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Envista (NVST) investor relations material

Envista Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Q3 2025 delivered 9.4% core sales growth, with all major businesses in positive territory and Spark aligners turning profitable; adjusted EBITDA margin reached 14.5% and adjusted EPS rose to $0.32, up 167% year-over-year.

  • Year-to-date adjusted EPS is $0.82, up 67% over the prior year, and core growth is 3–5% after normalizing for Spark and inventory changes.

  • Major product launches and increased R&D and sales investments drove growth, with Spark aligners shipping their one millionth case and reaching $300 million in sales in under 6 years.

  • Published 2024 Sustainability Report highlighting progress in access to care, environmental stewardship, and community investment.

  • GAAP net loss for Q3 was $30.3 million, driven by a tax charge from restructuring intercompany loans; adjusted net income was $54 million.

Financial highlights

  • Q3 2025 sales reached $670 million, up from $601 million in Q3 2024; core sales up 9.4%, with FX adding 200 basis points.

  • Adjusted gross margin improved to 56.1% (up from 52.8% year-over-year), driven by volume, price, supply chain improvements, and Spark margin expansion.

  • Adjusted EBITDA was $97 million (+77% year-over-year), with margin up 540 bps to 14.5%; adjusted net income for Q3 was $53.7 million.

  • Free cash flow in Q3 was $68 million, with year-to-date free cash conversion at 100%.

  • Cash and cash equivalents at quarter-end were $1,134 million.

Outlook and guidance

  • Full-year 2025 guidance raised: core revenue growth now expected at ~4% (up from 3–4%), adjusted EPS at $1.10–$1.15 (previously $1.05–$1.15), and adjusted EBITDA margin at ~14%.

  • Q4 is expected to maintain performance levels, with continued investment in the business.

  • Management expects continued positive impact from higher sales volumes and price increases, with ongoing investments in growth initiatives.

  • Restructuring activities are anticipated to yield cost reductions and operational efficiencies.

  • The company believes it has sufficient liquidity to meet cash needs over the next 12 months and beyond.

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Frequently asked questions

Envista

Envista Holdings Corporation is an American company that owns a global group of more than 30 dental brands. These subsidiaries provide a comprehensive range of products and solutions for dentists and dental professionals. Their focus extends to diverse areas like implants, orthodontics, and digital imaging technologies. Envista's approach is to operate with a decentralized model, empowering individual brands to maintain their entrepreneurial spirit and brand identity while benefiting from the parent company’s resources. Envista is headquartered in Brea, California, and its shares are listed on the NYSE.

Spin-off from Danaher

Just like Fortive was created through a spin-off from Danaher, Envista Holdings was spun off in 2019 to enable a more focused and strategic approach in the dental sector. This move allowed Envista to concentrate exclusively on dental products and services, a distinct market with unique demands and opportunities and is something that Danaher does consistently.

By operating independently, Envista could pursue more targeted growth strategies, innovation, and customer engagement specific to its area of operations. The spin-off was part of Danaher's broader strategy to streamline its operations and create more value for shareholders by establishing standalone companies with dedicated resources and specialized market approaches.

Products and Services

Envista Holdings, through its subsidiaries, supplies the dental industry by offering a broad spectrum of products and services. Their subsidiaries specialize in things such as advanced dental implant technology, cutting-edge orthodontic products, consumables, and other equipment used in modern dentistry. It also offers technologies in digital imaging and diagnostics, which are crucial for modern dental care. Envista's subsidiaries also engage in developing CAD/CAM systems, used for complicated dental restorations where precision is incredibly important.

The Approach

As previously mentioned, Envista Holdings employs a decentralized approach that allows its subsidiaries such as Nobel Biocare, Ormco, and Kerr to operate with a degree of autonomy. This model enables these companies to retain their unique brand identities and encourages innovation that is specifically tailored to their individual market segments.

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