What is the revenue and EPS growth rate for Envista Holdings year over year?

What were the key takeaways from Envista Holdings’s earnings call?

What guidance did Envista Holdings's management provide for the next earnings period?

What is the market's earnings forecast for Envista Holdings next quarter?

What were the key takeaways from Envista Holdings's earnings call?

What does Envista Holdings do and what are its main business segments?

What factors drove the changes in Envista Holdings's revenue and profit?

What is Envista Holdings's gross profit margin?

- **Strong Financial Performance**: 6.5% core growth in 2025, 26% EBITDA expansion, and 60% EPS growth, driven by new products and cost control.
- **2026 Guidance**: 2-4% revenue growth, 7-13% EBITDA growth, and 13-22% EPS growth, above medium-term targets.
- **Tax Rate Improvement**: 28% in 2026 vs. 32% in 2025, reflecting U.S. profitability gains.
- **Key Risks**: China VBP timing, macroeconomic volatility, and $40 million tariff headwind.
- **Growth Drivers**: Diagnostics recovery, consumables expansion, and Spark profitability.

**【CEO Summary Section】**
- Envista delivered 6.5% core revenue growth in 2025, converting to 26% adjusted EBITDA growth and 60% EPS growth, driven by new product launches and cost control.
- Q4 2025 revenue was $751 million, with core growth of 10.8%, excluding FX and one-time benefits. Adjusted EPS was $0.38, up 50% year-over-year.
- 2026 guidance: 2-4% core revenue growth, 7-13% EBITDA growth, and 13-22% EPS growth, aligned with medium-term objectives.
- Key growth drivers include Diagnostics (returning to growth in H2 2025) and consumables (high single-digit growth), with potential upside from inflation and market recovery.
- Risks include macroeconomic volatility, China's VBP implementation (7% of sales), and tariff headwinds ($40 million in 2026).

**【CFO Financial Commentary】**
- 2025 GAAP net income: $420 million; Non-GAAP EPS: $1.19, up 60% year-over-year.
- Adjusted gross margin: 55.1%, stable despite FX headwinds. Adjusted EBITDA margin: 13.7%, up 190 bps.
- Free cash flow: $231 million (114% conversion), with $166 million returned to shareholders via buybacks.
- 2026 tax rate expected at 28%, down from 32% in 2025 due to U.S. profitability improvements.
- Tariff impact: $40 million headwind in 2026, offset by price increases and supply chain adjustments.

**【Q&A Highlights】**
- **Guidance Upsides/Risks**: Momentum in Diagnostics and consumables; risks include China VBP timing and macroeconomic factors.
- **Tax Rate**: 28% in 2026 vs. 32% in 2025, driven by U.S. profit growth and debt resolution.
- **VBP Impact**: Implant VBP expected in Q2 2026, with 10-20% price decrease; net positive for Envista due to premium share.
- **Spark Profitability**: Q4 2025 was second consecutive profitable quarter, with unit costs down mid-teens year-over-year.
- **R&D Investment**: Continues to outpace revenue growth, supporting new product pipeline (e.g., 2026 intraoral scanner launch).

Envista Holdings Corporation (NVST) Q4 2025 Earnings Call Transcript

- **Revenue Beat**: Q3 core growth of 9.4% (5% organic + $10M deferral) vs. 3% YoY guidance, with EPS of $0.32 (+167% YoY).
- **Spark Milestone**: 1M+ cases and Q3 profitability, with high teens growth (excluding deferral) and 200bps+ margin accretion.
- **Margin Expansion**: 14.5% EBITDA margin (up 540bps YoY), 56.1% gross margin, and 100% free cash flow conversion.
- **China Risks**: Implant VBP 2.0 expected to cause Q4-Q1 destocking, with 2026 impact uncertain.
- **Guidance Update**: Full-year core growth raised to 4% (from 3%), with EPS of $1.10-$1.15.

**【CEO Summary Section】**
- **Q3 Financial Highlights**: Core revenue grew 9.4% YoY, driven by 5% organic growth and $10M Spark deferral benefit. Adjusted EBITDA margin reached 14.5% (up 540bps YoY), with EPS of $0.32 (up 167% YoY). Full-year guidance updated to 4% core growth and EPS of $1.10-$1.15.
- **Strategic Milestones**: Spark aligner business achieved 1M+ cases and turned profitable in Q3. New product launches (Spark Jr., Orascoptic Ergo Zoom) and R&D/Sales investments ($130M+ YoY) drove growth across ortho, implants, and consumables.
- **Market Positioning**: Maintained share in implants while gaining in ortho, consumables, and diagnostics. Global scale (3x manufacturing hubs) supports resilience to macro volatility.

**【CFO Financial Commentary】**
- **Revenue & Margins**: Q3 sales of $670M (+9.4% YoY) included 56.1% gross margin (up 330bps YoY). Free cash flow of $68M (100% conversion YoY) supported $40M share buybacks.
- **Cost Management**: G&A expenses down 12% YoY, offsetting $8M tariff headwinds. Non-GAAP tax rate improved to 31.2% due to U.S. profitability.
- **Segment Performance**: Specialty Products & Tech (15.5% margin) and Equipment & Consumables (20% margin) both expanded, driven by Spark profitability and consumables demand.

**【Q&A Key Highlights】**
- **Spark Growth & Margins**: Q3 Spark revenue up high teens YoY (excluding deferral). Management targets Spark margins to reach fleet average over time, with 200bps+ price accretion in Q3.
- **China Risks**: Implant VBP 2.0 expected to cause Q4-Q1 destocking, but 2026 impact unclear. Brackets & Wires flat YoY due to VBP 1 preparation.
- **Implant Momentum**: 4Q implant growth (+low single digits) driven by North America, with new multiunit abutment launches. Challenger segment growth offset premium headwinds.
- **Tariff Outlook**: $8M/Q3 tariff costs expected to stabilize at $10M/Q4, with full-year offset via productivity gains.
- **DSO Strategy**: DSO partnerships (e.g., 1,000+ CBCT installs) driving double-digit growth in North America, with Europe and China also outperforming.


Envista Holdings Corporation (NVST) Q3 2025 Earnings Call Transcript

- **Revenue Growth Acceleration**: Q2 core +5.6% YoY (H1 +3%), updated FY25 guidance raised to 3-4% growth.
- **Margin Expansion**: EBITDA margin 12.4% (up 240bps YoY), on track for 14% FY25 target despite FX headwinds.
- **Spark Turning Point**: Q3 EBIT breakeven expected, with unit costs down 20% YoY and design cycle improvements.
- **China VBP Recovery**: Brackets & Wires down 20-30% H1, but Q4 growth expected post-VBP implementation.
- **Cash Flow Strength**: $76M Q2 free cash flow, 84% conversion (vs. 100% long-term target).

**【CEO Summary Section】**
- Q2 core revenue grew 5.6% YoY, driven by customer buy-ahead and price execution, with adjusted EBITDA margin improving to 12.4% (up 240bps YoY). 
- Updated 2025 full year guidance: core revenue growth of 3-4% (vs. 1-3% prior), adjusted EPS $1.05-$1.15 (vs. $0.95-$1.05 prior), and $76M free cash flow in Q2.
- Strategic highlights: 14% R&D investment growth, 15% G&A reduction, and new manufacturing site in China to support local demand.
- Key business momentum: 7% Equipment & Consumables growth, 5% Specialty Products growth, and Spark unit cost down ~20% YoY.

**【CFO Financial Commentary】**
- Q2 revenue $682M, with adjusted gross margin 54.4% (up 20bps YoY) despite FX headwinds.
- Adjusted EPS $0.26 (up $0.15 YoY), driven by EBITDA growth and 33.3% tax rate (vs. 37% prior estimate).
- Free cash flow $76M, down $10M YoY due to higher working capital from faster growth.
- Tariff mitigation: $15-20M expected Q3-Q4 cost, offset by supply chain actions, productivity, and modest price capture.
- FX impact: 150bps tailwind to reported sales, but neutral EBITDA margin due to transaction losses offsetting translation benefits.

**【Q&A Key Highlights】**
- **Market Conditions**: Dental market stable, with Q2 growth driven by Brackets & Wires (+low double digits), Implants (Premium & Challenger both positive), and Diagnostics returning to mid-single-digit growth.
- **China VBP Impact**: Brackets & Wires down ~20-30% H1 due to pre-VBP inventory control, but expecting Q4 recovery post-VBP implementation.
- **Spark Profitability**: On track for Q3 EBIT breakeven, with unit costs down 20% YoY and design cycle times reduced.
- **M&A Strategy**: Small, accretive deals (e.g., $10M+ tuck-ins) prioritized, with potential for larger adjacencies if macro stabilizes.
- **Tariff Mitigation**: 80% of $30M Spark Deferral benefit expected in Q3, offsetting $10M buy-ahead unwind.
- **Tax Rate**: 33% FY25 rate driven by U.S. profit growth, with long-term project to reduce global tax rate.

Envista Holdings Corporation (NVST) Q2 2025 Earnings Call Transcript

- **Q1 Resilience**: 0.2% core growth vs. flat market, $0.24 EPS beat. 
- **Tariff Playbook**: Q2 headwinds ($4M) offset by H2 tailwinds ($15M+). 
- **China VBP**: Q1 China Brackets & Wires down, H2 recovery expected. 
- **Spark Turnaround**: Unit costs down, H2 operating profit target on track. 
- **Share Buybacks**: $19M executed, $231M remaining under $250M program.

**【CEO Opening Remarks】**
- Q1 2025 core growth of 0.2% and adjusted EBITDA margin of ~13%, with adjusted EPS of $0.24 (slightly ahead of expectations). 
- Positive growth in consumables, premium implants, and orthodontics (excluding China). 
- Tariff Task Force established to mitigate U.S.-China trade tensions, with Q2 expected to see headwinds offset by tailwinds in H2. 
- 2025 guidance maintained: 1-3% core growth, ~14% adjusted EBITDA margin, and $0.95-1.05 adjusted EPS.

**【CFO Financial Details】**
- Q1 revenue: $617M (FX headwind of 140bps). 
- Specialty Products & Technologies segment: -0.7% core sales (due to China VBP preparation). 
- Equipment & Consumables segment: +1.7% core sales (driven by consumables). 
- Adjusted gross margin: 54.8% (FX headwind of 260bps). 
- Free cash flow: -$5M (sequential low due to incentive payouts). 
- $250M share repurchase program: $19M executed in Q1.

**【Q&A Key Themes】**
1. **Tariff Mitigation**: 
   - 3 areas of exposure (U.S.→China, China→U.S., Europe→U.S.). 
   - Actions: shifting U.S. premium implant production to Sweden, qualifying new suppliers, and capturing price. 
   - Q2 headwinds expected, with H2 tailwinds from supply chain shifts. 
2. **China VBP Impact**: 
   - Brackets & Wires China sales down in Q1, expected recovery in H2 post-VBP completion. 
   - Historically, Envista benefits from VBP consolidation (e.g., implants). 
3. **Spark Business Progress**: 
   - Unit costs down Y/Y, on track for H2 operating profit. 
   - $45M Spark deferral impact in 2024, 2/3 (~$30M) to reverse in 2025 (Q3/Q4). 
4. **Price Realization**: 
   - Q1 delivered 1pt price benefit, 2025 guide assumes similar to 2024 (~60bps). 
   - Tariffs may allow incremental price capture in H2.


Envista (NVST)-1 May 25-2025 Q1 Earnings call transcript

- **2024 Performance**: Core growth 2%, EBITDA margin 14%, free cash flow $303M (+35% YoY).
- **2025 Guidance**: Core growth 1%-3%, EBITDA margin 14%, EPS $0.95-$1.05.
- **Spark Milestone**: Operating profit positive in H2 2025, 2024 deferral impact to reverse in 2025.
- **China Risks**: Ortho sales down 50% YoY in Q4, slow first half of 2025 expected.
- **Buyback Program**: $250M authorized, supported by strong cash generation.
- **Tax Rate**: 37% in 2025, high due to U.S. interest deductibility cap.
- **Market Outlook**: Stable dental market, headwinds in China and diagnostics.

**【CEO Summary Section】**
- Q4 2024 core growth of 2% and adjusted EBITDA margin of 14%, in line with expectations.
- Implants business showed improvement, with Nobel Biocare and Challenger both growing in North America.
- 2025 guidance: core growth 1%-3%, EBITDA margin ~14%, and EPS $0.95-$1.05.
- $250M share buyback program announced, supported by strong free cash flow ($303M in 2024).
- Restructuring to deliver $20M annual savings, offset by R&D and commercialization investments.
- Spark expected to turn operating profit positive in H2 2025, with double-digit growth in 2024 (ex-deferral).
- Dental market stable but slow, with headwinds in China and diagnostics sectors.

**【CFO Financial Commentary】**
- Q4 2024 sales: $653M, +2% core growth (FX-adjusted). Adjusted EBITDA margin: 13.9%, down 170bps YoY due to Spark deferral and investments.
- Free cash flow: $124M (Q4) and $303M (FY2024), +35% YoY.
- 2025 guidance assumptions: stable dental market, 2% FX headwind, no tariff impact in guidance.
- Spark deferral impact to reverse in H2 2025, with largest benefit in Q3.
- Effective tax rate expected at 37% in 2025, driven by U.S. interest deductibility cap.

**【Q&A Key Highlights】**
- **Spark Profitability**: Unit cost reductions and gross margin improvements to drive H2 2025 profitability. 2024 deferral headwind ($45M) to turn into tailwind in 2025.
- **China Ortho Challenges**: Brackets/wires down 50% YoY in Q4 due to VBP prep. Expected slow first half of 2025, recovery in H2.
- **Implants Growth**: Positive momentum in Nobel Biocare and Challenger, with full arch cases growing in Q4.
- **Tariffs and Supply Chain**: Balanced global manufacturing to mitigate risks, no tariff impact in 2025 guidance.
- **Diagnostics Recovery**: Long-term need for diagnostic equipment, but market softness to persist in 2025.
- **Capital Allocation**: Buyback program prioritized alongside organic growth and M&A opportunities.


Actual			0.03	-0.1	0.48	0.56	0.54	0.53	0.45	0.46	0.47	0.48	0.47	0.52	0.38	0.43	0.43	0.29	0.26	0.11	0.12	0.24	0.24	0.26	0.32	0.38
Forecast			0.097	-0.2283	0.0992	0.4142	0.3167	0.4545	0.406	0.4249	0.4373	0.459	0.474	0.4878	0.4134	0.4104	0.4531	0.341	0.3159	0.2694	0.0879	0.2219	0.2026	0.2317	0.2759	0.3231
Surprise	0.00%	0.00%	-69.07%	+56.20%	+383.87%	+35.20%	+70.51%	+16.61%	+10.84%	+8.26%	+7.48%	+4.58%	-0.84%	+6.60%	-8.08%	+4.78%	-5.10%	-14.96%	-17.70%	-59.17%	+36.52%	+8.16%	+18.46%	+12.21%	+15.98%	+17.61%

NVST

NVST fundamentals

NVST Q4 2025 Earnings

Earnings Call

You can ask Aime

NVST

NVST fundamentals

NVST Q4 2025 Earnings

Earnings Call

NVST Earnings Call Summary for Q4/20255:00 PM on Feb 5, 2026

NVST Earnings Call Summary for Q3/20255:00 PM on Oct 30, 2025

NVST Earnings Call Summary for Q2/20255:00 PM on Jul 31, 2025

NVST Earnings Call Summary for Q1/20255:00 PM on May 1, 2025

NVST Earnings Call Summary for Q4/20245:00 PM on Feb 5, 2025

You can ask Aime