Group 1: Envista (NVST) - Envista is a global family of over 30 dental brands, including Nobel Biocare, Ormco, DEXIS, and Kerr [1] - The company has a Zacks Rank of 1 (Strong Buy) and its current year earnings estimate increased by 8.8% over the last 60 days [1] - Envista's shares gained 45.1% over the last three months, significantly outperforming the S&P 500's gain of 1.3% [2] - The company possesses a Momentum Score of A [2] Group 2: Banco Bilbao Viscaya Argentaria (BBVA) - Banco Bilbao Viscaya Argentaria is engaged in a variety of banking and financial activities in Spain [2] - The company has a Zacks Rank of 1 and its current year earnings estimate increased by 17.7% over the last 60 days [2] - BBVA's shares gained 14.2% over the last three months, also outperforming the S&P 500's gain of 1.3% [3] - The company possesses a Momentum Score of A [3] Group 3: Plexus (PLXS) - Plexus is a leading provider of electronic contract manufacturing services to OEMs across various industries, including Healthcare/Life Sciences, Industrial, and Aerospace/Defense [4] - The company has a Zacks Rank of 1 and its current year earnings estimate increased by 1.6% over the last 60 days [4] - Plexus' shares gained 41.2% over the last three months, outperforming the S&P 500's gain of 1.3% [5] - The company possesses a Momentum Score of A [5]

Core Insights - Envista Holdings Corporation reported a strong performance in Q4 2025, achieving 10.8% core revenue growth and 22% adjusted EBITDA growth, with positive growth across all major businesses and geographies [2][6] - For the full year 2025, the company recorded a 6.5% core revenue growth and a 26% EBITDA growth, alongside a significant return of $166 million to shareholders through share repurchases [2][6] Financial Highlights - Q4 2025 financials included sales of $751 million, GAAP net income of $33 million, and adjusted EBITDA of $111 million, reflecting a 22% year-on-year increase [4][6] - For FY 2025, total sales reached $2,719 million, with GAAP net income of $47 million and adjusted EBITDA of $372 million, marking a 26% increase year-on-year [4][6] Cash Flow - Operating cash flow for Q4 2025 was $108 million, while free cash flow was $92 million, down from $132 million and $124 million in Q4 2024 respectively [5][7] - For the full year 2025, operating cash flow totaled $276 million and free cash flow was $231 million, compared to $337 million and $303 million in 2024 [7] Share Repurchases - In Q4 2025, the company repurchased 1.2 million shares for approximately $24 million, and for the full year, 9.2 million shares were repurchased for about $166 million [8] Outlook - The company provided guidance for 2026, projecting core sales growth of 2% to 4%, adjusted EBITDA growth of 7% to 13%, and adjusted diluted earnings per share between $1.35 and $1.45 [9]

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]

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].

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 Viewpoint - Envista Holdings Corporation reported strong financial results for Q3 2025, exceeding expectations in core growth, adjusted EBITDA, and adjusted EPS, with positive growth across all major business segments [2][6]. Financial Highlights - Q3 2025 sales reached $670 million, reflecting a core sales growth of 9.4% compared to Q3 2024 [6]. - The company reported a GAAP net loss of $30 million, attributed to a tax charge from restructuring intercompany loans, while adjusted net income was $54 million [3][6]. - Adjusted EBITDA for the quarter was $97 million, representing a 77% increase year-on-year, with an adjusted EBITDA margin of 14.5%, up 540 basis points from the previous year [6]. - For the first nine months of 2025, sales totaled $1,969 million, with a core sales growth of 5.0% compared to the same period in 2024 [6]. Cash Flow and Share Repurchases - Operating cash flow for Q3 2025 was $79 million, and free cash flow was $68 million, compared to $71 million and $63 million in Q3 2024, respectively [4]. - During the quarter, the company repurchased 2.1 million shares for approximately $41 million, with $108 million remaining under its stock repurchase program [4]. Outlook - Envista updated its full-year 2025 guidance, projecting core sales growth of approximately 4%, an adjusted EBITDA margin of around 14%, and adjusted diluted earnings per share between $1.10 and $1.15 [5][6]. Business Segment Performance - Specialty Products & Technologies segment sales were $431.5 million, up from $381.7 million in Q3 2024, while Equipment & Consumables segment sales increased to $238.4 million from $219.3 million [15]. - Operating profit for the Specialty Products & Technologies segment was $48.1 million, significantly higher than $12.3 million in the prior year [15].

Core Insights - Envista Holdings Corporation will report its financial results for the third quarter of 2025 on October 30, 2025, with a conference call scheduled for 2:00 PM PT [1] - The earnings press release and related materials will be available on the "Investors" section of Envista's website prior to the conference call [2] 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 [3] - The company offers a comprehensive portfolio that includes dental implants, orthodontics, and digital imaging technologies, addressing a wide range of clinical needs for dental professionals [3] - Envista is recognized as one of the largest global dental products companies, holding significant market positions in attractive segments of the dental products industry [3]

Core Viewpoint - Envista Holdings Corporation will report its financial results for the second quarter of 2025 on July 31, 2025, with a conference call scheduled for 2:00 PM PT to discuss these results [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 [4]. - The company offers a comprehensive portfolio that includes dental implants, orthodontics, and digital imaging technologies, addressing a wide range of clinical needs for dental professionals [4]. - Envista is recognized as one of the largest global dental products companies, holding significant market positions in attractive segments of the dental products industry [4]. Conference Call Details - The conference call will be accessible via a dial-in number, with a U.S. number of 1-800-836-8184 and an international number of +1 646-357-8785, starting a few minutes before the call [2]. - A replay of the webcast will be available shortly after the presentation concludes, and related materials will be posted on the "Investors" section of Envista's website [3].

Core Insights - Envista Holdings Corporation will participate in the Stifel 2025 Jaws & Paws Conference on May 28, 2025, from 1:50 – 2:20 pm ET, with a live audio webcast available on its website [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 a wide range of 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]