<p>Envista Holdings 最近的财报电话会议传达了总体积极的情绪，强调了公司在各个业务领域的强劲财务表现和增长。会议突出了显著成就，特别是在 Spark 矫正器业务方面，以及对全年指引的上调。尽管面临关税成本增加和中国市场不确定性等挑战，但公司的收入增长、市场份额提升和运营效率改善被视为超过了这些负面因素。</p>
<h2>强劲的收入和盈利增长</h2>
<p>Envista Holdings 报告了第三季度核心增长率为 9%，得益于 Spark 延期收益。即使没有这一收益，核心增长率仍约为 5%。公司还看到调整后的 EBITDA 利润率上升超过 500 个基点，达到 14.5%，调整后的每股收益翻倍至 0.32 美元，反映出强劲的财务表现。</p>
<h2>上调全年指引</h2>
<p>鉴于其年初至今的强劲表现，Envista 上调了 2025 年的全年指引。公司现在预计核心收入增长将达到约 4%，调整后的每股收益预计在 1.10 至 1.15 美元之间。此调整突显了公司在年内的势头和积极展望。</p>
<h2>Spark 矫正器里程碑</h2>
<p>财报电话会议的一个重要亮点是 Envista 发货的第 100 万个 Spark 矫正器案例，标志着一个重大里程碑。Spark 业务在第三季度实现了正的运营利润，自 2019 年推出以来，收入接近 3 亿美元，展示了其快速增长和市场接受度。</p>
<h2>积极的市场份额增长</h2>
<p>Envista 报告称在所有主要业务领域都实现了市场份额增长，除了植入物业务外，后者保持了其市场份额。公司在耗材方面经历了两位数的增长，并在连续第二个季度内在诊断领域实现了正增长，表明其强大的市场定位。</p>
<h2>运营效率改善</h2>
<p>公司在提高运营效率方面取得了显著进展，年初至今管理和行政费用减少超过 12%，同时保持高水平的客户服务。此外，Envista 继续在研发方面进行重大投资，以支持其长期增长战略。</p>
<h2>关税逆风</h2>
<p>Envista 面临关税成本增加，这在第三季度压缩了约 140 个基点的利润率。公司预计这些关税将导致未来每季度约 1000 万美元的成本，给其财务表现带来挑战。</p>
<h2>中国市场不确定性</h2>
<p>在中国，基于量的采购（VBP）对正畸和未来植入物的潜在影响仍然不确定。这种持续的不确定性对 Envista 在该地区的运营构成了风险因素。</p>
<h2>正畸业务表现参差不齐</h2>
<p>正畸业务表现参差不齐，托槽和导线的年同比保持平稳。这归因于为中国的 VBP 做准备以及之前第二季度提前采购活动的影响。</p>
<h2>前瞻性指引</h2>
<p>Envista 的前瞻性指引依然乐观，公司维持其 EBITDA 利润率指引在 14%，并预计全年核心收入增长约为 4%。调整后的每股收益预计在 1.10 至 1.15 美元之间，反映出对持续强劲表现的信心。</p>
<p>总之，Envista Holdings 的财报电话会议突显了积极的发展轨迹，财务结果强劲，战略进展显著，特别是在 Spark 矫正器业务方面。尽管关税成本和中国市场的不确定性等挑战依然存在，但公司在收入、市场份额和运营效率方面的增长为未来的成功提供了坚实的基础。</p>

NVST

<p>Envista Holdings 的财报电话会议显示出强劲的财务表现，第三季度核心增长为 9%，调整后的每股收益为 0.32 美元。该公司上调了 2025 年的全年指引，预计核心收入增长约为 4%。主要亮点包括第 100 万个 Spark 矫正器案例的发货以及在大多数细分市场的市场份额增长。尽管面临关税成本上升和中国市场不确定性的挑战，Envista 的运营效率和研发投资支持了其对未来的积极展望</p>

<p>Envista Holdings’ recent earnings call conveyed a generally positive sentiment, underscoring the company’s robust financial performance and growth across various business segments. The call highlighted significant achievements, particularly in the Spark aligner business, and an upward revision of the full-year guidance. Despite facing challenges such as increased tariff costs and uncertainties in the China market, the company’s revenue growth, market share gains, and operational efficiency improvements were seen as outweighing these negatives.</p>
<div class="lb-trans"><p>Envista Holdings 最近的财报电话会议传达了总体积极的情绪，强调了公司在各个业务领域的强劲财务表现和增长。会议突出了显著成就，特别是在 Spark 矫正器业务方面，以及对全年指引的上调。尽管面临关税成本增加和中国市场不确定性等挑战，但公司的收入增长、市场份额提升和运营效率改善被视为超过了这些负面因素。</p>
</div><h2>Strong Revenue and Earnings Growth</h2>
<div class="lb-trans"><h2>强劲的收入和盈利增长</h2>
</div><p>Envista Holdings reported a commendable Q3 core growth of 9%, bolstered by a Spark deferral benefit. Even without this benefit, the core growth stood at around 5%. The company also saw its adjusted EBITDA margin rise by over 500 basis points to 14.5%, and adjusted EPS more than doubled to $0.32, reflecting a strong financial performance.</p>
<div class="lb-trans"><p>Envista Holdings 报告了第三季度核心增长率为 9%，得益于 Spark 延期收益。即使没有这一收益，核心增长率仍约为 5%。公司还看到调整后的 EBITDA 利润率上升超过 500 个基点，达到 14.5%，调整后的每股收益翻倍至 0.32 美元，反映出强劲的财务表现。</p>
</div><h2>Full-Year Guidance Raised</h2>
<div class="lb-trans"><h2>上调全年指引</h2>
</div><p>In light of its strong year-to-date performance, Envista has raised its full-year 2025 guidance. The company now expects core revenue growth to reach approximately 4%, with adjusted EPS projected between $1.10 and $1.15. This adjustment underscores the company’s momentum and positive outlook for the remainder of the year.</p>
<div class="lb-trans"><p>鉴于其年初至今的强劲表现，Envista 上调了 2025 年的全年指引。公司现在预计核心收入增长将达到约 4%，调整后的每股收益预计在 1.10 至 1.15 美元之间。此调整突显了公司在年内的势头和积极展望。</p>
</div><h2>Spark Aligner Milestone</h2>
<div class="lb-trans"><h2>Spark 矫正器里程碑</h2>
</div><p>A significant highlight from the earnings call was the shipment of Envista’s 1 millionth Spark aligner case, marking a major milestone. The Spark business achieved a positive operating profit in Q3 and is nearing $300 million in revenue since its launch in 2019, showcasing its rapid growth and market acceptance.</p>
<div class="lb-trans"><p>财报电话会议的一个重要亮点是 Envista 发货的第 100 万个 Spark 矫正器案例，标志着一个重大里程碑。Spark 业务在第三季度实现了正的运营利润，自 2019 年推出以来，收入接近 3 亿美元，展示了其快速增长和市场接受度。</p>
</div><h2>Positive Market Share Gains</h2>
<div class="lb-trans"><h2>积极的市场份额增长</h2>
</div><p>Envista reported market share gains across all major business areas except for implants, where it maintained its share. The company experienced double-digit growth in consumables and saw positive growth in diagnostics for the second consecutive quarter, indicating strong market positioning.</p>
<div class="lb-trans"><p>Envista 报告称在所有主要业务领域都实现了市场份额增长，除了植入物业务外，后者保持了其市场份额。公司在耗材方面经历了两位数的增长，并在连续第二个季度内在诊断领域实现了正增长，表明其强大的市场定位。</p>
</div><h2>Operational Efficiency Improvements</h2>
<div class="lb-trans"><h2>运营效率改善</h2>
</div><p>The company has made significant strides in improving operational efficiency, reducing G&amp;A expenses by more than 12% year-to-date while maintaining high levels of customer service. Additionally, Envista has continued to invest significantly in R&amp;D, supporting its long-term growth strategy.</p>
<div class="lb-trans"><p>公司在提高运营效率方面取得了显著进展，年初至今管理和行政费用减少超过 12%，同时保持高水平的客户服务。此外，Envista 继续在研发方面进行重大投资，以支持其长期增长战略。</p>
</div><h2>Tariff Headwinds</h2>
<div class="lb-trans"><h2>关税逆风</h2>
</div><p>Envista faced increased tariff costs, which compressed margins by about 140 basis points in Q3. The company anticipates these tariffs to result in approximately $10 million in costs per quarter moving forward, posing a challenge to its financial performance.</p>
<div class="lb-trans"><p>Envista 面临关税成本增加，这在第三季度压缩了约 140 个基点的利润率。公司预计这些关税将导致未来每季度约 1000 万美元的成本，给其财务表现带来挑战。</p>
</div><h2>China Market Uncertainty</h2>
<div class="lb-trans"><h2>中国市场不确定性</h2>
</div><p>The potential impacts of Volume-Based Procurement (VBP) in China, particularly for orthodontics and future implants, remain uncertain. This ongoing uncertainty presents a risk factor for Envista’s operations in the region.</p>
<div class="lb-trans"><p>在中国，基于量的采购（VBP）对正畸和未来植入物的潜在影响仍然不确定。这种持续的不确定性对 Envista 在该地区的运营构成了风险因素。</p>
</div><h2>Mixed Performance in Orthodontics</h2>
<div class="lb-trans"><h2>正畸业务表现参差不齐</h2>
</div><p>The orthodontics segment showed mixed results, with Brackets &amp; Wires remaining flat year-on-year. This was attributed to preparations for VBP in China and the impacts of prior Q2 buy-ahead activities.</p>
<div class="lb-trans"><p>正畸业务表现参差不齐，托槽和导线的年同比保持平稳。这归因于为中国的 VBP 做准备以及之前第二季度提前采购活动的影响。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指引</h2>
</div><p>Envista’s forward-looking guidance remains optimistic, with the company maintaining its EBITDA margin guidance at 14% and projecting core revenue growth of approximately 4% for the full year. The adjusted EPS is expected to range between $1.10 and $1.15, reflecting confidence in continued strong performance.</p>
<div class="lb-trans"><p>Envista 的前瞻性指引依然乐观，公司维持其 EBITDA 利润率指引在 14%，并预计全年核心收入增长约为 4%。调整后的每股收益预计在 1.10 至 1.15 美元之间，反映出对持续强劲表现的信心。</p>
</div><p>In conclusion, Envista Holdings’ earnings call highlighted a positive trajectory with strong financial results and strategic advancements, particularly in the Spark aligner business. While challenges such as tariff costs and market uncertainties in China persist, the company’s growth in revenue, market share, and operational efficiency provide a solid foundation for future success.</p>
<div class="lb-trans"><p>总之，Envista Holdings 的财报电话会议突显了积极的发展轨迹，财务结果强劲，战略进展显著，特别是在 Spark 矫正器业务方面。尽管关税成本和中国市场的不确定性等挑战依然存在，但公司在收入、市场份额和运营效率方面的增长为未来的成功提供了坚实的基础。</p>
</div>

Envista Holdings 的财报电话会议突显了其强劲的增长