Envista Holdings Corp 2025年度报告

2025 Annual Report Directors Executive Officers Suraj SatpathyCHRO Filippo ImpieriPresident, Consumables Contents Letter to Shareholders 02 Reconciliation of Non-GAAP Financial Measures04 10-K09 Dear Shareholders: We kicked off 2025 by hosting our first Capital Markets Day in several years. At that event, we laid out a new Value Creation Planfor Envista built around four foundational components: •Our long-standing Purposeof partnering with dental professionals to improve patient lives;•Our CIRCLe Valuesof Customer Centricity, Innovation, Respect, Leadership, and Continuous Improvement;•Our three key executionPrioritiesof Growth, Operations, and People;•And our Medium-Term Financial Objectives of 2-4% core growth, 4-7% adjusted EBITDA growth, 7-10% adjusted EPS growth,and ~100% Free Cash Flow Conversion. We advanced ourPurpose and Valuesin several meaningful ways in 2025. Through our Envista Smile Project, we reached morethan 19,000 underserved patients and donated over $2 million to charitable causes. We invested over $110 million in researchand development, up 15% versus 2024, and trained over 300,000 customers, a 30% increase year over year. In partnership withdoctors, we celebrated treating our one millionth Spark patient since launching the business in 2019. And we brought togetherthousands of clinicians across dozens of events around the world to share ideas, challenge conventional wisdom, and advancethe future of dentistry. One such milestone was the 60th anniversary of placing the first dental implant by Dr. Brånemark andNobel Biocare, a groundbreaking innovation that has materially improved the lives of millions of patients. We made important progress across ourPriorities ofGrowth,Operations, andPeople. •We deliveredGrowthin all major businesses and geographies, achieving widespread market share gains across our portfolio.Our 2025 core growth of 6.5% was our highest rate as a public company, excluding the record post-Covid dental marketrecovery in 2021. New product introductions played an important role with close to $100M in revenues coming from productsintroduced in 2025. Examples include Orascoptic ErgoZoom, a novel loupe system that combines superior ergonomics withadjustable magnification; the Kerr SimpliCore obturator to simplify the endodontic workflow; DEXIS Imprevo IOS, which pairsnicely with AI-powered enhancements to DTX Studio; new Multi-Unit Abutments and digital full-arch implant solutions; andnumerous novel innovations in our fast-growing Spark aligner business. •On theOperationsfront, we saw continued strong contributions from the Envista Business System, our enterprise-widecontinuous improvement methodology. We activated the flexibility embedded in our global supply chain to offset tariff impactsduring the year. We reduced G&A spending by over $35 million while maintaining our world-class safety, quality, and customerservice levels. We broke ground on new sites in Finland, Australia, Costa Rica, and China. We took actions targeting afour-point tax rate improvement in 2026. And still more, we drove sustained quarter-on-quarter unit cost reductions in Spark,achieving positive EBITDA for the business in under 6 years. We are now the only orthodontic provider with strong competencyin both fixed and aligner therapy, operating in all major geographies, and with a global supply chain that allows us to respondseamlessly to macro and market conditions. •RegardingPeople, we further intensified our commitment to talent development, with over 80% of senior leadership rolesbeing filled in-house last year, a nearly 50-point increase over 2024. We also saw record participation in our 2025 employeesurvey, with broad-based increases in employee engagement. We welcomed two acquisitions, in Turkey and France, into theEnvista family. And our refreshed management team is working well together, with energy and collaboration at the senior rankscascading across our entire organization. TheFinancial output of all this work is also encouraging. The topline growth noted above supported a 190-basis point expansionin adjusted EBITDA margins, with adjusted EBITDA dollars up 26% versus 2024. Adjusted EPS grew 63%, and Free Cash FlowConversion was stronger still, at 114%. Supported by this cash generation, we initiated a $250 million share repurchase programand returned $166M to investors in the first twelve months. In sum, 2025 was a year of great progress for Envista. We are proud of our performance and motivated by our momentum. I amdeeply grateful to our 12,000 Envista colleagues around the world, whose commitment, collaboration, and deep capabilities makethis improvement possible. We accomplished a great deal in 2025 and are eager to go further together here in 2026. Thank you for your trust and support, Paul Keel CEO ENVISTA HOLDINGS CORPORATIONRECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) Core Sales Growth1 Consolidated Total sales growthLess the impact of:Acqui