William Blair Emerging Technologies in Dental May 17, 2022 @ Envista Forward Looking Statements 2 Certain statements in this presentation are "forward-looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These facto ...

Financial Data and Key Metrics Changes - First quarter sales increased by 3.1% to $631.4 million, with core sales growth of 5.4% compared to Q1 2021 [22][24] - Adjusted EBITDA margin was 19.7%, representing a decrease of approximately 185 basis points from Q1 2021 [25][17] - Adjusted EPS was $0.47 from continuing operations, down from $0.49 in the comparable period of the prior year [25] Business Line Data and Key Metrics Changes - Specialty Products & Technologies segment saw core revenue increase by 11.2%, driven by strong growth in implants and Spark clear aligners [26] - Orthodontic business grew 18.7%, with brackets and wires growing mid-single digits and Spark continuing to accelerate [26][13] - Equipment and Consumables segment core sales decreased by 3.3%, with strong demand in restorative business but a decline in infection prevention solutions [28][29] Market Data and Key Metrics Changes - Western Europe grew by 17.6%, while North America increased by 2.4%, impacted by infection prevention exposure [23] - Emerging markets outside of China grew by 15.6%, while China saw a decline of 14.3% due to COVID-related lockdowns [23][24] Company Strategy and Development Direction - The company aims to accelerate growth to high single digits while expanding operating margins and transforming its portfolio [12][19] - Focus on digitizing, personalizing, and democratizing dental care, with significant investments in technology and training [11][20] - The acquisition of Carestream Dental's intra-oral scanner business is expected to enhance growth and operational capabilities [19][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from inflation, supply chain disruptions, and geopolitical issues but remains optimistic about long-term growth in the dental market [33][19] - The company expects core growth between 6% to 8% for 2022 and aims for an adjusted EBITDA margin of over 20% for the full year [35][39] - Anticipated sales from the newly acquired IOS business are projected to be between $35 million to $45 million for the remainder of the year [33] Other Important Information - The company achieved an adjusted gross margin of 59.2%, an increase of 20 basis points compared to the prior year [24] - The first quarter saw a consumption of $16.3 million in free cash flow, ending with over $1 billion in cash [30][31] Q&A Session Summary Question: Pricing Strategy and Impact - Management is actively managing pricing, taking selective price increases and reducing discounts to counter inflationary impacts [42] Question: Spark Revenue Growth - Spark revenue doubled year-over-year, with strong sequential growth of 17.3% from Q4 to Q1 [46] Question: China Market Performance - China revenue was down approximately 14% year-over-year, but management remains optimistic about recovery as lockdowns ease [50][68] Question: Integration of Carestream - Integration focuses on go-to-market strategies, operational improvements, and leveraging R&D capabilities for long-term growth [55] Question: Supply Chain Visibility - Management is cautious about supply chain dynamics but has improved visibility and inventory management to meet customer demand [60] Question: North America Growth Excluding Infection Prevention - North America experienced low single-digit growth, with strong performance in implants and Spark business offset by declines in infection prevention [71]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39054 ENVISTA HOLDINGS CORPORATION (Exact name of registrant as specified in its charter) (Stat ...

Financial Data and Key Metrics Changes - For the full year 2021, core revenue growth was 29% over 2020 and 8.9% over 2019 [11] - Adjusted EBITDA margin for 2021 was 19.7%, representing a greater than 650 basis point improvement over 2020 and over 400 basis points improvement versus 2019 [12][24] - Fourth quarter sales increased 5.8% to $651.8 million, with core sales growth of 6.6% compared to Q4 2020 [28][29] - Adjusted gross margin for Q4 2021 was 57.1%, increasing by 60 basis points compared to the prior year [30] Business Line Data and Key Metrics Changes - Specialty Products & Technologies segment core revenue increased 14.5% compared to Q4 2020, driven by strong growth in premium implants and Spark [31] - Orthodontics business grew over 20% in Q4 2021, with Spark achieving a $100 million run rate [32][19] - Implant business delivered over 30% core growth in 2021, with double-digit growth in Q4 [20] - Equipment & Consumables segment core sales decreased by 3.3% compared to Q4 2020, with strong demand in imaging but a decline in Infection Prevention solutions [33] Market Data and Key Metrics Changes - Western Europe grew 15%, while North America grew 1.8%, impacted by greater exposure to Infection Prevention [29] - Emerging markets grew 12.8% despite weakness in China due to localized pandemic lockdowns [29] Company Strategy and Development Direction - The company aims to transform its portfolio towards higher growth, higher margin segments of the dental industry [13] - Plans to triple the Spark business in the next three years while expanding its orthodontic offerings [41] - Focus on leveraging premium implant franchises and enhancing digital capabilities [42] - The acquisition of Carestream Dental's intraoral scanner business is expected to close in Q2 2022, aligning with the company's strategy to support dental digitization [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of patient volumes post-Omicron peak, with limited loss of demand anticipated [10][50] - Guidance for 2022 includes core growth of 6% to 8% and adjusted EBITDA margin greater than 20% [36][37] - Confidence in achieving mid-single-digit growth in Infection Prevention solutions by the second half of 2022 [86] Other Important Information - The divestiture of the KaVo Treatment Unit and Instrument business has shifted the business mix to a more favorable 60:40 split in favor of the Specialty Products & Technologies segment [13] - Free cash flow for Q4 was $157.1 million, with over $1 billion in cash at the end of the quarter [35] Q&A Session Summary Question: Impact of Omicron on business - Management noted a significant slowdown in patient volumes due to increased infections and staff shortages, but expects a return to normal demand as infections peak [49][50] Question: Demand profile and growth expectations - Management anticipates mid-single-digit growth in Q1, with improvements expected throughout the year [51][52] Question: Pricing power and increases - Management confirmed selective price increases across various segments, including consumables and implants, to protect margins [56][58] Question: Spark business growth expectations - Management confirmed a goal to triple Spark's revenue over the next three years, with strong growth in the number of dentists using the product [59][61] Question: Carestream acquisition strategy - The Carestream acquisition is expected to enhance the company's market presence and integration with existing products, with significant growth potential [66][68] Question: N1 rollout and training - Management outlined a phased approach for N1 training in the U.S., similar to the successful Spark rollout [75][78] Question: Infection Prevention long-term growth - Management expressed confidence in returning to mid-single-digit growth in Infection Prevention by addressing overstock inventory and focusing on market share [86][87] Question: Spark traction in international markets - Management highlighted strong international growth and ongoing efforts to integrate Spark into DSO relationships [91][95] Question: M&A pipeline and focus - The company is actively pursuing opportunities in the implant and orthodontic spaces, focusing on digital capabilities and differentiated solutions [97][99]

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