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 ...

Core Insights - The conference marks Piper's 37th Annual Healthcare Conference, emphasizing the importance of client relationships and partnerships [1] Group 1: Consumer Confidence - Recent consumer confidence numbers indicate a decline, suggesting potential pressure on the U.S. consumer [3] - There is an expectation of a data vacuum from the government, which may impact the understanding of the current consumer landscape [3] - The macro environment for the U.S. consumer is under scrutiny, with questions about stability and pressure being pertinent for investors [2][3]

Core Insights - Henry Schein, Inc. (HSIC) has expanded its agreement with vVARDIS, gaining exclusive U.S. distribution rights for the drill-free Curodont Repair Fluoride Plus product, effective January 1, 2026, which is expected to enhance the company's Dental business [1][8] - Following the announcement, HSIC shares increased by 0.1%, closing at $73.15 in after-market trading [2] - The company's revenue growth is supported by niche acquisitions and partnerships, with expectations for the latest news to bolster stock performance [3] Company Developments - Curodont is a proprietary solution for treating early-stage cavities without drills or needles, addressing a significant unmet need in dental care [5][6] - The expanded partnership with vVARDIS will enhance Henry Schein's reach across various dental care areas, including general dentistry, orthodontics, and pediatric dentistry [7][8] - Henry Schein is currently the market leader in selling Curodont to general practitioners and Dental Service Organizations (DSOs) in the U.S. and holds exclusive distribution rights in the U.K. [9] Market Outlook - The global dental caries treatment market is projected to grow from $8.01 billion in 2025 to approximately $12.11 billion by 2034, at a CAGR of 4.70% [10] - The rising prevalence of dental diseases necessitates effective treatment options, which supports the growth of the dental caries treatment market [10] Additional Innovations - Henry Schein's dental software business has introduced AI and automation workflows to enhance operational efficiency for dental practices [11] Stock Performance - Year-to-date, HSIC shares have increased by 5.7%, compared to the industry's growth of 15.6% [12]

Core Points - Henry Schein, Inc. will present at Piper Sandler's Healthcare Conference on December 2, 2025, at 9:00 a.m. Eastern time [1] - The company is the largest provider of health care solutions to office-based dental and medical practitioners [1][4] - Henry Schein's sales reached $12.7 billion in 2024, with a compound annual growth rate of approximately 11.2% since becoming public in 1995 [4] Company Overview - Henry Schein operates a centralized and automated distribution network, offering over 300,000 branded and corporate brand products [3] - The company employs more than 25,000 Team Schein Members globally, serving over 1 million customers with more than 300 solutions [2] - Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 33 countries and territories [4]

Core Insights - The discussion highlights a trend of stronger performance in international dental markets compared to the U.S. market, observed in the 3Q earnings reports [1] Group 1: Market Trends - There is a notable trend of stronger traction in international markets relative to the U.S. for various dental companies [1] - The inquiry seeks to understand if this trend has continued into the 4Q or if there are signs of a reversal, particularly regarding U.S. market performance [1]

Financial Performance - Solventum's total sales reached $2,096 million, with a reported increase of 0.7% year-over-year and an organic increase of 2.7% year-over-year[12] - MedSurg segment net sales were $1,206 million, reflecting a reported increase of 2.1% and an organic increase of 1.1% year-over-year[13, 17] - Dental Solutions segment net sales were $340 million, with a reported increase of 8.4% and an organic increase of 6.5% year-over-year[12, 24] - Health Information Systems segment net sales were $345 million, showing a reported increase of 5.9% and an organic increase of 5.6% year-over-year[12, 29] - Purification & Filtration segment net sales were $128 million, a reported decrease of 28.7% but an organic increase of 6.4% year-over-year, representing two months of sales before divestiture[12, 34] Profitability and Cash Flow - The company's GAAP operating margin was 80.6%, while the non-GAAP operating margin was 20.6%[13] - GAAP EPS was $7.22, and non-GAAP EPS was $1.50[13] - Cash from operations was $75 million, and free cash flow was negative $22 million[13] Guidance - The company expects organic sales growth of +2.0% to +3.0%, increasing to the high-end of range, or +2.5% to +3.5% excluding ~50bps of SKU-exit impact[39] - Adjusted EPS is expected to be $5.98 to $6.08, versus a prior range of $5.88 - $6.03[39] - Free cash flow is reduced to $150 million to $250 million from $450 million to $550 million due to the Purification & Filtration divestiture impact[39] - Net interest expense is estimated to be ~$360 million, with total non-operating expense around ~$400 million[40] Strategic Actions - The company completed the sale of the Purification & Filtration segment for approximately $4 billion, generating net proceeds of approximately $3.6 billion, with $2.7 billion used for debt reduction[34]

Core Insights - The Aspen Group (TAG) has announced a partnership with Planmeca to enhance digital imaging technology across its Aspen Dental locations nationwide [1][2][6]. Partnership Details - Planmeca's Viso and ProMax CBCT imaging units, along with ProX™, ProSensor HD, and ProX™ GO 2D intraoral imaging systems, will be integrated into over 1,100 Aspen Dental locations [2]. - The imaging units feature Planmeca CALM technology, which reduces retakes due to patient movement, providing a more efficient experience [3]. Support and Integration - Henry Schein, a key partner of TAG, will assist in the installation and integration of the new equipment across Aspen Dental's practices, leveraging a network of over 900 technicians [4]. - Aspen Dental will also utilize Planmeca's Romexis software platform and Planmeca Insights™ for real-time device data monitoring, enhancing operational efficiency and patient care workflows [5]. Commitment to Quality - The partnership aims to equip Aspen Dental practices with advanced imaging solutions that improve diagnostic precision and streamline clinical workflows [6]. - Planmeca's imaging units are recognized for their performance and reliability, supporting accurate diagnostics and optimizing treatment planning [7]. Company Background - TAG operates over 1,400 healthcare locations across 46 states, serving more than 35,000 patients daily and over nine million annually [8]. - Planmeca is a leading manufacturer in the dental equipment market, serving 120 countries worldwide [9].

Core Viewpoint - Dentsply Sirona has appointed Aldo M. Denti as Executive Vice President and Chief Commercial Officer to enhance customer focus and streamline operations within the company [1][3]. Group 1: Appointment Details - Aldo M. Denti will assume the role of Executive Vice President and Chief Commercial Officer effective October 6, 2025 [1]. - The appointment aims to align Global Business Units and Commercial Organizations to improve operational efficiency and customer experience [1][3]. Group 2: Aldo M. Denti's Background - Mr. Denti has over 25 years of experience in the Medical Device and Consumer Health sectors, with a strong track record in sales, marketing, and strategic planning [2][4]. - He previously served as Company Group Chairman, Global Orthopedics, at Johnson & Johnson Medtech, contributing to transformative growth [2][4]. Group 3: Company Strategy and Goals - The new CCO role is expected to strengthen collaboration across business units, unlock synergies, and support global revenue growth [3]. - Dentsply Sirona aims to leverage its diverse product portfolio to enhance customer satisfaction and drive superior growth and profitability [3]. Group 4: Company Overview - Dentsply Sirona is the largest diversified manufacturer of professional dental products and technologies, with a history of over a century in the dental industry [5]. - The company develops and markets a comprehensive range of dental and oral health products, focusing on high-quality and effective solutions for patient care [5].

Core Insights - OraTalks is designed specifically for dental professionals, aiming to connect leading voices in the industry with insights to foster meaningful dialogue [1] - The inaugural season consists of nine episodes, hosted by industry thought leader Melissa K. [1]

Core Insights - BIOLASE has been acquired by MegaGen Implant, marking a significant transition aimed at revitalizing the company and enhancing its commitment to innovation and customer service under the new CEO, Dr. Kwang Bum Park [1][2]. Company Overview - BIOLASE, established over 35 years ago, is a leader in dental laser technology, known for its pioneering products like Waterlase™, which have improved patient comfort and clinical outcomes [2][7]. - MegaGen Implant, founded in 2002, has become South Korea's leading dental implant exporter, recognized for its diverse product offerings and commitment to service innovation [3][8]. Strategic Goals - The acquisition is expected to lead to enhanced service systems, increased investment, and comprehensive training and clinical support for dental professionals [4]. - The integration of MegaGen's operational excellence is anticipated to drive innovation and expand the application of advanced laser treatments in dental care [4]. Leadership Vision - Dr. Park expressed a vision of growth and collaboration, emphasizing the goal of restoring BIOLASE's reputation for high-quality dental laser equipment and improving support for clinicians and patients globally [2][5].