Envista (NVST) 44th Annual J.P. Morgan Healthcare Conference summary

Market overview and industry trends

• Dental market is valued at $400 billion annually, with consistent 3%-5% CAGR and over 4 billion people affected by tooth loss and 5 billion with malocclusions.

• Demand is driven by aging populations, aesthetics, rising middle class, and new clinics opening, but clinician supply remains a constraint.

• Dental market outpaces GDP growth, is resilient in recessions due to insurance, and is rebounding post-COVID, with patient demand stabilizing.

• Recent data shows U.S. clinic revenues and public players reporting mid-single digit growth, with momentum expected to continue into 2026.

• Key macro indicators like unemployment, interest rates, and consumer confidence are supportive, with increased investor interest and clinician optimism.

Strategic priorities and financial objectives

• Value creation plan focuses on growth, operations, and people, aiming for 2%-4% organic/core revenue growth, 4%-7% EBITDA growth, and 7%-10% EPS growth.

• Emphasis on commercial execution, innovation, portfolio management, and operational excellence, especially in implants and orthodontics.

• Operations prioritize manufacturing excellence, capital efficiency, and maintaining high safety and quality standards.

• Talent development and employee engagement are central, with increased internal promotions, engagement scores, and leadership stability.

• Charitable initiatives expanded, reaching 19,000 underserved patients, donating over $2 million, and hosting training for over 300,000 clinicians.

Business performance and segment highlights

• Achieved 5% organic/core growth through Q3 2025, with all major businesses showing positive growth.

• Double-digit growth in EBITDA and EPS, with cash flow conversion at 100%.

• Spark (clear aligners) has reached profitability, driven by AI and automation, and is gaining share.

• Implants business returned to growth after contraction, with four consecutive quarters of gains and investments in sales, marketing, and new products.

• Diagnostics and consumables businesses launched new products, including OP 3D CBCT and DEXIS Imprevo scanner, both gaining market traction.