Core Viewpoint - Envista is positioned as a leader in the dental industry with a focus on growth, operations, and people as part of its new value creation plan [4]. Group 1: Company Overview - Envista has been a leader in the dental industry for over 100 years, indicating its long-standing presence and expertise [3]. - The company is part of the med tech sector, which is characterized by several structurally attractive growth drivers [3]. Group 2: Value Creation Plan - In Q1 of the previous year, Envista introduced a new value creation plan that emphasizes three priority areas: growth, operations, and people [4]. - The presentation will provide an update on the progress of this value creation plan [4].

Summary of Envista's Conference Call Company Overview - **Company**: Envista Holdings Corporation - **Industry**: Dental MedTech - **Market Size**: Approximately $400 billion in annual spend, making it a significant healthcare category [4][12] Core Points and Arguments Growth and Financial Performance - **Organic Growth**: Envista reported a 5% organic growth year-to-date through Q3 2025, with all major businesses showing two consecutive quarters of positive growth [3][19] - **EBITDA and EPS Growth**: Strong double-digit growth in both EBITDA and EPS was noted, indicating robust financial health [4][22] - **Value Creation Plan**: The plan focuses on three priority areas: growth, operations, and people, with medium-term financial objectives of 2-4% organic revenue growth, 4-7% EBITDA growth, and 7-10% EPS growth [16][17] Market Dynamics - **Demand vs. Supply**: Demand for dental services is high, but supply constraints, such as the number of licensed clinicians, limit long-term market growth [5][6] - **Market Resilience**: The dental market has shown resilience, consistently outpacing GDP growth, even during economic downturns [12][14] - **Post-COVID Recovery**: After a significant contraction during COVID-19, the dental market is expected to return to a consistent growth rate of 3-5% [14][24] Strategic Focus Areas - **Product Innovation**: Envista has a strong focus on new product development, holding over 1,500 patents and having introduced significant innovations in dental technology [9][10] - **Specialty Categories**: The company emphasizes specialty categories that are sold directly to clinicians, which typically yield better margins and growth rates [11][12] - **Geographic Distribution**: Approximately half of Envista's sales come from the U.S., with the remainder spread across Europe and developing markets [9] Operational Efficiency - **Envista Business System**: The company employs a continuous improvement methodology focusing on safety, quality, and customer service, which contributes to operational efficiency [3][18] - **Cost Management**: G&A spending was reduced by 12% in the first quarters of last year, contributing to improved profitability [20][45] Employee Engagement and Community Investment - **Talent Development**: The company has renewed its focus on promoting from within, with over 50% of management promotions going to existing employees [21] - **Community Engagement**: The Envista Smile Project provided care to 19,000 underserved patients and donated over $2 million last year [21] Additional Important Insights - **Interest Rates Impact**: Lowering interest rates are expected to support dental market growth, particularly for multi-site operators and equipment purchases [27][28] - **Revenue Recognition Changes**: Changes in revenue recognition for the Spark business impacted reported revenues but are expected to normalize by Q2 2026 [30][32] - **Value-Based Pricing (VBP) in China**: The Chinese government is expected to implement further rounds of VBP, which could significantly impact Envista's market share and unit sales in the region [39][40] Conclusion - Envista is positioned as a leader in the dental MedTech market, with a solid growth strategy and operational efficiencies. The company is optimistic about returning to pre-COVID growth rates and is actively investing in innovation and community engagement to drive future success [24][49]

We partner with dental professionals to improve patients' lives JPM Healthcare Conference 01/01/2025 January 12, 2026 JPM Conference 2026 Forward looking statements/Non-GAAP financial measures FORWARD-LOOKING STATEMENTS Certain statements in this presentation are "forward-looking statements" within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expectations of management. Terminology such as "believe," "anticipate," "shoul ...

Financial Results Announcement - Envista Holdings Corporation will report its financial results for the fourth quarter of 2025 on February 5, 2026 [1] - A conference call to discuss these results will take place on the same day at 2:00 PM PT, lasting approximately one hour [1] Webcast and Access Information - The conference call and accompanying slide presentation will be available via webcast on the "Investors" section of Envista's website [2] - A replay of the webcast will be accessible shortly after the presentation and will remain available for one year [2] - Access to the conference call can be made by dialing 1-800-836-8184 within the U.S. or 1-646-357-8785 outside the U.S. with Conference ID 54406 [2] Company Overview - Envista is a global leader in the dental industry, uniting over 30 trusted brands such as DEXIS, Kerr, Nobel Biocare, and Ormco [4] - The company focuses on partnering with dental professionals to improve patients' lives through a comprehensive portfolio of technologies, consumables, and services [4] - Envista's brands have a history of innovation, including the introduction of the first dental implant by Nobel Biocare and advancements in orthodontics by Ormco [4]

Core Viewpoint - Envista Holdings Corporation will present at the 44th Annual J.P. Morgan Healthcare Conference on January 12, 2026, from 3:45 to 4:25 pm PST [1]. Company Overview - Envista is a global leader in the dental industry, uniting over 30 trusted brands, including DEXIS, Kerr, Nobel Biocare, and Ormco, with a mission to partner with dental professionals to improve patients' lives [3]. - The company has a heritage of innovation, having introduced significant advancements in modern dentistry, such as the first dental implant by Nobel Biocare and pioneering efforts in orthodontics by Ormco [3]. - Envista's culture is supported by its CIRCLe Values and the Envista Business System, which guide the delivery of a comprehensive portfolio of technologies, consumables, and services for clinicians [3].

Core Viewpoint - Investors in the Medical - Products sector should consider Envista (NVST) and Stryker (SYK) for potential value investment opportunities [1] Group 1: Zacks Rank and Analyst Outlook - Envista has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to Stryker, which has a Zacks Rank of 3 (Hold) [3] - The improving analyst outlook for NVST suggests a more positive sentiment among analysts [3] Group 2: Valuation Metrics - NVST has a forward P/E ratio of 19.16, significantly lower than SYK's forward P/E of 26.00, indicating NVST may be undervalued [5] - The PEG ratio for NVST is 1.07, while SYK's PEG ratio is 2.50, suggesting NVST has a better growth-to-price ratio [5] - NVST's P/B ratio is 1.16, compared to SYK's P/B of 6.19, further indicating NVST's relative undervaluation [6] Group 3: Value Grades - Based on various valuation metrics, NVST holds a Value grade of B, while SYK has a Value grade of C, making NVST a more attractive option for value investors [6]

Market Overview - The dental market is described as "soft but stable," indicating low single-digit growth but with a relatively stable and predictable trajectory [2] - The overall market performance has remained consistent over the last four quarters, suggesting a steady growth pattern [2][3] Company Performance - Envista's internal performance aligns with the broader market trends, reflecting the same level of consistency observed in the dental market [3]

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]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence, including daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores provide a rating system for stocks based on value, growth, and momentum, serving as complementary indicators to the Zacks Rank [2] - Stocks are rated from A to F, with A indicating the highest potential for outperforming the market [3] Value Score - The Value Style Score focuses on identifying undervalued stocks by analyzing financial ratios such as P/E, PEG, and Price/Sales [3] Growth Score - The Growth Style Score emphasizes a company's financial health and future growth potential, considering projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Style Score is designed for traders looking to capitalize on price trends, utilizing factors like recent price changes and earnings estimate revisions [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive rating that highlights stocks with attractive value, strong growth forecasts, and positive momentum [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to help investors build successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988 [7] - There can be over 800 top-rated stocks available, making it essential to utilize Style Scores for informed decision-making [8] Stock to Watch: Envista Holdings Corporation - Envista Holdings Corporation, a subsidiary of Danaher Corporation, focuses on the dental platform and has integrated over 25 dental businesses [11] - Currently rated 3 (Hold) with a VGM Score of B, Envista has a Momentum Style Score of B and has seen a 4.2% increase in shares over the past four weeks [12] - Six analysts have raised their earnings estimates for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.03 to $1.14 per share, and an average earnings surprise of +12.8% [12]

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]