Envista Holdings Corporation (NVST) 2026 Q2 法說會逐字稿

Hello. My name is Chloe, 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 2026 earnings results conference call. (Operator Instructions) I will now turn the call over to Mr. Jim Gustafson, Vice President of Investor Relations of Envista Holdings. Mr. Gustafson, you may begin your conference.

您好。我叫 Chloe，今天下午將擔任本次電話會議的主持人。此刻，我謹代表公司歡迎各位參加 Envista Holdings Corporation 2026 年第二季財報電話會議。(接線員指示) 現在我將把電話交給 Envista Holdings 投資人關係副總裁 Jim Gustafson 先生。Gustafson 先生，您可以開始了。

Good afternoon. Thanks for joining Envista's second quarter 2026 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. Before I 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 available on the Investors section of our website, www.envistaco.com.

各位下午好。感謝各位參加 Envista 2026 年第二季財報電話會議。我們感謝各位對本公司的關注。今天與我一同出席的有：總裁兼執行長 Paul Keel，以及財務長 Eric Hammes。在我開始之前，我想提醒各位：我們的新聞稿、補充今日電話會議的簡報投影片，以及依據美國證券交易委員會（SEC）Regulation G 就本次電話會議中所提供之任何非 GAAP 財務衡量指標所需的對帳與其他資訊，皆可於我們網站 www.envistaco.com 的「投資人」專區取得。

The audio portion of this call will be archived in 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. The supplemental materials describe additional factors that impacted our results.

本次電話會議的音訊內容將於今日稍晚存檔於我們網站「投資人」專區的「活動與簡報」項下。在簡報過程中，我們將說明影響年對年表現的一些較重要因素。補充資料中亦說明了其他影響我們業績的因素。

Unless otherwise noted, references in these remarks to company-specific financial metrics relate to the second quarter of 2026, 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.

除非另有說明，本次發言中提及的公司特定財務指標均係指 2026 年第二季；而提及各期間財務指標的增減，均為年對年比較。在本次電話會議中，我們可能會提及某些產品與解決方案，其應用已提交且仍待取得特定監管核准，或僅於特定市場提供。

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, and actual results may differ materially from any forward-looking statements that we make today.

我們也將在聯邦證券法所定義的範圍內作出前瞻性陳述，包括關於我們相信、預期或可能在未來發生的事件與發展之陳述。這些前瞻性陳述受多項風險與不確定性影響（包括我們向 SEC 提交之文件中所載者），實際結果可能與我們今日所作的任何前瞻性陳述存在重大差異。

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

這些前瞻性陳述僅截至其作出之日有效；除法律另有規定外，我們不承擔更新任何前瞻性陳述之義務。接下來我把電話交給 Paul。

Thank you, Jim. Good afternoon, and welcome, everyone. On today's call, I'll kick us off with a summary of our Q2 performance. Eric will then take us through the numbers in more detail, and I'll wrap things up with some closing thoughts before opening it up for Q&A. In the second quarter, we continued our momentum in executing on our growth and operational plans, delivering a strong first half to the year with core growth of just over 7%.

謝謝你，Jim。各位下午好，歡迎大家。在今天的電話會議中，我將先就我們第二季（Q2）的表現做一個摘要。接著 Eric 會更詳細地帶大家看數字；之後我會在開放問答（Q&A）前做一些結語。第二季我們持續推進成長與營運計畫的執行動能，上半年交出強勁成績，核心成長率略高於 7%。

The dental market continued to show its characteristic resilience as patient demand for dental care remained stable despite macro pressures. For the second quarter, Envista posted a 5% core growth, delivering balanced growth across both reporting segments and all major geographies. Spark once again grew double digits.

牙科市場持續展現其一貫的韌性，儘管面臨總體環境壓力，病患對牙科照護的需求仍維持穩定。就第二季而言，Envista 核心成長 5%，兩大報告部門與所有主要地區皆呈現均衡成長。Spark 再次達成雙位數成長。

Consumables and diagnostics were up high single digits, and implants in total ortho were up low single digits. Our continued growth and focus on operational excellence led to another quarter of both gross and EBITDA margin expansion, up 70 and 230 basis points, respectively, a strong top line converted to even stronger earnings growth, with adjusted EBITDA up 28% and EPS growing 58%.

耗材與診斷業務成長達高個位數；植體以及整體正畸（ortho）成長為低個位數。我們持續成長並聚焦營運卓越，使本季毛利率與 EBITDA 利潤率再度擴張，分別提升 70 個基點與 230 個基點；強勁的營收成長轉化為更強勁的獲利成長，調整後 EBITDA 成長 28%，每股盈餘（EPS）成長 58%。

We also had strong free cash flow conversion in the quarter, coming in at 158%. Alongside this, we purchased 2.4 million additional shares in Q2. And rounding out slide 4, based on our strong first half performance and continued momentum, we're raising our full year guidance.

本季自由現金流轉換率亦表現強勁，達到 158%。同時，我們在第二季額外回購 240 萬股。最後，回到投影片第 4 頁，基於上半年強勁表現與持續動能，我們上調全年財測指引。

Our updated 2026 expectations are now for core growth to grow 3.5% to 4.5%, adjusted EBITDA to grow 11% to 14% and adjusted EPS of $1.50 to $1.55. Let's now turn to progress we made in the quarter in support of our three core priorities of growth, operations and people.

我們更新後的 2026 年展望為：核心成長 3.5% 至 4.5%；調整後 EBITDA 成長 11% 至 14%；調整後 EPS 為 1.50 至 1.55 美元。

Starting with growth, we delivered continued broad-based performance across the portfolio with balanced contributions coming from both reporting segments, all major geographies and volume and price. In terms of segment performance, core growth in Equipment & Consumables was 8.5% as both diagnostics and consumables were up high single digits.

先從成長談起，我們在整體產品組合上持續交出廣泛且均衡的表現，兩大報告部門、所有主要地區，以及銷量與價格皆有均衡貢獻。就部門表現而言，「設備與耗材」的核心成長為 8.5%，其中診斷與耗材皆成長達高個位數。

Core growth in Specialty Products & Technologies was up over 3%, with Spark again growing double digits but brackets and wires down high single digits, impacted by a strong prior year comp that benefited from customers buying ahead of announced tariff and price activity. Implants grew low single digits, in line with the market. Geographically, North America, Europe, APAC and Latin America all grew nicely, with new products continuing to play an important role, and I'll provide further detail on this in just a moment.

「專科產品與技術」核心成長超過 3%；Spark 再次達成雙位數成長，但托槽與弓絲下滑達高個位數，主要受去年同期高基期影響——當時客戶因應已公告的關稅與價格調整而提前拉貨。植體成長為低個位數，與市場表現一致。就地區而言，北美、歐洲、亞太與拉丁美洲皆有不錯成長；新產品持續扮演重要角色，我稍後會提供更進一步的細節。

Turning to operations. We continue to see widespread benefits from our Envista Business System. Improving manufacturing productivity helped drive our gross margin expansion; and when combined with sustained G&A productivity, adjusted EBITDA margin expanded by 230 basis points. We further reduced our effective tax rate in Q2, contributing to the very strong EPS growth that I mentioned earlier.

接著談營運。我們持續看到 Envista Business System 帶來的廣泛效益。製造生產力提升推動毛利率擴張；再加上持續的管理費用（G&A）生產力改善，調整後 EBITDA 利潤率擴張 230 個基點。我們在第二季進一步降低有效稅率，亦促成我先前提到的非常強勁 EPS 成長。

And with respect to people, we continue to advance our high-performing continuous improvement culture through numerous customer, employee and charitable events around the world. I had the good fortune to participate in several of these, including an Envista Smile Project mission to the Dominican Republic, where we treated approximately 1,500 patients, continuing to live our long-standing purpose of partnering with clinicians around the world to improve patients' lives.

至於人才方面，我們透過全球多場客戶、員工與公益活動，持續推進高績效的持續改善文化。我也很榮幸能參與其中數場活動，包括 Envista Smile Project 前往多明尼加共和國的任務行動，我們為約 1,500 名病患提供治療，持續實踐我們長期以來的宗旨：與全球臨床醫師合作，改善病患生活。

Now coming back to the central role that new product innovation is playing in our growth, slide 6 touches on three of the new product launches we had during the quarter. We covered some implants and diagnostics new products on the Q1 call, so we'll focus on consumables and ortho today. We had two important launches in our consumables business, one in endodontics and one in general dentistry. ZenSeal Pro is an all-in-one bioceramic endodontic sealer.

回到新產品創新在我們成長中所扮演的核心角色，投影片第 6 頁提到本季推出的三項新產品。我們在第一季電話會議已介紹部分植體與診斷的新產品，因此今天將聚焦於耗材與正畸。我們在耗材業務有兩項重要上市：一項在根管治療（endodontics），另一項在一般牙科。ZenSeal Pro 是一款一體式生物陶瓷根管封閉劑。

The product category is used in most root canal procedures, which is the largest segment within the $1 billion-plus endodontic category. This solution is used to close gaps between filling material and the canal wall, and this particular product is novel in two respects. First, the flowable bioceramic formulation creates an alkaline environment that helps block bacterial formation, a central objective of the procedure.

此產品類別用於多數根管治療程序，而根管治療是規模超過 10 億美元的根管治療市場中最大的細分領域。此解決方案用於封閉填充材料與根管壁之間的縫隙，而此產品在兩個方面具創新性。第一，其可流動的生物陶瓷配方可形成鹼性環境，有助於阻斷細菌生成，這也是該程序的核心目標。

Second, the product is delivered through specially engineered tips that improve access in complex anatomies while also reducing material waste by roughly one third, resulting in improvements in both clinical efficacy as well as efficiency. DemiPro is a lightweight cordless curing light.

第二，該產品透過特殊設計的注入頭（tips）進行輸送，可在複雜解剖結構中提升可及性，同時將材料浪費降低約三分之一，因而在臨床療效與效率兩方面皆有所提升。DemiPro 是一款輕量化的無線光固化燈。

Curing lights are broadly used across many restorative dental procedures. This solution is ergonomically designed to reduce fatigue while also improving access by way of a 360-degree rotatable tip. Our consumables business has been consistently gaining share across the last several quarters, and we expect these two innovations to further build on that momentum.

光固化燈廣泛用於多種牙科修復程序。此解決方案採人體工學設計，可降低疲勞，並透過 360 度可旋轉燈頭提升操作可及性。我們的耗材業務在過去數季持續擴大市占，我們預期這兩項創新將進一步延續並強化這股動能。

In our orthodontics business, we've spoken a fair bit about how we've been leveraging our digital capabilities to consistently take share in clear aligners. Ormco Digital Bonding, or ODB, uses much of the same technology but on the brackets and wires side.

在正畸業務方面，我們已多次談到如何運用數位能力，在透明牙套（clear aligners）領域持續提升市占。Ormco Digital Bonding（ODB）運用多數相同技術，但應用在托槽與弓絲端。

When we first launched this platform in 2023, we did so with our market-leading Damon Ultima System. In Q2 of this year, we expanded coverage of ODB to all of our bracket systems, further solidifying our position as the only scaled player in the market offering complete solutions in both aligners and fixed orthodontics.

當我們在 2023 年首次推出這個平台時，我們是以市場領先的 Damon Ultima 系統推出。在今年第二季，我們將 ODB 的覆蓋範圍擴展至我們所有的托槽系統，進一步鞏固我們作為市場上唯一具規模、同時在隱形矯正與固定式矯正兩方面提供完整解決方案的業者地位。

New product innovation has long been a hallmark of Envista, having created numerous important categories in dentistry across the years such as dental implants, passive self-ligating brackets and digital treatment planning. Over the last two years, we've materially ramped investments in new product development and commercialization. It's exciting to see the positive impact that these investments are making for all our stakeholders, customers, colleagues, our communities and our shareholders.

新產品創新長期以來一直是 Envista 的標誌；多年來我們在牙科領域創造了多個重要品類，例如牙科植體、被動式自鎖托槽以及數位治療規劃。在過去兩年中，我們大幅提高了對新產品開發與商業化的投資。看到這些投資為我們所有利害關係人、客戶、同仁、社區以及股東帶來的正面影響，令人振奮。

Having provided an overview of the quarter, I'll now turn the call over to Eric to walk us through the numbers in more detail.

在概述本季表現之後，我現在把電話會議交給 Eric，請他帶我們更詳細地檢視各項數字。

Thanks, Paul. In the second quarter, we delivered sales of $731 million. Core sales in the quarter increased 5%, with FX and recent acquisitions combining to add an additional 200 basis points. As Paul noted, we delivered positive growth in both reporting segments with well-balanced performance across our businesses and geographies and strong contribution from both volume and price. Q2 adjusted gross margin was 55.1%, an increase of 70 basis points versus the prior year.

謝謝，Paul。第二季我們實現銷售額 7.31 億美元。本季核心銷售成長 5%，外匯與近期收購合計額外貢獻 200 個基點。如 Paul 所提，我們在兩個報告分部皆實現正成長，各業務與各地區表現均衡，且出貨量與價格皆有強勁貢獻。第二季調整後毛利率為 55.1%，較去年同期提升 70 個基點。

Volume, price, productivity and FX all contributed to the year-on-year improvement. We continued to increase investments in sales and marketing as well as R&D in the quarter. At the same time, adjusted EBITDA increased by 28% year-over-year with margins for the quarter of 14.7%, up 230 basis points year-on-year.

出貨量、價格、生產力與外匯皆促成了年對年改善。本季我們持續增加在銷售與行銷以及研發方面的投資。同時，調整後 EBITDA 年增 28%，本季利潤率為 14.7%，年對年提升 230 個基點。

As we've talked about on previous calls, the healthy gross margins of our business enable our ability to invest for the future while delivering profitable growth. Working further down the table, adjusted EPS in the quarter was $0.41, growing 58% compared to the same quarter of last year.

如同我們在先前的電話會議中所談到的，我們業務健康的毛利率，使我們能在投資未來的同時實現獲利性成長。再往下看，本季調整後 EPS 為 0.41 美元，較去年同期成長 58%。

Our non-GAAP tax rate was 25% in Q2, better than the expectations we had entering the year. We've executed on a number of important initiatives over the past many quarters to reduce our tax rate, which are reflected in our year-to-date results. We now expect the 2026 full year rate to be around 26%, about 2 points lower than our initial guidance for the year and significantly below prior year. Rounding out slide 7. Q2 free cash flow was $105 million, a $29 million increase over the second quarter of last year.

第二季我們的非 GAAP 稅率為 25%，優於我們在年初時的預期。過去多個季度我們執行了多項重要措施以降低稅率，並已反映在今年迄今的結果中。我們目前預期 2026 全年稅率約為 26%，較我們年初的指引低約 2 個百分點，且顯著低於去年。以上為第 7 張投影片的內容。第二季自由現金流為 1.05 億美元，較去年第二季增加 2,900 萬美元。

This increase was driven by improved profitability as well as the $13 million recovery related to IEEPA tariffs paid in 2025. We continue to expect free cash conversion for 2026 to be approximately 100% of adjusted net income. As noted in our Q2 release, while the IEEPA tariff refunds do benefit free cash flow, they're excluded from Q2 adjusted earnings as the refunds are not part of regular operations. Now let's turn to two bridges to help break down our year-on-year results, beginning with sales. Core revenue grew 5% in the quarter, and total revenues grew just over 7%.

此增幅主要來自獲利能力改善，以及與 2025 年已支付之 IEEPA 關稅相關的 1,300 萬美元回收。我們仍預期 2026 年自由現金流轉換率約為調整後淨利的 100%。如我們在第二季新聞稿中所述，雖然 IEEPA 關稅退稅有助於自由現金流，但由於退稅不屬於經常性營運的一部分，因此未納入第二季調整後盈餘。接下來我們看兩個橋接表，以協助拆解年對年結果，先從銷售開始。本季核心營收成長 5%，總營收成長略高於 7%。

Increased sales volume was the largest single contributor, driving $17 million of the sales increase and reflecting a return on our investments over the past two years. Net pricing added $12 million, balanced well across our businesses and geographies. The weaker US dollar year-over-year contributed about $11 million. Note, on a sequential basis, foreign exchange rates have recently stabilized.

銷售量增加是單一最大貢獻來源，帶動銷售增加 1,700 萬美元，反映我們過去兩年投資的回報。淨定價貢獻 1,200 萬美元，在各業務與各地區之間分布均衡。美元年對年走弱約貢獻 1,100 萬美元。請注意，按季來看，近期外匯匯率已趨於穩定。

Spark deferral tailwinds contributed $5 million of year-on-year growth. This is the final quarter that we expect any meaningful impact from the Spark deferral changes made back in mid-2024. And finally, acquisitions completed over the past year contributed $4 million in sales. Our acquisition of Versah, the osseodensification technology we discussed last quarter, represents the largest driver of acquisition-related growth. Slide 9 shows the components of the $24 million year-on-year increase in adjusted EBITDA.

Spark 遞延的順風為年對年成長貢獻 500 萬美元。這是我們預期 Spark 遞延變更（於 2024 年年中所做）仍會產生任何顯著影響的最後一個季度。最後，過去一年完成的收購為銷售貢獻 400 萬美元。我們對 Versah 的收購（即我們上季討論的骨密化技術）是收購相關成長的最大驅動因素。第 9 張投影片顯示調整後 EBITDA 年對年增加 2,400 萬美元的構成。

Price contributed $12 million. Foreign exchange rates also contributed $12 million. This reflects a small benefit from translation and a larger impact from reduced year-on-year transactional FX losses. As you'll recall, in mid-2025, we began hedging our balance sheet to reduce the net impact from quarter-to-quarter exchange rate changes. Volume and mix combined for an $11 million improvement, reflecting the strong gross margins across our portfolio.

價格貢獻 1,200 萬美元。外匯也貢獻 1,200 萬美元。這反映了換算帶來的小幅利益，以及年對年交易性外匯損失減少所帶來的較大影響。如各位所記得，我們在 2025 年年中開始對資產負債表進行避險，以降低季度間匯率變動的淨影響。出貨量與組合合計改善 1,100 萬美元，反映我們產品組合整體強勁的毛利率。

Net productivity delivered a $5 million benefit, with EBS and other initiatives more than offsetting input cost inflation. Q2 tariff costs were similar to recent quarters, with an increase of $5 million versus Q2 of 2025. As we've communicated over the past year, we continue to more than offset growth tariff costs through supply chain, G&A and pricing actions.

淨生產力帶來 500 萬美元的效益，EBS 與其他措施的成效超過了投入成本通膨。第二季關稅成本與近期季度相近，較 2025 年第二季增加 500 萬美元。如我們在過去一年所溝通的，我們持續透過供應鏈、一般與行政費用（G&A）以及定價行動，超額抵銷關稅成本的增加。

We expect quarterly tariff costs to be similar in the second half, with recently announced Section 301 levies effectively replacing the prior tariffs. Finally, as Paul mentioned, we continue to invest in sales, marketing and R&D to drive future growth, an amount of $11 million in Q2. All in, our adjusted EBITDA margin in the quarter was 14.7%, up 230 basis points over last year. Turning to segment performance.

我們預期下半年各季的關稅成本將大致相近，近期宣布的 301 條款徵收將有效取代先前的關稅。最後，如 Paul 所提，我們持續投資於銷售、行銷與研發以推動未來成長，第二季金額為 1,100 萬美元。整體而言，本季調整後 EBITDA 利潤率為 14.7%，較去年提升 230 個基點。接下來看分部表現。

Revenue in Specialty Products & Technology grew nearly 6% year-on-year with core sales up 3.1%. In orthodontics, Spark again delivered double-digit growth or high single digits after adjusting for the net deferral change, while brackets and wires was down high single digits against Q2 2025 comparable noted previously. Implant core growth was up low single digits, consistent with recent quarters and well balanced across geographic markets.

專業產品與技術（Specialty Products & Technology）營收年對年成長接近 6%，核心銷售成長 3.1%。在齒顎矯正方面，Spark 再次實現雙位數成長；若就淨遞延變更調整後，則為高個位數成長；而托槽與弓絲則在先前提及的 2025 年第二季可比基期下，下降高個位數。植體核心成長為低個位數，與近期季度一致，且在各地理市場間分布均衡。

In Q2, Specialty Products & Technologies posted adjusted operating profit growth of $9 million year-on-year, up 15%, with a 120 basis points improvement in margin rate. Both businesses had positive price capture. Moving to Equipment and Consumables. Core sales in the quarter increased 8.5% versus prior year with high single-digit growth in both consumables and diagnostics. Our consumables business continues to deliver well across the portfolio, driven both by innovation and good price performance, while diagnostics was particularly strong in North America, posting yet another quarter of above-market growth.

第二季，專業產品與技術的調整後營業利益年對年增加 900 萬美元，成長 15%，利潤率提升 120 個基點。兩項業務皆有正向的價格取得。接著看設備與耗材（Equipment and Consumables）。本季核心銷售較去年增加 8.5%，耗材與診斷皆為高個位數成長。我們的耗材業務在整體產品組合上持續表現良好，受惠於創新與良好的價格表現；而診斷在北美尤其強勁，再次繳出高於市場的成長季度表現。

Here again, growth was broad-based across the business as consistent innovation in equipment and software is combined with growth in services to meet customer needs for comprehensive solutions. Adjusted operating profits increased 25% year-on-year, with operating margins up 250 basis points, driven by strong pricing and volume benefits as well as the FX tailwind that I mentioned previously.

同樣地，成長在整個業務中呈現廣泛分布；我們在設備與軟體上的持續創新，結合服務成長，以滿足客戶對全面性解決方案的需求。調整後營業利益年對年成長 25%，營業利潤率提升 250 個基點，主要由強勁的定價與出貨量效益，以及我先前提到的外匯順風所帶動。

Now I'll turn to cash flow and our balance sheet. Q2 free cash flow was $105 million, an increase of about $29 million from the second quarter of last year, primarily as a result of improved profitability. This, in turn, resulted in strong free cash flow conversion of 158%, including $14 million of invested CapEx during the quarter.

接下來我將談現金流與資產負債表。第二季自由現金流為 1.05 億美元，較去年第二季增加約 2,900 萬美元，主要是獲利能力改善所致。因此，自由現金流轉換率強勁，達 158%，其中包含本季 1,400 萬美元的資本支出（CapEx）投資。

Our balance sheet remains strong and stable with net debt to adjusted EBITDA of 0.7 times. Our balance sheet continues to provide welcome flexibility as macroeconomic uncertainty remains high. In Q2, we continued to return cash to shareholders as we purchased approximately 2.4 million shares of our stock at an average price of $24 per share.

我們的資產負債表依然強勁且穩健，淨負債對調整後 EBITDA 倍數為 0.7 倍。在宏觀經濟不確定性仍然偏高之際，我們的資產負債表持續提供令人樂見的彈性。在第二季，我們持續回饋股東，約以每股 24 美元的平均價格回購了約 240 萬股公司股票。

As Paul mentioned previously, we are both raising and narrowing our guidance ranges. Our new guidance for the full year 2026 is 3.5% to 4.5% core growth, 11% to 14% adjusted EBITDA growth, adjusted EPS of $1.50 to $1.55 and free cash flow conversion of approximately 100%. Let me provide a couple of details underlying this guidance. You'll notice that we expect second half revenue growth to be lower than the first half.

如同 Paul 先前提到的，我們同時上調並收斂了指引區間。我們對 2026 全年的最新指引為：核心成長 3.5% 至 4.5%，調整後 EBITDA 成長 11% 至 14%，調整後每股盈餘（EPS）為 1.50 至 1.55 美元，自由現金流轉換率約為 100%。我補充幾點支撐此指引的細節。你會注意到，我們預期下半年營收成長將低於上半年。

This reflects the calendar impact that we discussed on the Q1 call, where our first quarter had four extra selling days over Q1 2025 and Q4 will have four fewer. As a result, we expect Q4 core growth to be flat to slightly down. Absent the billing day effect, we expect Q4 core growth to be in line with our full year guidance range.

這反映了我們在第一季電話會議中討論過的日曆效應：我們 2026 年第一季相較 2025 年第一季多了四個銷售日，而第四季將少四個。因此，我們預期第四季核心成長將持平至小幅下滑。若不考慮帳單日（billing day）效應，我們預期第四季核心成長將與全年指引區間一致。

Excluding China VBP, we expect price capture to remain strong in the second half. With respect to China VBP, our revised guidance assumes both VBP one for ortho and VBP two for implants to take place in the second half. The process is now underway for both ortho and implants. As for the earnings cadence, we expect EBITDA growth across both Q3 and Q4 to be roughly in line with sales growth for each quarter.

排除中國 VBP 的影響，我們預期下半年價格取得（price capture）仍將維持強勁。就中國 VBP 而言，我們修訂後的指引假設：骨科的 VBP 第一批以及植體的 VBP 第二批都將在下半年進行。目前骨科與植體兩者的流程都已啟動。至於獲利節奏，我們預期第三季與第四季的 EBITDA 成長大致會與各季的銷售成長相當。

As noted previously, we expect our full year tax rate to be approximately 26% of adjusted pretax income. Overall, we performed well in the first half of the year, and our continued momentum gives us confidence that we expect to drive solid top line growth in 2026 and even faster profit growth.

如先前所述，我們預期全年稅率約為調整後稅前所得的 26%。整體而言，我們在上半年表現良好，且持續的動能讓我們有信心在 2026 年推動穩健的營收成長，並帶動更快的獲利成長。

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

接下來，我把電話交回給 Paul。

Thank you, Eric. Now before I wrap up our prepared remarks, I'll note that we recently announced an Investor Day coming up in about six weeks on Thursday, September 17. The event will include an update on our progress executing the value creation plan that we laid out in March of 2025 as well as some insights into innovation priorities for our four main businesses. We will provide an opportunity for you to hear from several members of our leadership team, including Eric and myself, and details can be found on our investor website. We hope you'll be able to join us.

謝謝你，Eric。在我結束事先準備的發言之前，我先提一下：我們最近宣布將在約六週後、9 月 17 日（週四）舉辦投資人日。活動將包含我們對 2025 年 3 月提出的價值創造計畫之執行進度更新，以及對我們四大主要業務創新優先事項的一些洞見。我們也會提供機會，讓各位聽取多位領導團隊成員的分享，包括 Eric 與我本人；相關細節可在我們的投資人網站上查詢。希望各位能共襄盛舉。

A few closing thoughts on the quarter before we open it up for your questions. The global dental market continues to demonstrate its characteristic resilience even in the context of ongoing macro uncertainty. Specific to Envista, we again delivered balanced growth across our portfolio, with strong performance in both reporting segments and all major geographies.

在開放提問之前，針對本季再補充幾點結語。即便在宏觀不確定性持續的背景下，全球牙科市場仍持續展現其一貫的韌性。就 Envista 而言，我們再次在整體產品組合上交出均衡成長，兩個報告部門與所有主要地區皆有強勁表現。

Our improved execution helped convert 5% core revenue growth into 28% adjusted EBITDA and 58% EPS growth while also allowing us to continue investing for the future. Behind strong first half performance and continued momentum, we're raising our full year outlook for core sales growth, adjusted EBITDA and adjusted EPS.

我們執行力的提升，協助將 5% 的核心營收成長轉化為 28% 的調整後 EBITDA 成長與 58% 的 EPS 成長，同時也讓我們能持續為未來投資。在上半年強勁表現與持續動能的帶動下，我們上調了全年核心銷售成長、調整後 EBITDA 與調整後 EPS 的展望。

And finally and most importantly, I'll close by recognizing the skill, effort and commitment of the global Envista team. Well done, everyone. That completes our prepared remarks for today.

最後也是最重要的，我要在結語中肯定 Envista 全球團隊的專業、努力與投入。各位做得很好。以上為我們今天事先準備的發言內容。

We'll now open it up for your questions.

現在我們開放各位提問。

(Operator Instructions)

（接線員指示）

Jon Block, Stifel.

Jon Block，Stifel。

Great. Thanks, guys, and good afternoon. I'll start with maybe the E&C segment. This was Envista's fifth straight quarter of high single-digit, low double-digit growth for E&C. It's certainly a step-up from the past performance for this segment. So Paul or Eric, I'm just curious if you could speak to, is this faster growth driven by a market upturn? Or is it more specific to Envista factors like share gains, new products, et cetera?

很好。謝謝各位，午安。我先從 E&C 部門開始問起。這是 Envista 的 E&C 連續第五個季度呈現高個位數到低雙位數的成長。相較於該部門過去的表現，這確實是一個明顯的提升。所以 Paul 或 Eric，我想請教一下：這樣更快的成長是由市場回溫所驅動嗎？還是更多來自 Envista 自身因素，例如市占提升、新產品等等？

Jon, thanks for the question. I'll start it off, and I'm sure Eric will jump in with whatever I miss. To start, you're absolutely right. Our E&C segment is delivering consistently faster growth. And I think I would point to at least three contributors that are supporting the trend.

Jon，謝謝你的提問。我先回答，Eric 也會補充我遺漏的部分。首先，你說得完全正確。我們的 E&C 部門正持續交出更快的成長。我認為至少有三個因素在支撐這個趨勢。

First, with respect to the market, we are benefiting from some tailwinds in these businesses. As consumable products support procedures that are typically covered by insurance, this segment tends to be better insulated from macro volatility. And so on a relative basis, it outperforms. And since we have a strong position in consumables, we benefit along with that. A little bit different with respect to diagnostics.

第一，就市場面而言，我們正受惠於這些業務的一些順風。由於耗材產品支援的療程通常由保險給付，這個部門往往較能隔離宏觀波動的影響。因此相對而言表現更佳。而我們在耗材領域具備強勢地位，也因此一同受惠。至於診斷業務則稍有不同。

After the post-COVID downturn, that market was in contraction for a couple of years and has now returned to growth. As we're a leader in this category, we benefit from that rising tide. Now on top of the underlying market support, we're also clearly gaining share in both consumables and diagnostics, and that has been the case now for several quarters.

在 COVID 後的下行期之後，該市場曾收縮了兩年，現在已回到成長軌道。由於我們是此類別的領導者，因此能受惠於水漲船高。除了基本面市場的支撐之外，我們也很明顯在耗材與診斷兩者都持續取得市占，且這種情況已延續好幾個季度。

We estimate that the markets grew sort of mid-single digits in the first half. And as you noted in your question, our business has been growing more like high single-digit to low double-digit rates. Now there's, of course, a number of commercial and operational initiatives that underpin this, but I would again underline new product activity as a particular contributor.

我們估計，上半年市場成長大約在中個位數。而如你在問題中提到的，我們的業務成長更接近高個位數到低雙位數。當然，背後有多項商業與營運的推動措施，但我仍要特別強調新產品活動是其中一個重要貢獻來源。

Maybe thirdly, I'd also note that the broader benefit we get from having a well-balanced portfolio. Macro uncertainty, of course, has a bigger impact on more elective categories like implants, and we feel that. But for us, the impact is offset by our similarly strong positions in less sensitive categories like surgical loops, restoratives, infection prevention and the like.

第三點，我也想提到我們擁有均衡產品組合所帶來的更廣泛效益。宏觀不確定性當然對較具選擇性的品類（例如植體）影響更大，我們也感受得到。但對我們而言，這樣的影響可由我們在較不敏感品類（如手術放大鏡、修復材料、感染預防等）同樣強勢的地位所抵銷。

And we expect that as consumer confidence rebuilds, particularly here in the US, that we'll benefit from our commensurately strong positions in ortho and implants. So both of those businesses are growing for us at or above market rates, but as conditions improve from a market perspective, we expect to get a helpful sort of incremental tailwind.

我們也預期，隨著消費者信心回升，特別是在美國，我們將受惠於我們在矯正與植體領域同樣強勁的布局。因此，這兩項業務目前對我們而言的成長速度已達到或高於市場水準；但當市場面條件改善時，我們預期會獲得額外的正向助力。

I should probably also note that a similar diversification plays out geographically. On a relative basis, the North American market is a bit softer today, and so we experienced that. But we also have good positions in Europe, APAC and Latin America, and these markets are currently healthier on a relative basis. So just as we expect consumer confidence to improve, helping implants and ortho, we expect the North American dental market to rebound as it always has, and we'll benefit from that.

我也應該補充，類似的分散效益在地理區域上也同樣存在。相對而言，北美市場目前稍微疲弱，因此我們也有感受到。但我們在歐洲、亞太與拉丁美洲也有良好布局，而這些市場目前相對更健康。因此，就像我們預期消費者信心改善將有助於植體與矯正一樣，我們也預期北美牙科市場會如以往般反彈，而我們將從中受惠。

So let me pause there to see if Eric has anything more to add, but we appreciate the question. We understandably get a lot of interest in our ortho and implants businesses due to their size and strategic importance, but consumables and diagnostics are also central to our broader portfolio strength. So it's important that we underline their continued progress. Eric, anything more to add?

我先暫停在這裡，看看 Eric 是否還有補充；也再次感謝你的提問。由於矯正與植體的規模與策略重要性，我們可以理解大家對這兩項業務特別關注；但耗材與診斷同樣是我們整體產品組合實力的核心。因此，強調它們持續的進展也很重要。Eric，還有要補充的嗎？

No, nothing more. I think that's comprehensive. It was a great quarter for E&C.

不，沒有其他補充了。我認為已經很全面。這對 E&C 來說是一個非常出色的季度。

Yeah, certainly was comprehensive. I'll try to ask maybe a quicker or tighter second one. For VBP one and VBP two, I just want to think about this at a really high level for '26, headwind and maybe '27, tailwind. In other words, if the timing holds for 2H, I understand that's probably a big if, but if that timing holds, at a high level, is this a dilutive event for both ortho and implants specific to '26, and an accretive event, or call it, tailwind in '27? Just at a high level, any way to size that or think about that?

是的，確實很全面。我會試著再問第二個問題，可能更快、更精簡一些。針對 VBP 一和 VBP 二，我想在很高的層級來思考：對於 '26 可能是逆風、對於 '27 可能是順風。換句話說，如果時程如期落在下半年，我理解這可能是個很大的「如果」，但若時程確實如期，在高層級來看，這對 '26 年的矯正與植體業務是否屬於稀釋性事件，而在 '27 年則是增厚性事件，或可稱為順風？就高層級而言，有沒有什麼方式可以量化或用什麼角度來思考？

Yeah, let's tag team this one. First, I'll just start with what the new news is on VBP, and then Eric can have specific thoughts on how that will play out moving forward. So first, again, the new news, we have heard now that both the ortho 1.0 and implants 2.0 processes are underway. We expect them to complete in the second half. You'll remember on the Q1 call, there was still uncertainty around that.

好的，這題我們來搭配回答。我先從 VBP 的最新進展說起，接著 Eric 可以分享對未來影響的具體看法。首先，再次說明最新消息：我們現在已經聽到，矯正 1.0 與植體 2.0 的流程都已經在進行中。我們預期會在下半年完成。你會記得在第一季電話會議時，這部分仍存在不確定性。

As Eric noted in his prepared comments, we have incorporated that new news into our updated guidance. On previous calls, we've talked about VBP, and on balance, it has been a positive for Envista. In the first VBP for implants, we did see a material price decrease. It was around 45%-Ish. And gross margins also compressed as a consequence, but volumes more than doubled.

如 Eric 在事先準備的發言中所提到的，我們已將這項最新進展納入更新後的財測指引。在先前的電話會議中，我們談到 VBP，整體而言它對 Envista 是正面的。在第一輪植體 VBP 中，我們確實看到顯著的降價。大約在 45% 左右。因此毛利率也受到擠壓，但銷量增加了一倍以上。

So net-net, total gross margin dollars increased and our market position improved. So now as we look forward to the two VBPs here in the second half, they're similar but a little bit different. Starting with orthodontics, this is VBP one. So we think we'll have a similar price compression as what we saw in VBP one for implants, and then we expect market share gains. The way these things work is that the large market share players going in, if you're willing to accept the price concessions, you tend to get even stronger position coming out.

因此整體來看，毛利金額（gross margin dollars）是增加的，我們的市場地位也有所提升。現在展望下半年這兩輪 VBP，它們相似但也有些不同。先從矯正開始，這是 VBP 第一輪。因此我們認為，價格壓縮幅度會類似於植體第一輪 VBP 所看到的情況，並且我們預期市占率會提升。這類機制的運作方式是：原本就具備較大市占的業者，如果願意接受讓價，往往在結束後會取得更強的市場地位。

With respect to implants, though, it's a little bit different. Because this is a VBP two, the price compression will be much smaller. We're expecting around 10% to 15%. So let me pause there and see if Eric has thoughts on how that plays out across the second half and into '27.

至於植體，情況則有些不同。因為這是 VBP 第二輪，價格壓縮幅度會小得多。我們預期大約在 10% 到 15%。我先停在這裡，看看 Eric 對這在下半年以及進入 '27 年後的影響有什麼看法。

Yes. I think a couple of points, Jon, at a high level on the growth. So in the first half -- it's probably easier to go by quarters, but let's just take it by half to make it a little simpler. We were down in China year-over-year. More of that compression came in Q1 and less so in Q2.

好的。Jon，我想在高層級就成長面談幾點。上半年——按季度來看可能更容易，但我們先用半年來說會更簡單一些。我們在中國的表現是年對年下滑。其中較多的壓縮發生在第一季，第二季則相對少一些。

With what Paul mentioned, with the expected VBP timing, which is roughly the same in our sort of calculus for ortho and for implants, we expect China to grow moderately in the second half with slightly better growth in the fourth quarter. And I think the main reason for that last piece is really twofold. So one would be we have had a well-prepared channel, so we've talked, I think, in the last many quarters about the fact that we've kept our channel as small and lean and tight as possible.

如 Paul 所提到，依照我們預期的 VBP 時程（在我們的推算中，矯正與植體大致相同），我們預期中國在下半年會溫和成長，且第四季的成長會略好一些。我認為最後這一點主要有兩個原因。第一，我們的通路已經準備得很充分；我們在過去很多季都談到，我們一直把通路維持在盡可能小、精實且緊密的狀態。

That just means that it can respond a little bit more quickly post VBP. And then the second piece, I think, is really important that as a strong global player and the number one brand in these markets, we do expect to get share from that. And likewise, if our supply chain is healthy, we expect that our volumes will rebound as well. So down slightly in the first half, growing in the second half. And then because we're likely facing slightly easier comps in the first half of next year, we would expect to see some growth as well in the business.

這代表在 VBP 之後，通路能更快速地做出反應。第二點也很重要：作為強勢的全球型業者、且在這些市場中是第一品牌，我們確實預期能因此取得市占。同樣地，如果我們的供應鏈維持健康，我們也預期出貨量會回升。所以，上半年小幅下滑、下半年轉為成長。另外，由於明年上半年的比較基期可能略為容易一些，我們也預期該業務會出現一定的成長。

Thank you.

謝謝。

Elizabeth Anderson, Evercore.

Elizabeth Anderson，Evercore。

Hi, guys. Good afternoon. Thanks so much for the question. I was wondering if you could talk a little bit more about the implant performance. Obviously, maybe -- and focusing outside of China since you just did such a good job on that. But how are you seeing that? Is that mostly a macro phenomenon? And can you sort of remind us about sort of how you're thinking about like new product cadence and sort of the commercial execution and sort of how to think about this besides just sort of the tough comps in the back half of the year, but like more broadly into '27, and beyond?

嗨，各位。下午好。非常感謝讓我提問。我想請你們再多談一點植體的表現。顯然，或許——因為你們剛才已經把中國講得很清楚了——我想把焦點放在中國以外的市場。你們怎麼看目前的情況？這主要是總體環境（macro）的現象嗎？另外，你們能否提醒我們，你們如何看待新品推出節奏（new product cadence）與商業執行（commercial execution），以及除了今年下半年艱難的比較基期之外，更廣泛地展望到 '27 年及之後，應該如何思考？

Sure. I'll take that, Elizabeth. Thanks for the question. I would say our implants outperformance in Q2 has been very similar to recent quarters, balanced performance by geography and pretty balanced across the two main categories of Challenger and Premium. I'd also remind the audience that, for us, implants is much more than just the screw.

當然。Elizabeth，我來回答。謝謝你的問題。我會說，我們第二季植體的優於市場表現，與近幾季非常一致：各地區表現均衡，且在兩大主要類別——Challenger 與 Premium——之間也相當均衡。我也想提醒大家，對我們而言，植體不只是那顆螺釘而已。

We also have a very strong position in regenerative biomaterials, and we have a very good digital workflow business. Those latter two categories tend to be accretive to overall implants growth. You'll remember in 2024, we made an important sizable investment into restarting the new product engine in implants. We talked a lot about the gestation period for those programs, and they are now just starting to come to market. We had the S series launch in Q1.

我們在再生生物材料（regenerative biomaterials）方面也有非常強的市場地位，並且在數位工作流程（digital workflow）業務上也做得很好。後面這兩個類別通常會對整體植體成長帶來增厚效果（accretive）。你會記得在 2024 年，我們做了一項重要且相當可觀的投資，用於重啟植體的新產品引擎。我們也談過這些專案的孕育期（gestation period），而它們現在才剛開始推向市場。我們在第一季推出了 S 系列。

That's off to a very good start, running ahead of our launch plan. And about 1/4 of the sales for that program are coming from competitive conversion. We feel good about that. We have another important launch in the abutment category. It's currently available in Europe, and we hope that will launch in the second half of '26 here in North America, provided regulatory approvals are gained.

目前開局非常好，進度領先於我們的上市計畫。而且該專案約有 1/4 的銷售來自競品轉換（competitive conversion）。我們對此感到樂觀。我們在基台（abutment）類別還有另一個重要的上市計畫。目前已在歐洲上市，我們希望在取得法規核准的前提下，能在 '26 年下半年於北美推出。

And then, of course, we talked about the Versah acquisition on the Q1 call. You can probably think about that as outsourced R&D. In that case, we bought a product that had already been developed and had gained registration in many markets. And our strategy has been to commercialize it globally through our very strong worldwide presence. That one is also off to a good start, running ahead of the acquisition plan.

另外，當然，我們在第一季電話會議中也談到 Versah 的收購案。你可以把它視為外包的研發（outsourced R&D）。在那個案例中，我們買下的是一項已完成開發、且已在多個市場取得註冊的產品。我們的策略是透過我們非常強大的全球佈局，將其在全球商業化。這項產品目前也有良好開局，進度領先於收購計畫。

So I think for implants, very consistent performance, and we expect additional sort of returns on those investments that we've made.

因此我認為植體業務的表現非常一致，而我們也預期先前所做投資將帶來更多回報。

Got it. Thank you so much.

了解。非常感謝。

Jeff Johnson, Baird.

Jeff Johnson，Baird。

Thank you, Paul, maybe if I could follow up on your implant comments there because you have been getting that strong biomaterials growth and some of the other non-screw part of the business, I guess, I'd call it, how do you think your performance is shaping up on the Premium side and on the Challenger side relative to market these last few quarters?

謝謝你，Paul。我想就你剛才對植體的評論追問一下：因為你們在生物材料方面有強勁成長，還有其他一些我姑且稱之為「非螺釘」的業務部分，你怎麼看你們在 Premium 端與 Challenger 端相對於市場的表現，在過去幾季是如何演變的？

And then you've done a couple of acquisitions, small acquisitions, Versah being one, as you just mentioned, a couple of other small ones. It seems like you're building some muscle there, really good balance sheet, good cash flow here. Talk to me maybe about your M&A strategy going forward and what would be some boxes you would have to check on, growth accretion, earnings dilution, risk, things like that.

接著你們也做了幾筆併購，小型併購，正如你剛提到的 Versah 是其中之一，還有另外幾個小案子。看起來你們正在把這方面的能力練起來，資產負債表很強、現金流也很不錯。跟我談談你們未來的併購（M&A）策略，以及你們會需要勾選哪些條件，例如成長增益、獲利稀釋、風險之類的。

Let's see, a lot in the question. Let me start with kind of the balance of the implants outperformance. I'll start geographically. For us, our largest businesses are in the US and or North America and in Europe. I would say they're growing at market rates. We already touched on China and the impact that VBP had for us there. I would say we're stronger in China as a consequence of VBP than we were previous to that. We're working hard now to try to increase our developing markets implants business. So maybe that's a spin through the world from the -- through a geographic lens.

我看看，這個問題涵蓋很多。我先從植體業務表現優於預期的平衡面來談。我先從地理區域開始。對我們而言，最大的業務在美國／北美以及歐洲。我會說它們的成長大致與市場成長率一致。我們先前也談到中國，以及 VBP 對我們在那裡造成的影響。我會說，因為 VBP 的關係，我們在中國反而比之前更強。我們現在正努力提升新興市場的植體業務。所以，這大概是從地理視角快速掃過全球的概況。

In terms of the categories, for us, the two businesses grow about the same. Challenger outpaced Premium last quarter, consistent with the market trend. The Challenger category outgrew Premium. And we under-index, as you know, in Challenger. So we'd like to have a bigger Challenger business, and right now, our primary focus is to do that organically.

就品類而言，對我們來說，兩個業務的成長差不多。上一季 Challenger 的增速超過 Premium，這也符合市場趨勢。Challenger 類別的成長確實高於 Premium。而如你所知，我們在 Challenger 的占比偏低。因此我們希望把 Challenger 業務做得更大，而目前我們的主要重點是以有機方式達成。

We have two good brands. We have Implant Direct and we have Alpha-Bio Tec, investing in both the same sorts of growth levers that we talk about for Premium. So activity on both the commercial and the new product front. And then to the third part of your question, we do have good M&A capabilities at Envista, and implant is a category we look at. We did three acquisitions over the past 18 months.

我們有兩個很好的品牌。我們有 Implant Direct，也有 Alpha-Bio Tec，兩者都在投入與我們談 Premium 時相同類型的成長槓桿。也就是在商業端與新產品端同時推進。至於你問題的第三部分，Envista 的確具備不錯的併購能力，而植體是我們會關注的品類之一。過去 18 個月我們做了三筆併購。

All of them were in that implant platform. All of them were small, but I think they are representative of the types of deals we'd like to do, strategically aligned and financially accretive deals where we are the logical owner, where we can cause the business to perform better than the previous owners. So that's what we're trying to do in implants.

這三筆都在植體平台之內。規模都不大，但我認為它們代表了我們想做的交易類型：在策略上契合、在財務上具增益（accretive）的交易；我們是最合適的持有人（logical owner），而且我們能讓該業務表現優於前任持有人。這就是我們在植體領域想做的事。

Appreciate that. Maybe one quick follow-up for Eric, if I could, just to clarify. I think you talked, Eric, in your prepared remarks about EBITDA growing in line with core revenue growth in the back half of this year. Just remind me or any high-level details maybe, one, did I hear that correctly; and two, why EBITDA won't grow faster than revenue in the back half? Thanks.

了解，謝謝。如果可以的話，我想對 Eric 快速追問一點，釐清一下。Eric，我記得你在事先準備的發言中提到，今年下半年 EBITDA 會與核心營收成長同步。請你提醒我或提供一些高層次細節：第一，我是否聽得正確；第二，為什麼下半年 EBITDA 不會比營收成長更快？謝謝。

Yeah, for starters, Jeff, you got it correctly. I think the first sort of element to the equation here is what we expect for core growth in the second half. We talked I think we've talked actually all year long about the fact that we would have slower core growth in the back half, primarily because of our billing day effect, which will be minus four days year-on-year in fourth quarter. And that just simply means that, on an adjusted basis, we'll be growing within the guidance range, so nothing significantly different with the business as a trend.

是的，Jeff，首先你聽得沒錯。我認為這個等式的第一個要素，是我們對下半年核心成長的預期。我想我們其實整年都在談：下半年核心成長會較慢，主要是因為我們的開票日（billing day）效應，第四季相較去年同期會少 4 個開票日。這只是表示，在調整後的基礎上，我們仍會在指引區間內成長，所以就趨勢而言，業務本身沒有顯著不同。

But the billing day phenomenon is going to slow our revenues, and that's specific to fourth quarter. That also is part of the reason why we're going to have slower adjusted EBITDA growth. My prepared comments basically said we expect adjusted EBITDA growth to be roughly in line with what our revenue performance will be. So that makes it kind of low single-digit growth year-on-year. Part of that is also just how we're thinking about investing in the business as we look specifically at the back half of the year and the success, I'd say, of the totality of the year.

但開票日這個現象會拖慢我們的營收，而這是第四季特有的。這也是我們調整後 EBITDA 成長會較慢的部分原因。我在準備好的評論中基本上是說，我們預期調整後 EBITDA 的成長大致會與營收表現相當。因此年增大概是低個位數成長。其中一部分也反映我們對投資業務的思考，特別是看下半年，以及我會說，整體年度表現的成功程度。

So we expect R&D to be up high single digits year-over-year in the second half, relatively consistent with how we've invested in the business year-to-date. And we expect sales and marketing to be up, call it, mid-single digits year-over-year, again, reasonably consistent with what we've invested year-to-date, so first half but just on a slightly lower revenue growth basis.

因此我們預期下半年研發（R&D）年增會是高個位數，與我們今年迄今的投資節奏大致一致。我們也預期銷售與行銷費用年增約中個位數，同樣與今年迄今（也就是上半年）的投入相當一致，只是建立在略低的營收成長基礎上。

Allen Lutz, Bank of America.

美國銀行（Bank of America）的 Allen Lutz。

Good afternoon, and thanks for taking the questions. One for either Paul or Eric. You talked about 3% volume growth and 2% pricing growth in the quarter. How should we think about how that evolves over the course of the rest of the year? And I guess, as we think about exiting 2026, how do you think about the contributions from volume and price growth at that portfolio level heading into 2027?

下午好，謝謝讓我提問。這題給 Paul 或 Eric 都可以。你們提到本季銷量成長 3%、價格成長 2%。我們應該如何看待這在今年剩餘期間的演變？另外，當我們思考 2026 年底的狀況時，在邁入 2027 年之際，你們如何看待在投資組合層級，銷量與價格成長各自的貢獻？

Yeah, I can start with that one, Allen. So I think first off, I would just say half to date, this year-to-date, we have had a very good mix through our lens of price performance and volume performance. I think the quarter was actually a very clean view of that. You mentioned it, about 2 points from price, about 3 points from volume. And of course, that's certainly an equation that we would love to continue to take forward.

Allen，我可以先回答這題。我想首先我會說，今年迄今、也就是上半年到目前為止，從我們的角度看，價格表現與銷量表現的組合非常好。我認為本季其實把這點呈現得很清楚。如你所說，大約 2 個百分點來自價格、約 3 個百分點來自銷量。當然，這樣的組合是我們很希望能持續延續下去的。

I won't repeat what I just mentioned on the back half relative to billing days, but that particular effect will impact our volume in the second half, specifically the fourth quarter. But if we normalize that, we would expect it to be growing in line with our normalized volume year-to-date and consistent with our guidance range.

我就不重複我剛才提到的下半年開票日影響，但那個效應會影響我們下半年的銷量，特別是在第四季。不過如果把它正常化（normalize），我們預期銷量成長會與今年迄今正常化後的銷量成長一致，並符合我們的指引區間。

And then there are two pieces, I think, that are relevant in the kind of price equation for us globally. We expect price growth in the second half to be consistent with how we grew price in the first half ex China. That's all of our businesses around the world, developed and developing markets.

接著，在全球層面，我認為有兩個部分與我們的價格等式相關。我們預期下半年的價格成長，會與上半年（不含中國）的價格成長一致。這涵蓋我們在全球各地的所有業務，包括成熟市場與新興市場。

But we expect China to be down roughly an equal amount, and that's really just the VBP implementation that Paul talked about, significant price down in ortho. We expect volumes to be up. And then implant price down to be slightly, we expect volumes to be up there, but it will play out on the price line for roughly a neutral price for Envista in the second half. I think it is important to understand that outside of China, however, we've got price growth which is coming on the back of price increases that we implemented last year and then targeted price increases by portfolio and geography this year.

但我們預期中國會下滑大致相同的幅度，這主要就是 Paul 談到的 VBP 落地實施，矯正（ortho）價格顯著下調。我們預期銷量會上升。另外，植體價格下調幅度會較小，我們也預期那裡的銷量會上升，但在價格線上呈現的結果，將使 Envista 下半年的整體價格大致持平。我認為重要的是要理解：在中國以外，我們的價格成長來自於去年已實施的漲價，以及今年依產品組合與地區所做的精準漲價。

Great. Thank you very much.

很好。非常感謝。

Lily Lozada, JPMorgan.

摩根大通（JPMorgan）的 Lily Lozada。

Great. Thanks so much for taking the question. I'm hoping you can talk about your guidance ethos and how you're thinking about the rest of the year. You've done mid-single-digit underlying growth a few quarters in a row now, and guidance implies a slight step-down over the back half of the year, even ex selling days on a true organic basis. So is that just conservatism? Or are there other dynamics to be keeping in mind for the back half of 2026? And then I have a follow-up.

很好。非常感謝讓我提問。我希望你們能談談你們的指引理念（guidance ethos），以及你們如何看待今年剩餘時間。你們已經連續幾季做到中個位數的基本面成長，而指引顯示下半年會略為降速，即使排除銷售天數影響、以真正的有機基礎來看也是如此。所以這只是保守（conservatism）嗎？還是 2026 年下半年還有其他需要留意的動態？然後我還有一個追問。

Yeah, so I think maybe the big number as we look at it is 4% to 5% billing day impact in Q4. If we adjust for that, our guidance assumes we're growing roughly in line with how we grew year-to-date on a normalized basis. When we say normalized year-to-date, that includes really one significant factor. That is the Spark deferral benefit that we've had year-to-date.

是的，所以我認為我們在檢視時，可能最大的數字是第四季（Q4）計費天數影響約4%到5%。如果把這個因素調整掉，我們的指引假設在常態化基礎上，我們的成長大致與年初至今的成長一致。當我們說年初至今常態化時，這其實包含一個相當重要的因素。也就是我們年初至今所享有的 Spark 遞延（defer）帶來的利益。

And then, of course, we have the opposite beneficial impact on billing days. So squiggly line, approximately 4% year-to-date, and that's reasonably in line with what we're expecting in the back half of the year. So we see our growth being actually pretty consistent half one to half two.

然後，當然，我們在計費天數上也有相反方向的有利影響。所以那條波動線大約是年初至今4%，而這也相當符合我們對下半年所預期的情況。因此我們看到的成長，其實在上半年到下半年之間相當一致。

Got it. That's helpful. And then just on EPS, you're raising guidance by almost double the beat. So what gives you confidence in that? And what's better in the second half than The Street was forecasting? Thanks so much.

了解。這很有幫助。另外就 EPS 而言，你們把指引上調的幅度幾乎是超預期（beat）的兩倍。所以是什麼讓你們對此有信心？以及下半年有哪些表現會比華爾街（The Street）原先預測的更好？非常感謝。

Yeah, I think there's really two pieces outside of growth, which I think we've just talked through. We will have obviously a very solid growth year. We continue to see very good profit leverage. That's thanks to our volume benefits. That's thanks to our price equation. We've also had very good productivity in the first half and I think particularly in second quarter. We expect basically our fundamentals continue to deliver in the second half in that same range.

是的，我認為在成長之外，主要還有兩個部分，而成長我們剛剛已經談過了。我們顯然會有一個非常穩健的成長年度。我們持續看到非常好的獲利槓桿。這要歸功於我們的量增效益。也要歸功於我們的定價方程式（price equation）。我們在上半年也有非常好的生產力表現，我認為尤其是在第二季。我們預期下半年我們的基本面將持續在相同區間內交付成果。

And then we talked about a tax rate benefit. Most of this is really just carryforward of the strategies that we executed last year and then what we're seeing in terms of US income performance, which is really helping to absorb that interest rate deduction penalty that we've had in the past.

然後我們也談到了稅率的有利因素。其中大部分其實只是延續我們去年執行的策略，以及我們在美國所得表現方面所看到的情況，這確實有助於吸收我們過去承受的利率扣除限制（interest rate deduction）帶來的負面影響。

So our rate guidance, if you didn't catch it, is 26%. It's 2 points less than what we expected entering the year. It's reasonably consistent with where we are on a year-to-date basis. And I think really importantly, we see that as a good, sustainable, predictable rate going forward. We know that we've implemented a lot of strategies in addition to just better business performance that's making that tax rate sustainable.

所以我們的稅率指引，如果你剛剛沒聽到，是26%。這比我們年初進入今年時的預期低了2個百分點。這與我們年初至今的水準相當一致。而且我認為非常重要的是，我們認為這是一個未來可持續、可預測的良好稅率水準。我們知道，除了更好的業務表現之外，我們也實施了許多策略，使這個稅率具備可持續性。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Hey, guys. Thanks for taking the question.I want to start with kind of wrapping up a couple of questions that have been asked already and just ask a little more clearly. Like are you able to quantify some of the moving pieces in the back half or at least like shore us up on what is an underlying growth rate in the second half of the year? Is it in the low single-digit range?

嗨，各位。謝謝讓我提問。我想先把前面已經被問過的幾個問題做個收尾，並更清楚地再問一次。你們是否能量化下半年一些變動因素，或至少讓我們更確定下半年潛在的成長率大概是多少？會是在低個位數的區間嗎？

Because what we're trying to figure out is, essentially, what is the jumping rate or what's the exit rate on an underlying basis into 2027. So like what is the growth when you normalize for things like selling days, deferrals, VBP? There's just a bunch of moving pieces, so curious if you can talk about that a little bit.

因為我們想釐清的是，基本上，進入2027年時的跳升率（jumping rate）或退出率（exit rate）在常態化基礎上會是多少。也就是說，當你把像是銷售天數、遞延、VBP 等因素常態化之後，成長會是多少？變動因素很多，所以想請你們多談一點。

Yeah, so I think at a high level, when you do the normalization, it would be about 3.5% core growth in the second half. That same math, Spark deferral and billing days was about 4% in the first half. So I think big picture, it's a very similar underlying growth rate first half to second half. Just as a reminder, we will not have any more effect from our Spark deferral benefit.

是的，所以我認為從高層次來看，當你做常態化調整後，下半年的核心成長大約是3.5%。用同樣的算法，Spark 遞延與計費天數在上半年大約是4%。所以整體來看，上半年到下半年的潛在成長率其實非常相近。提醒一下，我們不會再有任何來自 Spark 遞延利益的影響。

I think we've telegraphed as we've gone throughout entering this year through the first couple of quarters that we basically lapped that final piece, which is about $5 million in the quarter itself. And then I think if you get really to the pieces of the business, there's not a lot of significant moving parts, Brandon, underneath that. We will have slightly better growth, as mentioned I think earlier in the call, from China. That's a slight accretive benefit. We'll have slightly less price benefit.

我想我們在進入今年、以及前幾個季度一路以來都已經釋放訊息：我們基本上已經把最後那一段影響消化完了，那部分在單季大約是500萬美元。然後如果你真的深入到業務構成，其實在底層並沒有太多重大的變動因素，Brandon。我們會如同我想在電話會議較早時提到的，來自中國的成長稍微更好一些。那會帶來些微的增益（accretive）效果。我們的價格效益會稍微少一些。

We talked about that as we entered the year just based on sort of the roll-off of what we see from tariff-related price actions last year into this year. But you put, I think, everything sort of in the basket. And it will be a very consistent underlying first half, second half performance as we see it, 3.5%, call it, core growth.

我們在年初進入今年時就談過這點，主要是因為去年因關稅相關的調價行動所帶來的效益，在今年會逐步消退（roll-off）。但我認為把所有因素放在一起看，我們所看到的上半年與下半年的潛在表現會非常一致：核心成長大約3.5%。

Okay, great. That's super helpful. I'll leave it at that.

好的，很棒。這非常有幫助。我就先到這裡。

Kevin Caliendo, UBS.

Kevin Caliendo，UBS。

Thanks. Thanks for taking my question. Just getting back to China really quick to understand the meaningful price down in ortho, down 10%, 15% in implants. You're still expecting growth. I'm guessing that's based on just a huge amount of pent-up demand ahead of or waiting for VBP. And if that's the case, how should we think about China into '27? Like how much of that carries forward? Will China be a growth tailwind in '27, or a headwind? I'm just trying to figure out the sizing of this sort of bolus that you're expecting to get in volumes in the second half and how that runs through going forward.

謝謝。謝謝讓我提問。我想很快回到中國這塊，了解一下骨科（ortho）顯著的降價，以及植入物（implants）降價10%、15%。你們仍然預期會有成長。我猜這是基於在 VBP 前有大量被壓抑的需求、或是在等待 VBP 的需求。如果是這樣，我們應該如何看待中國到2027年？其中有多少會延續到之後？中國在2027年會是成長的順風，還是逆風？我只是想釐清你們預期下半年在量上會出現的這種「一波」增量大概有多大，以及未來會如何延續。

Yes, Kevin, I'll take that one. Thanks for the question. Maybe three components will help clarify it. So first, yes, we do expect an acceleration of growth. That comes from three things. The first is, as Eric mentioned, we've been keeping the channel tight. Product in channel, of course, gets revalued when the price changes, and so it's neither helpful to us nor our channel partners for that revaluation.

是的，Kevin，我來回答這題。謝謝你的問題。也許用三個部分來說明會更清楚。首先，是的，我們確實預期成長會加速。這來自三件事。第一，如 Eric 提到的，我們一直把通路庫存控制得很緊。通路中的產品在價格變動時當然會被重新估值，因此這種重新估值對我們和通路夥伴都沒有幫助。

So we keep that tight. It will expand back to more normal levels post VBP, so you get a short-term effect from that. The second effect you get is related to market shares. The way that VBP works is there's two bidding processes, one for the setting the procedure price and the second for the supplies price. The clinicians give a forecast.

所以我們把它維持在緊的狀態。在 VBP 之後，它會回到較正常的水準，因此你會看到一個短期效果。第二個效果與市占率有關。VBP 的運作方式是有兩個投標流程：一個用來設定手術（procedure）價格，第二個用來設定耗材（supplies）價格。臨床醫師會提供預測。

The hospitals give a forecast of the volume demand for each of the players. And so the larger market share players going in tend to get more coming out, and you get growth from that. And then the third piece, which was very evident with implants, was the underlying patient demand.

醫院會提供對各家業者的需求量預測。因此，進入 VBP 時市占較大的業者，出來後往往會拿到更多份額，從而帶來成長。第三個部分，在植入物上非常明顯，就是底層的病患需求。

When you reduce the procedure price, demand by patients went way up. Now specific to ortho VBP one, I think you'll see less of a patient impact to volume. And that's for two reasons. It's still unclear if procedure price will be changed on ortho, so we'll have to see whether that happens. And then the second, all things equal, it's easier to expand supply for implants than it is for ortho.

當你降低手術價格時，病患端的需求大幅上升。不過就骨科 VBP 第一輪而言，我認為你會看到病患對量的影響較小。原因有兩點。第一，骨科的手術價格是否會調整仍不明朗，所以我們得看看是否會發生。第二，在其他條件相同下，擴增植入物的供給比擴增骨科的供給更容易。

Ortho is an 18 month to 24 month procedure. And it's more difficult to train a clinician to do orthodontics than it is to do implants, particularly in fixed wire orthodontics, which is still the largest category in China. So hopefully, that unpacks for you a little bit where the growth will come in the second half. Moving forward, we're continue to be long on China. It's currently the second biggest dental market in the world.

矯正是一個18個月到24個月的療程。而且，相較於植牙，培訓臨床醫師從事齒顎矯正更困難，特別是固定式鋼絲矯正，這在中國仍是最大的類別。所以希望這能稍微為你拆解一下，下半年成長將從何而來。往後看，我們仍然長期看好中國。目前它是全球第二大的牙科市場。

We expect it to become the largest at some point. And so in the same way that we are continually making investments in other big dental markets, US, Germany, Japan are good examples, we're investing long term in China. A good example of that is the new Suzhou plant that we announced about this time last year. Envista has been doing this now for 130-something years. So we're pretty comfortable navigating short-term uncertainty to support longer-term growth, and China lines up well against that long-term strategy.

我們預期它在某個時間點會成為最大的市場。因此，就像我們持續在其他大型牙科市場投資一樣——美國、德國、日本都是很好的例子——我們也在中國進行長期投資。一個很好的例子是我們大約在去年這個時候宣布的新蘇州工廠。Envista 這樣做已經有130多年了。所以我們相當有信心能在短期不確定性中航行，以支持更長期的成長，而中國也非常符合這個長期策略。

That's helpful. Really helpful. Can I ask a quick accounting follow-up? Because I'm --

這很有幫助。真的很有幫助。我可以再快速追問一個會計上的問題嗎？因為我--

If you ask it of Eric, yes.

如果你是問 Eric 的話，可以。

You had an $11 million revenue good guy from FX and -- on the revenue side. But on the bridge for the EBITDA, it was a $12 million good guy. Is that just the delta there hedges unwinding or something like that? I'm just trying to understand how that works.

你們在營收端有一個來自匯率（FX）的1,100萬美元正面貢獻——在營收端。但在 EBITDA 的橋接表裡，是1,200萬美元的正面貢獻。那只是差額來自避險部位回轉之類的嗎？我只是想了解這是怎麼運作的。

Yeah, Kevin. If you go back to last year, so the answer to your question really lies in our prior year comp. Last year, in the first half, we did not have an active hedging program for our balance sheet. And the dollar was weakening pretty substantially, if you might recall, from late 2024 through first half 2025. We had losses last year against that weakening US dollar for balance sheet revaluation.

是的，Kevin。如果你回看去年，你這個問題的答案其實在於我們去年同期的比較基期。去年上半年，我們的資產負債表並沒有啟動有效的避險計畫。而且如你所記得的，美元在2024年末到2025年上半年期間明顯走弱。針對資產負債表重估，我們去年因美元走弱而產生損失。

Starting third quarter of last year, we started hedging our balance sheet. And so you're not -- we're not seeing -- you're not seeing any intra-quarter significant losses or gains because we're hedging appropriately. And so the better profit impact, which is, I think, the core of your question, is just coming from not having that prior year Q2 loss.

從去年第三季開始，我們開始對資產負債表進行避險。因此你不會——我們也不會——看到任何單季內顯著的損失或收益，因為我們有適當地避險。所以較佳的獲利影響——我想這是你問題的核心——只是因為今年沒有去年第二季那筆損失。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Good afternoon. Thanks for taking the questions. I wanted to come back quick first on the pricing discussion. Eric, could you maybe unpack the volume versus price contribution within consumables? I'm assuming there isn't a ton of pricing that you're capturing in that high single-digit growth in diagnostics, but correct me if I'm wrong. And then in SP&T, you referenced capturing price there. Can you talk about the regional or portfolio variations in price capture for implants?

下午好。謝謝讓我提問。我想先快速回到定價的討論。Eric，你能否拆解一下在耗材（consumables）中，量（volume）與價（price）各自的貢獻？我假設在診斷（diagnostics）那個高個位數成長裡，你們應該沒有取得太多的價格貢獻，但如果我理解錯了請糾正我。另外在 SP&T，你提到有取得價格。你能談談植體（implants）在不同地區或不同產品組合上，價格取得（price capture）的差異嗎？

Yeah, so let me just catch the first one. I think it was a comment really on E&C price capture. So we did get better price capture, just call it, above average, 100 basis points or so above the Envista average of almost 2% in E&C. We tend to get more in consumables.

好的，我先接第一個。我認為你主要是在問 E&C 的價格取得。所以我們確實取得了更好的價格取得，簡單說，大約比 Envista 接近2%的平均水準高出約100個基點，在 E&C。我們通常在耗材上能取得更多。

We see it as a less elastic market, and we also have extremely strong brands. But we did also get price capture in our diagnostics business. That also means that our volume growth, as Paul laid out, the 8% growth in E&C was very solid. So I think we're seeing good performance on multiple fronts there. Obviously, that means we got less price capture in SP&T. We're very select in terms of the portfolios that we're looking at there for price, and then it's sensitive as well to geographies. So hopefully, that gives you a little bit of a dip down, Jason.

我們認為那是一個需求彈性較低的市場，而且我們也擁有非常強勢的品牌。但我們在診斷業務也同樣取得了價格取得。這也代表如 Paul 所說，E&C 的8%成長中，量的成長非常扎實。所以我認為我們在多個面向都看到良好表現。當然，這也意味著我們在 SP&T 的價格取得較少。我們在那邊對於要調價的產品組合非常挑選，而且也會受到地理區域的敏感度影響。希望這能讓你更深入一點了解，Jason。

Yeah, it does. That's helpful. I wanted to come back also then maybe to follow up on the VBP discussion. We have the analog here for ortho on how volumes may respond to price declines. We don't really have a good analog here for VBP two in implants.

有的。這很有幫助。我也想回到 VBP 的討論再追問一下。在矯正方面，我們有一個類比可以參考：價格下降後，量可能如何反應。但在植體的 VBP 第二輪，我們其實沒有很好的類比可參考。

I guess, what are you -- sorry if I missed it. But what are you assuming with respect to the volume growth response in VBP two? Assuming we do have a 10% to 15% decline in price like you're expecting, what do you expect in volumes in response to that?

我想問的是——抱歉如果我漏聽了——你們對 VBP 第二輪在量的成長反應上，是怎麼假設的？如果如你們預期價格下滑10%到15%，你們預期量會如何回應？

Yeah, Jason, let me take that one. So first, we're not sure we'll see the same volume effect from ortho VBP one as we saw from implants VBP one. As we mentioned on a previous call, it's not as easy to expand supply on an orthodontic procedure as it is to implant. So we'll have to see how that plays out. We think the market share effect will be very similar, but the patient response, time will need to tell.

好的，Jason，我來回答。首先，我們不確定矯正 VBP 第一輪會出現與植體 VBP 第一輪相同的量的效果。如我們在先前的電話會議提到，擴大矯正療程的供給不像植牙那麼容易。所以我們得看後續如何發展。我們認為市占率的效果會非常相似，但病患端的反應還需要時間驗證。

With respect to VBP two on implants, we think that the volume growth there will come from additional market share gain. We think the patient demand response will be muted, one, because the price isn't going to change much; and two, because, there, we're also not sure that the procedure price will change. We think we'll get more share as a result of VBP because that's how that bidding process works, but the patient component of it for VBP two will be less pronounced.

至於植體的 VBP 第二輪，我們認為量的成長將來自額外的市占提升。我們認為病患需求的反應會比較有限：第一，因為價格不會改變太多；第二，因為我們也不確定手術（療程）價格是否會改變。我們認為因為 VBP 的投標機制，我們會取得更多市占，但在 VBP 第二輪中，病患端的影響會比較不明顯。

Okay. Paul, I mean, just real quick, net positive, net neutral on VBP two for implants? Or is it too early to say?

了解。Paul，我再很快問一下：植體的 VBP 第二輪是淨正面、淨中性？還是現在還太早下結論？

I think I'll hold on that one. I'm not sure. Eric, do you have a view on whether the 10% price increase will be net beneficial?

我想這題我先保留。我不確定。Eric，你對於10%的價格上升是否會帶來淨利好，有什麼看法嗎？

I mean, our view is that we're now getting down sort of to this rate and range where it's less impactful, right? It's less impactful from a price and an economics perspective. I think there's also an open question as to whether or not that will, through procedure price, drive demand.

我的意思是，我們的看法是，現在大致已經降到這個幅度與區間，因此影響比較小，對吧？從價格與經濟性角度來看，影響較小。我認為也還有一個未解的問題：這是否會透過療程價格來帶動需求。

But we also look to a lot of previous med tech VBPs. And I would say that the Chinese government has done a good job in getting it right, meaning getting this equation right of sort of the price down, volume up.

但我們也參考了許多過去醫療科技（med tech）的 VBP 案例。我會說中國政府在把事情做對方面做得不錯，也就是把這個「降價、增量」的方程式拿捏得很好。

And as a leader in terms of brand market global presence, we think it's going to bode well for us in terms of volume. Obviously, there's variability around that. And it comes down a lot to how we're prepared with customers and how we're prepared with channel and our own supply chain, and we feel strong about that.

而作為在品牌、市場與全球佈局方面的領導者，我們認為這將有利於我們的量。當然，這之中仍有變動性。而且很大程度取決於我們與客戶的準備程度、與通路的準備程度，以及我們自身供應鏈的準備程度；我們對此很有信心。

Very helpful. Thank you.

非常有幫助。謝謝。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Thanks for squeezing me in. I think we've beaten a lot of these topics to death, so I'll ask kind of a big picture one. What should we expect at the Investor Day? And how are you thinking about positioning, obviously, either there or at various different conferences, the product portfolio and the R&D engine?

感謝你把我塞進來提問。我想我們已經把很多這些主題談到很透徹了，所以我想問一個比較宏觀的問題。在投資人日我們應該期待看到什麼？另外，你們如何思考定位——不論是在那裡或在各種不同的會議上——產品組合以及研發引擎？

Yes, happy to take that one. It's been about 1.5 years since our last Investor Day, so it feels about like the right time to give you guys an update. In terms of the agenda, our current thinking is that I will kick things off with a deeper dive into the strategic and operational progress against the original plan, the value creation plan we unveiled in March of 2025. Eric will then do a similar kind of update but through a more financial lens, quantifying those sort of strategic levers I'll talk about. Then, we'll have each of the leaders of our four main businesses walk you guys through the main drivers that they're prioritizing.

好的，很樂意回答這題。距離我們上一次投資人日大約已經 1.5 年了，所以現在看起來是個很合適的時間向各位更新。就議程而言，我們目前的想法是由我先開場，深入說明相較於原始計畫的策略與營運進展，也就是我們在 2025 年 3 月公布的價值創造計畫。接著 Eric 會以更偏財務的角度做類似的更新，把我提到的策略槓桿加以量化。然後，我們四大主要事業的各位領導人會帶各位走過他們目前優先聚焦的主要驅動因素。

And then we expect to have an extended Q&A session. We're going to host this event and webcast it from our Procera facility, which is just outside of New York City. It's about an hour outside. We make custom prosthetics there. The presentation and supporting materials will be, of course, available on our website.

之後我們預計會有一段延長的問答時間。我們將在位於紐約市郊外的 Procera 廠區主辦並進行網路直播。大約在市區外一小時車程。我們在那裡製作客製化義肢。簡報與相關支援資料當然也會在我們的網站上提供。

And for those who are able to attend in person, we'll provide a tour of that facility. It's pretty interesting. And then we'll also showcase some of our higher-impact new products that have recently launched. So whether you're able to join us in person or online, we certainly hope you can make it on September 17.

另外，對於能夠親自到場的與會者，我們會安排參觀該廠區。那裡相當有意思。我們也會展示一些近期推出、影響力較高的新產品。因此，不論各位能親自到場或線上參與，我們都誠摯希望各位能在 9 月 17 日加入我們。

David Saxon, Needham.

David Saxon，Needham。

Great. Thanks for taking the question. Good afternoon. Maybe I'll just keep it to one given the time, so -- and higher level, too. So just when you're thinking about Envista's overall margin improvement potential, just curious where you see the most opportunity across SP&T and E&C. I think E&C has generally seen a higher op margin, but I'm not sure how significant you're thinking Spark could be longer term for SP&T.

很好。謝謝讓我提問。午安。考量時間我可能就問一題，而且也是比較高層次的問題。當你們在思考 Envista 整體毛利率/利潤率改善的潛力時，我想了解你們在 SP&T 與 E&C 之間，認為最大的機會在哪裡。我認為 E&C 一般來說營業利益率較高，但我不確定你們認為 Spark 對 SP&T 的長期影響會有多大。

Yes, let me answer the question along two vectors, first by reporting segment, as you asked; and then secondly, maybe a look across the P&L. Yes, you're correct that Spark remains a very important margin expansion lever. We've had, I don't know, how many consistent quarters of year-over-year unit cost reduction. We still see progress ahead of us.

好的，我會從兩個面向回答：第一，依你所問的報告部門來看；第二，從損益表各項目橫向來看。是的，你說得對，Spark 仍然是非常重要的利潤率擴張槓桿。我們已經有——我不知道——連續多少個季度單位成本年對年下降。我們仍然看到後續還有進一步的進展空間。

There's a multiyear improvement -- unit cost improvement plan that the teams put together in a very organized sequential way that they go about introducing that and then spreading it across the three factories we have. So plenty of work left to do there. We think a similar sort of opportunity is available to us in implants. The businesses are similar, implants and ortho. And seeing what is possible through our Spark experience has motivated us in other parts of the company.

團隊制定了一個為期多年的改善計畫——單位成本改善計畫——以非常有組織、循序漸進的方式推進，先導入改善措施，再推廣到我們的三座工廠。所以那裡還有很多工作要做。我們認為在植體（implants）業務上也有類似的機會。植體與矯正（ortho）這兩個業務很相似。而 Spark 的經驗讓我們看到可達成的成果，也激勵了公司其他部門。

I would say, though, on the E&C side, there's still room to grow as well in our diagnostics business. As you know, that's a comprehensive solution. That's a hardware business, but it also has software and services. And the software and services parts right now are growing even more quickly than the hardware part, and they have better margins. So as those sides of that business grow, there's a natural margin expander that comes with it.

不過我會說，在 E&C 這邊，我們的診斷業務也仍有成長空間。如各位所知，那是一個完整的解決方案。它是硬體業務，但同時也包含軟體與服務。目前軟體與服務的成長速度甚至快於硬體，而且毛利率更好。因此，隨著該業務中這些部分成長，會自然帶來利潤率擴張。

If we look at it across the P&L, last year, we had a particular focus on G&A. We took out $35 million. I think that not only helped the economics of the business, but it also helped the speed and decision-making. We're continuing to work on G&A productivity, but the bigger opportunity for us is on the COGS line. We have a number of programs that we're working to drive increased COGS productivity.

如果從損益表來看，去年我們特別聚焦在 G&A（一般與行政費用）。我們削減了 3,500 萬美元。我認為這不僅改善了業務的經濟性，也提升了速度與決策效率。我們會持續推動 G&A 生產力，但對我們而言更大的機會在 COGS（銷貨成本）這一行。我們正在推動多項計畫，以提升 COGS 的生產力。

And the last two quarters, you've started to see that manifest itself in our gross margin line. We had gross margin expansion in both Q1 and Q2, and we're hopeful that there's more room to go there. That's kind of a thought on margins cut both by business and by line to the P&L.

而在最近兩個季度，你已經開始看到這反映在我們的毛利率上。我們在 Q1 與 Q2 都出現毛利率擴張，我們也希望那裡還有更多上行空間。以上就是從事業別與損益表項目兩個角度對利潤率的看法。

Great. Thanks so much for that.

很好。非常感謝。

Michael Sarcone, Jefferies.

Michael Sarcone，Jefferies。

Hey, good afternoon. Thanks for taking the question and squeezing me in. Just a quick one on the model. Eric, any update on what you're expecting for the FX impact for the back half of the year on sales?

嗨，午安。謝謝讓我提問，也謝謝把我塞進來。我想快速問一題關於模型。Eric，你對今年下半年匯率（FX）對營收的影響預期有沒有更新？

Yeah, I think it's a pretty straightforward perspective. So we do not expect FX, if you think about translation on revenues, to be material at all in the next 2 quarters. In fact, our model has got it almost dead flat, so call it 0% growth year-over-year in Q3 and Q4. And if you just look at how rates have moved sequentially in the last several months, a little bit of a weakening euro but a strengthening of a few of the other currencies.

有，我覺得觀點很直接。所以我們不預期匯率——如果你指的是營收的換算影響——在接下來兩個季度會有任何顯著影響。事實上，我們的模型幾乎是完全持平，因此 Q3 與 Q4 年對年成長可視為 0%。如果你看過去幾個月匯率的連續變動，歐元稍微走弱，但其他幾個貨幣則走強。

And effectively, if that environment doesn't change, we'll be in a near zero, if you will, foreign exchange impact, top line and bottom line. And we've largely worked through what we talked about, I think, midway through the Q&A, in terms of just these benefits that we had from losses last year, which were all in the first half. So you add all that up, and there should be a very nominal to near 0 impact unless rates move forward on the second half.

基本上，如果這樣的環境不變，我們在外匯影響上——不論是營收端或獲利端——都會接近於零。而且我們也大致已經消化了我們在問答中段提到的部分，也就是去年虧損所帶來的那些效益，而那些都發生在上半年。綜合以上，除非下半年匯率再度變動，否則影響應該非常輕微、接近於零。

Got it. Thank you.

了解。謝謝。

There are no more questions at this time. I would now like to turn the conference back to Mr. Paul Keel.

目前沒有更多問題。我現在想把電話會議交回給 Paul Keel 先生。

Okay. Thanks, everyone. Let me just briefly underline a couple of thoughts by way of wrapping up the quarter. First, our second quarter results supported a strong first half performance for Envista. Compared to the first half of 2025, we delivered 7% core growth, 27% adjusted EBITDA growth and over 50% EPS growth.

好的。謝謝各位。在結束本季之前，我簡要強調幾點。第一，我們第二季的結果支撐了 Envista 上半年強勁的表現。相較於 2025 年上半年，我們達成了 7% 的核心成長、27% 的調整後 EBITDA 成長，以及超過 50% 的 EPS 成長。

Secondly, our Q2 performance was once again broad-based, with both reporting segments and all major geographies posting strong results. Third, we continue to focus on executing our value creation plan with ongoing progress against all three of our priorities, growth, operations and people.

第二，我們 Q2 的表現再次呈現廣泛性，兩個報告部門以及所有主要地區都交出強勁成果。第三，我們持續聚焦於執行價值創造計畫，並在三大優先事項——成長、營運與人才——上都持續取得進展。

And fourth, this performance gives us confidence to increase our full year 2026 guidance. We look forward to the upcoming Investor Day that we referenced in a previous question. Again, that's on September 17, where we'll take a longer look at our strategy and execution. I think that covers it for now. Have a great day, everyone, and a terrific week.

第四，這樣的表現讓我們有信心上調 2026 全年指引。我們也期待即將到來、在先前問題中提到的投資人日。再次提醒，日期是 9 月 17 日，屆時我們將更深入地檢視我們的策略與執行。我想目前就到這裡。祝各位有美好的一天，也祝各位本週一切順利。

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

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。