Envista (NYSE:NVST) Q3 2025 Earnings Call October 30, 2025 05:00 PM ET Speaker2Hello, my name is Sergio, and I will be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to Envista Holdings Corporation's Third Quarter 2025 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during that time, please press S ...

Core Insights - Angelalign reported strong 1H25 results with revenue increasing 33% YoY to US$161 million, driven by rapid overseas business expansion [1] - Total clear aligner case volume reached 225,800, up 48% YoY, exceeding the historical average of ~41% [1] - Attributable net profit margin improved significantly to 9.1%, supported by effective cost control measures [1] Domestic Business - Domestic clear aligner case shipments reached 108,600, a 14% YoY increase, driven by strategic price adjustments [2] - Despite solid volume growth, domestic revenue remained flat at US$90 million compared to 1H24 due to ASP reduction [2] - Pricing pressure is expected to persist, influenced by high patient price sensitivity and recent aligner VBP renewal in Shaanxi [2] Overseas Business - Overseas clear aligner case shipments reached 117,200, a 103% YoY increase, with revenue increasing 123% YoY to US$72 million [3] - Operating losses narrowed to US$5 million, primarily due to delayed staff recruitment and operation of overseas manufacturing facilities [3] - Expected widening of operating losses in 2H25E due to increased marketing spending, lower GPM, and higher tariffs [3] Investment Outlook - The company maintains a BUY rating, raising forecasts for 2025E case shipments and revenue based on stronger-than-expected growth in 1H25 [4] - A target price of HK$86.47 is derived from SOTP valuation, assigning 15x 2025E P/E to the domestic business and 8x 2025E P/S to the overseas business [4]