth was modestly positive for the second consecutive quarter, supported by new product launches [66] Market Data and Key Metrics Changes - The company maintained a strong position in the orthodontic market, with Spark aligners achieving profitability and significant growth, outperforming the overall aligner market [30][11] - In North America, the company reported above-market growth in implants, with a strong performance in both premium and challenger segments [42] - The dental market remains stable, although macroeconomic uncertainties continue to impact discretionary procedures [23] Company Strategy and Development Direction - The company is focused on growth, operations, and people, with significant investments in R&D and marketing to support new product launches and market share gains [7][10] - The company aims to achieve fleet average margins for Spark aligners, leveraging economies of scale and a comprehensive product portfolio [27][28] - Continued expansion in key markets, including China, is a priority, with ongoing monitoring of regulatory changes impacting the implant market [36][49] Management's Comments on Operating Environment and Future Outlook - Management noted that underlying patient demand remains stable but below long-term levels, with macroeconomic uncertainty affecting some segments [23] - The company is optimistic about future growth, expecting continued margin and market share gains, particularly in the Spark business [11][30] - Management anticipates that the tariff landscape will remain fluid but is on track to offset tariff costs for the full year [39] Other Important Information - The company has repurchased over $140 million worth of shares year-to-date as part of a $250 million two-year repurchase authorization [21] - A new multipurpose diagnostic center is being developed in Finland, enhancing the company's innovation capabilities in dental imaging [9] Q&A Session Summary Question: What is the trajectory of margins for the Spark business now that it is profitable? - Management expects Spark margins to eventually reach fleet average, supported by cost improvements and commercial efficiencies [27][28] Question: Can you elaborate on the market share of the Spark business? - Spark has consistently outgrown the global aligner category, achieving high teens growth in Q3, significantly outperforming the overall market [29][30] Question: What are the expectations regarding the VBP impact in China? - Management expects a destocking phase followed by a new price level and restocking impact, but anticipates VBP 2 to be smaller than VBP 1 [49] Question: How is the company positioned in the implant market? - The company has seen four consecutive quarters of positive growth in implants, with strong new product launches contributing to this momentum [42] Question: What is the outlook for the diagnostics business? - The diagnostics segment has shown positive growth for two consecutive quarters, aided by new product launches and improving market conditions [66]

Core Insights - Envista Holdings Corporation is a significant player in the dental products industry, offering a variety of solutions across segments such as orthodontics, implants, and digital imaging, while facing competition from companies like Dentsply Sirona and Align Technology [1] Financial Performance - For the third quarter of 2025, Envista reported strong financial results, with core growth, adjusted EBITDA, and adjusted EPS exceeding expectations, highlighting positive growth across all major business segments [3][6] - The company achieved an operating cash flow of $79 million and a free cash flow of $68 million for the third quarter, marking increases from the previous year's $71 million and $63 million, respectively [4][6] - Envista repurchased 2.1 million shares for approximately $41 million during the same period [4][6] Stock Performance and Analyst Ratings - As of October 30, 2025, Jonathan Block from Stifel Nicolaus set a price target of $25 for NVST, indicating a potential increase of about 22.73% from its trading price of $20.37 [2][6] - Currently, NVST is priced at $19.92, reflecting a slight decrease of 0.3%, with a market capitalization of approximately $3.31 billion [5]

Q3 2025 Financial Performance - Revenue increased to $669.9 million, a growth of $68.9 million compared to Q3 2024[23] - Core sales growth was 9.4%, a 1470 bps increase compared to the -5.3% in Q3 2024[14, 23] - Adjusted EBITDA reached $97.1 million, up by $42.2 million, with a margin of 14.5%, a 540 bps increase[23, 25] - Adjusted diluted EPS was $0.32, a 167% year-on-year increase[14, 26] - Free cash flow was $67.9 million, an increase of $4.6 million[23, 26] Business Segment Performance - Specialty Products & Technologies core sales grew by 10.6%[31] - Equipment & Consumables core sales grew by 7.3%[33] - Spark aligner business achieved profitability and shipped its 1 millionth case[19, 21] FY25 Guidance Update - Core sales growth guidance was updated to approximately 4%[14, 35, 38] - Adjusted EPS guidance was updated to a range of $1.10 to $1.15[14, 35, 38] - Adjusted EBITDA margin guidance was maintained at approximately 14%[14, 35, 38]