Envista reports Q3 adjusted EPS 43c, consensus 46c

Reports Q3 revenue $631.3M, consensus $649.51M. Amir Aghdaei, CEO, stated, “In the third quarter, we delivered positive core growth and an adjusted EBITDA margin of 19.6%. Our Specialty Product & Technology Segment delivered low-single digit core growth as Spark outperformed, overcoming the negative impact of both Russia and the continued weakness of higher end specialty procedures in developed markets. Our Equipment & Consumables segment declined low-single digit, as solid core growth in consumables was offset by the planned rationalization of our traditional imaging portfolio. We continue to utilize the Envista Business System to streamline our operations and improve our cost position, delivering 50 bps of sequential margin improvement in the quarter.” Aghdaei continued, “While we remain confident in our ability to execute our long-term strategy, we are revising our full year guidance for 2023 to reflect the increased macro uncertainty and the importance of making investments to drive our long-term strategy of accelerating growth, expanding margins, and transforming our portfolio.”