Envista Holdings Corp (NVST) 2025 Q2 法說會逐字稿

Hello. My name is Ina, and I will be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to Envista Holdings Corporation's second quarter 2025 earnings results conference call. (Operator Instructions) I'll now turn the call over to Mr. Jim Gustafson, Vice President of Investor Relations of Envista Holdings. Mr. Gustafson, you may begin your conference call.

你好。我叫伊娜，今天下午我將擔任您的電話會議主持人。現在，我歡迎大家參加 Envista Holdings Corporation 2025 年第二季收益業績電話會議。（操作員指示）現在我將電話轉給 Envista Holdings 投資者關係副總裁 Jim Gustafson 先生。古斯塔夫森先生，您可以開始電話會議了。

Good afternoon. Thanks for joining Envista's second quarter 2025 earnings call. We appreciate your interest in our company. With me today are Paul Keel, our President and Chief Executive Officer; and Eric Hammes, our Chief Financial Officer.

午安.感謝您參加 Envista 2025 年第二季財報電話會議。感謝您對我們公司的關注。今天與我一起的有我們的總裁兼首席執行官保羅·基爾 (Paul Keel) 和我們的首席財務官埃里克·哈姆斯 (Eric Hammes)。

Before we begin, 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 section of our website, www.envistaco.com.

在我們開始之前，我想指出的是，我們的收益報告、補充今天電話會議的幻燈片演示以及與電話會議期間提供的任何非 GAAP 財務指標有關的 SEC G 條例所要求的對賬和其他信息都可以在我們網站 www.envistaco.com 的投資者部分找到。

The audio portion of this call will be archived on the Investors section of our website later today under the heading Events and Presentations. During the presentation, we will describe some of the more significant factors that impacted year-over-year performance.

本次電話會議的音訊部分將於今天稍後存檔在我們網站的「活動和演示」標題下的「投資者」部分。在演示過程中，我們將描述一些影響同比業績的更重要的因素。

The supplemental materials describe additional factors that impacted our results. Unless otherwise noted, references in these remarks to company-specific financial metrics relate to the second quarter of 2025 and references to period-to-period increases and decreases in financial metrics are year over year. During the call, we may describe certain products and solutions that have applications submitted and pending certain regulatory approvals or are available only in certain markets.

補充資料描述了影響我們結果的其他因素。除非另有說明，這些評論中對公司特定財務指標的引用與 2025 年第二季度有關，並且對財務指標的同期增減的引用是同比的。在通話過程中，我們可能會描述某些已提交申請並等待某些監管部門批准或僅在某些市場上銷售的產品和解決方案。

We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events and developments that we believe, anticipate or may occur in the future. These forward-looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, and actual results may differ materially from any forward-looking statements that we may make today.

我們還將根據聯邦證券法做出前瞻性陳述，包括有關我們相信、預期或可能在未來發生的事件和發展的陳述。這些前瞻性陳述受到許多風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所述的風險和不確定性，實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

These forward-looking statements speak only as of the date they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law. With that, I will turn the call over to Paul.

這些前瞻性陳述僅代表其作出之日的觀點，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。說完這些，我會把電話轉給保羅。

Thank you, Jim. Good afternoon, and welcome, everyone. We appreciate you taking the time to join us today. On today's call, I'll kick us off with some opening thoughts on our Q2 and first half performance as well as a brief strategic and operational update. Eric will then take us through the financials in more detail, and I'll wrap things up with some closing thoughts.

謝謝你，吉姆。下午好，歡迎大家。感謝您今天抽空加入我們。在今天的電話會議上，我將首先談談我們第二季和上半年的表現以及簡短的策略和營運更新。然後，艾瑞克將向我們更詳細地介紹財務狀況，最後我會總結一下。

As always, we'll then open it up for your questions. Slide 4 summarizes three things, year-to-date results, progress executing the value creation plan that we laid out at our March Capital Markets Day, and an update to our 2025 full year guidance.

像往常一樣，我們將開放回答您的問題。投影片 4 總結了三件事：年初至今的績效、我們在 3 月資本市場日制定的價值創造計畫的執行進展，以及 2025 年全年指引的更新。

Let's begin on the left with Q2 and H1 performance. Q2 was another solid quarter for Envista with strong revenue and EPS growth and good margin expansion. Core growth came in at 5.6%, aided by some customer buying in advance of expected price and tariff increases.

讓我們從左邊的 Q2 和 H1 表現開始。Envista 在第二季表現穩健，營收和每股盈餘成長強勁，利潤率也擴大良好。核心成長率達到 5.6%，這得益於一些客戶在預期價格和關稅上漲之前購買。

Adjusted EBITDA margin was 12.4%, up 240 basis points from Q2 of '24, supported by good growth and G&A productivity and offset in part by transactional FX losses related to the softer dollar.

調整後的 EBITDA 利潤率為 12.4%，較 24 年第二季上升 240 個基點，這得益於良好的成長和 G&A 生產力，並部分被與美元走軟相關的交易外匯損失所抵消。

Adjusted EPS was $0.26, the result of the EBITDA growth that I just mentioned coupled with a lower tax rate, which Eric will say more about in just a moment.

調整後的每股收益為 0.26 美元，這是我剛才提到的 EBITDA 成長加上較低稅率的結果，Eric 稍後會對此進行詳細說明。

Moving to the middle of the slide. We delivered broad-based growth across our portfolio with both reporting segments and all major geographies in positive territory. Equipment and consumables was up roughly 7% and Specialty Products grew just shy of 5%.

移至幻燈片中間。我們的投資組合實現了廣泛成長，兩個報告分部和所有主要地區均實現了正成長。設備和消耗品成長約 7%，特種產品成長略低於 5%。

In the same way, we're continuing to make progress on the operations front. In addition to continued reductions in Spark unit cost and design cycle times, we're off to a good start on implementing the tariff mitigation plan that we outlined on our Q1 call.

同樣，我們在營運方面也不斷取得進展。除了持續降低 Spark 單位成本和設計週期時間之外，我們在實施第一季電話會議上概述的關稅減免計劃方面也取得了良好的開端。

And we continue to move forward as well on our people priorities with sustained improvements in employee engagement and development.

我們將繼續推動以人為本的優先事項，持續提高員工敬業度和發展水平。

Moving to the final column. Given our performance and good momentum, we are updating our 2025 full year guidance.

移至最後一列。鑑於我們的業績和良好勢頭，我們正在更新 2025 年全年指引。

We now expect core revenue growth of 3% to 4%, up from 1% to 3% previously and adjusted EPS of $1.05 to $1.15, up $0.10 from earlier guidance. Adjusted EBITDA margin is unchanged at approximately 14%, although EBITDA dollar expectations increased as a result of the stronger growth guidance.

我們現在預計核心收入成長率為 3% 至 4%，高於先前的 1% 至 3%，調整後每股收益為 1.05 美元至 1.15 美元，比先前的預期高出 0.10 美元。調整後的 EBITDA 利潤率保持不變，約為 14%，儘管由於更強勁的成長指引，EBITDA 美元預期有所增加。

At our Capital Markets Day in March, we laid out a value creation plan consisting of four components, guided by our purpose, centered on our values, focused on our priorities, and framed by our 2025 guidance and medium-term outlook.

在三月的資本市場日上，我們制定了一項價值創造計劃，該計劃由四個部分組成，以我們的宗旨為指導，以我們的價值觀為中心，關注我們的優先事項，並以我們的 2025 年指導和中期展望為框架。

Let's turn now to progress made in the first half in support of this plan. Beginning with growth on the left side of the slide, we're working to power through the four pillars we discussed in March, better accessing untapped growth in our core markets, extending our rich history of new product innovation, penetrating a prioritized group of attractive adjacencies, and amplifying our organic growth with accretive M&A.

現在讓我們來回顧一下上半年為支持該計劃所取得的進展。從幻燈片左側的增長開始，我們正在努力實現我們在三月份討論的四大支柱，更好地利用我們核心市場中尚未開發的增長，擴展我們豐富的新產品創新歷史，滲透到優先的有吸引力的鄰接群體，並通過增值併購來擴大我們的有機增長。

In terms of better accessing market growth, we saw further gains in H1 on the price work that we began last summer. This helped support a meaningful increase in sales and marketing investment to accelerate activities like our various brand campaigns and global customer education programs.

在更好地掌握市場成長方面，我們看到去年夏天開始的價格工作在上半年取得了進一步的成長。這有助於支持銷售和行銷投資的大幅成長，以加速我們的各種品牌活動和全球客戶教育計畫等活動。

For example, we held several high-impact customer events, including a highly successful Nobel Biocare symposium in late May. With more than 75 globally renowned speakers, close to 50 master classes, two live surgeries, and nearly 1,700 attendees, the symposium celebrated the 60th anniversary of the invention of dental implants by Dr. Brånemark and Nobel Biocare, while also looking to the future by unveiling several of the latest innovations in digital dentistry.

例如，我們舉辦了幾次影響深遠的客戶活動，包括 5 月底舉行的非常成功的 Nobel Biocare 研討會。研討會邀請了超過 75 位全球知名演講嘉賓、近 50 場大師班、兩場現場手術，吸引了近 1,700 名與會者，慶祝了 BrÃ¥nemark 博士和 Nobel Biocare 發明牙種植體 60 週年，同時也透過展示數位化牙科領域的幾項最新創新技術來展望未來。

We also hosted several other global customer events, including ortho and implant events in China with close to 1,000 clinicians participating in each. In addition to ramping sales and marketing, we increased R&D by 14% in the half.

我們也舉辦了其他幾場全球客戶活動，包括在中國舉辦的矯正和植入活動，每場活動都有近 1,000 名臨床醫生參加。除了增加銷售和行銷外，我們還在上半年增加了 14% 的研發費用。

This enabled a number of important new product launches, including Spark Retainers, Spark BiteSync Class II corrector, scanning solution from Implant Direct and the next release of DTX Studio Clinic with additional AI features, enabling doctors to go from image review to implant planning in less than 90 seconds.

這使得許多重要的新產品得以發布，包括 Spark Retainers、Spark BiteSync Class II 矯正器、Implant Direct 的掃描解決方案以及具有附加 AI 功能的 DTX Studio Clinic 的下一版本，使醫生能夠在不到 90 秒的時間內從影像審查完成到植入規劃。

On the adjacency front, we drove further penetration in both DSOs and emerging markets. With respect to the former, we have now installed DEXIS CDCTs and DTX AI implant planning in all 1,000-plus sites of one of the largest DSOs in America.

在鄰近方面，我們進一步推動了 DSO 和新興市場的滲透。就前者而言，我們現在已經在美國最大的 DSO 之一的所有 1,000 多個站點安裝了 DEXIS CDCT 和 DTX AI 植入計劃。

This milestone represents a significant advancement in digital dentistry, enhancing diagnostic accuracy, supporting clinical collaboration and greatly improving the patient experience. With respect to emerging markets, we delivered double-digit growth in the second quarter across our Latin America, Indo Pacific and Middle East and Africa regions.

這一里程碑代表了數位牙科的重大進步，提高了診斷準確性，支持了臨床協作並極大地改善了患者體驗。就新興市場而言，我們第二季在拉丁美洲、印度太平洋以及中東和非洲地區實現了兩位數的成長。

Rounding out our growth update, we closed two small acquisitions in the first half, both at attractive EBITDA multiples to further accelerate the organic efforts we have underway. On the operations front, we continue to enjoy strong contributions from EBS, our continuous improvement methodology that is central to how we deliver results, develop our people and advance our culture. By way of example, we reduced G&A spending by 15% in the first half, while maintaining customer service levels above 95%.

在我們的成長更新中，我們在上半年完成了兩項小型收購，均以具有吸引力的 EBITDA 倍數完成，以進一步加速我們正在進行的有機努力。在營運方面，我們繼續受益於 EBS 的強大貢獻，EBS 是我們持續改進的方法，對於我們如何實現成果、培養人才和推進文化至關重要。舉例來說，我們在上半年將一般及行政開支減少了 15%，同時將客戶服務水準保持在 95% 以上。

We also announced plans to expand our manufacturing footprint in China with a new site in Suzhou that will produce aligners, implants, brackets and wires, and some diagnostic equipment. Consistent with our local-for-local supply chain strategy, the primary focus of this site will be to support growing China demand.

我們還宣布了擴大在中國製造業務的計劃，將在蘇州建立新工廠，生產矯正器、植入物、托架和鋼絲以及一些診斷設備。與我們的本地化供應鏈策略一致，該工廠的主要重點是滿足不斷增長的中國需求。

Finally, with respect to people, we continue to advance our high-performing continuous improvement culture as engagement and talent development continue to climb along with our growing momentum. Having now covered the high points of the quarter and the first half, I'll turn it over to Eric to walk us through the details.

最後，在人才方面，隨著我們的成長動能不斷增強，參與度和人才發展也不斷提升，我們將繼續推動高效的持續改進文化。現在已經介紹了本季和上半年的亮點，我將把時間交給 Eric 來向我們詳細介紹。

Thanks, Paul. In the second quarter, we delivered sales of $682 million. Core sales in the quarter increased 5.6% and currency exchange rates added about 200 basis points. Our Q2 adjusted gross margin was 54.4%, an increase of 20 basis points versus the prior year despite foreign exchange rates being a headwind to margins. We'll cover more on the FX in detail, specifically in our margin walk, but the weaker dollar trend from Q1 to Q2 resulted in a net FX transaction loss from balance sheet remeasurement.

謝謝，保羅。第二季度，我們的銷售額達到 6.82 億美元。本季核心銷售額成長 5.6%，貨幣匯率增加約 200 個基點。我們第二季的調整後毛利率為 54.4%，儘管外匯匯率對利潤率造成不利影響，但仍比去年增加了 20 個基點。我們將在保證金巡查中更詳細地介紹外匯情況，但第一季至第二季美元走弱的趨勢導致資產負債表重估出現淨外匯交易損失。

From an operational perspective, we performed in line with our expectations, with good performance across our global supply chain, including another strong quarter of Spark unit cost reduction. Our adjusted EBITDA margin for the quarter was 12.4%, which was 240 basis points better than the prior year.

從營運角度來看，我們的表現符合預期，全球供應鍊錶現良好，其中 Spark 單位成本再次強勁下降。本季調整後的 EBITDA 利潤率為 12.4%，比去年同期高出 240 個基點。

Overall, margins were hurt by the net FX impact already mentioned, but helped by strong performance in volume, price, and continued G&A productivity. Adjusted EPS in the second quarter was $0.26, up $0.15 compared to the same quarter of last year and above our expectations. Our non-GAAP tax rate for the quarter was 33.3%, better than our expectations due to strong income generation in the United States.

總體而言，利潤率受到前文提到的淨外匯影響的損害，但銷售量、價格的強勁表現以及持續的 G&A 效率提升則對其有所幫助。第二季調整後每股收益為 0.26 美元，較去年同期成長 0.15 美元，高於我們的預期。本季我們的非公認會計準則稅率為 33.3%，由於美國強勁的收入成長，這一數字好於我們的預期。

As I'll cover in the assumptions underpinning our 2025 guidance, we anticipate our full year tax rate to be similar to the Q2 tax rate. Finally, we generated $76 million of free cash flow in the quarter, down from last year due to higher working capital.

正如我將在 2025 年指引的假設中所述，我們預計全年稅率將與第二季稅率相似。最後，由於營運資本增加，我們在本季產生了 7,600 萬美元的自由現金流，比去年同期有所下降。

Let's now turn to two bridges to help break down our year-over-year results, beginning with sales. Core revenues grew 5.6% in the quarter with positive growth in all major businesses and geographies. Volume growth in Q2 was up about 400 basis points and ahead of our expectations.

現在讓我們透過兩個面向來分析我們的年比業績，首先是銷售額。本季核心營收成長 5.6%，所有主要業務和地區均實現正成長。第二季的銷售量成長了約 400 個基點，超出了我們的預期。

We saw improved volume growth in several businesses, notably Brackets and Wires, Diagnostics, and Implants. Our growth in Q2 was also helped by a favorable prior year comparable as well as some customer buy ahead.

我們看到多項業務的銷售成長有所改善，尤其是支架和鋼絲、診斷和植入物。我們第二季的成長也得益於去年同期的良好表現以及一些客戶的提前購買。

We estimate this buy ahead at approximately $10 million, which we expect to unwind in the second half. Foreign exchange was a tailwind of approximately $12 million or about 200 basis points. At our March Capital Markets Day, we noted an opportunity for improved price execution at Envista, which is even more important today with the increased tariff activity.

我們估計這筆預購金額約為 1000 萬美元，預計將在下半年完成。外匯帶來了約 1,200 萬美元或約 200 個基點的順風。在我們三月的資本市場日上，我們注意到 Envista 有機會提高價格執行率，這在關稅活動增加的今天顯得尤為重要。

Our Q2 results reflect these efforts with price up $9 million year-over-year, contributing about 1.5 points of growth. Spark Deferral was roughly neutral in Q2, although we expect the year-over-year benefit to ramp meaningfully in Q3. And finally, we had a minor benefit from the two small acquisitions that Paul mentioned earlier.

我們第二季的業績反映了這些努力，價格比去年同期上漲了 900 萬美元，貢獻了約 1.5 點的成長。Spark Deferral 在第二季基本上保持中性，但我們預計第三季的年比收益將大幅增加。最後，我們從保羅之前提到的兩次小型收購中獲得了一點好處。

Turning to the adjusted EBITDA margin bridge. Volume and mix delivered 160 basis point improvement, reflecting particularly strong growth in the quarter from high-margin businesses like Consumables and Brackets and Wires.

轉向調整後的 EBITDA 利潤率橋樑。銷量和產品組合提高了 160 個基點，反映出本季消耗品、支架和電線等高利潤業務的強勁成長。

Improved pricing delivered 130 basis point improvement in margin compared to last year. We had a net gain of 20 basis points from the combination of productivity and investments. This was driven by year-over-year reductions in G&A as well as Spark unit costs, offset by increased investment in sales and marketing and R&D to support future growth. Increased tariff costs compressed margins by 60 basis points in the quarter. I'll cover more on our full year net impact of tariffs when I discuss our 2025 guidance.

與去年相比，改進後的定價使利潤率提高了 130 個基點。生產力和投資的結合使我們獲得了 20 個基點的淨收益。這是由於一般及行政費用以及 Spark 單位成本的同比下降，但為支持未來成長而增加的銷售和行銷以及研發投資抵消了這一影響。本季關稅成本增加導致利潤率壓縮了 60 個基點。當我討論我們的 2025 年指引時，我將更多地介紹關稅對我們全年的淨影響。

Transactional FX losses brought a 240 basis point headwind in the quarter. With the structural diversity of our global business, there is not typically a need for financial hedging. However, with currency volatility higher of late, we did increase our hedging positions in Q2 in order to decrease balance sheet transaction exposure on a go-forward basis. Lastly, we benefited from a 230 basis point margin improvement from the absence of onetime costs that occurred in Q2 of last year.

交易外匯損失為本季帶來了 240 個基點的阻力。由於我們的全球業務結構多樣化，通常不需要進行金融對沖。然而，由於近期貨幣波動性加劇，我們確實在第二季度增加了對沖頭寸，以便在未來減少資產負債表交易風險。最後，由於沒有去年第二季發生的一次性成本，我們的利潤率提高了 230 個基點。

Turning to segment performance. Core revenue in our Specialty Products and Technologies segment grew 7.2% year-on-year with core sales growth of 4.7%. In our orthodontics business, Spark was up low double digits and Brackets and Wires was up high single digits, helped by the customer buy ahead, but offset in part by continued declines in China related to preparation for VBP.

轉向細分市場表現。我們的特種產品和技術部門的核心收入年增 7.2%，核心銷售額成長 4.7%。在我們的矯正業務中，Spark 的銷售額實現了低兩位數成長，而托架和鋼絲的銷售額實現了高個位數成長，這得益於客戶的提前購買，但部分抵消了中國市場與 VBP 準備相關的持續下滑。

On the implant side, Premium delivered another quarter of positive growth globally, including North America, and Challenger returned to growth as expected. In Q2, our Specialty Products and Technologies business had an adjusted operating margin of 13.5%, up over 400 basis points year over year despite a 200 basis point headwind from transactional FX losses. Volume, price and net productivity were all positive in this segment in addition to the benefit from prior year onetime items.

在植入物方面，Premium 在全球（包括北美）再次實現了一個季度的正成長，Challenger 也按預期恢復了成長。在第二季度，我們的特種產品和技術業務調整後的營業利潤率為 13.5%，儘管交易外匯損失帶來了 200 個基點的阻力，但同比增長超過 400 個基點。除上年一次性專案帶來的好處外，該部門的產量、價格和淨生產力均呈現正面態勢。

Moving to our Equipment and Consumables segment. Core sales in the quarter increased 7.3% versus prior year, including double-digit growth in Consumables against a soft comparable last year. Diagnostics core sales growth was also positive, including mid-single-digit growth in our largest market, North America. Adjusted operating margin for this segment improved 140 basis points versus Q2 2024, driven by volume growth and price capture. FX transaction losses were a 300 basis point headwind in E&C in Q2.

轉到我們的設備和消耗品部分。本季核心銷售額較上年同期成長 7.3%，其中消耗品銷售額較上年同期呈現兩位數成長。診斷核心銷售額也實現了積極的成長，其中我們最大的市場北美實現了中等個位數的成長。受銷售成長和價格捕獲的推動，該部門的調整後營業利潤率較 2024 年第二季提高了 140 個基點。第二季度，工程與建築業的外匯交易損失增加了 300 個基點。

Let's now turn to cash flow. Q2 free cash flow was $76 million, a decline of about $10 million when compared to the second quarter of last year as improved sales and margins were offset by increases in working capital, which were driven by our faster growth.

現在我們來談談現金流。第二季自由現金流為 7,600 萬美元，與去年第二季相比下降了約 1,000 萬美元，這是因為銷售額和利潤率的提高被營運資本的增加所抵消，而營運資本的增加是由我們更快的成長推動的。

First half free cash flow was also down from last year, primarily driven by the low incentive compensation payout of Q1 2024. Our first half free cash conversion was 84%, which is typical of a normal first half. As discussed at Capital Markets Day, we expect free cash flow conversion over time to be around 100%.

上半年自由現金流也較去年同期下降，主要原因是 2024 年第一季激勵薪資支出較低。我們上半年的自由現金轉換率為 84%，這是正常上半年的典型情況。正如在資本市場日所討論的那樣，我們預計自由現金流轉換率將隨著時間的推移達到 100% 左右。

Our balance sheet remains strong and stable with a net debt to adjusted EBITDA of approximately one-time, providing welcome stability and flexibility, especially in periods of heightened macro uncertainty. Finally, we deployed $82 million in Q2 to repurchase 4.8 million shares of stock.

我們的資產負債表依然強勁而穩定，淨債務與調整後 EBITDA 比率約為一次性，提供了受歡迎的穩定性和靈活性，尤其是在宏觀不確定性加劇的時期。最後，我們在第二季投入了 8,200 萬美元回購了 480 萬股股票。

On a year-to-date basis, we've repurchased $100 million or a total of 5.9 million shares as we continue to execute our $250 million two-year repurchase authorization. I'll now say a few more words about our updated guidance that Paul noted earlier. Slide 13 summarizes the changes, a core sales growth range of 3% to 4% versus 1% to 3% previously, EPS of $1.05 to $1.15 versus $0.95 to $1.05 previously, and adjusted EBITDA margin unchanged at around 14%.

今年迄今為止，我們已回購了價值 1 億美元或總計 590 萬股股票，同時我們繼續執行 2.5 億美元的兩年期回購授權。現在，我將再多說幾句保羅之前提到的更新指南。投影片 13 總結了這些變化，核心銷售額成長範圍為 3% 至 4%，而之前為 1% 至 3%，每股收益為 1.05 美元至 1.15 美元，而之前為 0.95 美元至 1.05 美元，調整後的 EBITDA 利潤率保持不變，約為 14%。

Slide 15 details some of the assumptions underlying the updated guidance. First, we continue to expect the dental market to remain stable with no significant improvement or deterioration in the second half. For exchange rates, we now expect a benefit of approximately 150 basis points to reported sales for the year.

投影片 15 詳細介紹了更新後的指南中的一些假設。首先，我們繼續預期下半年牙科市場將保持穩定，不會有明顯的改善或惡化。對於匯率，我們現在預計今年的報告銷售額將受益約 150 個基點。

This is based on June ending FX rates. We anticipate the adjusted EBITDA impact from the weaker dollar to be neutral with no benefit as the translation benefits for the full year are roughly offset by the transactional losses incurred in the first half.

這是基於六月底的外匯匯率。我們預計，美元走弱對調整後 EBITDA 的影響將是中性的，不會帶來任何好處，因為全年的翻譯收益大致被上半年發生的交易損失所抵消。

For the full year, we continue to expect our supply chain, pricing and cost savings actions to offset the impact of increased tariffs. Recognizing that the tariff landscape continues to be dynamic, this is based on tariffs that have been announced to date.

就全年而言，我們仍然預計我們的供應鏈、定價和成本節約措施將抵消關稅上調的影響。認識到關稅格局持續動態，這是基於迄今為止已宣布的關稅。

As noted previously, we expect the 2024 change in our Spark Deferral to generate a $30 million year-on-year revenue benefit in the second half with a significant majority in Q3.

如前所述，我們預計 2024 年 Spark Deferral 的變化將在下半年產生 3,000 萬美元的同比收入收益，其中絕大部分將在第三季產生。

There is no change to our expectations regarding the previously implemented restructuring. Savings are tracking well as reflected in our recent G&A improvements. Our tax rate estimate has improved, as I mentioned earlier, and we now forecast an adjusted rate of 33% for the year. This is the result of improved US profits, which increases the basis of our interest expense deduction.

我們對先前實施的重組的預期沒有改變。我們最近的 G&A 改進反映出儲蓄情況良好。正如我之前提到的，我們的稅率估計已經改善，我們現在預測今年的調整後稅率為 33%。這是美國利潤提高的結果，這增加了我們的利息費用扣除額的基礎。

We are still assessing the impact of the recently enacted changes in US federal tax law. In addition, we have a project underway to further reduce our global tax rate over time. We will update you regularly as things progress. As we've already covered our stock buyback program, I'll turn it back over to Paul to wrap things up.

我們仍在評估最近頒布的美國聯邦稅法變化的影響。此外，我們正在進行一個項目，以進一步降低我們的全球稅率。隨著事情的進展，我們會定期向您通報最新進展。由於我們已經討論了股票回購計劃，我將把它交還給保羅來總結一下。

Thank you, Eric. A few closing thoughts on the quarter. First, underlying dental market conditions in Q2 were pretty similar to what we've seen in recent quarters. While macro uncertainty continues to be high, the underlying dental market remains stable. Second, our Q2 results were positive, including core growth of roughly 5.5%.

謝謝你，埃里克。關於本季的幾點總結。首先，第二季的牙科市場基本狀況與最近幾季的情況非常相似。儘管宏觀不確定性仍然很高，但基礎牙科市場仍保持穩定。其次，我們的第二季業績是正面的，其中核心成長約 5.5%。

We posted just shy of 3% core growth for the first half. Reflecting this good start, we've raised full year growth guidance to 3% to 4%, along with an updated EPS range of $1.05 to $1.15. I'll close by noting that this progress is made possible by the wonderful talent and commitment of our global Envista team.

我們上半年的核心成長率略低於 3%。鑑於這一良好開局，我們將全年成長預期上調至3%至4%，並將每股收益預期上調至1.05美元至1.15美元。最後，我想指出，這項進展離不開我們全球Envista團隊的卓越才華和敬業奉獻。

We appreciate all you do in the service of our stakeholders. In the same way, we're grateful for the support we receive from our customers, partners and shareholders. That completes our prepared remarks, and we'll now open it up for Q&A.

我們感謝您為我們的利害關係人所做的一切服務。同樣，我們也感謝客戶、合作夥伴和股東給予我們的支持。我們的準備好的演講到此結束，現在我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Elizabeth Anderson, Evercore ISI.

伊麗莎白·安德森，Evercore ISI。

Congrats on a really nice quarter. I think there's been a lot of confusion about the sort of state of the dental market. Were you surprised by sort of the strength that you saw across the portfolio and your different businesses this quarter? Like was it turnaround driven? Do you think it was -- the main drivers were market driven? And sort of how are you thinking about the broader dental macro at this point?

恭喜您度過了一個非常愉快的季度。我認為牙科市場的現狀存在著許多混亂。您對本季投資組合和不同業務的強勁表現感到驚訝嗎？就像它是透過扭轉局勢來推動的嗎？您認為主要驅動力是市場驅動的嗎？那麼，您現在如何看待更廣泛的牙科宏觀領域？

Elizabeth, thanks for kicking us off. Maybe a couple more thoughts on the market and then a few comments on our specific performance in addition to what we just covered. Starting with the market, we continue to see green macro shoots. So I would say Q2 macro was incrementally better to Q1. Unemployment still very low.

伊莉莎白，謝謝你把我們趕走。除了我們剛才討論的內容之外，也許我還會就市場發表一些看法，並對我們的具體表現發表一些評論。從市場開始，我們不斷看到宏觀綠色芽苗。所以我想說第二季的宏觀經濟比第一季好一些。失業率仍然很低。

Interest rates in many markets, notably Europe, continue to come down. And then the big change Q2 from Q1 was the tick back up and consumer confidence. Both the June and the preliminary July numbers were pointed northward, which helps.

許多市場（尤其是歐洲）的利率持續下降。第二季與第一季相比的巨大變化是消費者信心回升。六月和七月的初步數據都指向北方，這很有幫助。

Having said that about the macro, I think in fairness, the preponderance of dental-specific data that you guys get and that we get, things like the recent ADA survey or some of the third-party research, they all continue to point to a slow but stable market. So I think that captures the market conditions.

說到宏觀，我認為公平地說，你們和我們獲得的大量牙科專用數據，例如最近的 ADA 調查或一些第三方研究，它們都繼續指向一個緩慢但穩定的市場。所以我認為這體現了市場狀況。

Specific to us, in addition to what we said earlier, we had particularly strong growth in our orthodontics business, both the Brackets and Wires side as well as the Clear Aligner side were strong. We also had very good growth on both sides of our Consumables business, Core Dental as well as Infection Prevention.

具體來說，除了我們之前所說的之外，我們的矯正業務成長特別強勁，托槽和鋼絲方面以及透明矯正器方面都很強勁。我們的消耗品業務、核心牙科以及感染預防業務也都取得了非常好的成長。

We had similarly balanced growth in Implants with both Premium and Challenger in positive territory. And then it was nice to see Diagnostics return to growth, especially with the mid-single-digit performance in both North America and Europe. Maybe I'd also note that the growth was steady across the quarter.

我們在植入物方面也實現了類似的平衡成長，Premium 和 Challenger 均處於正成長區間。很高興看到診斷業務恢復成長，尤其是在北美和歐洲都實現了中等個位數的成長。我可能還會注意到整個季度的成長都很穩定。

You'll recall that we released Q1 earnings on May 1. And I think in one of the Q&A, someone asked us how April was coming in. We mentioned that it was coming in consistent with our expectations. And that, that momentum now as we have the full quarter behind us, did continue across May and June.

您可能還記得我們在 5 月 1 日發布了第一季財報。我記得在一次問答中，有人問我們四月的情況如何。我們提到，這與我們的預期一致。而且，隨著整個季度的結束，這種勢頭在五月和六月依然持續。

Anticipating a similar question on this call, July is almost in the books for us. So we have a good first look there. And again, July was very consistent with our steady performance and expectations. So on balance, as we put all of this together, I'd say this is a positive step forward for Envista. Our plan is generally working, and we'll just keep working the plan. So thanks for the question.

預計在這次電話會議上會出現類似的問題，七月對我們來說已經差不多結束了。因此，我們首先要看清楚這一點。七月份的表現與我們穩定的表現和預期非常一致。因此，總的來說，當我們把所有這些放在一起時，我認為這對 Envista 來說是一個積極的進步。我們的計劃總體上是有效的，我們將繼續執行該計劃。感謝您的提問。

Can I just double-click maybe once more on the Brackets and Wires comments? That was certainly one area of outsized growth versus what we traditionally see in that market. Could you tell us a little bit more about the drivers of that outsized growth in the quarter?

我可以再雙擊一次「Brackets and Wires」註解嗎？與我們傳統上看到的市場相比，這無疑是一個超額成長的領域。您能否向我們詳細介紹本季實現大幅成長的驅動因素？

Yeah. For Brackets and Wires specifically, I would say it's -- there's two big contributors to that. The first is although we talk more about our investment in sales and marketing on the Implant side, we have been increasing our activity on the Ortho side as well.

是的。具體來說，對於支架和電線，我想說有兩個主要因素。首先，雖然我們更多地談論在植入物方面的銷售和行銷方面的投資，但我們也在增加在矯正方面的活動。

And investment there tends to return nicely, especially because of our very strong position on the Bracket and Wires side. The second is there's some question of whether there's a shift from Clear Aligners to Brackets and Wires.

在那裡的投資往往能獲得豐厚的回報，尤其是因為我們在支架和電線方面佔據著非常強勢的地位。第二個問題是，是否存在從透明矯正器到托架和鋼絲的轉變。

We'll probably get another question on that as we go through the Q&A. I think maybe on the margin that helped a little bit, although the kind of mix globally in case starts between Brackets and Wires and Aligners have been generally stable now for about a decade, three quarters to Brackets and Wires and a quarter to Aligners. But kind of consistent with all of our businesses that we talked through in the prepared remarks, consistent intentional progress on the Brackets and Wires side.

當我們進行問答時，我們可能會收到另一個有關此問題的問題。我認為，這可能在一定程度上有所幫助，儘管在全球範圍內，托槽、鋼絲和矯正器之間的組合在近十年來一直保持總體穩定，其中托架、鋼絲佔四分之三，矯正器佔四分之一。但這與我們在準備好的評論中談到的所有業務一致，在支架和電線方面取得了一致的有意進展。

Congrats on the quarter.

恭喜本季取得佳績。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Paul, I was wondering if I could just ask another question on the Brackets and Wires business, not so much about the Clear Aligners versus Brackets & Wires. But I think you said China was still down year-over-year kind of ahead of VBP.

保羅，我想知道我是否可以再問一個有關托架和鋼絲業務的問題，而不是有關透明矯正器與托架和鋼絲的問題。但我認為您說過，中國經濟年減幅度仍高於 VBP。

The last two quarters, I think your China Brackets & Wires business has been down 50%. Any way to put us in a range of how much it was down this quarter? And are we at the point now where inventory levels have been adjusted and we could look to China VBP on the Ortho side to be growth additive as opposed to dilutive moving forward into the back half of this year? And then maybe one other VBP question if I could.

過去兩個季度，我認為貴公司的中國支架和電線業務下降了 50%。有什麼辦法可以告訴我們本季的下降幅度是多少嗎？我們現在是否已經到了庫存水準已經調整的階段，我們可以期待 Ortho 方面的中國 VBP 在今年下半年成為成長的添加劑，而不是稀釋劑？如果可以的話，我可能還會問一個 VBP 問題。

Sure. So maybe just the context on what's driving the pre-VBP decline in the Bracket and Wire segment as well as us. And then I'm looking at Eric to see if he can dig out the number for China specifically. But we learned -- all of us learned this from the implant VBP, both Ortho and Implants are direct businesses, of course. But in China, we rely on the channel for logistics because it's such a vast and fragmented market.

當然。因此，這也許只是導致 Bracket and Wire 部門以及我們自己在 VBP 之前出現下滑的原因。然後我看看埃里克是否能找出專門針對中國的數字。但我們了解到——我們所有人都從植入 VBP 中了解到了這一點，當然，正畸和植入都是直接業務。但在中國，我們依賴物流管道，因為中國市場如此龐大且分散。

And so anticipating that prices will come down with VBP, we don't want to have a lot in the channel. So we're careful of how much we put into inventory there. And then some customers, the more sophisticated customers, anticipate a reduction in the procedure price, so they might be delaying treatment in anticipation of that.

因此，我們預期價格會隨著 VBP 而下降，我們不希望在通路中存太多資金。因此，我們會謹慎考慮庫存量。然後，一些顧客，更老練的顧客，預計手術價格會降低，所以他們可能會推遲治療。

So we -- again, having gone through it with Implants, we very much anticipated negative growth for Brackets and Wires in the first half. Now when the procedure price gets announced and then the product pricing follows that, we expect the converse that there will be an increased step-up in both patient demand, but also putting a little bit more into the -- use the word channel, although it doesn't behave the same way as the channel would in the US, but a little bit more into inventory to satisfy that demand. Eric is still digging, and I see if he's got the number.

因此，我們——再次，在經歷了植入物之後，我們非常預計上半年托槽和鋼絲將出現負增長。現在，當宣布治療價格，然後產品定價時，我們預計相反的情況會出現，即患者需求會增加，但也會投入更多一點到——使用渠道這個詞，雖然它的行為方式與美國的渠道不同，但會投入更多一點到庫存中來滿足需求。埃里克仍在挖掘，我看看他是否知道這個號碼。

Yeah, Jeff, just on your question about the movement of the growth rate, so I'll just talk it through by quarter and give a little bit of color. So in the first quarter, we talked about Ortho. Mindful that our business in China in Ortho is almost all Brackets and Wires, 95%-plus. It was down almost 50% year over year in Q1. We were up modestly in Q2.

是的，傑夫，關於你關於成長率變動的問題，我將按季度討論並給出一些說明。因此在第一季度，我們討論了 Ortho。請注意，我們在中國的 Ortho 業務幾乎都是托架和鋼絲，佔比超過 95%。第一季較去年同期下降近50%。我們在第二季度取得了小幅成長。

Part of that was our own team strategy out of the Implants playbook to make sure that we're driving penetration pre-VBP, which we think ultimately just helps us out post VBP. But put the two together, I mean, it was still down 20% to 30% on a year-over-year basis first half. We anticipate Q3 to be, call it, in the ballpark of flat, and then we're going to have estimated robust growth in Q4.

其中一部分是我們根據植入物劇本製定的團隊策略，以確保我們在 VBP 之前推動滲透，我們認為這最終只會幫助我們在 VBP 之後取得成功。但把兩者結合起來，我的意思是，上半年同比仍下降了 20% 至 30%。我們預計第三季將基本持平，而第四季將實現強勁成長。

But there's a lot of uncertainty around that, right? The only thing we know today is what's come through the service VBP and then prospectively, the timing of the product VBP, but I think we also know that VBP timing is a little bit elusive. But it's going to be -- should be robust growth in the second half. It is dependent on how VBP ultimately gets implemented.

但這其中存在著許多不確定性，對嗎？我們今天唯一知道的是透過服務 VBP 實現的結果，以及產品 VBP 的預期時間，但我認為我們也知道 VBP 時間有點難以捉摸。但下半年應該會實現強勁成長。這取決於 VBP 最終如何實施。

All right. That's helpful. And then maybe the follow-up on VBP. Just obviously, a lot of chatter about a second round of VBP for dental implants starting next year. You guys are putting some China infrastructure in place.

好的。這很有幫助。然後也許會跟進 VBP。顯然，關於明年開始的第二輪牙植體 VBP 的討論很多。你們正在建設一些中國基礎設施。

One, that added infrastructure, how much does that cushion or kind of protect your likely ability to participate in that VBP, number one? And number two, just a lot of chatter about it, not a lot of specifics. Just any detail you can provide us? Do we think it's going to happen early in the year? Historically, we've seen second rounds maybe be less price declines than maybe what you see in the first round, things like that. Just any idea kind of how that second round of implant-based VBP might play out next year in China?

第一，增加的基礎設施能在多大程度上緩衝或保護您參與 VBP 的能力？第二，對此只是很多的閒聊，而不是很多的具體內容。您能向我們提供任何詳細資訊嗎？我們認為這會在今年年初發生嗎？從歷史上看，我們發現第二輪的價格下降幅度可能比第一輪小，諸如此類。您知道明年第二輪植入式 VBP 在中國會如何發展嗎？

All right. Let me take both parts of the question and turn here, Jeff. So first, with respect to local manufacturing and VBP, local manufacturing did not appear to play a role in the first implant VBP, nor have we received any communication that will be a factor in the Ortho VBP. That's currently underway.

好的。傑夫，讓我把問題的兩個部分都講到這裡。首先，關於本地製造和 VBP，本地製造似乎並沒有在第一個植入物 VBP 中發揮作用，我們也沒有收到任何關於將成為 Ortho VBP 的一個因素的資訊。目前該工作正在進行中。

Market share, customer satisfaction and, of course, price have been and we expect will continue to be the most important VBP criteria. Now as local manufacturing indirectly supports all 3 of those, our investment in China should be on the margin helpful in strengthening what we consider to be an already pretty good VBP position. So that was your first question. Second, with respect to VBP 2 timing for implants, we have not received any communication on that. So I'm afraid at this stage, I don't have any better information than you do.

市場佔有率、客戶滿意度，當然還有價格，一直是我們預計將繼續是最重要的 VBP 標準。現在，由於本地製造業間接支持這三個方面，我們在中國的投資應該有助於加強我們認為已經相當不錯的 VBP 地位。這是你的第一個問題。其次，關於 VBP 2 植入時機，我們尚未收到任何相關資訊。因此，恐怕在現階段，我掌握的資訊並不比你好。

[Jon Block, Stifel].

[喬恩‧布洛克，史蒂費爾]。

Maybe just to kick it off for Spark. I think in the slides, you mentioned improving gross margins. So can you talk about -- is the thought that Spark turns EBIT positive in the back part of this year 2H '25? If so, any thoughts on the trajectory going forward? And then maybe just a quick tack on that one. Were there any recent changes to Spark pricing in the marketplace? And then I've just got a tighter follow-up.

也許只是為了啟動 Spark。我認為在幻燈片中您提到了提高毛利率。那麼，您能談談－Spark 是否認為其息稅前利潤將在今年下半年（2025 年下半年）轉為正值？如果是的話，您對未來的發展軌跡有何看法？然後也許只是快速解決這個問題。市場上 Spark 的定價最近有任何變化嗎？然後我會進行更嚴格的跟進。

Yeah. Thanks, Jon. I'll just take that. So our plan for Spark, and I think it's really in most of our pre-read remarks as well is that our performance trend to profitability remains unchanged. So second half 2025 is when we believe it will turn to profitability.

是的。謝謝，喬恩。我就接受這個。因此，我們對 Spark 的計劃是，而且我認為這也確實在我們大多數預先閱讀的評論中有所體現，那就是我們的獲利表現趨勢保持不變。因此，我們相信到 2025 年下半年它將實現盈利。

That's still our view. Along that trend, we're now on multiple quarters. I don't even remember the track record, but probably 8 to 10 quarters of consistent consecutive quarter-on-quarter unit cost down. This quarter, we were down year over year, almost 20%-plus in unit costs, which means our Spark gross margins are improving. So the plan remains the same.

這仍然是我們的觀點。按照這一趨勢，我們現在已經進入多個季度。我什至不記得過去的記錄，但大概有 8 到 10 個季度的連續季度單位成本下降。本季度，我們的單位成本年減了近 20% 以上，這意味著我們的 Spark 毛利率正在提高。所以計劃保持不變。

Our profitability trend, I would say, is on track. And importantly, beneath that, the key pieces of that trend remain on track, right? The business in terms of primary case start growth, volume growth overall for revenues, unit costs. And then Paul mentioned as well, design. So design lead times for us, which are maybe less important on a profitability basis, but very important for us on a competitive basis.

我想說，我們的獲利趨勢正步入正軌。重要的是，在此之下，這一趨勢的關鍵部分仍然保持正常，對嗎？就主要案例而言，業務開始成長，整體收入、單位成本出現成長。然後保羅也提到了設計。因此，為我們設計交貨時間，這對於獲利能力來說可能不太重要，但對於我們的競爭力來說卻非常重要。

All of that remains in good standing. So we'll give you our update as we go through the second half in terms of the numbers, but we do expect to be profitable in the second half. And then on your last -- or second comment around price, very moderate changes for us year-over-year in price. So not really material. I don't think for the purpose of the call here today, we had low, low single-digit price growth year-over-year in Spark, which effectively means we're flat. So that's where we're at today.

所有這些都保持著良好的狀態。因此，我們將在下半年向您提供最新數據，但我們確實預計下半年將獲利。然後關於您最後或第二次關於價格的評論，我們的價格同比變化非常溫和。所以並不是很重要。我認為，就今天召開電話會議的目的而言，Spark 的價格同比增幅並不高，只是個位數的低增長，這實際上意味著我們的價格持平。這就是我們今天所處的境況。

Fair enough. And then, Eric, maybe I'll just stick with you. Anything to call out? I mean you got half the year and -- you got half the year down, but anything to call out with the phasing 3Q, 4Q top line by division or maybe even more importantly, on the EBITDA margin side. Maybe that was the only -- I don't know, just relative to our estimates, the only blemish in what was a really, really strong quarter was the EBITDA margin.

很公平。那麼，艾瑞克，也許我會繼續和你在一起。有什麼要喊出來的嗎？我的意思是，你已經有半年的時間了，而且 - 你已經有半年的時間了，但是任何可以分階段按部門劃分的第三季度、第四季度營收情況，或者甚至更重要的是，在 EBITDA 利潤率方面的情況都可以關注。也許那是唯一的——我不知道，只是相對於我們的估計，一個非常非常強勁的季度中唯一的瑕疵是 EBITDA 利潤率。

You explained that in the bridge. Some of that was FX related. But when we think about for the balance of the year and your actions to offset some of the tariffs, how should we be phased or weighted between 3Q or 4Q? Or any color you can provide?

你在橋上解釋過這一點。其中一些與 FX 有關。但是，當我們考慮今年的平衡以及您抵消部分關稅的行動時，我們應該如何在第三季或第四季之間分階段或加權？或者您可以提供任何顏色？

Yeah. Excellent. So let me do that in two shots, Jon. Let me just talk first on core growth and then on margins and fully understand the spirit of the question, too.

是的。出色的。所以讓我分兩次來做這件事，喬恩。我先談談核心成長，然後談談利潤率，並充分理解這個問題的精神。

So if you just look at the -- our guidance, I'll just talk midpoint of our guide, which is where we see our full year. We should be about 1 point better in terms of core growth in the second half. And I'd say there's really three big moving pieces within there. One is our Spark Deferral. So effectively flat year on year in terms of the deferral change that we've been laying all the breadcrumbs for every quarter.

因此，如果你只看我們的指導，我只會談論指導的中點，也就是我們看到的全年情況。下半年我們的核心成長應該會好1個百分點左右。我想說這裡面確實有三個重要的活動部分。一個是我們的 Spark Deferral。因此，就延期變化而言，實際上與去年同期持平，我們已為每季奠定了基礎。

That will be about a $30 million benefit in the second half year over year, with a significant majority, call it, 80% in Q3, which ultimately yields about a 2-point benefit in terms of growth. So that's, call it, a tailwind for us. We talked in the pre-read remarks about buy ahead. We estimate that our Q2 buy ahead of our announced price increases, which were earlier in the quarter. We're about a $10 million benefit.

這意味著下半年的收益將比去年同期增加約 3,000 萬美元，其中絕大部分（也就是 80%）將在第三季度實現，最終帶來約 2 個百分點的成長收益。所以這對我們來說可以說是順風。我們在預讀評論中討論了提前購買。我們估計，我們第二季的採購量將早於我們在本季早些時候宣布的漲價。我們的收益約為 1000 萬美元。

We think that comes back largely in Q3, maybe a bit in Q4. So that's a point of growth going in the other direction. And then just be mindful that our first half growth was held up by about 1 point in Dental Consumables' favorable comp. That was based on us really bringing the dealer inventory channel last year to a point of health, which all happened in the first half of last year. So those are kind of the big 3 points on the growth.

我們認為這種情況將在第三季基本恢復，第四季可能會有所恢復。所以這是另一個方向的成長點。然後請注意，我們的上半年成長因牙科耗材的良好表現而被抑制了約 1 個百分點。這是基於我們去年確實將經銷商庫存管道帶入了健康狀態，這一切都發生在去年上半年。所以這些就是成長的三大重點。

If you do all that math, you'll find that the rest of our business is stable to call it, slightly improving in the second half. And then on margins, our margin guide at approximately 14%. What that means is we're about 2 points better in the second half. We would expect as we typically do seasonally that volumes are a tailwind for that. We're going to continue to drive good productivity.

如果你做了所有這些計算，你會發現我們其餘的業務都是穩定的，下半年略有改善。然後就利潤率而言，我們的利潤率指導價約為 14%。這意味著我們在下半場的得分大約提高了 2 分。我們預計，正如我們通常在季節性情況下所做的那樣，交易量將對此起到推動作用。我們將繼續提高生產力。

So as we just talked about, Spark gross margins, Spark unit costs will be on the plus side of the ledger. G&A will continue to deliver year over year and we expect to get a good amount of price. On a full year basis, of course, what we're really seeing here is upside versus our original margin guide on what we would call just core operations, volume, price, productivity, but FX is dilutive for us.

正如我們剛才談到的，Spark 毛利率、Spark 單位成本將處於帳面的正數。G&A 將繼續逐年交付，我們預計將獲得不錯的價格。當然，從全年來看，我們真正看到的是相對於我們最初的利潤率指南而言的上行空間，我們稱之為核心業務、數量、價格、生產力，但外匯對我們具有稀釋作用。

And that's a favorable translation benefit, but it's offset fully by the first half transaction losses. And versus our original guide, that's about a 50 to 70 basis point headwind. We saw a lot of that, of course, in the first half, but it's factored into our full year guidance.

這是有利的翻譯收益，但它被上半年的交易損失完全抵消了。與我們最初的指導相比，這大約是 50 到 70 個基點的逆風。當然，我們在上半年看到了很多這樣的情況，但這已經計入了我們全年的預期。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

I guess on Clear Aligners, one of your competitors also talked about seeing some decent levels of patient scans and practitioner case submissions in the second quarter, but then they called out that some patients were not following through with case conversion and treatment.

我想，在透明矯正器方面，你們的一位競爭對手也談到在第二季度看到了相當數量的患者掃描和從業者病例提交，但隨後他們指出，一些患者並沒有完成病例轉換和治療。

So it does that seem like that was happening for Envista, given your strong growth. But I guess I'm just curious, historically, is this a phenomenon that has been noteworthy enough to impact your results in various quarters historically? Just wondering just how prevalent this is really across the industry regardless of whether you were seeing that this quarter or not?

因此，考慮到你們的強勁成長，這似乎確實發生在 Envista 身上。但我想我只是好奇，從歷史上看，這種現像是否足夠引人注目，足以影響您在歷史上各個季度的業績？我只是想知道，無論您本季是否看到這種情況，這種情況在整個行業中到底有多普遍？

For us, our Spark business has had pretty consistent growth. Again, Eric couldn't remember the number of quarters that the unit cost has sequentially reduced. I can't remember the number of successive quarters that we outgrew the market.

對我們來說，我們的 Spark 業務一直保持著相當穩定的成長。同樣，埃里克記不清單位成本連續減少的季度數。我不記得有多少個季度我們的成長速度超過了市場。

So for us, we expected to outgrow the market again in Spark, and that's what we did see. So specific to whether our doctors are having slower patient conversions, anecdotally, 10,000 orthodontists, you get a lot of anecdotes. But for us, no, I don't think I would point to that as a meaningful impact in our Q2.

因此，對我們來說，我們預計 Spark 的成長速度將再次超越市場，而事實也確實如此。因此，具體到我們的醫生是否面臨患者轉化速度較慢的問題，從傳聞來看，在 10,000 名牙齒矯正醫師中，你會聽到很多傳聞。但對我們來說，不，我不認為這會對我們的第二季產生重大影響。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

This is Russell on for Brandon. Last quarter, you mentioned that you were able to broadly offset the impact of tariffs and continue to believe so given things are always bound to change. But could you give any updates as to the mitigants and implementations and future timelines you mentioned previously?

這是拉塞爾替換布蘭登。上個季度，您提到您能夠廣泛抵消關稅的影響，並且您仍然相信這一點，因為事情總是會發生變化。但是您能否就您先前提到的緩解措施、實施方案和未來時間表提供任何最新消息？

Yeah, I can take that, Russell. So maybe just a point of bearing just to get everybody calibrated. In our second quarter margin walk, we did show what our Q2 impact was from tariff costs. So that would be net of supply chain actions, of course, but just the cost that we expensed in the P&L. That was about $4 million.

是的，我可以接受，拉塞爾。所以也許只是一個讓每個人都校準的方位點。在第二季的保證金調整中，我們確實展示了關稅成本對第二季的影響。當然，這將是供應鏈行動的淨額，但只是我們在損益表中支出的成本。那大約是400萬美元。

It was roughly 60 basis points of margin dilution. And then as we look out to the second half of this year based on the timing of tariffs and then also just how the expense rolls through our balance sheet gets capitalized and then hits expense, we would expect, call it, $15 million to $20 million of tariff cost in the second half, roughly even by quarter.

利潤率大約被稀釋了60個基點。然後，當我們展望今年下半年時，基於關稅的時間安排，以及費用如何在我們的資產負債表中滾動、資本化，然後達到費用，我們預計下半年的關稅成本為 1500 萬至 2000 萬美元，大致按季度計算。

At this point in time, we feel like the tariff landscape is at least reasonably stable to predictable for now. And then our playbook remains unchanged. So in the first quarter call, we talked about, number one, mitigation is actions that we're taking within our supply chain.

目前，我們認為關稅情勢至少目前是相當穩定且可預測的。我們的劇本保持不變。因此，在第一季的電話會議上，我們討論的第一點是，緩解措施是我們在供應鏈中採取的行動。

That's with suppliers, that's with our own distribution network. That's also with source of supply -- shifting sources of supply around the world to our multi-geo sites. The second would be costs, and I think we see good momentum on that already when we've reduced costs like G&A, as Paul mentioned, 15% in the first half year over year.

那是與供應商合作，那是與我們自己的分銷網絡合作。這也與供應源有關——將世界各地的供應源轉移到我們的多地理位置站點。第二個是成本，我認為我們已經看到了良好的勢頭，正如保羅提到的，我們已經降低了一般及行政費用等成本，上半年同比下降了 15%。

And then the third, to a lesser degree, is price. And we would see all three of those being able to offset the, call it, $15 million to $20 million in tariff cost headwind in the second half, equal by quarter if you would.

第三個因素是價格，但影響程度較小。我們認為這三項措施將能夠抵消下半年 1500 萬至 2000 萬美元的關稅成本逆風，如果願意的話，按季度計算。

That's helpful. And I saw on the quarter, Challenger turned back to growth after a slight decline in the previous quarter and Premium implants continue to grow well. Could you talk about what changes you saw in Challenger and any commentary you have on the overall implant market?

這很有幫助。我看到，在本季度，挑戰者在上一季度略有下滑之後恢復成長，而優質植入物繼續保持良好的成長勢頭。您能談談您在 Challenger 中看到了哪些變化以及您對整個植入物市場有何評論嗎？

Yeah. On the Q1 call, you're correct. We had negative growth for the first time in a number of quarters in our Challenger business. We posited that, that was because we had two fewer billing days in Q1. In a direct business, that does have an impact.

是的。關於 Q1 電話會議，您說得對。我們的挑戰者業務連續幾季首次出現負成長。我們推測，這是因為我們第一季的計費天數少了兩天。對於直接業務來說，這確實會產生影響。

On the call, we said we expected Challenger -- nothing had changed fundamentally in our Challenger business, and we expected Q2 to then return to that normal low single-digit positive trajectory. And that's what happened. So it played out pretty well as we expected. I don't think there's much more to say on that.

在電話會議上，我們表示，我們預計挑戰者——我們的挑戰者業務沒有任何根本性的變化，我們預計第二季將恢復到正常的低個位數正成長軌跡。事情就是這樣發生的。所以結果正如我們預期的那樣好。我認為對此沒有什麼可說的。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Just wondering if we can talk about maybe how dental practices are behaving here. You talked a lot about stability. But maybe talk about private practices, especially they're small business owners. They've got operating uncertainties. They're getting notified of tariff-related price increases.

只是想知道我們是否可以談論這裡的牙科診所的運作情況。您談了很多關於穩定性的問題。但也許可以談論私人診所，特別是小企業主。他們的經營存在不確定性。他們收到了與關稅相關的價格上漲的通知。

What are you seeing in terms of the behavioral response from the dental community in the last few months? Are we seeing brand substitution? Any buying changes in response to where you guys have taken price? Are you seeing equipment purchase decisions elongating anything like that?

就過去幾個月牙科界的行為反應而言，您看到了什麼？我們是否看到了品牌替代品？你們的定價是否對購買方式產生了影響？您是否看到設備購買決策被延長了？

Yeah. Maybe so two parts that you touched on, Jason, the price piece and then equipment purchases. We put the word price a couple of times, I guess, in our prepared remarks and now in our questions. But the quantified piece of price is very small, 1.5 points in Q2. I think it was 1 point in Q1.

是的。傑森，也許你提到了兩個部分，價格部分和設備採購。我想，我們在準備好的發言中以及現在的提問中都提到過幾次「價格」這個詞。但量化的價格部分很小，Q2為1.5點。我認為這是 Q1 的 1 分。

So our price increases are modest, certainly less than CPI. And oh boy, certainly less than what we're seeing in input inflation in our own P&L. So I would say our price increases have been well received by the market. They would rather have no price than very modest price. But we're careful not to push things there.

因此我們的價格漲幅是溫和的，肯定低於CPI。天哪，這肯定比我們在損益表中看到的投入通膨要低。所以我想說我們的漲價受到了市場的歡迎。他們寧願沒有價格，也不願價格很低。但我們很小心，不會把事情推到那一步。

So that's on the price front. With respect to equipment purchases, yes, for sure, we've seen across the last many quarters, a delay in equipment purchases. You've seen that across the Diagnostics segment. We did, as we mentioned, have a positive quarter for Diagnostics, which was encouraging to see. As interest rates come -- continue to come down, that will be supportive.

這就是價格方面的問題。關於設備採購，是的，可以肯定的是，在過去的幾個季度中，我們已經看到設備採購的延遲。您已在診斷領域看到了這一點。正如我們所提到的，我們的診斷業務在本季度取得了積極的進展，這是令人鼓舞的。隨著利率持續下降，這將帶來支持。

But at some point, technology upgrades, new sites, DSO expansion, all of those things require equipment. So at some point, we're going to -- the diagnostic market, we believe, has to pick up.

但在某些時候，技術升級、新站點、DSO 擴展，所有這些都需要設備。因此，在某個時候，我們相信診斷市場將會回升。

That's helpful. And then Eric just if I could squeeze in one on maybe just a quick bridge on EPS guidance. I'm seeing the net of $0.10 in the raise, a couple of pennies maybe from buybacks, a little over $0.05 on the tax rate. I think the balance is coming from the core revenue upside. Any other factors you'd call out as influencing EPS raise?

這很有幫助。然後 Eric，如果我能擠一點時間，也許只是對 EPS 指導進行快速介紹。我看到加薪的淨額是 0.10 美元，可能來自回購的幾美分，稅率略高於 0.05 美元。我認為平衡來自於核心收入的成長。您認為還有哪些因素會影響 EPS 的成長？

Anything working against you that you're absorbing? It sounds like maybe tariffs are kind of lapping through here, and maybe that's part of the factor here of why the EBITDA margins remaining the same. But just anything else you'd call out in that EPS bridge, my numbers are accurate there?

您正在吸收什麼對您不利的東西嗎？聽起來好像關稅在這裡有所影響，這也許是 EBITDA 利潤率保持不變的部分原因。但是您在 EPS 橋中提到的其他任何事情，我的數字都是準確的嗎？

No. Let me just repeat maybe to make sure we're on the same page and then maybe just a confirming point. So I mean our core growth, I think, is self-explanatory by our range and the drop-down at gross margins, I think, is pretty obvious. Tax rate, flat versus where it's been for the first half of the year. Shares, we did have $100 million in share repurchase in the first half of the year.

不。讓我再重複一遍，以確保我們的觀點一致，然後也許只是一個確認點。所以，我認為，我們的核心成長可以透過我們的產品範圍不言而喻，而毛利率的下降也是非常明顯的。稅率與今年上半年相比持平。股票，我們在今年上半年確實回購了 1 億美元的股票。

We would expect that to moderate. Obviously, the global equities market was pretty favorable in the first half. And if you just look at our share buyback authorization, we'll likely be something of a metered level in the second half.

我們預計這一情況將會緩和。顯然，上半年全球股市表現相當好。如果你只看我們的股票回購授權，我們下半年的回購可能會達到某種計量水準。

And then I think it really gets back to your core question, the two big trade-offs, which I mentioned in a previous answer, are the better operational performance versus our original guide, that's volume dropping down at gross margin. It's a little bit of price.

然後我認為這又回到你的核心問題，我在之前的回答中提到過，兩個大的權衡是與我們最初的指導相比更好的營運表現，那就是毛利率的下降。就是價格有點高。

It's the work that we're doing in G&A, and it's the improvement that we're seeing in Spark gross margins. But unfortunately, a lot of that or all of that is washed by the better FX on the top line falling down at effectively zero adjusted EBITDA, which is this first half transaction loss offset by a little bit better translation. And we're upbeat, if you will, on minimizing the transaction exposure going forward because we've entered into hedges against our largest exposure. That's euro to dollar and euro to RMB. So I think you've got the rest.

這是我們在 G&A 所做的工作，也是我們在 Spark 毛利率方面看到的改善。但不幸的是，其中很大一部分或全部都被更好的外匯所抵消，導致營收下降至實際上為零的調整後 EBITDA，這是上半年交易損失，但被稍微好一點的翻譯所抵消。如果您願意的話，我們對將未來的交易風險降至最低感到樂觀，因為我們已經對最大的風險敞口進行了對沖。即歐元兌美元和歐元兌人民幣。所以我想你已經得到剩下的了。

Sorry, just to make sure I'm clear, like relative to your prior guide and then to today's guide update, you do have some EPS benefit coming in though from share buyback activity that you've done to date and the drop in the tax rate assumptions. Correct?

抱歉，只是為了確保我清楚，相對於您之前的指南以及今天的指南更新，您確實從迄今為止進行的股票回購活動和稅率假設的下降中獲得了一些每股收益。正確的？

Correct. Yes. Small amount from share buyback and then basically the difference between our original guide, which was a 37% tax rate. And today, year-to-date and for the full year, we're projecting 33%.

正確的。是的。股票回購的金額很小，基本上與我們最初的指導價之間的差額，即 37% 的稅率。今天，我們預計年初至今和全年的成長速度為 33%。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

The most recent ADA survey flagged that there could be some price increases. Our dentists are at least expecting more price increases going to come. So as you think about -- you kind of talked, Paul, a little bit about maybe there weren't as many that you've observed. Can you talk a little bit about the market acceptance of price increases today versus -- and whether that's coming from tariffs? And how that compares versus prior quarters and prior years across both of your segments, and whether or not any of that's new?

ADA 最新調查顯示價格可能會有所上漲。我們的牙醫至少預計價格還會進一步上漲。所以，正如您所想的那樣——保羅，您稍微談到了一點，也許您觀察到的並不那麼多。您能否談談目前市場對價格上漲的接受度以及價格上漲是否來自關稅？與你們兩個部門前幾季和前幾年相比，情況如何？是否有新的變化？

Yeah, I mean, generally speaking, you can get a good read of it by looking at volume growth relative to price growth. That's a good kind of objective measure of acceptance. We were, whatever, 5.5% in the quarter, 1.5% from price, 4% from volume. That would suggest it was favorably received.

是的，我的意思是，一般來說，你可以透過觀察相對於價格成長的銷售成長來很好地了解它。這是一種很好的客觀接受度衡量標準。無論如何，本季我們的成長率為 5.5%，其中價格成長率為 1.5%，銷售成長率為 4%。這表明它受到了好評。

And I would say the current environment helps. One, as somebody asked earlier, dentists are consumers as well. And the price of everything they're buying is going up. So they're used to CPI kind of level price increases in their practice and their life. And again, what we took, the 1.5% is well below that.

我想說目前的環境是有幫助的。首先，正如之前有人問的，牙醫也是消費者。他們購買的所有商品的價格都在上漲。因此，他們在實踐和生活中已經習慣了 CPI 水準的價格上漲。再說一次，我們所採取的 1.5% 遠低於這個數字。

So I don't want to say that our customers are happy to get 1.5 points price increase, but relative to a 3% price increase -- plus 3% price increase on everything else they're buying, I think they understand it. They know we're not making money on the price increase. That doesn't quite cover our own input inflation.

因此，我不想說我們的客戶樂意接受 1.5 個百分點的價格上漲，但相對於 3% 的價格上漲——再加上他們購買的其他所有商品的價格上漲 3%，我想他們能夠理解這一點。他們知道漲價並不能讓我們賺錢。這還不足以彌補我們自身的投入通膨。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

When we think about -- I'm just trying to maybe calculate or understand what the core margin of the business looks like when we take out all of the Spark benefit later this year when we think about exiting the year. I know that was the number you'd like to talk about last year.

當我們考慮——我只是想計算或了解當我們在今年晚些時候考慮退出時取出所有 Spark 福利時業務的核心利潤率是什麼樣的。我知道這是您去年想談論的數字。

But as we get into the second half of this year and the exiting of this year, are we -- if I'm doing the math right, are we close to like 14%? Is it a little bit higher than that? How should we think about that? And is it a good way to think about going into '26 off that kind of baseline?

但是，當我們進入今年下半年和今年即將結束時，如果我的計算正確的話，我們的成長率是否接近 14%？是不是比那高一點？我們該如何看待這個問題？那麼，從這樣的基線出發，考慮進入 26 年是否是一個好方法？

Yeah, Kevin, I can take that. I think the easiest baseline if you will, to work from is the margin bridge that we provided in our Q2 results, not the second quarter stand-alone is sort of the be-all, end-all for a full year. But I would just say, if you look at that, our volume, price, productivity, the elements of the walk, most of those are pretty sustainable levels of margin improvement.

是的，凱文，我可以接受。我認為最簡單的基準是我們在第二季業績中提供的利潤橋樑，而不是第二季的獨立數據，這是全年業績的最終體現。但我只想說，如果你看一下，我們的銷售、價格、生產力、步調等要素，其中大部分都是相當可持續的利潤率改善水準。

Maybe save a little bit from our mention that we've got about $10 million in Q2 relative to price buy ahead, which obviously helped our margins. But we would not consider the transactional FX, which is mostly that 240 bps to be really part of an ongoing, call it, forward sustained rate.

也許從我們提到的價格預付來看，我們在第二季度獲得了約 1000 萬美元的資金，這顯然有助於提高我們的利潤率。但我們不會將交易性外匯（主要是 240 個基點）視為持續利率（可稱為遠期持續利率）的一部分。

And if you take that into account, we're at 15%. I would back that down for the reason I already mentioned, back it down for the slightly better volume growth in Q2 due to price pull ahead. And then I think it gets you back pretty close to the, call it, the 14% that you were mentioning.

如果考慮到這一點，我們的佔比是 15%。我會因為前面提到的原因而放棄這個決定，因為價格上漲導致第二季的銷售成長略有改善。然後我認為它會讓你回到非常接近你提到的 14% 的水平。

And then just maybe as a kind of a forewarning, even though we get a large Spark Deferral gain year-over-year in the second half, on a sequential basis, it's really not meaningful. We're already in the environment in terms of revenue dollars in the first half that's effectively at the same basis of what we will recognize in the second half.

然後也許只是作為一種預警，儘管我們在下半年獲得了 Spark Deferral 的同比大幅增長，但從連續的基礎上來看，這真的沒有什麼意義。就上半年的收入而言，我們已經處於與下半年收入基本相同的環境。

So big year-over-year gain, but not really much on a sequential movement basis. And I think all that kind of ties back to the 14% margin that last year, we were helping everybody to understand on an underlying basis.

因此，同比增長很大，但以環比增長計算，增幅並不大。我認為所有這些都與去年 14% 的利潤率有關，我們正在幫助每個人從根本上理解這一點。

Got it. That's helpful. And you mentioned in your release that the VBP would have an impact on your tax rate, 33% for the full year is reflecting the higher US profits, but you're assessing the impact of the VBP. I know part of the story is here that the tax rate over time should go down. Is there any change to that or any sort of long-term targets on the tax rate? And does the VBP affect that either positively or negatively?

知道了。這很有幫助。您在新聞稿中提到，VBP 會對你們的稅率產生影響，全年 33% 的稅率反映了更高的美國利潤，但你們正在評估 VBP 的影響。我知道部分原因在於稅率隨著時間的推移應該會下降。稅率方面有變化嗎？或是有什麼長期目標嗎？VBP 對此有正面還是負面的影響？

Yeah, I mean we're still assessing, as you can imagine, every company is. So first order of business is to get into the legislation. Second order of business is to see what else comes as a second order impact to the legislation. So there's a shoe to drop typically that we wouldn't even be aware of yet.

是的，我的意思是我們仍在評估，正如你所想像的，每家公司都是如此。因此首要任務是製定立法。第二項任務是看看還有什麼會對立法產生第二級影響。因此，通常會有一件我們甚至還沒意識到的事情發生。

I would just really go back to the core work that we're doing to improve our tax rate. And that's the intercompany loan that we have. So we have a large intercompany loan between the US and Europe. That comes with interest expense that we pay on an intercompany basis.

我真的只想回到我們正在做的核心工作，以提高我們的稅率。這就是我們的內部公司貸款。因此，我們在美國和歐洲之間有大量的公司間貸款。這涉及我們在公司間支付的利息費用。

And the deductibility of that interest is capped by the size of our US profits. And that's mainly the reason why our rate came from the originally expected 37 to now 33. The more we can do in either eliminating that entity, which is the work we're doing or in improving US profits, which is some of the work we're seeing when we grow products like Brackets and Wires, Consumables, we improve our Spark profitability.

而該利息的扣除額則受到我們在美國利潤規模的限制。這也是我們的比率從最初預期的 37 降至現在的 33 的主要原因。我們能做的越多，要么消除這個實體（這是我們正在做的工作），要么提高美國的利潤（這是我們在增加支架和電線、消耗品等產品時看到的一些工作），我們就能提高 Spark 的盈利能力。

All of that will help, and it will get us back to something of a normalized tax rate. At this point in time, I wouldn't say the Federal Act is significantly helpful to our tax rate. For sure, not on a normalized ongoing basis. There might be a onetime shot that helps, but not on an ongoing basis. So for the most part, we're just working the same way we were in first quarter.

所有這些都會有所幫助，並將使我們的稅率恢復到正常水平。目前，我不會說聯邦法案對我們的稅率有很大幫助。肯定不是持續正常的。一次性注射可能會有幫助，但不會持續有效。因此，在大多數情況下，我們的工作方式與第一季相同。

Wright Erin, Morgan Stanley.

摩根士丹利的賴特艾琳。

There were a couple of deals, I think, that you did like smaller deals. I don't think it was anything material from an M&A perspective. But can you just remind us like what are you looking for in terms of just bigger picture from an M&A perspective and external kind of inorganic opportunities, your willingness to kind of execute on those and just how you're thinking about kind of M&A across your business?

我認為，有幾筆交易你確實喜歡較小的交易。從併購的角度來看，我認為這並不是什麼實質的事。但是，您能否提醒我們，從併購角度和外部無機機會的角度來看，您在尋找什麼，您是否願意執行這些機會，以及您如何考慮在整個業務中進行併購？

Yeah. Maybe I'll just reiterate our capital allocation priorities that we talked about in the March Capital Markets Day. The high-margin business like ours with good core positions, the highest risk-adjusted return of any available dollar is going to be organic. That's our highest priority for capital investment. Second for us is accretive M&A.

是的。也許我只是想重申一下我們在三月資本市場日討論過的資本配置重點。像我們這樣擁有良好核心地位的高利潤業務，其最高風險調整回報將是有機的。這是我們的資本投資的最高優先事項。對我們來說，第二個是增值型併購。

We grew up inside Danaher. We think we have pretty good M&A capabilities, and dental is a pretty active M&A market. So we look at a lot of things. In our first year, Eric and I, we intentionally didn't do any M&A because we thought that there was higher return on effort just in core operations and execution. But now that we feel that the business is getting some momentum and pointed in the right direction, we have been spending a little more time on M&A.

我們在丹納赫內部成長。我們認為我們擁有相當不錯的併購能力，而且牙科是一個非常活躍的併購市場。所以我們關注很多事情。在第一年，艾瑞克和我有意沒有進行任何併購，因為我們認為僅在核心營運和執行上付出的努力就能獲得更高的回報。但現在我們覺得業務正在獲得一些發展勢頭並朝著正確的方向發展，我們在併購上花了更多時間。

The two deals we did in the first half were very small. From memory, they were single-digit millions investment and all at accretive multiples, which fit our accretive M&A target. Would we do something bigger as we continue to get momentum? Yes, I think if we have the available capital, and we have something that fits in a segment we know well, a prioritized adjacency or in the core. And there's good consolidating or growth synergies, yes, we'd like to do more.

我們上半年完成的兩筆交易規模都很小。從記憶中看，這些投資都是數百萬美元，而且都是增值倍數，符合我們的增值併購目標。隨著我們繼續獲得動力，我們會做更大的事情嗎？是的，我認為如果我們擁有可用的資本，並且我們有適合我們熟悉的領域、優先鄰接領域或核心領域的產品。並且存在良好的整合或成長協同效應，是的，我們願意做得更多。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Congrats on a nice quarter. Apologies if this has already been asked. I've been bouncing around a little bit. But maybe just sort of talk about the different variables behind your 2025 guidance range. And what gets you to the low end versus the high end of your guidance?

恭喜本季取得良好業績。如果這個問題已經被問過了，請見諒。我一直有點跳來跳去。但也許只是談論一下 2025 年指導範圍背後的不同變數。那麼，是什麼因素導致了您的指導值的低端和高端？

Yeah. Let me just hit that then, Vik. Appreciate the question. So core growth, we delivered about 3 points of growth first half. Our guidance is 3 to 4, it implies second half at around 4%. I would say if you just go back to our original guidance, just think through our Q4 call and what we laid out as opportunities for better growth, I think those opportunities for better growth are largely the same today. It's continued strong growth in our Spark business.

是的。那麼，維克，讓我先說一下這一點。感謝你的提問。因此，在核心成長方面，我們上半年實現了約 3 個百分點的成長。我們的預期是 3 到 4，這意味著下半年將在 4% 左右。我想說的是，如果你回顧我們最初的指導，想想我們的第四季度電話會議以及我們所列出的更好增長的機會，我認為這些更好增長的機會在今天大致相同。我們的 Spark 業務持續強勁成長。

It's probably accessing now some of the growth that we're seeing from better new products. Paul talked in his pre-read remarks about some of the performance we're seeing in Ormco, Brackets and Wires, or even our DEXIS portfolio.

現在它可能正在從更好的新產品中獲得我們所看到的一些增長。保羅在預讀評論中談到了我們在 Ormco、Brackets and Wires 甚至 DEXIS 投資組合中看到的一些表現。

So for the most part, our growth upside is not dissimilar to the to the upside that we saw at the early outset of the year. For the most part, it's going to be macro that stable -- soft and stable dental market turning in a different direction. We don't expect that to be the case, but that could define the downside, if you will, of our growth in the second half and, therefore, the low end of the range.

因此，總體而言，我們的成長潛力與今年年初看到的成長潛力並無不同。在大多數情況下，宏觀是穩定的——疲軟而穩定的牙科市場正在朝著不同的方向轉變。我們不認為會出現這種情況，但如果你願意的話，這可能決定了我們下半年成長的下行趨勢，因此也是該範圍的低端。

And then I would say, for the most part, it's a similar narrative relative to the profit. So the upside that we originally saw entering the year were things like Spark gross margin, automation of our factory, improving design cycle time, reducing our G&A costs.

然後我想說，在大多數情況下，這是一個與利潤相關的類似敘述。因此，我們最初看到的優勢是 Spark 的毛利率、工廠的自動化、設計週期的改善以及 G&A 成本的降低。

As those things continue to perform, that is baked into our guide and roughly the midpoint, but to the degree that we can outstrip that and/or outstrip on the volume side, there's upside there. And I think likewise, it's the macro that largely defines the downside for us. If we were not able to mitigate the tariff range that I mentioned, that would be potential downside for us. We think our guidance is pretty reasonably footed. And at this point in time, the midpoint is a good place to be thinking about it.

隨著這些事情繼續發揮作用，這已經融入我們的指南中並大致處於中點，但如果我們能夠超越這一點和/或在交易量方面超越，那麼就有上行空間。而且我認為同樣地，宏觀因素在很大程度上決定了我們的不利因素。如果我們不能降低我提到的關稅範圍，那對我們來說將是潛在的不利因素。我們認為我們的指導是相當合理的。此時，中間點是思考這個問題的好地方。

That ends our question-and-answer session. I will now turn the call back to Mr. Paul Keel for any closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給保羅·基爾先生，請他做最後發言。

Okay. Thanks, everyone, for tuning in. Maybe I'll just quickly underline a couple of thoughts to put a wrapper on the quarter. First thought would be that Q2 was another step forward for Envista. And we had good revenue and profit growth converting into double-digit EPS growth.

好的。謝謝大家的收看。也許我只是想快速強調幾個想法來為本季做一個總結。首先的想法是 Q2 對 Envista 來說又向前邁了一步。我們的營收和利潤成長良好，轉化為兩位數的每股盈餘成長。

We talked quite a bit about our performance being generally broad-based with all of our major businesses and geographies delivering positive growth. We're, of course, pleased by that incrementally so because it's in response to intentional plan that we're executing.

我們多次談到我們的業績總體上是廣泛的，我們所有的主要業務和地區都實現了積極的成長。當然，我們對此感到高興，因為這是對我們正在執行的計劃的回應。

We're focused on executing that plan that we laid out at the Capital Markets Day in March. And in addition to the growth, we think we see progress across operations and people as well, the three categories of priorities we're focused on. In support of all that, we invested some of the gains in Q2 back into continued momentum and growth in the form of increased R&D, sales and marketing.

我們專注於執行我們在三月資本市場日上製定的計劃。除了成長之外，我們認為我們還看到了營運和人員的進步，這是我們關注的三類優先事項。為了支持這一切，我們將第二季的部分收益重新投入持續的勢頭和成長中，形式是增加研發、銷售和行銷。

And as the last or two questions ago touched on a bit of M&A. I think that covers it well for today. Thanks again for listening in, and I wish everybody a good day and a good week.

正如前兩個問題所提到的，我們談到了一些併購問題。我想今天的內容就講到這裡了。再次感謝您的收聽，祝大家有個愉快的一天和愉快的一周。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。