Envista Holdings Corporation · NYSE:NVST
Envista — Q1 2026 Earnings Presentation
26 slides from Envista's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Results
Q1 2026 Results May 6, Paul Keel, 2026 CEO
Slide 2: Forward looking statements/Non-GAAP financial measures
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 expec
Slide 3: Agenda
Agenda Paul Keel Opening Thoughts Eric Hammes Q1 Financials Paul Keel Closing Thoughts Q&A 3 First Quarter 2026 Earnings
Slide 4: Q1 2026 Summary
Q1 2026 Summary Dental markets remain resilient despite macro volatility Good topline growth: 9.5% core growth; positive across all major businesses Investments for future success: R&D +DD, S&M +DD, Versah acquisition in Implants Strong profit growth: Adjusted EBITDA +25%, Adjusted EPS +50% $300M in
Slide 5: Q1 Strategic and Operational Highlights
Q1 Strategic and Operational Highlights • Specialty Products and Technologies core growth 8.4% with Spark and B&W both +DD Growth • Equipment & Consumables core growth 11.5% with Consumables and Diagnostics +DD • Price contribution to growth ~2%, alongside 7%+ volume growth • Significant new produc
Slide 6: Notable New Product Launches in Q1 2026
Notable New Product Launches in Q1 2026 Nobel S series Implants Spark in Japan DTX Studio Clinic Enhanced AI • Common, proven prosthetic • Japan is one of the largest clear • Expanded AI-powered imaging and connection and platform across all aligner markets workflow tools sizes of our leading implan
Slide 7: Versah Acquisition
Versah Acquisition Patented Technology Highly Synergistic Dual purpose flute design • Clockwise: traditional implant drill • Unique offering with clear clinical • Counterclockwise: compacts and value proposition densifies bone along osteotomy walls Clinical Benefits • Synergistic with existing impla
Slide 8: Q1 2026 | Financial Metrics
Q1 2026 | Financial Metrics Q1 Q1 Summary 2026 2025 vPY Revenue $ 706M $617M +$89M • 9.5% Core Growth o Strong growth in both Segments o Double-digit growth in North America and Western Europe, Core Sales Growth(%) 9.5% 0.2% +930 bps HSD growth in other key markets o Continued, broad based price per
Slide 9: Q1 2026 | Reported Revenue
Revenue +14.4% Q1 2026 | Reported Revenue Core Growth +9.5% $4M $706M $9M $11M $11M $26M $28M $617M Q1 Additional FX Volume Price Spark Acquisition Q1 2025 Billing Days Deferral 2026 Core growth is a non-GAAP measure. See appendix for reconciliation. First Quarter 2026 Earnings 9
Slide 10: Q1 2026 | Adjusted EBITDA
Adj. EBITDA +25% Q1 2026 | Adjusted EBITDA $2M $7M $11M -$11M $27M $99M -$16M $79M Q1 Volume & Mix Price FX Net Productivity Tariff Costs Growth Q1 2025 Investments 2026 Margin Rate 12.8% +3.3% +1.5% +0.5% +0.2% -1.7% -2.6% 14.0% Adj. EBITDA is a non-GAAP measure. See appendix for reconciliation. Fi
Slide 11: Q1 2026 | Specialty Products & Technologies
Q1 2026 | Specialty Products & Technologies Revenue ($M) Core Growth % Growth Q1 2025 $400.3 -0.7% • Spark sales grew DD (excluding net deferral change) • Brackets & Wires up DD Q1 2026 $457.8 8.4% • Implants up MSD excluding China, down DD in China in preparation for VBP Adjusted Operating Profit (
Slide 12: Q1 2026 | Equipment & Consumables
Q1 2026 | Equipment & Consumables Revenue ($M) Core Growth % Growth Q1 2025 $216.6 1.7% • Consumables up DD, with strength across the portfolio • Diagnostics up DD, with strong growth in North America Q1 2026 $247.7 11.5% and Western Europe Adjusted Operating Profit ($M) Margin % Profit Q1 2025 $39.
Slide 13: Q1 2026 Cash Flow
Q1 2026 Cash Flow Q1 2026 Q1 2025 Operating Cash Flow -$3.3M $0.3M • Net Debt / Adj. EBITDA of ~0.9X Capital Expenditure, net $12.4M $5.4M • 1.6M shares repurchased in Q1 Free Cash Flow -$15.7M -$5.1M Announcing incremental $300M share repurchase authorization Free Cash Flow is a non-GAAP measure. S
Slide 14: Reaffirming FY 2026 Guidance
Reaffirming FY 2026 Guidance Core Sales Growth 2 to 4% Adj. EBITDA Growth 7% to 13% Adj. EPS $1.35 to $1.45 Free Cash Conversion ~100% These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and
Slide 15: Closing Thoughts
Update this image Closing Thoughts • Sustained dental market resilience despite macro volatility • Continued broad-based growth across portfolio • Strong operating leverage converting top line growth into even faster earnings growth • Reinvesting a portion of our gains into both organic and inorgani
Slide 16: Q&A
Q&A 16 16
Slide 17: Appendix Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations 17
Slide 18: Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin
Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) Three Months Ended April 3, 2026 March 28, 2025 Gross Profit $ 390.1 $ 336.0 Restructuring costs and asset impairments A 3.1 1.9 Fair value adjustment of acquisition-related inventory B 0.4 0.4 Adjusted Gross Profit $
Slide 19: Reconciliations | Adjusted Operating Profit
Reconciliations | Adjusted Operating Profit ($ in Millions) Three Months Ended April 3, 2026 March 28, 2025 Consolidated Operating Profit $ 62.5 $ 39.0 Amortization of acquisition-related and other intangible assets 18.8 18.8 Restructuring costs and asset impairments A 7.4 11.4 Fair value adjustment
Slide 20: Reconciliations | Adjusted Net Income
Reconciliations | Adjusted Net Income ($ in Millions) Three Months Ended April 3, 2026 March 28, 2025 Net Income $ 38.7 $ 18.0 Amortization of acquisition-related and other intangible assets 18.8 18.8 Restructuring costs and asset impairments A 7.4 11.4 Fair value adjustment of acquisition-related i
Slide 21: Reconciliations | Adjusted Diluted Earnings Per Share
Reconciliations | Adjusted Diluted Earnings Per Share Three Months Ended April 3, 2026 March 28, 2025 Diluted Earnings Per Share $ 0.23 $ 0.10 Amortization of acquisition-related and other intangible assets 0.11 0.11 Restructuring costs and asset impairments A 0.05 0.07 Fair value adjustment of acqu
Slide 22: Reconciliations | Adjusted EBITDA
Reconciliations | Adjusted EBITDA ($ in Millions) Three Months Ended April 3, 2026 March 28, 2025 Net Income $ 38.7 $ 18.0 Interest expense, net 7.4 9.3 Income tax expense 13.5 11.0 Depreciation 10.4 9.1 Amortization of acquisition-related and other intangible assets 18.8 18.8 Restructuring costs an
Slide 23: Reconciliations | Core Sales Growth
Reconciliations | Core Sales Growth1 % Change Three Month Period Ended April 3, 2026 vs. Consolidated Comparable 2025 Period Total sales growth 14.4 % Plus the impact of: Acquisitions (0.6)% Currency exchange rates (4.3)% Core Sales Growth 9.5 % Specialty Products & Technologies Total sales growth 1
Slide 24: Reconciliations | Free Cash Flow
Reconciliations | Free Cash Flow ($ in Millions) Three Months Ended April 3, 2026 March 28, 2025 Net operating cash (used in) provided by operating activities $ (3.3) $ 0.3 Less: payments for additions to property, plant and equipment (capital expenditures) (12.5) (5.9) Plus: proceeds from sales of
Slide 25: Notes to Reconciliation of GAAP to Non-GAAP Financial Measures
NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) A We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. B Represents the fair value adjustment related to inventory acquired in connection
Slide 26: Statement Regarding Non-GAAP Measures
Statement Regarding Non-GAAP Measures Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes t