Envista Holdings Corp (NVST) 2025 Q3 法說會逐字稿

Hello, my name is [Sergio]. I will be your conference call facilitator this afternoon.

你好，我叫[塞爾吉奧]今天下午我將擔任你們的電話會議主持人。

At this time, I would like to welcome everyone to Envista Holdings Corporation third-quarter 2025 earnings results conference call.

在此，我謹代表 Envista Holdings Corporation 宣布 2025 年第三季財報電話會議，歡迎各位參加。

(Operator Instructions)

（操作說明）

I will now turn the call over to Mr. Jim Gustafson, Vice President of Investor Relations at Envista Holdings. Mr. Gustafson, you may begin your conference call.

現在我將把電話交給 Envista Holdings 的投資者關係副總裁 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 third-quarter 2025 earnings call. We appreciate your interest in our company.

午安.感謝您參加 Envista 2025 年第三季財報電話會議。感謝您對我們公司的關注。

With me today are Paul Keel, our President and Chief Executive Officer, and Eric Hammes, our Chief Financial Officer.

今天陪同我的是我們的總裁兼執行長保羅·基爾，以及我們的財務長埃里克·哈姆斯。

Before we begin, I want to point out that our earnings release, the slide presentation supplementing today's call, and 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 Investor section of our website, www.investaco.com.

在開始之前，我想指出，我們的收益報告、今天電話會議的補充幻燈片演示，以及根據美國證券交易委員會 G 條例要求提供的與電話會議期間提供的任何非公認會計準則財務指標相關的調節表和其他信息，都可以在我們網站 www.investaco.com 的投資者關係部分找到。

The audio portion of this call will be archived in the Investors section of our website later today, under the heading Events and Presentations.

本次電話會議的音訊部分將於今日稍後存檔於我們網站的「投資者」版塊的「活動與演示」欄位下。

During the presentation, we will describe some of the more significant factors that impacted year-over-year performance. The supplemental materials describe additional factors that impacted our results.

在本次報告中，我們將介紹一些影響年度績效的更重要因素。補充資料描述了影響我們結果的其他因素。

Unless otherwise noted, references to these remarks to company-specific financial metrics relate to the third quarter of 2025 and references to period-to-period increases and decreases in financial metrics are year over year.

除非另有說明，否則這些評論中提及的公司特定財務指標均指 2025 年第三季度，提及的財務指標的期間增長和下降均指同比。

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.

在通話過程中，我們可能會介紹一些產品和解決方案，這些產品和解決方案可能已經提交了申請，正在等待某些監管部門的批准，或僅在某些市場提供。

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. Actual results may differ materially from any forward-looking statements that we make today.

我們還將根據聯邦證券法做出前瞻性聲明，包括關於我們認為、預期或可能在未來發生的事件和發展的聲明。這些前瞻性陳述受到許多風險和不確定因素的影響，包括我們在提交給美國證券交易委員會的文件中列出的風險和不確定因素。實際結果可能與我們今天所做的任何前瞻性聲明有重大差異。

These forward-looking statements speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements, except as required by law.

這些前瞻性聲明僅代表其發布之日的情況。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

With that, I'll turn the call over to Paul.

接下來，我將把電話交給保羅。

Thank you, Jim. Good afternoon and welcome, everyone.

謝謝你，吉姆。各位下午好，歡迎各位。

On today's call, I'll kick us off with some opening thoughts on our Q3 and year-to-date performance, as well as a brief strategic and operational update. Eric will then take us through the financials in more detail. I'll wrap things up with some closing thoughts. And then, as always, we'll open it up for your questions.

在今天的電話會議上，我將首先就我們第三季和年初至今的業績發表一些看法，並簡要介紹一下策略和營運方面的最新情況。接下來，艾瑞克將更詳細地為我們解釋財務數據。最後，我再補充幾點想法。然後，像往常一樣，我們會開放提問環節。

Slide 4 summarizes three things: Q3 results, year-to-date performance, and another update to our full-year 2025 guidance.

第 4 張投影片總結了三件事：第三季業績、年初至今的業績以及我們對 2025 年全年業績指引的另一個更新。

Let's begin on the left, with Q3 results. We posted another solid quarter, delivering strong revenue and earnings growth and good margin expansion. Core growth came in at 9%, aided by the expected SPARK deferral benefit. Excluding this, core growth in the quarter was around 5%, with all major businesses, once again, in positive territory.

讓我們從左邊開始，來看第三季的結果。我們又迎來了一個穩健的季度，實現了強勁的營收和獲利成長以及良好的利潤率擴張。核心成長率達到 9%，這得益於預期的 SPARK 遞延收益。排除此因素，本季核心業務成長約為 5%，所有主要業務再次實現正成長。

Adjusted EBITDA margin was 14.5%, up more than 500 basis points from Q3 of '24, supported by good growth and productivity. Adjusted EPS was $0.032, more than twice the Q3 '24 result.

經調整後的 EBITDA 利潤率為 14.5%，比 2024 年第三季成長超過 500 個基點，這得益於良好的成長和生產力。調整後每股收益為 0.032 美元，是 2024 年第三季業績的兩倍多。

Moving to year-to-date performance, core growth came in around 3%, after normalizing for last year's changes in SPARC deferral and dealer inventory levels. Year-to-date adjusted EBITDA margin is around 13%, showing progress in Q3 over H1. Rounding out the column, through three quarters, we've delivered $0.082 of adjusted EPS, a 67% increase over the same period last year.

從今年迄今的業績來看，在剔除去年 SPARC 延期付款和經銷商庫存水準的變化後，核心成長率約為 3%。今年迄今的調整後 EBITDA 利潤率約為 13%，顯示第三季比上半年有所進步。最後總結一下，前三個季度，我們實現了 0.082 美元的調整後每股收益，比去年同期增長了 67%。

Moving to the column on the right, given our good year-to-date performance and strong momentum, we are again raising our full-year 2025 guidance. We now expect core revenue growth of approximately 4%, up from 3% to 4% previously; adjusted EPS of $1.10 to $1.15 versus $1.05 to $1.15, previously. EBITDA margin guidance for the year is unchanged at approximately 14%.

鑑於我們今年迄今的良好業績和強勁勢頭，我們再次上調 2025 年全年業績預期。我們現在預計核心收入將成長約 4%，高於先前的 3% 至 4%；調整後每股收益為 1.10 美元至 1.15 美元，而先前的預期為 1.05 美元至 1.15 美元。今年的 EBITDA 利潤率預期維持在 14% 左右。

Let's now turn to progress we made in the quarter in support of our three core priorities of growth, operations, and people.

現在讓我們來看看本季我們在支援成長、營運和人員這三大核心優先事項方面取得的進展。

Beginning with growth, on the left side of the chart, ours was well-balanced between volume and price; and broad-based across the portfolio, as ortho, consumables, diagnostics, and implants all delivered growth. We again held share in implant, while gaining share in all other major businesses.

從成長開始，在圖表的左側，我們的銷售量和價格之間達到了很好的平衡；而且成長遍及整個產品組合，骨科、耗材、診斷和植入物都實現了成長。我們再次保住了植入物業務的份額，同時在所有其他主要業務中都獲得了份額。

Our strong performance funded another quarter of double-digit increases in strategic R&D and sales and marketing investment. We're seeing good return from these investments. evidenced by several major new product launches in the quarter, including SPARK Junior, a comprehensive aligner solution for younger patients; SPARK StageRx, a digital workflow platform for enhanced clinician support; Orascoptic ErgoZoom, a novel loop system that combines superior ergonomics with adjustable magnification; and DEXIS Imprevo IOS, a significant leap forward in terms of intraoral scanning speed, precision, and versatility.

我們強勁的業績為策略研發、銷售和行銷投資連續第二季實現兩位數成長提供了資金。我們看到這些投資獲得了良好的回報。本季推出的幾款重要新產品就證明了這一點，包括：SPARK Junior，一款面向年輕患者的綜合矯正器解決方案；SPARK StageRx，一個用於增強臨床醫生支持的數位化工作流程平台；Orascoptic ErgoZoom，一種將卓越的人體工學設計與可調節倍增率相結合的新型環形規模系統；

We're also seeing good market traction from previously launched new products, such as SPARK OnDemand, SPARK Retainers, and ByteSync Class II Corrector; as well as Nobel BioCare's new multi-unit abutment, which integrates our novel surface treatment with a slimmer emergence profile. The solution is designed to promote soft tissue healing and supports a stronger biologic field for long-term stability.

我們也看到先前推出的新產品，如 SPARK OnDemand、SPARK Retainers 和 ByteSync Class II Corrector，以及 Nobel BioCare 的新型多單元基台，都獲得了良好的市場反響，該基台將我們新穎的表面處理技術與更纖薄的牙齦輪廓相結合。該溶液旨在促進軟組織癒合，並支持更強的生物場以實現長期穩定性。

In terms of customer education, this quarter, we trained more than 15,000 clinicians, including hosting several high-impact events balanced across all geographies and businesses. Examples include well-attended (inaudible) and Ormco forums in Europe and a major Nobel and DEXIS symposium in Japan.

在客戶教育方面，本季我們培訓了超過 15,000 名臨床醫生，包括舉辦了多場影響深遠的活動，涵蓋所有地區和業務部門。例如，歐洲舉辦了參與人數眾多的（聽不清楚）Ormco 論壇，以及在日本舉辦了一場重要的諾貝爾獎和 DEXIS 研討會。

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. In addition, we delivered further year-on-year G&A reductions while maintaining high customer service levels.

在營運方面，我們繼續受益於 EBS 的大力支持。 EBS 是我們持續改善方法的核心，它幫助我們取得成果、培養人才並推動企業文化。此外，我們在維持高水準客戶服務的同時，也進一步降低了年度一般及行政費用。

Last quarter, we announced a new R&D and manufacturing facility in China. In Q3, we broke ground on a new multi-purpose diagnostic center, just down the road from our existing facility in Finland, which has long been a hub for innovation in dental imaging.

上個季度，我們宣佈在中國建立一個新的研發和生產基地。第三季度，我們在芬蘭現有設施附近破土動工興建了一個新的多功能診斷中心，該設施長期以來一直是牙科影像創新中心。

Finally, with respect to people, we continue to advance our high-performing, continuous improvement culture, seeing growing momentum in engagement and talent development.

最後，在人員方面，我們繼續推動高效、持續改進的文化，並在員工敬業度和人才發展方面看到了越來越大的勢頭。

This week, we published our 2024 Sustainability Report. Available on our website, the report details the many initiatives that are underway across key focus areas, like expanding access to dental care for underserved populations, investing in our colleagues and communities, being good stewards of the environment, and building on our century-plus rock-solid foundation of doing business the right way.

本週，我們發布了2024年永續發展報告。該報告可在我們的網站上查閱，詳細介紹了我們在重點領域正在進行的多項舉措，例如擴大服務不足人群獲得牙科保健的機會、投資於我們的同事和社區、做好環境保護工作，以及在我們一個多世紀以來以正確的方式開展業務的堅實基礎上繼續發展。

Before I turn the call over to Eric, I'll mention some important milestones for our SPARK Aligner business in Q3.

在將電話交給 Eric 之前，我想提一下我們 SPARK Aligner 業務在第三季取得的一些重要里程碑。

On the growth front, we shipped our one-millionth case since launching the business in 2019. We're pleased to have gone from zero to nearly $300 million in revenue in under six years, funded entirely by operating profits generated elsewhere in our portfolio.

在成長方面，自 2019 年公司成立以來，我們已經交付了第一百萬個產品。我們很高興在不到六年的時間裡，收入從零成長到近 3 億美元，這完全是由我們投資組合中其他業務產生的營運利潤提供的資金。

We're the only orthodontic provider with leading positions in both fixed and aligner therapy, operating in all major geographies, and with a global supply chain that allows us to respond seamlessly to macro end market conditions.

我們是唯一一家在固定矯正和隱形矯正治療領域均處於領先地位的正畸服務提供商，業務遍及所有主要地區，並擁有全球供應鏈，使我們能夠無縫應對宏觀終端市場狀況。

This global scale brings me to the second milestone we crossed in the quarter. Last year, we committed to positive operating profit for SPARK sometime in the second half of this year and we reached that level in Q3. Behind this strong momentum, we expect continued margin and market share gains, moving forward.

這一全球規模標誌著我們在本季跨越的第二個里程碑。去年，我們承諾 SPARK 將在今年下半年實現正營業利潤，而我們在第三季就達到了這一目標。在這種強勁勢頭的推動下，我們預計未來利潤率和市場份額將繼續增長。

These milestones were several years in the making. We applaud the many contributions from our colleagues, partners, and customers that both got us here and continue to propel us forward.

這些里程碑的實現歷經數年。我們衷心感謝同事、合作夥伴和客戶的諸多貢獻，正是他們的付出才使我們走到今天，並將繼續推動我們前進。

With that, I'll turn the call over to Eric to walk us through the numbers.

接下來，我會把電話交給艾瑞克，讓他為我們講解這些數字。

Thanks, Paul.

謝謝你，保羅。

In the third quarter, we delivered sales of $670 million. Core sales in the quarter increased 9.4%. FX added another 200 basis points.

第三季度，我們的銷售額為 6.7 億美元。本季核心銷售額成長9.4%。外匯市場又上漲了200個基點。

Our Q3 growth benefited from last year's change in SPARK deferral, which I'll say more about in just a moment. Excluding this effect, as well as dealer inventory realignment that we've discussed on prior calls, year-to-date growth was around 3%.

我們第三季的成長得益於去年 SPARK 延期付款政策的變化，我稍後會詳細介紹。排除這一影響，以及我們在之前的電話會議中討論過的經銷商庫存調整，今年迄今的成長約為 3%。

Our underlying core growth in the quarter was another positive step for Envista. This reflects the changes we've made in 2024 and 2025 to improve our growth potential.

本季我們的核心業務成長是Envista邁出的另一個積極步伐。這反映了我們在 2024 年和 2025 年為提高成長潛力所做的改變。

Q3 adjusted gross margin was 56.1%, an increase of 330 basis points versus the prior year. Volume, price, improvements in our global supply chain, and the expanding SPARK margins that Paul just mentioned all contributed to the gains.

第三季調整後毛利率為 56.1%，較上年同期成長 330 個基點。保羅剛才提到的銷售、價格、全球供應鏈的改善以及 SPARK 利潤率的擴大，都對收益做出了貢獻。

Our adjusted EBITDA margin for the quarter was 14.5%, which was 540 basis points better than the prior year. Margins were helped by the previously mentioned gains in gross margins, as well as continued strong G&A productivity. Adjusted EPS in the quarter was $0.032, up $0.020 cents compared to the same quarter of last year.

本季調整後的 EBITDA 利潤率為 14.5%，比去年同期提高了 540 個基點。利潤率的提高得益於前面提到的毛利率的成長，以及持續強勁的一般及行政費用生產力。本季調整後每股收益為 0.032 美元，比去年同期成長 0.020 美元。

Our non-GAAP tax rate for the quarter was 31.2%, slightly better than our expectations. We continue to see a beneficial trend in our non-GAAP tax rate as a result of our strong business performance in the United States, which increases our level of interest deductibility related to third-party and intercompany interest expense.

本季我們的非GAAP稅率為31.2%，略優於我們的預期。由於我們在美國的業務表現強勁，我們的非GAAP稅率持續呈現有利趨勢，這提高了我們與第三方和公司間利息支出相關的利息扣除額。

Also, you'll notice in our Q3 filing a one-time GAAP charge related to a discrete tax adjustment. This relates to the elimination of a significant intercompany loan which had been a headwind to our global tax rate. While settling the loan resulted in a one-time charge in our Q3 GAAP results, this does not impact our full-year 2025 non-GAAP rate. Most importantly, there is a near-zero net cash impact from the restructuring.

另外，您還會注意到我們第三季的財務報表中有一項與特定稅務調整相關的一次性 GAAP 費用。這與我們消除一筆數額龐大的公司間貸款有關，這筆貸款曾對我們的全球稅率構成不利影響。雖然償還貸款導致我們第三季 GAAP 業績中出現一次性費用，但這不會影響我們 2025 年全年非 GAAP 利率。最重要的是，此次重組對淨現金流的影響幾乎為零。

While our estimated non-GAAP tax rate for 2025 is unchanged, over time, we do anticipate future tax benefit as a result of this action, both on a reported and cash basis. We'll provide more details on this in the coming quarters.

雖然我們預計 2025 年的非 GAAP 稅率保持不變，但隨著時間的推移，我們預計這項舉措將帶來未來的稅收優惠，無論是在報告層面還是現金層面。我們將在接下來的幾季提供更多細節。

Rounding out slide 7, in Q3, we generated $68 million of free cash flow, up slightly from last year, principally driven by our improved profitability.

在第 7 張幻燈片的結尾，第三季我們產生了 6,800 萬美元的自由現金流，比去年略有增長，這主要得益於我們盈利能力的提高。

Now, let's turn to two bridges to help break down our year-over-year results, beginning with sales.

現在，讓我們來看看兩座橋樑，以幫助我們分析同比業績，首先從銷售開始。

Core revenues grew 9.4% in the quarter, with positive growth in all major businesses. Combined, volume and price contributed about 500 basis points.

本季核心營收成長9.4%，所有主要業務均實現正成長。成交量和價格合計貢獻了約 500 個基點。

Q3 growth was also helped by SPARK tailwinds, both primary case growth and deferral benefits, as well as favorable prior year comparables.

第三季成長也得益於 SPARK 的利多因素，包括原發病例成長和延期收益，以及有利的去年同期數據。

Q3 was another solid quarter of growth for Envista. Foreign exchange contributed roughly $11 million of sales or about 200 basis points, reflecting the weaker US dollar.

Envista 第三季又是穩健成長的季度。外匯波動導致銷售額減少約 1,100 萬美元，或約 200 個基點，反映出美元走弱。

Finally, we had a minor benefit from the two acquisitions mentioned on the Q2 call, both of which support implants growth in prioritized markets.

最後，我們在第二季電話會議上提到的兩項收購也為我們帶來了一些好處，這兩項收購都支持了重點市場的植入物成長。

Turning to the adjusted EBITDA margin bridge on slide 9, the change in SPARK deferrals delivered about 390 basis points of growth this quarter. It's worth noting that while the change has resulted in a year-over-year benefit, absolute revenues and profit delivered in Q3 are a good baseline for modeling the business going forward.

翻到第 9 頁投影片上的調整後 EBITDA 利潤率橋，SPARK 遞延的變化在本季帶來了約 390 個基點的成長。值得注意的是，雖然這項變更帶來了年比收益，但第三季的絕對收入和利潤是未來業務建模的良好基準。

Volume, mix, and price combined to deliver a 240 basis points improvement. As mentioned, we saw broad-based performance across the portfolio on these dimensions.

銷量、產品組合和價格三者結合起來，帶來了 240 個基點的改善。如前所述，我們在這些方面看到了投資組合的全面表現。

We had a net gain of 80 basis points from improved productivity, with G&A down more than 12% year to date. As Paul noted earlier, we continue to reinvest a portion of our productivity gains back into sales, marketing, and R&D to support future growth, which amounted to 130 basis points in the quarter.

由於生產力提高，我們淨收益增加了 80 個基點，而年初至今的一般及行政費用下降了 12% 以上。正如保羅之前提到的，我們繼續將部分生產力提升成果再投資於銷售、行銷和研發，以支持未來的成長，本季這一比例達到了 130 個基點。

Increased tariff costs compressed margins by about 140 basis points. On the Q2 call, we committed to offsetting full-year tariff costs. We're still tracking to do so. It goes without saying that the tariff landscape remains fluid. We'll continue to update you, as matters evolve.

關稅成本上升導致利潤率下降約 140 個基點。在第二季財報電話會議上，我們承諾抵銷全年的關稅成本。我們仍在努力實現這一目標。關稅環境依然瞬息萬變，這點毋庸置疑。我們會隨著事態發展持續向您通報最新情況。

Turning to segment performance, revenue in Specialty Products & Technologies grew 13% year on year, with core sales up 10.6%. In our Orthodontics business, SPARK was up high-teens before the additional benefit from the net deferral change. The strong pipeline of product launches that Paul touched on earlier are all adding to our momentum. Backets and wires was flay year on year, as underlying growth in several markets was offset by continued VBP preparations in China. The Q2 buy-ahead that we discussed last quarter also played a role.

從業務部門表現來看，特種產品與科技業務的營收年增 13%，核心銷售額成長 10.6%。在我們的矯正業務中，SPARK 在淨遞延變化帶來的額外收益之前就已經上漲了十幾個百分點。Paul 之前提到的一系列強勁的產品發布計劃，都在為我們的發展勢頭添磚加瓦。由於中國持續推進價值導向支付計劃 (VBP) 的準備工作抵消了多個市場的潛在增長，導致保險絲和電線業務同比下滑。我們上個季度討論過的第二季提前買入策略也發揮了作用。

On the implant side, we delivered a fourth consecutive quarter of positive growth globally, led by above-market performance in North America. Our prosthetics and digital solutions portfolio had another strong quarter, as did our Regenerative Biomaterial business.

在植入物方面，我們實現了全球連續第四個季度正成長，其中北美市場表現優於市場平均水平。我們的義肢和數位解決方案產品組合以及再生生物材料業務在本季都表現強勁。

In Q3, Specialty Products & Technologies posted an adjusted operating margin of 15.5%, up 850 basis points, driven by good growth as well as the year-over-year impact of SPARK turning profitable.

第三季度，特種產品與技術業務調整後營業利潤率為 15.5%，成長 850 個基點，這主要得益於良好的成長以及 SPARK 實現盈利帶來的同比影響。

Volume, price, and net productivity were all positive in this segment. Consistent with prior comments, a portion of the gains were reinvested in commercial and new product development activities.

該細分市場的銷售量、價格和淨生產力均呈現正面成長趨勢。與先前的評論一致，部分收益被重新投資於商業和新產品開發活動。

Moving to our Equipment & Consumables segment, core sales in the quarter increased 7.3% versus prior year, including double-digit growth in Consumables, where we delivered broad-based growth across the portfolio, including solid price performance.

再來看我們的設備和耗材部門，本季核心銷售額比上年同期成長了 7.3%，其中耗材實現了兩位數的成長，我們在整個產品組合中實現了全面成長，包括穩健的價格表現。

Diagnostics core sales growth was up modestly for a second consecutive quarter, with North America and Europe both delivering a positive result. Similar to SP&T, new products are an important part of our diagnostics playbook. Innovative launches like a new CBCT platform last year and a new IOS last quarter are striking a chord with customers.

診斷業務核心銷售額連續第二季小幅成長，北美和歐洲市場均取得正面業績。與 SP&T 類似，新產品是我們診斷策略的重要組成部分。去年推出的全新 CBCT 平台和上季推出的全新 iOS 等創新產品引起了客戶的共鳴。

Adjusted operating profit margin was roughly flat year over year at around 20%, while profit dollars were up about 9%.

經調整後的營業利潤率與上年同期基本持平，約為 20%，而利潤額增長了約 9%。

Let's now turn to cash flow, Q3 free cash flow was $68 million, an increase of about $5 million when compared to the third quarter of last year, as improved sales and margins were partially offset by increases in inventory and increased growth CapEx. Year-to-date free cash conversion of 100% is in line with the outlook we provided at our March Capital Markets Day. Free cash flow dollars are down year to date. as relative performance in 2023 warranted a lower incentive bonus payment in 2024.

現在讓我們來看看現金流，第三季自由現金流為 6,800 萬美元，比去年第三季增加了約 500 萬美元，這是因為銷售額和利潤率的提高部分被庫存增加和成長資本支出增加所抵消。今年迄今的自由現金流轉換率達到 100%，與我們在 3 月資本市場日上給出的預期一致。今年迄今為止，自由現金流有所下降，因為2023年的相對業績表明，2024年的激勵獎金支付應該會減少。

Our balance sheet remains strong and stable, with a net debt-to-adjusted EBITDA of approximately 1 times, providing welcome stability in the current environment.

我們的資產負債表依然強勁穩定，淨債務與調整後 EBITDA 比率約為 1 倍，在當前環境下提供了可喜的穩定性。

In Q3, we deployed approximately $40 million in cash to repurchase 2.1 million shares of stock. On a year-to-date basis, we repurchased over $140 million or a total of 8 million shares, as we continue to execute our $250 million two-year repurchase authorization.

第三季度，我們投入約 4,000 萬美元現金回購了 210 萬股股票。今年迄今為止，我們已回購超過 1.4 億美元，即總計 800 萬股股票，我們將繼續執行我們為期兩年的 2.5 億美元回購授權。

I'll now say a few more words about the updated guidance that Paul introduced earlier. Slide 13 summarizes the changes:

現在我再對保羅之前提出的更新後的指導方針再說幾句。第 13 張投影片總結了這些變化：

Our core sales growth of approximately 4% versus 3% to 4% previously, building on the 3% year-to-date underlying performance that Paul mentioned earlier. We estimate EPS of $1.10 to $1.15 versus $1.05 to $1.15 previously. Finally, our full-year adjusted EBITDA margin estimate is unchanged at approximately 14%, as we expect Q4 to build on the year-to-date performance levels while reflecting continued investment in the business.

我們的核心銷售成長約為 4%，而先前為 3% 至 4%，這建立在 Paul 之前提到的 3% 的年初至今基本業績之上。我們預計每股收益為 1.10 美元至 1.15 美元，而先前的預期為 1.05 美元至 1.15 美元。最後，我們全年調整後的 EBITDA 利潤率預期維持在約 14% 不變，因為我們預計第四季度將在今年迄今的業績水準基礎上繼續成長，同時反映出對業務的持續投資。

Back to you, Paul, to wrap things up.

保羅，現在輪到你來總結了。

Thanks, Eric. A few closing thoughts on the quarter.

謝謝你，埃里克。最後總結一下本季的情況。

First, we haven't said much about the dental market on this call because things really haven't changed much from Q2. On balance, underlying patient demand remains stable, albeit still below typical longer-term levels for the market. Macro uncertainty remains high, which continues to impact some of the more discretionary procedure segments.

首先，我們在這次電話會議上沒有過多談及牙科市場，因為情況與第二季相比並沒有太大變化。總體而言，潛在的患者需求保持穩定，儘管仍低於市場的典型長期水平。宏觀經濟的不確定性依然很高，這繼續影響著一些更具自主性的醫療程序領域。

Second, our momentum continues to build, with core growth of roughly 5% in the quarter and 3% year to date after adjusting through SPARK deferral and dealer inventory realignment. This growth converted well to cash, margins, and EPS.

其次，我們的成長動能持續增強，本季核心成長約 5%，經 SPARK 延期付款和經銷商庫存調整調整後，今年迄今成長約 3%。這一成長很好地轉化為現金、利潤率和每股收益。

We're again updating full-year guidance, with core growth and EPS both moving to the top end of the ranges that we shared on our Q2 call.

我們再次更新了全年業績預期，核心成長和每股盈餘均達到我們在第二季電話會議上公佈的預期範圍的上限。

Importantly, I'll close by noting that this progress is made possible by the wonderful talent and commitment of our global Envista team. Please know how much we appreciate all you do in the service of our stakeholders.

最後，我要特別指出，這項進展的實現離不開我們 Envista 全球團隊的出色才能和奉獻精神。請您知道，我們非常感謝您為我們的利害關係人所做的一切。

In the same way, we're grateful for the support we receive from our customers, partners, and shareholders.

同樣，我們也感謝客戶、合作夥伴和股東給予我們的支持。

That completes our prepared remarks. We'll now open it up for Q&A.

我們的發言稿到此結束。現在進入問答環節。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session.

謝謝。女士們、先生們，現在開始問答環節。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

Good afternoon. Thanks for taking the questions. Congrats on a really nice quarter.

午安.謝謝您回答問題。恭喜你本季業績出色。

Paul, one for you. It's nice to see SPARK turn profitable in the third quarter. And so now that that business is profitable, how should we think about the trajectory of margins from here?

保羅，給你一個。很高興看到SPARK在第三季轉虧為盈。既然這項業務已經獲利，我們該如何看待其利潤率的未來走勢？

And then, separately, can you talk a little bit about the market share of that business? Where are we today and where do you think that business can go?

然後，您能否單獨談談該業務的市場佔有率？我們目前處於什麼階段？您認為這個產業未來會走向何方？

Hey, Allen. Thanks for the question.

嘿，艾倫。謝謝你的提問。

Yeah. Getting SPARK profitable is an important milestone for us. It was six years in the making and grounded in a lot of really good work on both the cost and the growth front.

是的。SPARK實現獲利對我們來說是一個重要的里程碑。歷時六年才得以實現，並且在成本控制和成長方面都做了許多卓有成效的工作。

Maybe I'll take the two parts of your question, in turn.

或許我會依序回答你問題的兩個部分。

With respect to the margin part of your question, we said previously that we expect SPARK margins to eventually reach fleet average. Based on the steady progression that we see now over the past many quarters, we continue to believe that's an appropriate objective.

關於您問題中的利潤率部分，我們之前說過，我們預計 SPARK 的利潤率最終將達到車隊平均水平。根據過去幾個季度以來我們所看到的穩定發展，我們仍然認為這是一個合適的目標。

Maybe a bit more color on that: In addition to the consistent unit cost progress that we've spoken about previously, margins are also helped by improvements that we're making in set-up and design, as well as changes to the portfolio mix and the commercial efficiencies that come from providing both a fixed and aligner solution to customers.

或許可以再詳細解釋一下：除了我們之前提到的持續的單位成本下降之外，利潤率的提高還得益於我們在設置和設計方面的改進，以及產品組合的變化，還有通過向客戶提供固定式和矯正器解決方案而帶來的商業效率提升。

Of course, we get scale economies from this, one salesforce selling both solutions. But, equally important, it's also, we think, a much more credible position from which to approach customers.

當然，這樣做可以帶來規模經濟效益，一個銷售團隊可以同時銷售這兩種解決方案。但同樣重要的是，我們認為，這也是一種更具可信度的接觸客戶的立場。

The doctors, of course, know how to best treat patients. We simply provide a full portfolio to help them do that.

醫生當然知道如何最好地治療病人。我們只是提供完整的產品組合來幫助他們實現這一目標。

Now, in the same way, we also get broader efficiencies with DSOs. In that case, we not only provide a full ortho portfolio but we also provide complete, implant, consumables and diagnostics offerings as well. So that also helps on the economics.

現在，同樣地，我們也可以透過配電系統營運商（DSO）獲得更廣泛的效率提升。在這種情況下，我們不僅提供完整的矯正產品組合，還提供完整的植入物、耗材和診斷服務。所以這也有助於經濟發展。

Now, with respect to market share, SPARK has outgrown the global aligner category every year and, essentially, every quarter since it launched.

就市場份額而言，SPARK 自推出以來，每年以及基本上每個季度都超過了全球矯正器類別的平均值。

Even now that it's at a much larger scale -- we mentioned it's approaching $300 million in sales -- SPARK still grew high-teens in Q3 before deferral. We think that's quite a bit better than the market, which we think was probably low-single digits in Q3. All that is because we feel we have a compelling, competitive business here.

即使現在它的規模已經大得多——我們提到它的銷售額接近 3 億美元——SPARK 在第三季（未計入遞延部分）仍然實現了接近 10% 的成長。我們認為這比市場整體狀況好得多，我們認為第三季市場整體成長率可能只有個位數。這一切都是因為我們認為我們在這裡擁有一個極具吸引力和競爭力的業務。

Like the full portfolio I mentioned, we also have deep, in some cases, 50-plus year positions in key geographies around the world. Very important, today, we have a global supply chain with flexible manufacturing on three continents.

正如我所提到的完整投資組合一樣，我們在世界各地的關鍵地區也擁有深厚的（在某些情況下）超過 50 年的持股歷史。非常重要的一點是，如今我們擁有覆蓋三大洲的靈活生產型全球供應鏈。

So if you can pick up from my voice, we're pretty excited about the future for this business.

所以，如果你能從我的語氣中聽出來，我們對這家公司的未來感到非常興奮。

Thanks, Paul.

謝謝你，保羅。

And then, one for Eric. If we go to slide 9 on the volume mix price -- added 2.4% to EBITDA -- based on our math, it looks like price is a good portion of that. Is there any way you can unpack the contributions within volume mix and price? And then, how should we think about what's embedded within that into 4Q?

然後，給埃里克一個。如果我們查看第 9 張投影片，了解銷售組合價格——為 EBITDA 增加了 2.4%——根據我們的計算，價格似乎佔了很大一部分。有沒有辦法分析銷售量組成和價格方面的貢獻？那麼，我們該如何看待其中蘊含在第四季的內容呢？

Yeah. I'll take that, Allen.

是的。我接受，艾倫。

Just in terms of unbacking, I think you're on -- let me just repeat, slide 9, the 240 bps between volume, mix, and price.

就取消支援而言，我認為你做得對——讓我再說一遍，第 9 張幻燈片，音量、混合和價格之間的 240 bps。

We grew price in the quarter by a little over 200 basis points. The majority, of course, of the rest of our revenue growth was volume-based. And so you can back into the impact of that from a margin standpoint. That means slightly better margin accretion in that box from price and slightly less from volume. And then, we had a little bit of an offset in mix, as we have good gross margin portfolios but some of them are slightly diluted to the Envista average.

本季我們將價格提高了200多個基點。當然，我們其餘大部分營收成長都是基於銷售成長。因此，你可以從利潤率的角度反推這會產生的影響。這表示該品類的價格利潤率成長會略高一些，而銷售利潤率成長會略低一些。然後，我們的投資組合中出現了一些抵消，因為我們有一些毛利率較高的投資組合，但其中一些投資組合的毛利率略低於 Envista 的平均水平。

And then, the way you should think about margins going forward, I'll just take it from the guidance frame. We have stuck with our adjusted EBITDA margin guide for the year. That's 14%. That's within the revised guidance that Paul and I both mentioned in the pre-read remarks. If you do the back math on that, that means that Q4 will be, I would say, on the level of that same 14%. Admittedly, we're probably rounding up to 14% margin for the full year.

至於你未來該如何看待利潤率，我就從指導方針的角度來談談。我們維持了先前調整後的年度 EBITDA 利潤率預期。那是14%。這符合保羅和我都在預讀意見中提到的修訂指導原則。如果由此反推計算，我認為第四季也將達到同樣的 14% 的水平。誠然，我們可能會將全年利潤率向上取整到 14%。

The best way to really work the P&L, I would say, is the anchor on the EPS range that we gave, which is the $1.10 to $1.15.

我認為，真正有效分析損益表的最佳方法是以我們給出的每股盈餘範圍為基準，即 1.10 美元至 1.15 美元。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Hi, guys. Thanks so much for the question. Congrats on the quarter.

嗨，大家好。非常感謝你的提問。恭喜你本季取得佳績。

Paul, appreciate your comments on the stability of the dental market, overall. I was wondering if you could just maybe comment a little bit more about China. We've heard from some competitors that there's been an impact from VBP of people pausing buying. The consumer environment obviously remains shabby there.

保羅，感謝你對牙科市場整體穩定性的評論。我想問您是否可以再多談談中國。我們從一些競爭對手那裡了解到，VBP（價值導向型採購）對人們暫停購買產生了影響。那裡的消費環境顯然仍然很糟糕。

So it'd just be helpful if, maybe, you could unpack that a little bit more. Thank you.

所以，如果你能再詳細解釋一下，那就太好了。謝謝。

Thanks, Elizabeth.

謝謝你，伊麗莎白。

As you all know, there are two VBPs that have been discussed in China. One is under way. That's for orthodontics. That's well-progressed. We still expect to hear something here in calendar 2025.

如大家所知，中國已經討論過兩種基於價值的支付方式（VBP）。一項正在進行中。那是用於正畸的。進展順利。我們仍然期待在 2025 年聽到一些消息。

But as we've seen from other VBPs, both in dental and healthcare, more broadly, those things do slip on occasion. So if that rolled into Q1 or the first half of '26, I don't think anyone should be too surprised.

但正如我們從其他基於價值的支付方案（包括牙科和更廣泛的醫療保健方案）中看到的那樣，這些方案有時確實會出現漏洞。所以如果這種情況持續到 2026 年第一季或上半年，我想大家也不應該感到太驚訝。

But that's proceeding generally according to expectations.

但整體而言，事情進展符合預期。

And then, the second one that people are now starting to talk more about is VBP 2.0 for implants We're in pretty close contact -- our government affairs team in China -- with the provincial leaders. We're also, of course, in regular conversations with the clinicians and department chairs at the public hospitals.

其次，人們現在開始更多地談論的是用於植入物的 VBP 2.0。我們——我們在中國政府事務團隊——與省級領導保持非常密切的聯繫。當然，我們也定期與公立醫院的臨床醫師和科室主任進行交流。

So we expect that is coming, although we don't have any official communication from either the provincial or the central government on the details.

因此我們預計此事即將發生，儘管我們尚未收到省政府或中央政府關於細節的任何官方通知。

Got it. Maybe one for you, Eric, as well. Obviously you had showed a very nice margin expansion this quarter despite the fact that tariffs were a bigger headwind. Obviously, this is a fluctuating situation.

知道了。或許也為你準備了一份，艾瑞克。顯然，儘管關稅是一個較大的不利因素，但你們本季的利潤率仍然實現了非常可觀的成長。顯然，這種情況瞬息萬變。

But do you think that the level of tariffs you experienced in the third quarter is the way to think about maybe the fourth quarter as well and going forward? Or would you call out any notable differences there?

但您認為第三季所經歷的關稅水準是否也適用於第四季以及未來？或者您會指出這方面有哪些顯著差異嗎？

Thank you.

謝謝。

Yeah. Let me just give you a little bit of the by the numbers, Elizabeth.

是的。伊莉莎白，我來幫你簡單介紹一下數據。

Last quarter, within the margin bridge, if you did the back math on our margin rate, we had about $4 million in tariff costs within the quarter. This quarter, it's a number, call it, of $8 million to $9 million. I would say that's a good basis, both as we think about Q4; and then, a little bit cloudy but our view of full-year 2026 on a run rate basis. So let's call it $10 million in tariffs per quarter, as we look forward.

上個季度，在利潤率過渡期內，如果你根據我們的利潤率進行反向計算，我們當季的關稅成本約為 400 萬美元。本季，這個數字大概在 800 萬到 900 萬美元之間。我認為這是一個很好的基礎，無論對於我們考慮第四季度而言；還是對於 2026 年全年按運行率計算的情況，雖然有點不明朗，但這都是一個不錯的基礎。展望未來，我們暫且稱之為每季 1000 萬美元的關稅。

Obviously, that can be impacted by either tariff rate reductions or maybe a little bit of better execution on our end on the supply chain mitigation. But, right now, that's the best view that we have.

顯然，關稅稅率的降低或我們在供應鏈緩解措施方面做得更好一些，都可能對此產生影響。但是，就目前而言，這是我們所能看到的最佳景象。

And then, I'll just reinforce something that we said in our pre-read remarks, which is, our objective, going now back two quarters, was to offset this on a dollar basis for the full year. We're on track to do that. We were there as we crossed the finish line in Q3.

然後，我再重申我們在預讀發言中提到的一點，那就是，我們的目標是，回顧過去兩個季度，在全年以美元為單位抵消這一損失。我們正朝著這個目標穩步前進。我們在第三季度衝過終點線時就在那裡。

So all in all, I'd say tariffs are a minimal amount of noise for us, going forward, using Q3 as a base on a dollar basis of tariffs.

總而言之，我認為，以第三季美元計價的關稅為基礎，關稅對我們來說在未來只會造成很小的干擾。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good afternoon. Thanks for taking the question.

午安.感謝您回答這個問題。

Maybe if we can dig a little bit more into implants, this has obviously been on an improving trajectory, Paul, since you came in.

或許我們可以更深入地探討一下植牙，保羅，自從你加入以來，這方面的發展顯然一直在穩步提升。

Michael, we're having a little trouble hearing you. Are you able to turn up the volume?

邁克爾，我們聽不太清楚你說話。你能調高音量嗎？

Is this any better?

這樣好些了嗎？

Yeah. At the end there, you were coming in.

是的。最後，你進來了。

Okay. Sorry. I'll ask it quickly.

好的。對不起。我簡單問一下。

Where do you feel best about your positioning on implants, right now? As you think about your R&D and sales expansion efforts, where are the biggest opportunities you have to potentially push harder?

現在對自己的植牙姿勢感覺如何？在考慮研發和銷售拓展工作時，您認為哪些方面最有機會增加投入？

I would say, in total, we feel good about our implants position. We've had now, in total, four straight quarters of positive growth. We think we were above market growth in North America in the last quarter. We have good growth balance, for the most part, across Premium and Challenger; albeit our Premium business being significantly larger.

總的來說，我們對植牙的位置感到滿意。到目前為止，我們已經連續四個季度實現了正成長。我們認為上個季度我們在北美地區的成長速度超過了市場平均。總體而言，我們的高端市場和挑戰者市場都保持了良好的成長平衡；儘管我們的高端市場業務規模明顯更大。

In terms of new product activity, we've also had a couple good launches recently. We have a new multi-unit abutment that launched earlier this year, which is having good impact. We have a new Zirconia highly translucent bridge that came out of our Procera business. So we think we're making headway there on the new products front, as well.

在新產品方面，我們最近也推出了幾款不錯的產品。我們今年早些時候推出了一種新型多單元橋台，效果很好。我們Procera業務推出了一款全新的高透鋯牙橋。所以我們認為我們在新產品方面也取得了進展。

Maybe balancing my comments: Like everyone, we're keeping a close eye on China. We had a good result in VBP 1, albeit there was a margin impact traded off by an increase in volume. We'll have to see how that plays out here with VBP 2.

或許應該平衡一下我的觀點：和所有人一樣，我們也密切關注中國。我們在 VBP 1 中取得了不錯的成績，儘管利潤率受到了一定影響，但成交量的增加彌補了這一損失。我們得看看VBP 2會如何發展。

But, on balance, we're clearly making headway on our Implants business here.

但總的來說，我們在植體業務方面顯然取得了進展。

I won't tempt you. I'll stick at one.

我不會去誘惑你。我就選一個。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Yeah. Thanks. Good afternoon, guys.

是的。謝謝。下午好，各位。

Eric, I wanted to just focus on the organic growth adjustments in 3Q as my first question here. You're talking about 5% if we adjust to the SPARK deferreds. That, I think, is pretty easy math to get to and make sense. Did $10 million pull-forward that was mostly in brackets and wires last quarter that helped in 2Q -- did that $10 million fully reverse mostly in brackets and wires this quarter? Would that 5% core growth that you're saying on an adjusted basis this quarter then be closer to maybe 6%, 6.5%, if I adjust for that?

艾瑞克，我的第一個問題想重點談談第三季的有機成長調整。如果將 SPARK 遞延收益考慮在內，那就是 5%。我認為，這很容易理解，也很容易得出結果。上季提前到帳的 1000 萬美元（大部分以括號和電線形式存在）是否對第二季有所幫助？這 1000 萬美元是否在本季度完全回落（大部分以括號和電線形式存在）？如果您將本季調整後的核心成長率設定為 5%，那麼如果我進行相應調整，這個數字是否會更接近 6% 或 6.5%？

Just anything else that I should adjust for to get to a cleaner core number for the quarter. Thanks.

還有什麼需要調整的嗎？這樣才能得到更精確的季度核心數據。謝謝。

Yeah. No. Jeff, I think you got the numbers.

是的。不。傑夫，我覺得你已經掌握了數據。

The SPARK deferral obviously is pretty easy to pick up, off of the year-on-year revenue bridge.

SPARK 的遞延付款顯然很容易從逐年收入過渡中扣除。

And then, I would just confirm that we believe, to the best of our data -- and our data's pretty solid -- that we're not exiting -- we did not exit Q3 with any price buy-ahead still in the system. That's to say that it all reversed out in Q3.

然後，我只想確認，根據我們掌握的數據——而且我們的數據相當可靠——我們相信，我們沒有退出——我們在第三季結束時，系統中沒有任何提前買入的部位。也就是說，第三季情況完全逆轉了。

For the most part, I think we talked about it on the last quarter call, as well as follow-ups, that about half of that was in our Specialty & Technologies segment and quite a bit of that was in brackets and wires. I think we said it within our pre-read remarks, brackets and wires was flat. That's part of the reason for that so you're correct.

我認為，我們在上一季度電話會議以及後續會議中主要討論過這個問題，其中大約一半來自我們的特種及技術部門，而其中相當一部分來自支架和鋼絲。我認為我們在預讀評論中已經說過，括號和電線是平的。這正是部分原因所在，所以你說得對。

And then, back to your question on underlying growth, I would just say that our underlying growth in Q3 within that 5% to 6% range, if you want to take the buy-ahead reversal out -- and I simply ranged it because I do think there's a little bit of variation around how much of that $10 million was in Q2 or Q3.

然後，回到你關於潛在增長的問題，我想說的是，如果我們排除提前買入的反轉因素，我們第三季度的潛在增長在 5% 到 6% 的範圍內——我只是給出了一個範圍，因為我認為這 1000 萬美元中有多少季度是在第二季度或第三季度，存在一些差異。

It's our best estimate but it's not precise.

這是我們目前的最佳估計，但並不精確。

All right. Fair enough.

好的。很公平。

And then, Paul, just on the VBP comments you had. One of your competitors is talking about starting to see in 3Q a little bit of inventory drawdown on the implant side, expecting a larger drawdown in Q4 and Q1 before then benefits start to flow in later in the year. That's a pretty standard pattern of two or three quarters of inventory reductions; then you pause, then you start to get the volume recovery and maybe even demand recovery a quarter or two after the VBP.

然後，保羅，就你之前對VBP的評論而言。你的一個競爭對手錶示，在第三季度開始看到植入物方面的庫存略有下降，預計第四季度和第一季會下降更多，然後在今年晚些時候開始產生效益。這是一個相當標準的模式，即庫存減少兩到三個季度；然後暫停，然後在 VBP 之後的一兩個季度開始恢復銷量，甚至可能恢復需求。

Should we be modeling -- I think you're at about $100 million annualized in implant revenue in China, should we take that same pattern into account as we model, even if we don't yet know full details on implant VBP there?

我們是否應該建立模型——我認為你們在中國每年的植入物收入約為 1 億美元，我們在建立模型時是否應該考慮同樣的模式，即使我們還不完全了解中國植入物價值導向型支付 (VBP) 的細節？

Just any guidance you'd give us over the next few quarters on that $100 million business line. Thanks.

在接下來的幾個季度裡，您能否就這項價值 1 億美元的業務線提供一些指導意見？謝謝。

Yeah. I'd say three things about the expected implant VBP 2.0.

是的。關於即將推出的 VBP 2.0 植入體，我想說三點。

The first thing I'd say, again, is it's expected but hasn't been communicated.

我首先要說的是，雖然這種情況是在意料之中，但並沒有對外公佈。

The second thing I would say is your general expectation in regards to the destocking, followed by the new price level; and then, our restocking impact, which magnifies the growth in the bounce-back quarters, is what we expect. I think you're right on with that.

第二點我想說的是，您對去庫存的總體預期，以及新的價格水平；然後，我們預計補貨的影響（這將放大反彈季度的增長）會如何。我覺得你說得對。

The third reminder I would give is we expect VBP 2 to be smaller than VBP 1. So smaller in terms of the price decline and smaller in terms of the inventory impact.

第三點提醒是，我們預期 VBP 2 將小於 VBP 1。因此，價格下降幅度較小，庫存影響也較小。

The market also is smarter this time around, having gone through it first with implants and now currently with ortho.

這一次，市場也更加成熟了，因為他們先經歷了植牙的衝擊，現在又經歷了矯正的衝擊。

But I think you've described the general trends correctly, Jeff.

但我認為你對總體趨勢的描述是正確的，傑夫。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

Hi. This is [Linda Bulldog], on for Erin Wright. Thanks for taking our question.

你好。這位是琳達·布爾道格，她將代替艾琳·賴特上場。感謝您回答我們的問題。

Given the latest quarterly results in SP&T, what are you seeing in terms of the balance around brackets and wires and clear aligners? Do you think clear aligners are back to taking share? Thank you.

根據 SP&T 最新的季度業績，您認為托架和鋼絲與隱形矯正器之間的市場平衡情況如何？你認為隱形矯正器會重新佔據市場份額嗎？謝謝。

Yeah. We got this question on the Q2 call, as well. We don't see a material shift between use of brackets and wires and clear aligners. We focus on the Orthodontic segment for our Clear Aligner business. Of course, we focus exclusively on the Orthodontic segment for brackets and wires.

是的。我們在第二季財報電話會議上也被問到了這個問題。我們認為，使用托架和鋼絲矯正器與使用隱形矯正器之間並沒有實質的轉變。我們的隱形矯正器業務主要面向矯正領域。當然，我們只專注於矯正托架和鋼絲領域。

Our communications with doctors, they make a judgment on which therapy is best for a particular case, based on the age of the patient, the expected compliance of the patient, the severity of the case, et cetera.

我們與醫師溝通，他們會根據患者的年齡、預期患者的遵從性、病情的嚴重程度等因素，判斷哪種療法最適合特定病例。

And then, we just provide them what we think are two very good solutions, either for fixed appliance treatment or clear aligners.

然後，我們向他們提供我們認為非常好的兩種解決方案，一種是固定矯正器治療，另一種是隱形矯正器治療。

But we don't see any structural shift between the two.

但我們並未看到兩者之間有任何結構性轉變。

Jonathan Black, Stifel.

喬納森·布萊克，史蒂費爾。

Hey, guys. Good afternoon. Thanks for taking the questions.

嘿，夥計們。午安.謝謝您回答問題。

Maybe I'll just start on the Consumable side. Hopefully, I didn't miss anything. But, Paul, I thought you said, think about it as a stable market but Consumables were up double digits. So if you can talk to what drove the outperformance -- clearly above market, I would think; and then, any thoughts on, call it, sustainable share gains there, going forward.

或許我應該先從消耗品方面著手。希望我沒漏掉什麼。但是，保羅，我記得你說過，要把它看作是一個穩定的市場，但消費品價格卻上漲了兩位數。所以，如果您能談談是什麼因素推動了其優異表現——顯然高於市場平均水平——那就太好了；然後，您對未來能否實現可持續的市場份額增長有什麼看法？

Yeah. That's a good question, Jon.

是的。問得好，喬恩。

Our Consumables business has four pieces to it. It has the composites. The restorative business. It has an endo piece. It has an infection prevention piece. And let's call it, all other. We're seeing decent growth across all those components.

我們的耗材業務由四個部分組成。它含有複合材料。修復業務。它有一個內嵌部件。它具有防感染功能。我們姑且稱之為「其他所有情況」。我們看到所有這些組成部分都實現了不錯的成長。

We had particularly strong growth in the infection prevention piece so that might be playing a role. We also had very good performance with DSOs in the first half and, in particular, Q3 so maybe that's also playing a role.

我們在感染預防方面取得了特別強勁的成長，這可能起到了一定的作用。我們在上半年，特別是第三季度，DSO 的表現也非常好，所以這可能也起到了一定的作用。

In general, you'd know, having followed the category for so long, in times where consumer confidence is impacted like it is right now in the US, in particular, the Consumables business tends to do relatively better because it's typically covered by insurance and typically isn't impacted as much by any changes in consumer confidence. So I think that's going on.

一般來說，長期關注這個行業的人應該知道，在消費者信心受到衝擊的時候，尤其是在美國，消費品行業往往會表現得相對較好，因為它通常有保險保障，而且通常不會受到消費者信心變化的太大影響。所以我覺得事情就是這樣。

There's this ongoing refrain for decades in the industry that the branded consumables players would be displaced by private label. We just don't see that in our results.

幾十年來，業界一直存在著一種說法，即品牌消費品廠商將被自有品牌取代。我們的實驗結果並沒有顯示出這一點。

Got it. Very helpful. I'll shift gears for the second one.

知道了。很有幫助。第二個問題我換個說法。

This is a little bit of a tedious one. But Eric, if you can just help us, the SPARK deferral, what's left in 4Q, if anything? I thought you might have said $30 million, 2H; and then, ['27], so is it that stub? But also, if you can remind us, maybe, like, full year 25, full-year '26, where that may land? And then, anything that we should take into account from a margin perspective because, obviously, this is a pretty high drop-through when we start to shape and inform our EBITDA margins for '26?

這有點繁瑣。但 Eric，如果你能幫我們解決 SPARK 延期付款的問題，第四季還有什麼進展嗎？我以為你會說 3000 萬美元，2H；然後是 ['27]，所以是那個小數目嗎？另外，如果您能提醒我們一下，比如說，完整的第 25 年、完整的第 26 年，那可能會落在哪裡呢？那麼，從利潤率的角度來看，我們應該考慮哪些因素呢？因為很明顯，當我們開始製定和確定 2026 年的 EBITDA 利潤率時，這是一個相當大的下降幅度。

Thank you.

謝謝。

Yeah. Excellent, Jon. Thanks for the question.

是的。太好了，喬恩。謝謝你的提問。

Let me just walk from our original guide, which obviously gives you the numbers going all the way back to '24 to '25; and then, just bring it forward to year 2026 so bear with me.

讓我從我們最初的指南開始講解，其中顯然給出了從 24 年到 25 年的所有數字；然後，我們把它帶到 2026 年，請耐心聽我說。

We entered the year -- during our guidance, we talked about the fact that for 2025, we expected two-thirds of the 2024 headwind to turn into a tailwind. That tailwind in 2024 was about $45 million. Call it, $30 million for this year.

年初，我們在發布指導意見時曾談到，我們預計 2024 年的逆風將在 2025 年變成順風，屆時逆風的三分之二將會轉為順風。到 2024 年，這股順風將帶來約 4,500 萬美元的收益。姑且算上今年的3000萬美元吧。

First half was a very small net number. It was a little bit of a tailwind because Q1 was a little heavy. You guys saw the big number, obviously, in Q3. We've been estimating and projecting and forecasting that, telegraphing it for the full year. And so that leaves a, call it, a small impact: low- to mid -single digits in Q4. That will be a remaining tailwind year over year to get us to around $30 million for the full year.

上半場淨勝分非常低。由於第一節比賽用球有點重，所以算有點順風。你們顯然都看到了第三季的大幅成長。我們一直在進行估算、預測和展望，並提前公佈全年的情況。因此，這只會造成很小的影響：第四季的小幅至中幅個位數成長。這將繼續保持順風，使我們全年收入達到約 3000 萬美元。

You can then do the math on the balance that we would expect to get for 2026. So there is a little tailwind still left. It's certainly not as material as what we saw in Q3. It's certainly not as material as the full-year 2025.

然後你可以計算一下我們預計到 2026 年能獲得的餘額。所以現在還有一點順風。當然，這遠沒有我們在第三季看到的那麼重要。當然，它不像 2025 年全年那麼重要。

And then, the other thing I just want to communicate because I know several of our sell-side analysts are tussling with this: I think the best way to think about Envista, going forward, and the Spark business, going forward, is that the absolute revenues and the absolute profit that we just reached in Q3 -- and I know you're modeling it -- that is the right basis for taking the business, going forward.

還有一點我想說明，因為我知道我們幾位賣方分析師正在為此爭論不休：我認為展望 Envista 和 Spark 業務的未來，最好的方法是，我們剛剛在第三季度達到的絕對收入和絕對利潤——我知道你們正在建立模型——是未來業務發展的正確基礎。

Said another way: The tailwind that we got this quarter is not a headwind as we get into 2026. We don't have a comparable problem, right?

換句話說：我們本季獲得的順風，到了 2026 年就不會變成逆風了。我們沒有類似的問題，對吧？

I mentioned that because I know there's a few analysts that are out there dealing with that.

我之所以提到這一點，是因為我知道有一些分析師正在研究這個問題。

And then, in terms of profitability, I'll just go back to what Paul mentioned right at the top, whether it's continued growth in the business continued case start improvements, a good trend that we have going on in terms of unit cost down; and then, portfolio; and even some of the design cost changes, we do expect to make further improvements on the profitability of the business.

至於獲利能力，我只想回到保羅一開始提到的，無論是業務的持續增長、案例的持續改進，還是單位成本下降的良好趨勢，以及產品組合的優化，甚至一些設計成本的變化，我們都期望能夠進一步提高業務的盈利能力。

But this is also a business that is becoming more and more integrated, if you will, around the Ormco platform and with brackets and wires. And so we probably won't talk as much about the pure profitability, as we roll forward.

但這項業務也正變得越來越整合，圍繞著 Ormco 平台以及支架和鋼絲。因此，隨著我們不斷前進，我們可能不會再多談論純粹的獲利能力。

But I think an important point in all of that is the dollars of revenue and the dollars of profit in Q3 are a good basis going forward, given the fact that the vast majority of our deferral tailwind is now behind us.

但我認為，這一切中的一個重要點是，鑑於我們絕大部分的遞延利好因素現在已經過去，第三季的收入和利潤金額為未來的發展奠定了良好的基礎。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

Yeah. Thanks.

是的。謝謝。

Somewhat building off on your comments from just a second ago, we've seen just around clear aligners, one or two of your competitors this quarter actually talking about getting better ROI on clear aligner marketing spend, both towards practitioners and consumers to drive better clear aligner volume trends.

承接您剛才的評論，我們看到，就隱形矯正器而言，本季度您的一兩個競爭對手實際上正在談論如何提高隱形矯正器行銷支出的投資回報率，無論是針對從業人員還是消費者，以推動更好的隱形矯正器銷售趨勢。

In your journey on getting to this positive operating profit, just remind us whether or not you think your current level of marketing spend, as related to SPARK franchise, is adequate in that context? Is there any color, just, on where does annual marketing spend directionally go from here for SPARK, either on an absolute dollar basis or percent of revenue basis, if you think about it in that context?

在您努力實現正營業利潤的過程中，請您提醒我們，您認為目前與 SPARK 特許經營相關的行銷支出水準是否足夠？如果從這個角度來看，SPARK 的年度行銷支出未來的發展方向，無論是以絕對金額還是佔收入的百分比來衡量，是否有任何明確的方向？

Thanks. Yeah.

謝謝。是的。

I think short answer is we do feel like the business is appropriately supported at present. There are a few markets left to enter, geographic markets, so that would be a marginal increase in spend as we enter those. But, for the most part, it's a $300 million business, right now. It's at scale.

簡而言之，我們認為公司目前得到了適當的支持。還有幾個市場尚未進入，即地理市場，因此進入這些市場時支出只會略有增加。但就目前而言，這主要是一個價值 3 億美元的產業。它已經達到規模化水平。

Michael Sarcone, Jefferies.

Michael Sarcone，傑富瑞集團。

Hey. Good afternoon. Thanks for taking the question.

嘿。午安.感謝您回答這個問題。

Maybe just on diagnostics, can you elaborate on what you're seeing in the recent trends; and maybe give us some color on your outlook for growth, going forward?

或許僅就診斷方面而言，您能否詳細說明您觀察到的近期趨勢；以及您對未來成長前景的展望？

Yeah. Good question. Good to get a diagnostics and a Consumables question in the quarter so grateful for that.

是的。問得好。很高興本季能收到關於診斷和耗材方面的問題，非常感謝。

Diagnostics, maybe to set the table, it's been a couple-year contraction for the category. Most of the players have reported something similar.

診斷領域，或許可以先說明一下，該領域已經連續幾年處於萎縮狀態。大多數玩家都反映了類似的情況。

For us, it's been several quarters of contraction until Q2 of this year, where it turned positive. And then, we were pleased to see a second successive quarter of positive growth for our Diagnostics business here in Q3.

對我們來說，直到今年第二季才開始出現正成長，此前幾季一直處於萎縮狀態。然後，我們很高興地看到，我們的診斷業務在第三季連續第二季實現了正成長。

That was helped by an important launch we had in our IOS business, which sits in our diagnostics platform. That's our Imprevo IOS.

這得益於我們在 iOS 業務方面的一次重要發布，該業務位於我們的診斷平台中。這就是我們的 Imprevo iOS。

When people think about what has caused the preceding contraction of the category, they report to -- or they point to a couple of macro factors. One is directly related to interest rates.

當人們思考導致該類別先前收縮的原因時，他們會提到——或者他們會指出幾個宏觀因素。其中一項與利率直接相關。

Interest rates impact the business in two ways.

利率對企業的影響體現在兩個方面。

First, interest rates impact how fast either individual clinicians or DSOs open new sites. When you open new sites, you have to add diagnostic equipment. We have the largest installed base globally and are the market leader in North America so when site additions slow, that impacts us.

首先，利率會影響個別臨床醫師或牙科服務機構開設新診所的速度。開設新站點時，需要添置診斷設備。我們擁有全球最大的用戶群，並且是北美市場的領導者，因此當網站新增速度放緩時，就會對我們產生影響。

The second way that interest rates play out, of course, is for an individual clinician, they finance the purchase so higher interest rates make them less likely to update their equipment.

當然，利率影響的第二種方式是，對於個別臨床醫生而言，他們需要貸款購買設備，因此較高的利率會降低他們更新設備的可能性。

As interest rates start to come down, that's helpful. We're starting to see DSOs and individual clinicians on the margin start to open new sites again. So both of those are supportive for the diagnostic category.

隨著利率開始下降，這會有所幫助。我們開始看到一些牙科服務機構和邊緣的個別臨床醫生開始重新開設新的診所。所以這兩項都對診斷類別有所助益。

Far too early to call a change here. We're, like you, excited to hear how other participants in the market performed in Q3. But for us, at least, we have two positive data points now and the underlying what-we-can-control investment and performance of the business is pretty good.

現在就斷言情況會有所改變還為時過早。和您一樣，我們也非常期待了解其他市場參與者在第三季的表現。但至少對我們來說，我們現在有兩個積極的數據點，而且我們能夠控制的投資和業務表現都相當不錯。

Brandon Vazquez, William Blair & Company.

Brandon Vazquez，William Blair & Company。

Hey, everyone. Thanks for taking the question. This is [Russell], on for Brandon. Just one for me.

大家好。感謝您回答這個問題。這是[Russell]，他替補Brandon上場。我只留一個。

You guys touched on it a little earlier but an interesting topic right now is DSOs. Could you maybe comment more on any particular strength in the DSO market today, given the current environment; and maybe your competitive positioning and key drivers of opportunity in the market?

你們之前稍微提到過，但現在一個有趣的話題是 DSO（數位示波器）。鑑於當前市場環境，您能否就目前DSO市場的優勢、您的競爭定位以及市場機會的關鍵驅動因素等問題發表更多評論？

Sure. As is the case for most of the bigger suppliers, DSOs are a very important segment for us. When I joined Envista maybe a year and a half ago, I moved our North American key account team to report directly to me, reflecting the importance of that customer segment.

當然。與大多數大型供應商一樣，應收帳款週轉天數 (DSO) 對我們來說是一個非常重要的部分。大約一年半前，當我加入 Envista 時，我將北美重點客戶團隊直接向我報告，這反映了該客戶群的重要性。

I think the increased focus is starting to yield benefits. In North America, we had double-digit growth for our Imaging business across our top 20 or so partnerships. Our CBCP platform, for example, is now installed in all 1,000-plus locations of one of the largest US DSOs. We had high single-digit growth for both Nobel and Ormco in Q3, again, in North America. We have double-digit growth in our Consumables business.

我認為這種更重視的做法已經開始產生效果了。在北美，我們的影像業務在前 20 大合作夥伴中實現了兩位數的成長。例如，我們的 CBCP 平台目前已安裝在美國最大的 DSO 之一的所有 1000 多個地點。第三季度，諾貝爾和奧姆科在北美地區的業績再次實現了高個位數成長。我們的耗材業務實現了兩位數的成長。

In Europe, we're also seeing good performance for DSOs. Ormco was up double digits. We had high-single digits in brackets and wires; strong double-digit growth in SPARK.

在歐洲，我們也看到配電系統營運商（DSO）表現良好。Ormco股價上漲兩位數。我們在括號和電線業務方面實現了接近兩位數的成長；SPARK 業務實現了強勁的兩位數成長。

And then, even in China, DSOs are a bright spot for us. Our Nobel business had high single-digit growth in Q3. Ormco had positive growth despite the destocking in preparation for VBP. That was mentioned in an earlier question.

即使在中國，配電系統營運商（DSO）也是我們的一大亮點。我們的諾貝爾業務在第三季度實現了高個位數成長。儘管為了準備VBP而進行去庫存，Ormco仍實現了正成長。之前的問題中已經提到過這一點。

So we're focused on DSOs. That focus is paying off.

所以我們專注於配電系統運營商（DSO）。這種專注正在發揮成效。

David Saxon, Needham.

大衛‧薩克森，尼德姆。

Great. Thanks for taking my questions, Paul and Eric. Congrats on the quarter.

偉大的。謝謝保羅和艾瑞克回答我的問題。恭喜你本季取得佳績。

Maybe I'll start with Eric. In a couple earlier questions, you talked about guidance as rounding up to 14% for the EBITDA margin. I think the Capital Markets Day targets implied around 50 basis points of improvement per year. You also talked about offsetting tariffs, I believe, earlier on the call.

或許我可以先從艾瑞克開始。在先前的幾個問題中，您提到 EBITDA 利潤率的預期是向上取整到 14%。我認為資本市場日的目標意味著每年大約有 50 個基點的改善。我記得，您在之前的電話會議中也談到了關稅抵消的問題。

If we take those comments, it seems like you're tracking to where consensus is in the low 14% range for next year. But then, you just talked about how third quarter's margin performance is a good basis for going forward, which would, I think, put you closer to 15%.

如果採納這些評論，看來你的觀點與明年普遍預期的14%左右的幅度相符。但是，你剛才提到第三季的利潤率表現是未來發展的良好基礎，我認為這將使你的利潤率更接近 15%。

So can you just help parse through all that? Like, where do you think margins could go high level at this point for next year?

所以你能幫忙梳理一下這些內容嗎？你認為明年利潤率在哪個階段能達到高點？

Yeah. Yeah. Absolutely, David. Appreciate it.

是的。是的。當然，大衛。謝謝。

I would just start with second-half 2025, inclusive of the calculated margins for Q4 based on our approximate, 14%. That's a good way to think about our margins as we go forward.

我建議從 2025 年下半年開始，其中包括根據我們估計的 14% 的第四季度利潤率計算得出的利潤率。這是我們在未來發展中思考利潤率的一個好方法。

And then, much too early for 2026 but we still very much see next year being a proxy, if you will, of the algorithm or the financial framework that we laid out in Capital Markets Day, which was having a core growth rate midpoint of our range, around 3%; and then leverage, right, so think adjusted EBITDA growth, adjusted EPS growth, and what basically that formulary said -- is that we have the ability to get leverage as we work from growth down through the bottom lines of the P&L.

現在談論 2026 年還為時過早，但我們仍然認為明年可以作為我們在資本市場日提出的演算法或財務框架的參考，該框架的核心增長率處於我們預期範圍的中點，約為 3%；然後是槓桿，對吧，想想調整後的 EBITDA 增長、調整後的 EPS 增長，以及該損公式基本上獲得的——我們有能力在增長到底線的過程中獲得槓桿。

Some of that is going to come from a few of the trends that we're seeing. I would just say improvements that are happening in 2025 so continued good core growth; good growth margins; continued improvements in SPARK, based on, again, some of the earlier comments.

其中一些結果將源自於我們觀察到的一些趨勢。我只想說，2025 年將會出現一些改進，例如持續良好的核心成長；良好的成長利潤率；SPARK 的持續改進，這些都是基於之前的一些評論。

We put a lot of focus this year into G&A. We'll make progress next year, probably not at the same rate. But we have levers to use to really operate within that Capital Markets Day framework where we do expect to get leverage on top of the growth.

今年我們把很多精力放在了一般及行政費用上。明年我們也會取得進展，但速度可能不會像今年這麼快。但我們擁有一些槓桿，可以在資本市場日框架內真正運作，我們期望在成長的基礎上獲得槓桿效應。

So all in all, I think aligned with what we said not just nine months ago.

總而言之，我認為這與我們九個月前所說的一致。

Kevin Caliendo, UBS.

瑞銀集團的凱文·卡利恩多。

Good evening. This is Dylan Finlay, on for Kevin. Congrats on the results, guys.

晚安.這裡是迪倫芬利，替凱文發言。恭喜各位取得好成績！

If I could just circle back to SPARK. If we could break down the high-teens core growth that you guys saw, how would you compartmentalize that between same-store sales versus new geographies or new offices that you've gotten into?

如果我能再回到 SPARK 的話題就好了。如果我們能將你們看到的十幾個百分點的核心成長進行細分，你們會如何將其區分為同店銷售額成長和新地區或新辦事處的銷售成長？

One of your competitors recently called out some pressure in US of the retail doc segments of the non-DSO part of the market. Curious about your experience there. Any divergence in behavior or order patterns between types of docs here in the US?

你的一位競爭對手最近指出，美國零售文件領域（非DSO市場部分）面臨一些壓力。很好奇你在那裡的經歷。美國不同類型的醫生在行為或訂單模式上是否有差異？

Yeah. Let's see, you had two parts to your question: trying to break down the SPARK growth -- does it differ by geography and then, does it differ between individual clinicians or what some people call retail and DSOs?

是的。嗯，你的問題分為兩部分：試圖分析 SPARK 的成長——它是否因地域而異，以及它在個別臨床醫生或一些人所說的零售和 DSO 之間是否有所不同？

I can talk about our business, specifically. We had high-single-digit growth in North America. We had double-digit growth in all other major geographies, except for China. So we have good growth pretty much across all geographies.

我可以具體談談我們公司的業務。我們在北美實現了接近兩位數的成長。除中國以外，我們在所有其他主要地區都實現了兩位數的成長。因此，我們在幾乎所有地區都實現了良好的成長。

With respect to DSOs versus individual clinicians for our SPARCK business, we tend to do, on a relative basis, even better with individual clinicians. That's because -- again, remember, we focus on orthodontists and DSOs typically over-indexed to GPs. So when we call on a pure-play orthodontist, we are, I think, competitively advantaged. We don't go as aggressively to DSOs with SPARK, again, because we focus on specialists and they tend to be mostly GPs.

就我們的 SPARCK 業務而言，與 DSO 和個別臨床醫生相比，我們往往在相對意義上做得更好，尤其是在個別臨床醫生方面。這是因為——再次提醒，我們主要關注正畸醫生和牙科服務機構，而這些機構通常比全科醫生更受重視。所以，當我們聘請專攻正畸的醫生時，我認為，我們具有競爭優勢。我們不會像對待 SPARK 那樣積極地與 DSO 合作，因為我們專注於專科醫生，而他們往往大多是全科醫生。

So maybe that gives some useful color.

或許這能提供一些有用的信息。

That's very helpful. And then, just one clarification question. One of my colleagues asked about China VBPs, China implants maybe being around $100 million annually in sales. That's where we got around to.

那很有幫助。最後，還有一個需要澄清的問題。我的一位同事問起中國的VBP（價值型骨植入）市場，中國植牙的年銷售額可能約1億美元。我們最後就講到了那裡。

Does your current-year guidance contemplate any fourth-quarter destocking phenomena similar to what you saw in VBP 1.0? Or do you think at this stage it's not necessarily likely that that's even going to happen?

貴公司今年的業績指引是否考慮了類似VBP 1.0中出現的第四季去庫存現象？還是你認為現階段這種情況發生的可能性不大？

Yeah. Good question.

是的。問得好。

Short answer is yes. Our guidance does contemplate what we believe will happen with VBP. For us, it's a little bit of a two-part scenario.

簡而言之，答案是肯定的。我們的指導意見確實考慮到了我們認為VBP將會發生什麼。對我們來說，這有點像是包含兩個部分的情況。

Because we have an Orthodontic Brackets and Wires business, there's still some remaining question on how things play out in Q4. But that will likely be a good grower for us in fourth quarter because one year ago, we were seeing the preparation for VBP happening, which is to say that our business was at a slightly lower base.

由於我們有正畸托槽和鋼絲業務，因此第四季度的情況如何仍存在一些疑問。但這很可能成為我們第四季度的良好成長點，因為一年前，我們看到了 VBP 的準備工作正在進行，也就是說，我們的業務基數略低。

We also believe there will be some impact, as you're alluding to, in implants where, whether it's channel or whether it's broader market, we'll see a little bit of contraction. Our estimates, as you mentioned, do contemplate that.

我們也認為，正如您所暗示的那樣，植入物領域也會受到一定影響，無論是通路還是更廣泛的市場，我們都會看到一些萎縮。正如您所提到的，我們的估算確實考慮到了這一點。

So we think it's likely and it's within our guide that we gave.

所以我們認為很有可能，而且這符合我們所提供的指導原則。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey. Good afternoon. Thanks for squeezing me in here. Sorry if I missed it. Busy afternoon. I've been bouncing around some calls. Apologies if this has been asked. Tell me just to go check the transcript.

嘿。午安.謝謝你擠出時間讓我過來。如果我錯過了，請見諒。忙碌的下午。我一直在接一些電話。如果這個問題之前有人問過，我深感抱歉。讓我去查成績單就行了。

It was good to see the growth durability in implants, think low -single digits. Can you break out the growth between Challenger and Premium during the quarter within that total LSD growth? And then, can you speak to the confidence of taking a step forward with implant growth from where you're at, knowing that comps turn a bit tougher and the broader market still is fairly stable here?

很高興看到植體的生長持久性，想想看，個位數的生長速度。能否將本季挑戰者（Challenger）和高級（Premium）兩類產品之間的成長在 LSD 總成長中單獨列出？那麼，考慮到競爭變得更加激烈，而整體市場仍然相當穩定，您能否談談您目前在植牙領域繼續前進的信心？

Yeah. Yeah. Sounds good, Jason.

是的。是的。聽起來不錯，傑森。

Within the quarter, you mentioned low-single digits for implants, I would just say we had a strong Premium result within there; and then, Challenger was closer to flat within the quarter.

您提到本季植牙業務成長了幾個位數，我只想說，我們的高階產品業績表現強勁；而挑戰者業務在本季則基本持平。

We have a little bit of variability in our Challenger results, just based on it being number one, a small business; and then, some of the geos that we participate in. We expect our Challenger business to grow on a full-year basis.

我們的挑戰者結果有些差異，原因在於排名第一的是一家小型企業；此外，我們參與的某些地區也存在差異。我們預計 Challenger 業務將全年成長。

We think that our print, if you will, or level of performance for Premium in the quarter is a good baseline for us, at least in the near term. It's been a solid performing business for us this year.

我們認為，本季高級產品的銷售或業績水準對我們來說是一個很好的基準，至少在短期內是如此。今年以來，這項業務表現一直很穩健。

Total implants grew for the fourth straight consecutive quarter. I would say, in total, that's a good way to think about the business, at least in the near-term forward view.

植入物總數連續第四個季度成長。總的來說，我認為這是一種思考業務的好方法，至少從近期展望來看是如此。

Thank you. There are no further questions at this time.

謝謝。目前沒有其他問題了。

I will now turn the call over to Paul Keel for closing remarks. Please go ahead.

現在我將把電話交給保羅·基爾，請他作總結發言。請繼續。

All right. Thanks, everyone, for tuning in.

好的。感謝大家的收看。

I'll just quickly underline a couple of thoughts to put a wrap around the quarter.

我只想快速概括幾點想法，為本季畫下句點。

First, as you saw from the results, Q3 was another step forward for Envista. We had good core revenue growth converting into double-digit adjusted EBITDA and EPS growth.

首先，正如您從結果中看到的，第三季度對於 Envista 而言又是一次進步。我們的核心收入實現了良好的成長，並轉化為兩位數的調整後 EBITDA 和 EPS 成長。

Similarly, encouraging our performance was generally broad-based, with all major businesses, again, delivering positive growth.

同樣，我們業績的提升總體上是全方位的，所有主要業務再次實現了正增長。

Underlying all that, we continue to focus on executing the plan that we shared at our Capital Markets Day in March, showing ongoing progress in our growth operations and people priorities.

在此基礎上，我們繼續專注於執行我們在 3 月資本市場日上分享的計劃，並在成長營運和人員優先事項方面取得持續進展。

So I think that well covers it for the day. Thank you, again, for tuning in.

我想今天就到這裡吧。再次感謝您的收看。

Wish everyone a good afternoon and remainder of the week. Thanks.

祝大家下午愉快，也祝福大家本週剩下的日子一切順利。謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for your participation. You may now disconnect.

感謝各位的參與。您現在可以斷開連線了。