Q2 2024 Envista Holdings Corp Earnings Call Transcript
Key Points
- Envista Holdings Corp (NVST) reported a 41% increase in free cash flow for the quarter, indicating strong cash management.
- The company has filled three critical executive roles in Q2, including a new CFO, which is expected to strengthen leadership.
- Investments in Spark manufacturing technology are aimed at improving profitability and supporting long-term growth.
- Envista Holdings Corp (NVST) has reinstated full-year guidance, expecting a return to growth in Q4.
- The company has a strong foundation with high gross margins, good cash flow, and a positive culture centered on performance, inclusion, and continuous improvement.
- Core growth was negative 3% and adjusted EBITDA margin was 10%, both below expectations.
- The company recorded a $1.2 billion non-cash charge from goodwill and intangible impairments due to market softening.
- Sales in the equipment and consumables segment declined by 10.1% compared to the second quarter of 2023.
- The diagnostics business contracted high single digits in the quarter, impacted by higher interest rates and moderate consumer confidence.
- The orthodontics business saw a slowdown in reported sales growth for Spark due to increased revenue deferrals.
(Operator Instructions) My name is Stephanie, and I'll be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to Envista Holdings Corporation's second-quarter 2024 earnings results conference call. (Operator Instructions)
I will now turn the conference over to Mr. Steven Keller, Principal Financial Officer of Envista Holdings. Mr. Keller, you may begin.
Good afternoon and thanks for joining the call. With me today is Paul Keel, our President and Chief Executive Officer, and Eric Hammes, who will assume the position of Chief Financial Officer tomorrow. Paul and I will be leading the call today and will handle the Q&A at the end of the prepared remarks.
I want to point out that our earnings release, the slide presentation supplementing today's call, and the reconciliations and other information required by SEC Regulation G relating to any non-GAAP financial measures provided during the call are all available on the Investors
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