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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Envista
Envista (NVST) investor relations material
Envista Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 sales were $691.5M, up 3.2% YoY; core sales grew 2.7%, with both reporting segments growing. Adjusted EBITDA rose 9% and adjusted EPS rose 25%.
Growth spanned most major geographies; China was the exception, with VBP-related orthodontics destocking and lower core sales.
FY26 adjusted earnings guidance increased, while core sales growth guidance narrowed.
GAAP results included a $428.1M non-cash foreign-currency translation gain from legal-entity dissolution; the gain was excluded from adjusted measures.
Financial highlights
Revenue was $691.5M versus $670M YoY; reported growth was 3.2% and core growth was 2.7%.
Adjusted EBITDA was $105.8M versus $97.1M; adjusted diluted EPS was $0.40 versus $0.32.
Adjusted gross margin was 56.3%, up 20 bps; adjusted EBITDA margin was 15.3%, up 80 bps.
Free cash flow was $63.5M versus $67.9M, with conversion of 97.4% of adjusted net income; Q3 included tariff refunds.
GAAP net income was $508.3M versus a $30.3M loss; adjusted net income was $65.2M versus $53.7M.
Outlook and guidance
FY26 core sales growth guidance tightened to 3.75%–4.25% from 3.5%–4.5%.
FY26 adjusted EBITDA growth guidance rose to 12.5%–14% from 11%–14%; adjusted EPS guidance rose to $1.54–$1.58 from $1.50–$1.55.
FY26 free cash flow conversion is expected to be ~100%; the adjusted tax rate is expected to be ~25.5%.
Midpoint guidance implies slightly negative Q4 core growth; excluding four fewer selling days YoY, implied growth aligns with the FY range. FX is expected to reduce Q4 reported revenue growth by ~1 point.
No significant VBP impact is expected in Q4; implementation is anticipated in H1 2027, though timing may change.
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Latest events from Envista
- China VBP reforms drive short-term headwinds but position the company for future growth.NVST
2026 Global Healthcare Conference - Higher targets reflect product momentum, productivity and disciplined capital deployment.NVSTInvestor Day 2026
- Strong Q2 growth, margin expansion, and raised 2026 guidance amid resilient markets.NVSTQ2 2026
- All proposals passed, directors elected, and no stockholder questions were raised.NVSTAGM 2026
- Q1 2026 saw strong sales, margin expansion, and a $300M buyback with guidance reaffirmed.NVSTQ1 2026
- Double-digit core sales, EBITDA, and EPS growth in 2025, with strong 2026 outlook.NVSTQ4 2025
- Q3 2025 delivered 9.4% core growth, 14.5% EBITDA margin, and raised full-year guidance.NVSTQ3 2025
- Q2 loss of $1.15B on impairments; sales and margins fell, but cash flow improved and Q4 growth is expected.NVSTQ2 2024
- Q4 core sales rose 2% with strong cash flow and a $250M share repurchase plan.NVSTQ4 2024
Next Envista earnings date
Q4 20263 Feb, 2027
Envista
Next Envista earnings date
Q4 20263 Feb, 2027
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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.