Core Insights - Envista reported broad-based growth in Q4 2025, with core sales increasing by 10.8% and full-year sales reaching $2.7 billion, reflecting a 6.5% increase year-over-year [4][6][5] - The company emphasized its Value Creation Plan, focusing on growth, operations, and people, with medium-term financial objectives of 2%-4% core growth, 4%-7% EBITDA growth, and 7%-10% EPS growth [3][4] - Management highlighted significant cost reductions, with G&A spending down by over $35 million in 2025, and a $250 million share repurchase program initiated [1][4] Financial Performance - Full-year adjusted EBITDA margin improved to 13.7%, a 190 basis point increase from 2024, while adjusted EPS rose to $1.19, up $0.46 year-over-year [14] - Free cash flow for 2025 was reported at $231 million, with a conversion rate of 114% [14] - Q4 sales were reported at $751 million, with foreign exchange contributing nearly 400 basis points to growth [8][10] Growth Drivers - All business segments delivered positive growth, with notable contributions from new product introductions and increased clinical training, resulting in nearly $100 million in revenue from products launched in the last year [2][4] - The company trained 30% more customers in 2025, which contributed to accelerating growth [2] - New product launches included major introductions in Spark and diagnostics, with plans for further launches in 2026 [7][4] Market Outlook - For 2026, Envista guided core sales growth of 2%-4%, adjusted EBITDA growth of 7%-13%, and adjusted EPS between $1.35 and $1.45 [18] - Management expects the dental market to remain stable with potential for modest improvement, while also noting calendar effects that may impact quarterly growth [19] - The company anticipates a $30 million headwind from tariffs in 2026, with strategies in place to offset this through pricing and cost reductions [20] Segment Performance - Specialty Products & Technologies saw revenue growth of nearly 16% year-over-year, with core sales up 10.9% [16] - Equipment and Consumables reported core sales growth of 10.7%, with diagnostics achieving double-digit growth globally [17] - Adjusted operating margins in Specialty Products & Technologies improved significantly, while Equipment and Consumables faced margin declines due to investments for future growth [16][17]

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 ...