Envista Holdings Corporation (NVST) 2026 Q3 法說會逐字稿

Hello. My name is Angeline, and I will be your conference call facilitator this afternoon. At this time, I would like to welcome everyone to Envista Holdings Corporation's third quarter 2026 earnings results conference call. (Operator Instructions)

大家好。我叫 Angeline，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 年第三季財報結果電話會議。(接線員指示)

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 投資人關係副總裁 Jim Gustafson 先生。Gustafson 先生，您可以開始本次電話會議。

Good afternoon. Thank you for joining Envista's third 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.

各位下午好。感謝各位參加 Envista 2026 年第三季財報電話會議。我們感謝各位對本公司的關注。今天與我一同出席的有：我們的總裁暨執行長 Paul Keel，以及財務長 Eric Hammes。

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

我們的財報新聞稿、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 就本次電話會議中提供之任何非 GAAP 財務衡量所需的調節表與其他資訊，均可於我們網站 www.envistaco.com 的「投資人」專區取得。

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. Unless otherwise noted, references in these remarks to company-specific financial metrics relate to third quarter of 2026, and references to period-to-period increases and decreases in financial metrics are year-over-year.

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影響我們業績的其他因素。除非另有說明，本次談話中提及之公司特定財務指標係指 2026 年第三季，而提及各項財務指標的期間增減，均為年對年比較。

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. We will also make forward-looking statements within the meaning of the federal securities laws, including statements regarding events and developments that we believe or anticipate 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. 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.

在本次電話會議中，我們可能會提及某些產品與解決方案，其申請已提交且仍待取得特定監管核准，或僅於特定市場提供。我們亦將在聯邦證券法意義下作出前瞻性陳述，包括關於我們相信或預期未來可能發生之事件與發展的陳述。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 提交文件中所載者），實際結果可能與我們今日所作任何前瞻性陳述存在重大差異。這些前瞻性陳述僅截至其作出之日有效，除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

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

接下來，我把電話交給 Paul。

Thanks, Jim, and hello to everyone joining us today. I will start with an overview of the quarter, including strategic and operational progress made in support of our longer-term value creation plan. Eric will then take us through the numbers in more detail. I will wrap things up with a few closing thoughts before we take your questions.

謝謝你，Jim，也向今天加入我們的各位問好。我將先概述本季表現，包括為支持我們長期價值創造計畫所取得的策略與營運進展。接著 Eric 會帶大家更詳細地檢視各項數字。在進入問答之前，我會以幾點結語作為收尾。

As shown on slide 4, we delivered core sales growth of 2.7% in Q3, with adjusted EBITDA growth of 9% and adjusted EPS growth of 25%. On a global scale, we did not observe any material shifts in the dental market in Q3 relative to the first half of the year. From a sector perspective, insurance-covered categories like prevention, diagnostics, and restoration displayed their characteristic resilience, while more elective categories like ortho and implants continued to run below their higher historical trends.

如投影片第 4 頁所示，我們在第三季實現核心銷售成長 2.7%，調整後 EBITDA 成長 9%，調整後 EPS 成長 25%。就全球而言，我們在第三季並未觀察到牙科市場相較於上半年出現任何重大變化。從類別來看，保險給付涵蓋的領域（如預防、診斷與修復）展現其一貫的韌性；而較偏選擇性的領域（如矯正與植牙）則仍低於其較高的歷史趨勢水準。

From a geographic perspective, developing markets, excluding China, continued to grow most quickly, followed by Europe. As indicated in the latest ADA survey, on a relative basis, the US market remains soft, as macro uncertainty is impacting both patient and clinician confidence.

從地理區域來看，除中國以外的新興市場仍是成長最快的地區，其次為歐洲。如最新的 ADA 調查所示，相對而言，美國市場仍偏疲弱，因總體不確定性正影響病患與臨床醫師的信心。

China was also slow in Q3, as it is now in the middle of two dental VBP processes, of which I will say more shortly. Specific to our business, we continued to generate growth across the portfolio, with both reporting segments in all major geographies aside from China once again in positive territory.

中國在第三季也表現緩慢，因目前正處於兩項牙科 VBP 流程的中段，稍後我會再多談一些。就我們的業務而言，我們持續在產品組合各領域帶動成長；除中國外，兩個申報部門在所有主要地理區域再度皆呈現正成長。

As has been the case now for the past several quarters, we converted good top-line performance into even stronger earnings growth. Behind continued factory and G&A productivity, gross and EBITDA margins grew 20 and 80 basis points respectively. EPS grew 25% in Q3 and is up more than 40% year-to-date. Free cash flow conversion remained strong in the quarter, supporting continued share repurchases. Net debt to adjusted EBITDA now stands at 0.6 times.

如同過去數季的情況，我們將良好的營收表現轉化為更強勁的獲利成長。在工廠與一般及行政（G&A）生產力持續提升的帶動下，毛利率與 EBITDA 利潤率分別提升 20 個基點與 80 個基點。第三季 EPS 成長 25%，年初至今成長超過 40%。本季自由現金流轉換率維持強勁，支持我們持續回購股份。淨負債對調整後 EBITDA 比率目前為 0.6 倍。

Based on our strong momentum and year-to-date performance, we are once again raising our full-year profit and EPS guidance. Our updated 2026 expectations call for core growth of 3.75% to 4.25%, adjusted EBITDA growth of 12.5% to 14%, and adjusted EPS of $1.54 to $1.58, up more than 10% at the midpoint from our initial 2026 guide. Eric will say a bit more about the assumptions underlying our revised guidance in his section.

基於我們強勁的動能與年初至今的表現，我們再次上調全年獲利與 EPS 指引。更新後的 2026 年展望為：核心成長 3.75% 至 4.25%，調整後 EBITDA 成長 12.5% 至 14%，以及調整後 EPS 為 1.54 至 1.58 美元；以中位數計，較我們最初的 2026 年指引上調超過 10%。Eric 將在他的段落中進一步說明修訂後指引所依據的假設。

Let's now turn to the progress we are making in support of our priorities of growth, operations, and people. Starting with growth, Spark was up high single digits. Diagnostics and implants were both up mid-single digits, and consumables grew low single digits against a high 2025 comp and following a strong H1.

接下來談談我們在「成長、營運與人才」三大優先事項上的進展。先從成長面來看，Spark 成長達高個位數。診斷與植體（implants）皆為中個位數成長；耗材在 2025 年高基期且上半年表現強勁之後，仍實現低個位數成長。

Geographically, developing markets ex-China were up high single digits. Europe grew in the mid-single digits, and consistent with my earlier comments, North America was up low single digits. Coming back to China, as expected, our business contracted at a low double-digit rate in Q3, principally driven by preparations for VBP, which is now underway. We expected a roughly $10 million impact from VBP in Q3, and that is about how things played out.

就地理區域而言，除中國外的新興市場成長達高個位數。歐洲成長為中個位數；且如我先前所述，北美為低個位數成長。回到中國，如預期，我們第三季業務以低雙位數幅度下滑，主要由於為目前已啟動的 VBP 做準備所致。我們原先預期 VBP 在第三季約帶來 1,000 萬美元的影響，實際情況大致如此。

The latest government communications point to mid-December timing for results to be announced. Although, as we know, due to the complexity of these processes, VBP timelines often run long. We expect VBP implementation most likely to commence in the first half of 2027.

最新的政府溝通資訊顯示，結果預計在 12 月中旬公布。不過，如我們所知，由於流程複雜，VBP 時程往往會延後。我們預期 VBP 的落地實施最可能在 2027 年上半年開始。

Turning now to operations, we continue to make progress on multiple fronts, underpinned by our Envista Business System. Our price, procurement, and factory productivity efforts once again offset inflationary pressures and helped to deliver growth and EBITDA margin expansion that I noted earlier. We continue to make good progress on the tax front as well, with our effective tax rate down in the quarter almost 6 points versus Q3 of 2025.

接著談營運面，在 Envista Business System 的支撐下，我們在多個面向持續取得進展。我們在定價、採購與工廠生產力方面的努力再次抵銷通膨壓力，並有助於實現我先前提到的成長與 EBITDA 利潤率擴張。我們在稅務方面也持續取得良好進展，本季有效稅率較 2025 年第三季下降近 6 個百分點。

With respect to people, progress also remains strong. Last quarter, we opened a new European design center for Spark in Madrid, complementing facilities already operating in North America and Asia. We conducted more than 40 Kaizen events in Q3, including a CEO Kaizen that I was honored to host, covering a half dozen projects across three continents.

在人才方面，進展同樣維持強勁。上季我們在馬德里為 Spark 啟用新的歐洲設計中心，與北美及亞洲既有營運據點相互補強。我們在第三季舉辦了超過 40 場 Kaizen 活動，其中包括一場由我很榮幸主持的 CEO Kaizen，涵蓋橫跨三大洲的半打專案。

We also published our 2025 Sustainability Report, detailing the work we are doing to expand access to dental care, reduce environmental impact, and further increase investment in our colleagues and communities.

我們也發布了《2025 永續發展報告》，詳述我們為擴大牙科照護可近性、降低環境影響，以及進一步增加對同仁與社區投入所做的工作。

Specific highlights include a 17% year-over-year reduction in lost time injuries, a 19% reduction in water consumption, and a 40% reduction in waste generation. The report also outlines the important work we are doing through the Envista Smile Project, serving close to 20,000 patients last year alone. We further built on this momentum in Q3 of this year, delivering care across multiple US locations, as well as internationally in Ghana, Mexico, Honduras, and Costa Rica.

具體亮點包括：可記錄工時損失傷害（lost time injuries）年對年下降 17%，用水量下降 19%，以及廢棄物產生量下降 40%。報告亦說明我們透過 Envista Smile Project 所推動的重要工作，僅去年一年就服務了近 20,000 名病患。我們在今年第三季也在此基礎上延續動能，於美國多個地點提供照護服務，並在國際上於迦納、墨西哥、宏都拉斯與哥斯大黎加提供服務。

As we covered in some detail at our capital markets event in September, innovation is foundational to Envista's long-term growth strategy. We launched a number of new products across the first half of this year, and the momentum continued in Q3 with several additional high-impact introductions.

如同我們在 9 月資本市場活動中相當詳細地說明，創新是 Envista 長期成長策略的基石。我們在今年上半年推出多項新產品，而這股動能在第三季延續，並新增了數項具高度影響力的產品上市。

Slide 6 highlights just three of these. On the far left, NOMAD Pro 3 is the next generation of our handheld X-ray system that created the category, bringing high-quality imaging directly to the chair side. Pro 3 delivers improved image quality with optimized exposure presets designed to support faster, more consistent workflows. As safety is fundamental in imaging, NOMAD Pro 3 is engineered with multiple layers of protection and delivers 10 times less rear-directed radiation than the leading competitor.

第 6 張投影片僅重點呈現其中三項。最左側的 NOMAD Pro 3 是我們開創該類別的手持式 X 光系統之新一代產品，將高品質影像直接帶到診療椅旁。Pro 3 透過最佳化的曝光預設值提升影像品質，以支援更快速且更一致的工作流程。由於安全性是影像診斷的根本，NOMAD Pro 3 採用多重防護層設計，且其向後散射的輻射量比主要競爭對手低 10 倍。

In the middle of the page is our new Ultra HDL Prismatic Loupe, the latest innovation from Orascoptic. Prismatic loupes are used by clinicians for more specialized procedures to achieve superior image clarity at higher magnification. The new Ultra HDL platform delivers this performance with a significantly lighter design, resulting in better ergonomics and greater comfort.

頁面中央是我們全新的 Ultra HDL Prismatic Loupe（棱鏡式放大鏡），為 Orascoptic 的最新創新。臨床醫師在較專業的處置中會使用棱鏡式放大鏡，以在更高放大倍率下達到更優異的影像清晰度。全新的 Ultra HDL 平台以顯著更輕量的設計提供此等效能，帶來更佳的人體工學與更高的舒適度。

Finally, the frame on the right provides an overview of our new Endo Module for DTX Studio. This module uses AI-assisted canal segmentation to identify and characterize precise tooth anatomy. Resulting insights help customers with clinical decision-making, treatment planning, and patient communications. Root canal treatment is amongst the most common of endodontic procedures, with over 15 million performed last year in the US alone. While general AI diagnostics are increasingly common in competitive systems, the depth and specificity of our latest Endo Module is unique and compelling. Early feedback from clinicians has been encouraging.

最後，右側的框架概述了我們為 DTX Studio 推出的全新 Endo Module（根管治療模組）。此模組運用 AI 輔助的根管分割來辨識並刻畫精確的牙齒解剖結構。所產生的洞見可協助客戶進行臨床決策、治療規劃與病患溝通。根管治療是最常見的牙髓治療程序之一，僅美國去年就執行超過 1,500 萬例。雖然競品系統中的一般性 AI 診斷日益普及，但我們最新 Endo Module 的深度與專一性獨具特色且具吸引力。臨床醫師的早期回饋令人鼓舞。

Consistent with innovation's central role in our growth agenda, we have meaningfully increased new product investment each of the last two years. The returns from these investments in terms of growth, brand, and share gains are becoming increasingly clear. Our new product pipeline has never been richer, and we will continue to share our progress as programs develop.

與創新在我們成長議程中的核心角色一致，我們在過去兩年每一年都大幅提高新產品投資。這些投資在成長、品牌與市占提升方面的回報正變得愈發清晰。我們的新產品管線從未如此充實，我們也將在各項計畫推進的同時持續分享進展。

Having now provided an overview of the quarter, I will turn the call over to Eric to walk us through the numbers.

在概述本季表現後，我將把電話會議交給 Eric，請他帶我們檢視各項數字。

Thanks, Paul. third quarter sales were $691 million, up $21 million from the prior year. Core sales grew 2.7%. Total growth was 3.2%, with neutral FX and a slight tailwind from acquisitions. As Paul noted, growth was well-balanced across the portfolio by business, by geography, and between volume and price.

謝謝，Paul。第三季銷售額為 6.91 億美元，較去年同期增加 2,100 萬美元。核心銷售成長 2.7%。總成長為 3.2%，在匯率中性下，併購帶來些微順風。如 Paul 所提，成長在整體產品組合中相當均衡，無論按事業別、按地區，以及在銷量與價格之間皆是如此。

Developed markets grew mid-single digits, while emerging markets grew low single digits all in, or high single digits excluding China. China declined double digits, driven by the orthodontics channel reducing inventories in preparation for VBP. Adjusted gross margin expanded, reaching 56.3% in Q3, a 20 basis point increase over last year that was driven primarily by price and factory productivity.

已開發市場成長中個位數百分比，而新興市場整體成長低個位數百分比；若排除中國，新興市場成長為高個位數百分比。中國下滑達雙位數百分比，主因為矯正通路為因應 VBP 而降低庫存。調整後毛利率擴張，第三季達 56.3%，較去年增加 20 個基點，主要由價格與工廠生產力所帶動。

Adjusted EBITDA increased 9% to approximately $106 million, with a margin of 15.3%, up 80 basis points. Volume, price, and productivity each contributed to our profit growth and margin expansion, more than offsetting the headwinds from China, as well as our continued investment for growth. Adjusted EPS was $0.40, up 25% from Q3 of last year, driven by both improved operating profitability and a lower tax rate.

調整後 EBITDA 成長 9% 至約 1.06 億美元，利潤率為 15.3%，上升 80 個基點。銷量、價格與生產力各自對獲利成長與利潤率擴張有所貢獻，且足以抵銷中國帶來的逆風，以及我們持續的成長投資。調整後 EPS 為 0.40 美元，較去年第三季成長 25%，主要由營運獲利能力提升與較低的稅率所驅動。

You may have noticed that the GAAP financials in our earnings release reflect the realization of a large foreign currency gain in net income and EPS. This gain is the result of an international legal entity dissolution, which relates to the significant intercompany loan resolution announced in Q3 of last year. Overall, this change aligns with our strategy of simplifying our legal entity structures. Important to note, the GAAP gain was a non-cash event and is not reflected in our adjusted net income or adjusted EPS. Free cash flow was $63 million, representing 97% conversion of adjusted net income.

您可能注意到，我們的財報新聞稿中 GAAP 財務數字在淨利與 EPS 反映了一筆大額外幣收益的實現。此收益源自一個海外法律實體的解散，與我們在去年第三季宣布的重大關係企業間貸款解決方案相關。整體而言，此變更與我們簡化法律實體架構的策略一致。需要特別說明的是，該 GAAP 收益為非現金事項，未反映於我們的調整後淨利或調整後 EPS。自由現金流為 6,300 萬美元，相當於調整後淨利的 97% 轉換率。

Now let us turn to our bridges, starting with growth. Core sales grew 2.7% in the quarter, and total revenues grew by more than 3%. Volume was the largest single contributor to growth, adding approximately $13 million before the separately shown impact of decreasing China sales. Price was positive again in Q3, delivering $12 million of sales increase year-over-year. Acquisitions contributed approximately $3 million over the prior year. The integration of our Versah acquisition continues to go well, with growth and profitability both ahead of plan. FX was neutral to revenue in the Q3.

現在讓我們看橋接表，先從成長開始。本季核心銷售成長 2.7%，總營收成長超過 3%。銷量是成長的最大單一貢獻來源，在另行揭露的中國銷售下滑影響之前，約增加 1,300 萬美元。第三季價格再次為正，年增帶來 1,200 萬美元的銷售提升。併購較去年同期約貢獻 300 萬美元。我們對 Versah 的併購整合持續進展順利，成長與獲利均優於計畫。第三季匯率對營收影響為中性。

Finally, China was a revenue headwind of approximately $7 million, as implant sales growth in the quarter was more than offset by brackets and wires destocking in preparation for VBP, consistent with the expectations that we communicated back in September.

最後，中國對營收造成約 700 萬美元的逆風；本季植體銷售成長被矯正托槽與弓絲為因應 VBP 而去化庫存所抵銷，與我們在 9 月所溝通的預期一致。

Slide 9 shows the drivers of approximately $9 million increase in adjusted EBITDA. Price contributed approximately $12 million. Net productivity added approximately $2 million, while volume net of mix added $1 million. Note, the volume impact year-over-year includes the positive impact from strong growth in developed markets and the majority of emerging markets, offsetting the headwinds in China.

第 9 張投影片顯示調整後 EBITDA 約增加 900 萬美元的驅動因素。價格約貢獻 1,200 萬美元。淨生產力約增加 200 萬美元，而扣除產品組合影響後的銷量約增加 100 萬美元。請注意，年對年銷量影響包含已開發市場與多數新興市場的強勁成長所帶來的正面影響，抵銷了中國的逆風。

As with revenue, FX was roughly neutral to EBITDA in the quarter. We continue to invest in new product and commercial capabilities to support future growth, a year-over-year incremental outlay of approximately $6 million in Q3. Overall, our adjusted EBITDA margin was 15.3% in the quarter, an improvement of 80 basis points over last year, reflecting solid price growth and productivity while investing in the business.

與營收相同，本季匯率對 EBITDA 的影響大致為中性。我們持續投資新產品與商業能力以支援未來成長，第三季年對年新增支出約 600 萬美元。整體而言，本季調整後 EBITDA 利潤率為 15.3%，較去年改善 80 個基點，反映在投資業務的同時，仍有穩健的價格成長與生產力提升。

Turning to segment performance, in the third quarter, Specialty Products & Technologies revenue was $444 million, up nearly 3% year-on-year, with core growth of 2%. In orthodontics, Spark sales again grew high single digits. Conversely, brackets and wires were down high single digits, principally due to VBP preparations in China.

接著看分部表現，第三季 Specialty Products & Technologies（專業產品與技術）營收為 4.44 億美元，年增近 3%，核心成長 2%。在矯正領域，Spark 銷售再次達到高個位數成長。相對地，托槽與弓絲下滑高個位數百分比，主要因中國為因應 VBP 進行準備。

Implants grew mid-single digits, with growth across all geographies and positive growth trends from new product introductions, regenerative biomaterials, and the Versah acquisition. Adjusted operating profit was $67 million, a margin of 15% compared to 15.5% a year ago. Contributions from price, volume, and Spark factory productivity were offset by growth investments globally and VBP preparations in China.

植體成長中個位數百分比，各地區皆有成長，且新產品導入、再生生物材料以及 Versah 併購帶來正向成長趨勢。調整後營業利益為 6,700 萬美元，利潤率 15%，去年同期為 15.5%。價格、銷量與 Spark 工廠生產力的貢獻，被全球成長投資以及中國 VBP 準備工作所抵銷。

Moving to Equipment & Consumables third quarter performance, we delivered over 4% core growth, with consumables growing low single digits and diagnostics up mid-single digits. Diagnostics growth was solid across geographies and the portfolio, with growth in hardware, software, and services. We once again gained share in the diagnostics category, as our integrated offering supports both quality of care and practice productivity for clinicians. Adjusted operating profit in this reporting segment increased more than 15% over the prior year, supported by volume, price, and operating efficiency.

再看 Equipment & Consumables（設備與耗材）第三季表現，我們實現超過 4% 的核心成長，其中耗材成長低個位數百分比，診斷業務成長中個位數百分比。診斷業務在各地區與產品組合皆表現穩健，硬體、軟體與服務均有成長。我們再次在診斷類別提升市占，因為我們的整合式產品組合同時支援臨床醫師的照護品質與診所生產力。此報導分部的調整後營業利益較去年同期增加逾 15%，受惠於銷量、價格與營運效率。

Now I'll turn to cash flow and our balance sheet. Q3 free cash flow was $63 million, including roughly $16 million in tariff refunds, offset by $14 million of net CapEx. We have now received refunds for essentially all IEEPA tariffs paid in 2025, and as a reminder, we do not include these amounts in our adjusted P&L results.

接下來我將談現金流與資產負債表。第三季自由現金流為 6,300 萬美元，其中包含約 1,600 萬美元的關稅退稅，並被 1,400 萬美元的淨資本支出（CapEx）所抵銷。我們目前已收到基本上所有於 2025 年支付的 IEEPA 關稅退稅；提醒一下，我們不將這些金額納入調整後損益表結果。

We repurchased around 400,000 shares of stock in the quarter, returning roughly $10 million of cash to shareholders. Our balance sheet remains strong, with net debt to EBITDA of approximately 0.6 times, providing both stability and capital deployment flexibility.

本季我們回購約 40 萬股股票，向股東返還約 1,000 萬美元現金。我們的資產負債表仍然強健，淨負債對 EBITDA 約為 0.6 倍，兼具穩定性與資本配置彈性。

As Paul mentioned, we are raising and narrowing our full-year guidance. We now expect core sales growth of 3.75% to 4.25%, compared with our prior range of 3.5% to 4.5%. We expect adjusted EBITDA growth of 12.5% to 14%, moving to the upper half of the range we provided last quarter. Our updated adjusted EPS range is $1.54 to $1.58, compared with our prior range of $1.50 to $1.55. And we continue to expect free cash flow conversion of approximately 100% for the full year.

如 Paul 所提到的，我們正在上調並收窄全年指引。我們目前預期核心銷售成長為 3.75% 至 4.25%，相較於先前的 3.5% 至 4.5%。我們預期調整後 EBITDA 成長 12.5% 至 14%，移至我們上季提供區間的上半部。我們更新後的調整後 EPS 區間為 1.54 美元至 1.58 美元，相較於先前的 1.50 美元至 1.55 美元。我們也仍預期全年自由現金流轉換率約為 100%。

A few thoughts underpinning this revised guide. At the midpoint, our guidance implies slightly negative core sales growth in fourth quarter. As we outlined at the start of the year, Q1 had four more selling days than in the prior year period, while fourth quarter will have four fewer. Excluding this impact, implied fourth quarter core growth would be consistent with our full-year range.

以下是支撐此次修訂指引的幾點想法。以中位數來看，我們的指引意味著第四季核心銷售成長略為負值。如同我們在年初所說，第一季比去年同期多了四個銷售日，而第四季將少四個。若排除此影響，隱含的第四季核心成長將與我們的全年區間一致。

As we now anticipate VBP implementation in the first half of 2027, we expect no significant VBP-related impact in fourth quarter. With the recent strengthening of the US dollar, we expect foreign exchange to reduce reported Q4 revenue growth by approximately 1 percentage point. Acquisitions should contribute approximately half a percentage point, about the same as Q3. We expect our full-year tax rate of around 25.5% of adjusted pre-tax income, consistent with Q3 and the year-to-date average. Summarizing our Q3 financials, we once again delivered good all-around performance.

由於我們目前預期 VBP 將於 2027 年上半年實施，我們預期第四季不會有重大的 VBP 相關影響。隨著近期美元走強，我們預期外匯將使第四季已報告營收成長降低約 1 個百分點。併購應可貢獻約 0.5 個百分點，與第三季大致相同。我們預期全年稅率約為調整後稅前所得的 25.5%，與第三季及年初至今平均一致。總結我們第三季財務表現，我們再次交出全面良好的成績。

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

接下來，我把電話交回給 Paul。

Thanks, Eric. A few closing thoughts before we open it up for your questions. Market conditions in Q3 were largely unchanged from H1. Macro uncertainty remained high, and we expect this to continue in Q4. As was the case in Q1 and Q2, we delivered solid top-line performance this quarter, with even stronger EBITDA and EPS growth.

謝謝，Eric。在開放提問之前，最後補充幾點。第三季的市場狀況大致與上半年相同。總體經濟不確定性仍高，我們預期第四季也將持續如此。如同第一季與第二季，本季我們交出穩健的營收表現，且 EBITDA 與 EPS 成長更為強勁。

We expanded gross and operating margins while continuing to invest in future growth. Behind good momentum and year-to-date performance, we are again raising our full-year 2026 earnings guidance. Our plan is working. Grow our impact with customers, continually improve operations, and actively support our people who make all this progress possible.

我們在持續投資未來成長的同時，擴大了毛利率與營業利益率。在良好動能與年初至今表現的帶動下，我們再次上調 2026 全年獲利指引。我們的計畫正在奏效。提升我們對客戶的影響力、持續改善營運，並積極支持讓這一切進展成為可能的同仁。

That completes our prepared remarks for today. We will now open it up for your questions.

以上為我們今天的準備發言。接下來我們將開放提問。

(Operator Instructions)

（接線員指示）

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Wanted to start a little high level. I appreciate you guys aren't giving 2027 guide at this point, so maybe we won't get too many specifics. But can you at least talk a little bit about puts and takes going into 2027, and what kind of opportunities you have here to kind of keep the momentum you've been building over the past couple of years?

我想先從較高層次的問題開始。我理解你們目前不提供 2027 年指引，所以可能不會有太多細節。但你們至少能否談談進入 2027 年時的利多與利空因素，以及你們有哪些機會可以延續過去幾年建立起來的動能？

Sure. Good afternoon, Brandon. Thanks for kicking us off. Let's see, maybe to start at the highest level, our value creation plan is working pretty well, so as they say, we'll keep working the plan. Maybe just to recap progress since we first introduced the plan about two years ago, year-to-date 2026 core growth is up over 6 points from where we were the same period in 2024, and year-to-date EBITDA dollars have grown over 50%.

當然。下午好，Brandon。謝謝你先開場提問。我想先從最高層次來說，我們的價值創造計畫運作得相當不錯，所以如同大家常說的，我們會持續按計畫推進。簡單回顧一下自約兩年前首次提出該計畫以來的進展：2026 年年初至今的核心成長率，相較於 2024 年同期提高了超過 6 個百分點，而年初至今 EBITDA 金額成長超過 50%。

Now, to be fair, 2024 was a fairly modest starting point, but nonetheless, our progress has been steady, momentum is good, and Q3 provided further evidence that our plan is working. With that as a backdrop, I'd point to a couple of things we need to accomplish in 2027 to keep the momentum going.

當然，公平地說，2024 年的起點相對溫和，但即便如此，我們的進展一直很穩健、動能良好，而第三季也進一步證明我們的計畫正在奏效。在此背景下，我會指出幾件我們在 2027 年需要完成、以延續動能的事情。

Let's see, first on the growth front, in addition to maintaining our improved new product development cadence, we also need to deliver on the commercialization side of the equation. As we covered during the capital markets event back in September, we've launched a good number of new products over the past couple years.

首先在成長方面，除了維持我們已改善的新產品開發節奏之外，我們也必須在商業化端交出成果。如同我們在 9 月的資本市場活動中所提到的，過去幾年我們推出了相當多的新產品。

For example, in implants, we launched S-Series, EmPro, and SmileGrid. In diagnostics, we have all-new platforms for CBCT, IOS, and 2D handheld, plus a number of new AI software offerings. In ortho, there's a half dozen or so additions to Spark, plus a novel new adhesive platform. In consumables, we've launched new solutions in Resto, Endo, Light, and Loupes. That's a lot of new product introductions. And while we're encouraged by early market uptake, to be honest, most of these programs are still well below their full long-term potential.

例如在植體方面，我們推出了 S-Series、EmPro 與 SmileGrid。在診斷方面，我們推出了全新的 CBCT、IOS 與 2D 手持式平台，並新增多項 AI 軟體產品。在矯正方面，Spark 新增了約半打左右的產品，另有一個創新的新型黏著劑平台。在耗材方面，我們在 Resto、Endo、Light 與 Loupes 推出了新的解決方案。這是大量的新產品導入。雖然我們對早期市場採用情況感到鼓舞，但坦白說，這些專案多數仍遠低於其長期的完整潛力。

In 2027, in order to scale these platforms, we really need to commercialize well, and that's a team sport. Sales, marketing, regulatory, customer service, manufacturing, everyone plays a role here.

在 2027 年，為了擴大這些平台的規模，我們確實需要把商業化做好，而這需要團隊合作。銷售、行銷、法規、客服、製造，每個人都在其中扮演角色。

In terms of operations, I think I'd give our teams high marks on driving G&A productivity. As you know, that's down as a percent of sales almost 3 points in two years. That's helped us deliver predictable earnings growth, but it's also helped fund the double-digit increases in R&D and sales and marketing that we've talked about, which in turn, of course, is key to growth acceleration.

在營運方面，我認為我們的團隊在推動 G&A（一般與行政費用）生產力上表現優異。如你所知，兩年內其占銷售比重下降了將近 3 個百分點。這不僅幫助我們實現可預期的獲利成長，也協助支應我們所談到的研發與銷售行銷的雙位數增幅投資，而這反過來當然是成長加速的關鍵。

But as important as G&A productivity is COGS productivity, and we allowed our gross margins to compress about three points from 2022 to 2024. We were able to stem that decline last year, then as we talked about in our prepared remarks, we have now posted three consecutive quarters of gross margin expansion.

但與 G&A 生產力同等重要的是 COGS（銷貨成本）生產力，而我們在 2022 年到 2024 年間讓毛利率壓縮了約 3 個百分點。我們去年得以遏止該下滑趨勢，接著如同我們在準備發言中提到的，我們現在已連續三季實現毛利率擴張。

We have been able to do this in parts of our portfolio, Spark, for instance, being a particularly good example. In 2027, we have to do it more broadly across our portfolio. We have good enterprise-wide efforts underway in price, in procurement, and in factory productivity. I would say we have good line of sight to further progress in 2027, but of course, we got to make it happen.

我們已在產品組合的部分領域做到這點，例如 Spark 就是一個特別好的例子。在 2027 年，我們必須更廣泛地在整個產品組合中做到。我們已在定價、採購與工廠生產力方面推動全企業層級的良好措施。我會說，我們對 2027 年進一步改善有相當清晰的能見度，但當然，我們必須把它落實。

Then finally, with respect to people, this is another area of strong focus for us. Many of our peer dental participants are now in the early innings of leadership transitions. We went through ours a few years back, and the stability that we now have is really helpful in terms of speed, in terms of execution, engagement, et cetera.

最後，在人才方面，這也是我們高度聚焦的領域。我們許多同業的牙科參與者目前正處於領導層交接的早期階段。我們在幾年前已完成交接，而我們現在擁有的穩定性，對於速度、執行與投入度等方面都非常有幫助。

To maybe to illustrate the point, our employee scores have increased for three consecutive years. We put in place a number of new talent development programs to deepen our bench, and we have further stepped up investment in our communities through the Envista Smile Project.

為了說明這點，我們的員工評分已連續三年提升。我們推出多項新的人才發展計畫以強化人才梯隊，並透過 Envista Smile Project 進一步加大對社區的投資。

In short, I guess, we have a lot of work to do in 2027. To be clear, we are mindful of the headwinds that we all face, macro volatility, the relative U.S. dental market softness, inflationary pressures, et cetera. We will cover the details of our 2027 outlook on the Q4 call, but momentum is pretty good for us, and the fundamentals are generally moving in the right direction.

總之，我想我們在 2027 年還有很多工作要做。需要說清楚的是，我們也留意到大家共同面臨的逆風，包括總體波動、美國牙科市場相對疲弱、通膨壓力等等。我們會在第四季電話會議上說明 2027 年展望的細節，但我們目前的動能相當不錯，基本面整體也正朝正確方向發展。

Thanks again for the question.

再次感謝你的提問。

Vik Chopra, BMO Capital Markets.

Vik Chopra，BMO Capital Markets。

Congrats on a nice quarter and all the progress you've made here. Paul, I'm not sure who this question is for, but with net leverage at 0.6 times EBITDA, just help us understand how you prioritize additional repurchases, bolt-on M&A, debt reduction, and internal investments. I'm just curious why repurchasing stock is currently more attractive at these levels.

恭喜你們本季表現亮眼，也看到你們在這裡取得的各項進展。Paul，我不確定這題是問誰的，但在淨槓桿為 EBITDA 的 0.6 倍的情況下，請幫我們理解你們如何在額外回購、補強型併購、減債以及內部投資之間排定優先順序。我只是好奇，為什麼在目前這些水準下，回購股票會顯得更具吸引力。

Yeah, thanks for the question, Vik. First off, I would say we're tracking with the spirit of your question. I mean, as you know, we've been working the last few years very much internally, getting our growth consistently in a positive direction. I think we've shown many, many quarters in a few years of that, getting our profitability up, generating cash flow. Admittedly, our focus, while having capital allocation priorities, has been building the fundamentals of the business to be able to then support an advancement, if you will, of those allocation priorities.

好的，謝謝你的問題，Vik。首先我會說，我們的方向與你問題背後的精神一致。如你所知，過去幾年我們一直非常專注於內部工作，讓成長能夠持續且穩定地轉為正向。我想我們在過去幾年已經用很多很多個季度證明了這點：提升獲利能力、創造現金流。坦白說，雖然我們有資本配置的優先順序，但我們的重點一直是先把業務基本面打好，之後才能支撐、推進（如果你願意這麼說）這些配置優先順序的提升。

As a reminder, we've been pretty consistent. The three priorities we have are investing organically in the business. That clearly won't consume all of our capital, and you've seen, I think, a proof point and a track record of that as we've doubled or put, let's say, double-digit increases in our R&D year-over-year the last few years, and then continue to invest in commercial.

提醒一下，我們一直相當一致。我們的三大優先事項是：在業務上進行有機投資。這顯然不會用掉我們全部的資本；而你也看到一個佐證與紀錄：過去幾年我們的研發費用年增翻倍或至少維持雙位數成長，並且持續投入商業端。

M&A is our second priority. We've been rebuilding the pipeline there, three good acquisitions, but bolt-on acquisitions primarily in the implant space the last year, all of those performing well. As we build that capability, as we understand better the market, where we want to acquire, how to integrate well, and how to make sure that we're sharp in where we look to acquire portfolio, complements, and geographic expansion has been the two places we've talked about. We'll continue to roll out more there, but we will be careful with how far, how fast we go.

第二個優先事項是併購（M&A）。我們一直在重建那邊的案源管線，完成了三筆不錯的收購；但主要是過去一年在植體領域的補強型收購，且目前表現都很好。隨著我們建立這項能力、更加理解市場、知道我們想收購的方向、如何做好整合，以及確保我們在尋找收購標的時保持敏銳——我們談過的兩個方向是產品組合的互補，以及地理版圖擴張。我們會持續推進更多，但也會謹慎控制步伐與速度。

I think we've prudently added a return of capital or return of shareholder to our capital allocation playbook. We want, of course, to be able to return cash to shareholders. We have a strong balance sheet. But we've told, I think, the street and yourselves that we'll probably do that at a rate of around a third of our annual free cash flow. I think that suggests as well that our capital allocation priorities will lean towards organic and M&A.

我認為我們也審慎地把資本回饋、或說股東回報，納入我們的資本配置策略手冊。當然，我們希望能把現金回饋給股東。我們的資產負債表很強健。但我想我們也已經對市場以及各位說過，我們大概會以每年自由現金流約三分之一的速度來做。我認為這也意味著，我們的資本配置優先順序仍會偏向有機成長與併購。

The M&A side of the house, as you all know, takes time, right? Maybe there's a slightly larger acquisition we can do. We've talked about the challenger implant space. We will continue to be active in good geographic expansion opportunities, but that will come over a period of time as we lean into buying back our shares, but we do that at a pace and a rate that keeps us still, consistent with our organic and M&A priorities for capital allocation.

大家都知道，併購這一端需要時間，對吧？也許我們可以做一筆稍微大一點的收購。我們談過挑戰者植體（challenger implant）領域。我們會持續在良好的地理擴張機會上保持活躍；但這會在一段時間內逐步發生。同時我們也會傾向回購自家股票，但回購的節奏與速度會確保我們仍與有機與併購的資本配置優先順序保持一致。

Hello, Vik?

你好，Vik？

Hey, thanks. Can I ask one more then? I am going to ask one more, if you don't mind. You said that price contributed about $12 million in Q3. I am just curious how sustainable that pricing contribution is heading into 2027, and then what happens to margins if pricing moderates?

嗨，謝謝。我可以再問一題嗎？如果你不介意的話，我想再問一題。你提到第三季價格帶來約 1,200 萬美元的貢獻。我想了解，展望到 2027 年，這樣的價格貢獻有多可持續？另外如果價格趨於溫和，毛利率會怎麼變化？

I mean, many of us on the leadership team have been in dental for a long time. Prior to COVID, kind of the stable algorithm was that dental pricing would run 100 to 150 basis points. For people newer to the category, that was disrupted in COVID. It disrupted in a lot of different categories, and it was not really until mid-2024 that, in Envista, we again started to focus on price.

我的意思是，我們領導團隊中很多人在牙科產業待了很久。在 COVID 之前，相對穩定的模式是牙科定價每年大約上漲 100 到 150 個基點。對於較新進這個類別的人來說，COVID 期間這個模式被打亂了；很多不同的類別都被打亂。而直到 2024 年年中，在 Envista 我們才再次開始把重點放回價格。

We built all kind of the basic fundamentals of how you have a good price strategy and execution in a company. We configured our ERPs to capture it. We put price on all the P&Ls. We put it in everyone's objectives, et cetera.

我們建立了所有基本功：公司要如何制定並執行良好的定價策略。我們也把 ERP 系統設定好以便捕捉相關資訊。我們把價格放進所有損益表（P&L），也放進每個人的目標裡，等等。

Then that price activity accelerated in 2025 as tariff activity picked up. Across 2025, pretty much every dental participant raised price, starting with the providers. The stable sort of model is that the manufacturers raise price at maybe half the rate of what procedure prices go up. Procedure prices, in turn, are informed by reimbursement increases.

接著，隨著關稅活動升溫，這些定價動作在 2025 年加速。在 2025 年，幾乎所有牙科參與者都調漲價格，從服務提供者開始。較穩定的模型是：製造商的漲價幅度大概是療程價格上漲幅度的一半。而療程價格又會受到給付（reimbursement）調升的影響。

But writ large, think of that as about 3% year on year. So a stable dental market, insurers are reimbursing at about a 3% rate, increased rate. Procedure prices are going up by about 3 points, and manufacturers are raising by about 1 point to a 1.5 points. Of course, you saw much bigger numbers than that, Vik, over the last year or year and a half, first because of tariffs, then because of inflation. But I think the market will settle back into that 1 to 1.5 points.

但整體來看，可以把它想成每年約 3%。在穩定的牙科市場中，保險公司的給付調升率大約是 3%。療程價格大約上漲 3 個百分點，而製造商大約上調 1 到 1.5 個百分點。當然，Vik，過去一年到一年半你看到的數字遠大於此，先是因為關稅，接著因為通膨。但我認為市場會回到那個 1 到 1.5 個百分點的區間。

Specific to us, take out China, and you should expect about the same thing. But China represents 7%, 8% of our sales. Half of that is in ortho, and we think ortho VBP is going to cut price by about 50%. If you run the algebra on that, we'll have a one-year price offset in China that'll be basically equal to the point and a half increase everywhere else. Let me pause there and see if that gets at your question.

就我們而言，把中國排除後，你應該預期大致也是同樣的情況。但中國占我們銷售的 7% 到 8%。其中一半在矯正（ortho），而我們認為矯正的 VBP 會把價格砍掉大約 50%。如果你把這個算式跑一遍，我們在中國會有一年的價格抵銷效果，基本上會等同於其他地區 1.5 個百分點的漲價。我先停在這裡，看看是否回答到你的問題。

Jeff Johnson, Baird.

Jeff Johnson，Baird。

Paul, I will just follow up on that last question, and I have one other follow-up as well. You just talked about China, 7% to 8% of your revenue, price cut maybe 40% to 50% in ortho, so offsets kind of other pricing actions next year. Is that price headwind from China VBP not being realized in the $7 million figure you recognized here in Q3? Was that just an inventory drawdown, and we expect a price then headwind from China VBP next year? Just help level set us on exactly where the pricing dynamics and/or just overall China VBP headwinds come in and go out of the model maybe over the next four quarters or so.

Paul，我先接續追問剛才那個問題，另外我也還有一個追問。你剛提到中國占你們營收 7% 到 8%，矯正可能降價 40% 到 50%，因此明年大致會抵銷其他定價動作。那麼，來自中國 VBP 的這個價格逆風，是否尚未反映在你們第三季認列的 700 萬美元數字中？那是否只是通路去庫存（inventory drawdown），而我們應該預期明年會出現來自中國 VBP 的價格逆風？請幫我們校準一下：在接下來大約四個季度，你們模型中定價動態以及／或整體中國 VBP 逆風，究竟會在何時進來、何時出去。

Yeah, that is a good question, Jeff. They are related but distinct effects. What happened in Q3 is the government formally started the two VBP processes. It begins with the government asking the manufacturers to submit what portfolios they want to participate in VBP.

是的，這是個好問題，Jeff。兩者相關但影響不同。第三季發生的是：政府正式啟動了兩個 VBP 流程。一開始是政府要求製造商提交他們想要參與 VBP 的產品組合。

The second step is then they ask the public hospitals and participating private clinics to submit their historic usage and their future demand forecast. That is where we are currently sitting in the process. But when you kick it off, it formally begins the destocking of the channel. Neither manufacturers nor the distributors want to have excess inventory in the channel because it all gets revalued once that new price comes out, in this case, 50% less, and then there is the negotiation between supplier and distributor who pays for that revaluation. That is the $7 million net that we talked about in Q3.

第二步是，他們會要求公立醫院以及參與的私立診所提交其歷史用量與未來需求預測。我們目前正處於這個流程階段。但一旦啟動，通路去庫存就會正式開始。無論是製造商或經銷商，都不希望通路裡有過多庫存，因為一旦新價格出來，這些庫存都要重新估值——在這個案例中是便宜 50%——接著就會出現供應商與經銷商之間的談判：由誰來承擔這個重新估值的成本。這就是我們在第三季提到的 700 萬美元淨額。

We expected it to be a $10 million reduction in channel inventory in Q3 specific to ortho. We had a little bit of growth on our implant side, and the net was $7 million. The second effect here is going to happen once the third step in the VBP process happens. That's when the government invites the manufacturers to formally bid, and they announce the winners at that new price. We think, again, that is going to be 50% lower for ortho, 10% to 15% lower for implants, and that will be the price impact next year that I referenced in the prior question.

我們原本預期第三季在通路庫存方面、就骨科（ortho）而言會減少1,000萬美元。我們在植體（implant）端有些微成長，合計淨額為700萬美元。第二個影響會在VBP流程的第三步發生時出現。也就是政府邀請製造商正式投標，並以新的價格宣布得標者的時候。我們再次認為，骨科價格將下調50%，植體將下調10%到15%；而這將是我在前一題所提到的、明年的價格影響。

Do you still expect in implants that 10% to 15% price down to be made up by incremental share? And then in ortho, probably cannot make up 50 points of share, and I know in past conversations, maybe not expecting end markets to accelerate dramatically if patient pricing does not change. Just how do we think about that 50% price down in ortho and the 10% to 15% in implants? What is your latest thinking? I know we have talked about this 8 million times, but what is your latest thinking on how that flows through to overall China revenue, for example, in 2027?

你們是否仍預期在植體方面，10%到15%的降價可以透過額外市占提升來彌補？然後在骨科方面，可能無法彌補50個點的市占；而且我知道在過去的對話中，如果病患端價格沒有改變，或許也不預期終端市場會大幅加速。我們該如何看待骨科50%的降價，以及植體10%到15%的降價？你們最新的看法是什麼？我知道我們已經談過八百萬次了，但你們最新的想法是，這會如何傳導到例如2027年整體中國營收？

At one point, I think you had talked about China being up in 2027 year-over-year. It sounds like now maybe China down year-over-year in 2027, at least in the early phases. Just help us with the updated comments there.

在某個時間點，我記得你曾談到2027年中國會年增。但現在聽起來，至少在早期階段，2027年中國可能會年減。請協助我們理解這部分更新後的說法。

Yeah. I mean, Jeff, you will know this, but maybe in the interest of completeness, the healthcare reform that the Chinese government executes basically has three upsides for participating manufacturers in exchange for the reduction in price. In some cases, some VBPs, they lower the total procedure price. That is what happened in VBP1, which leads to a big increase in patient demand. In the case of the first implants VBP, it essentially doubled patient demand, and the suppliers who prevailed in the process got twice as much volume. That is the first upside.

是的。我的意思是，Jeff，你應該知道，但為了完整起見，中國政府推動的醫療改革，基本上是以降價作為交換，給參與的製造商三個好處。在某些情況下、某些VBP，他們會下調整體手術（處置）價格。這就是VBP1發生的情況，會帶來病患需求的大幅增加。以第一輪植體VBP為例，病患需求幾乎翻倍，而在流程中勝出的供應商拿到的量也增加到兩倍。這是第一個好處。

The second upside is that the government reduces the number of suppliers who are allowed to sell to the public hospitals, and the excluded share from those who do not prevail is redistributed across the winners. So you get extra volume from that.

第二個好處是，政府會減少允許向公立醫院銷售的供應商數量；未勝出者被排除的市占，會重新分配給得標者。因此你也會從中獲得額外的量。

And then the third, in this particular case, the government is not reducing the procedure price, but they are breaking the materials costs and the procedure costs out on the patient invoice. They will reduce the material cost, and the patient will see that, which will lead to a reduction in total cost, but it will not be as significant as VBP1, where the procedure cost was also cut in half.

第三個好處是，在這個特定案例中，政府不會下調手術（處置）價格，但他們會在病患帳單上把材料成本與手術費用拆分列示。他們會降低材料成本，病患會看得到，這會帶來總成本下降，但不會像VBP1那麼顯著，因為VBP1連手術費用也被砍半。

That is kind of the bargain for those who want to participate in VBP. Typically, a high share player comes out with more share at the end, and the net of those three effects that I just described indicates what the volume change to the winning bidders are.

這大概就是想參與VBP所做的交換。通常高市占的業者在最後會拿到更多市占；而我剛才描述的三個效果加總後的淨結果，就決定了得標者的量會如何變化。

Any response on the China being neutral next year, good guy, bad guy to growth overall?

對於「明年中國是持平」這件事，有沒有回應？對整體成長來說是好人還是壞人？

We think our ortho business will grow. The first VBP we think will benefit from that. We think we are going to grow on that implant side as well. Net, in terms of growth, we think of VBP as a good guy. In terms of margin, we think of it as a bad guy.

我們認為我們的骨科業務會成長。我們認為第一輪VBP會從中受益。我們也認為植體端同樣會成長。就成長而言，我們把VBP視為好人。就毛利率而言，我們把它視為壞人。

Elizabeth Anderson, Evercore.

Elizabeth Anderson，Evercore。

Hey, Paul and Eric. This is Ollie on for Elizabeth. Thanks for taking my question. Looking back at pricing again, I am curious on if customers are understanding of the impact of the inflationary environment, and are you seeing a greater degree of product switching as a result?

嗨，Paul和Eric。我是代Elizabeth提問的Ollie。謝謝讓我提問。回到定價來看，我想了解客戶是否理解通膨環境的影響？以及你們是否因此看到更高程度的產品轉換？

I guess I would say two things. Yes, customers are very aware of what is happening in the different pricing environments. They are very aware of changes in insurer reimbursement to them. They are very aware of the procedure price changes that they initiate, and depending upon the category, they are more attuned to price increases by suppliers.

我想我會說兩點。是的，客戶非常清楚不同定價環境正在發生什麼。他們非常清楚保險公司對他們的給付（reimbursement）變化。他們也非常清楚他們自己所啟動的手術（處置）價格變動；而且依不同品類而定，他們對供應商漲價的敏感度也更高。

In most procedures, the material cost is a small percentage. In some, it is a negligible percentage. If you have a category that is in a covered procedure where materials costs are a very small percentage of the total procedure cost, think a basic restoration, getting a cavity filled, that would be a relatively price inelastic category. The procedure is reimbursed, the doctor had an increase in reimbursement, and the materials are a tiny fraction of the cost.

在大多數處置中，材料成本只占很小的比例。在某些處置中，甚至可以忽略不計。如果某個品類屬於有保險給付的處置、且材料成本占整體處置成本的比例非常小，例如基本修復、補蛀牙，那就會是相對缺乏價格彈性的品類。因為處置有給付，醫師的給付提高了，而材料只占成本的一小部分。

The other end of the spectrum would be an uncovered procedure where the material costs are not insignificant. Say you are doing a full arch restoration, four to six implants plus an entire prosthetic, and the procedure is likely not reimbursed in full. In that case, price sensitivity would be greater to a doctor.

另一端的極端情況，會是沒有保險給付的處置，且材料成本不可忽視。例如做全口（full arch）重建，四到六顆植體加上一整套假牙修復體，而這類處置很可能無法獲得全額給付。在那種情況下，醫師對價格的敏感度就會更高。

The net of all that is in most of '25 and here for the first three quarters of '26, dental inflation has been running above its historic trend, consistent with Vik's earlier question. We think that is going to moderate to more kind of traditional levels here rolling into '27 and beyond.

綜合以上，在2025年大部分時間以及2026年前三季，牙科通膨一直高於其歷史趨勢，這也與Vik先前的問題一致。我們認為，隨著進入2027年及之後，通膨將會放緩，回到較傳統的水準。

John Block, Stifel.

John Block，Stifel。

Maybe two for me, and I will break them apart. First, Paul, Spark, high single-digit growth now for a handful of quarters once we X out the deferred. So solid, taking share, going north of market. Can you remind us of where the Japan opportunity sits, the timing, and how do we think about that? Is that something that can take that division and re-accelerate it back to low double digits, or is that something that maybe allows you to sustain that high single-digit growth once you open up that incremental opportunity? I will ask a follow-up.

我有兩個問題，我會分開問。第一個，Paul，Spark在把遞延因素剔除後，現在已連續幾季維持高個位數成長。所以表現扎實、在搶市占、成長高於市場。你能提醒我們日本的機會目前處於什麼位置、時程如何，以及我們該如何看待它嗎？這是否能讓該事業部重新加速回到低雙位數成長？或者說，一旦開啟這個增量機會，它比較像是讓你能維持高個位數成長？我等下再追問。

Yeah. Spark, you are correct. Consistent high single-digit grower. We think the category for clear aligners is probably more like mid-single-digit growth. So yes, we continue to capture share there.

是的。Spark，你說得對。一直是穩定的高個位數成長者。我們認為透明矯正器（clear aligners）這個品類的成長大概更接近中個位數。所以是的，我們持續在那裡取得市占。

Specific to Spark, it is a big clear aligner market. I would not know exactly where it would stack up in terms of specific country market size for clear aligners, but certainly top 10, probably top 5. Our rough number is it is probably a $200 million clear aligner market. So we started with zero share, launched in January. It is growing very, very quickly, and we expect to compete for as much of that $200 million as we can get.

就Spark而言，日本是一個很大的透明矯正器市場。我不確定若以各國透明矯正器市場規模來排名，日本確切會排在哪裡，但肯定在前十名，可能在前五名。我們粗估它大概是一個2億美元的透明矯正器市場。所以我們從零市占開始，在一月上市。它成長非常、非常快，我們預期會盡可能去競爭、取得我們能拿到的那2億美元市場份額。

Okay. Fair enough. And then you might have answered my second question earlier, but I will sort of ask it anyway. I was going to ask, for 2027 moving parts, there has been a lot of talk on the revenue impact for VBP, but I was going to ask, what about on the margin side of things? Do we have to be aware of any headwinds there as a function of VBP, or do you think margin expansion can continue? Maybe I will ask a question and then almost answer my own one based on your earlier color.

好的，合理。然後你可能稍早已經回答了我的第二個問題，但我還是大概問一下。我原本想問，關於2027年的變動因素，大家談了很多VBP對營收的影響，但我想問的是毛利率端呢？我們是否需要留意VBP帶來的任何逆風？還是你認為毛利率擴張可以持續？也許我問完後，會根據你先前提供的補充說明，幾乎自己把答案也說出來。

Is the thought that VBP '27 is a tailwind relative to where it was in '26 on the top line, but it is a headwind in '27 relative to '26 on margins? Is that sort of what shook out earlier? Just asking for clarity there.

是否可以這樣理解：相較於 2026 年，VBP 在 2027 年對營收端（top line）是順風，但相較於 2026 年，VBP 在 2027 年對利潤率（margins）是逆風？這大概就是你們先前提到的結論嗎？我只是想確認清楚。

Yeah. Let me do my best, and then maybe I bail and have Eric give you the details. But you are asking about the margin impact in 2027 from VBP. First, just to kind of set the frame, again, China, think of it as 7% of sales, of which 40% of that is ortho. So 3% of sales is impacted by VBP. We think the price is going to drop 50% on that 3% of sales, and all of that will come out of gross margin. So yes, it is a headwind clearly for ortho in China. It is a headwind for margins in China, and it is a small headwind for total Envista.

是的。我盡量說明清楚，然後也許我會先打住，請 Eric 給你更細的細節。不過你問的是 VBP 對 2027 年利潤率的影響。首先先把框架講清楚：中國約占銷售額的 7%，其中 40% 是矯正（ortho）。所以大約有 3% 的銷售額會受到 VBP 影響。我們認為這 3% 的銷售額價格會下滑 50%，而且這些影響都會反映在毛利率上。所以是的，這對中國的矯正業務顯然是逆風。這對中國的利潤率是逆風，對整體 Envista 來說則是小幅逆風。

Offsetting that, we expect to continue getting margin expansion outside of China. I would expect our total margin expansion to more than offset the impact of ortho VBP in China. Said another way, you should expect continued gross and EBITDA margin expansion from total Envista in 2027. I am just looking at Eric to see if that is close enough.

作為抵銷，我們預期在中國以外的地區仍會持續帶來利潤率擴張。我預期我們整體的利潤率擴張將足以、甚至超過抵銷中國矯正 VBP 的影響。換句話說，你應該預期 2027 年整體 Envista 的毛利率與 EBITDA 利潤率仍會持續擴張。我只是看一下 Eric，確認這樣說是否夠貼近。

Yeah, John, I think Paul got it right. Maybe one just piece of data. We have talked about this before on prior calls and conferences, recognizing that all VBPs are not exactly the same. But our implant 1.0 experience, if you will, was a version of what Paul just described. So we got priced down through the VBP. We were able to get volume and share capture. That maintained the operating profit levels of our implants business in China at roughly the same dollars, with a margin rate degradation within there.

是的，John，我認為 Paul 說得沒錯。也許補充一個數據點。我們在之前的電話會議和研討會上談過，並且也認知到各種 VBP 並不完全相同。但如果你要說我們的植體（implant）1.0 經驗，那基本上就是 Paul 剛描述的那種版本。我們在 VBP 下被壓低了價格，但我們能夠取得量的成長與市占提升。這使得我們在中國植體業務的營業利益金額大致維持在差不多的美元水準，只是其中的利潤率有所下滑。

We expect something not dissimilar for the basket of ortho and implants in 2027. I would even point to just an example of what Paul just described playing out. In third quarter, we had good margin expansion on relatively good growth while absorbing another version of what we are just talking about here.

我們預期 2027 年矯正與植體這個組合（basket）也會出現類似的情況。我甚至可以舉一個 Paul 剛描述的情境正在發生的例子。在第三季，我們在吸收另一種版本、也就是我們現在討論的這類影響的同時，仍在相對不錯的成長下實現了良好的利潤率擴張。

We did have profits in China reduced as a result of the slower growth. That put a little bit of pressure on our margin rate, but we have had programs, right? Whether it is other core growth categories, factory productivity, G&A, procurement, the things that we have talked about externally that are helping us to get profit growth across Envista and a bit of margin rate expansion.

確實，由於成長較慢，我們在中國的獲利有所下降。這對我們的利潤率帶來了一點壓力，但我們也有一些計畫，對吧？不論是其他核心成長品類、工廠生產力、G&A、採購，以及我們對外談過的那些事項，都在幫助我們推動 Envista 整體的獲利成長，並帶來一些利潤率擴張。

So, I think our experience in China leads us to believe the confidence level to do that is high. We will get some growth, we will maintain profits roughly neutral, and we will probably see a rate reduction in China alone from that.

所以，我認為我們在中國的經驗讓我們對做到這點的信心很高。我們會有一些成長，我們會讓獲利大致維持在接近持平，而僅就中國而言，我們可能會看到利潤率下降。

Lily Lozada, JPMorgan.

Lily Lozada，摩根大通。

Not to beat a dead horse, but another clarification on VBP. With the headwind in the third quarter, I think the guide now implies a step-up in growth ex-selling days in fourth quarter on an organic basis. I know a lot of that rests on some of those VBP revenues starting to come back.

不是要一直追問同一件事，但我想再釐清一下 VBP。第三季有逆風之後，我認為目前的指引意味著第四季在扣除銷售天數影響後（ex-selling days），以有機基礎來看成長會有一個跳升（step-up）。我知道其中很大一部分取決於部分 VBP 的營收開始回流。

Can you just speak to your visibility and confidence in those revenues coming back in fourth quarter? I think the prior commentary was some in fourth quarter, some in early 2027. What's the latest there, and is all of that step-up in growth explained by VBP, or is there anything else to keep in mind as we think about organic growth in fourth quarter?

你能談談你們對這些營收在第四季回流的能見度與信心嗎？我記得先前的說法是：一部分在第四季，一部分在 2027 年初。目前最新狀況如何？另外，這個成長跳升是否完全由 VBP 解釋，或是我們在思考第四季有機成長時還需要注意其他因素？

Yeah, Lily, I can just give you a couple points on that. Earlier in the call, if you didn't catch it, in the prepared remarks, Paul basically reinforced what we expected to see in Q3 relative to ortho VBP. We talked about roughly a $10 million number in mid-September in a couple public investor conferences. That did happen, so that part of the equation played out like we said.

好的，Lily，我可以給你幾個重點。在電話會議前面，如果你沒聽到，在事先準備的發言中，Paul 基本上再次強調了我們對第三季矯正 VBP 的預期。我們在 9 月中旬的幾場公開投資人會議上提到大約 1,000 萬美元的數字。那確實發生了，所以這部分如我們所說地發展。

During those same conferences, we said, based on the timing of VBP, we felt like the majority of that would come back in Q4. That's probably shifted a little, right? Also in the prepared remarks, what we confirmed is we think VBP in China's likely in late Q4, but that means that the impacts on price and channel sort of going here through the end of the quarter are likely to be kind of insignificant, right?

在同樣的那些會議上，我們也說過，基於 VBP 的時程，我們覺得其中大部分會在第四季回來。這點可能有些變化，對吧？同樣在事先準備的發言中，我們確認我們認為中國的 VBP 很可能在第四季末才落地，但這也意味著，價格與通路在本季剩餘期間的影響可能會相對不顯著，對吧？

Things kind of moving sideways just because of the likelihood of a late VBP Q4 implementation and/or the possibility of it moving into 2027. So I'd say no significant sequential impact moving from Q3 to Q4 in terms of channel or pricing or volumes. Maybe that means there's a little bit of that kind of benefit that we were projecting into 2027, but you got to put a question mark around it just based on the timing of things.

整體可能會呈現橫盤，因為第四季末才實施 VBP 的可能性很高，且/或也可能延後到 2027 年。所以我會說，從第三季到第四季，在通路、定價或出貨量方面，不會有顯著的季對季影響。也許這代表我們原本預期放在 2027 年的一些好處會有一點點提前，但就時程而言，你必須對此打上一個問號。

Then, separate question on margins. You had a pretty sizable step-up in Equipment & Consumables operating margin this quarter, so hoping you can unpack that a little bit more. What's the step-up, and what's the right level to be thinking about for this business moving forward?

另外一個關於利潤率的問題。你們本季在設備與耗材（Equipment & Consumables）的營業利潤率有相當明顯的跳升，所以希望你能再多拆解一下。這個跳升的原因是什麼？往後這個業務合理的利潤率水準應該怎麼看？

Yeah, the first thing I would say is the margins in the quarter, if you're thinking about margin rates going forward for E&C, I would say, it was a very strong margin quarter. But it's not inconsistent with how we see the E&C business going forward, right?

是的，我首先想說的是，如果你在思考未來 E&C 的利潤率水準，本季的利潤率確實非常強。但它並不違背我們對 E&C 業務未來走勢的看法，對吧？

Couple reasons for that. We do still continue to see stability in the dental market in consumables. That means that we see our consumables business as being a, call it a solid low single-digit grower. That's what we said in our investor day in September. And we're also relatively upbeat about our diagnostics business and the comprehensive solutions, right? The combination of hardware, services, and software giving us the ability to grow.

原因有幾個。我們仍然看到牙科耗材市場保持穩定。這表示我們認為耗材業務會是穩健的低個位數成長（low single-digit grower）。這也是我們在 9 月投資人日所說的。此外，我們對診斷業務以及整體解決方案也相對樂觀，對吧？硬體、服務與軟體的組合，讓我們具備成長的能力。

I would also just add to that in the third quarter, and really just year-to-date through E&C, some of the things that drove our margin performance, price, volume, some really good work in terms of new products and the cost structure of those new products, primarily in diagnostics, right? Those are all sustaining profit levers and/or margin rate levers. So, I wouldn't judge a quarter individually as the new benchmark, but we don't see a significantly different trend as we look at E&C over the, call it, the next multi-quarter horizon.

我也想補充，第三季、以及今年以來在 E&C 方面，一些推動我們利潤率表現的因素包括：價格、銷量，以及在新產品方面做得非常好的工作，特別是新產品的成本結構，主要是在診斷領域，對吧？這些都是可持續的獲利槓桿和/或利潤率槓桿。所以，我不會把單一季度視為新的基準，但當我們看 E&C 在接下來、可以說是未來多個季度的期間，我們也不認為會出現顯著不同的趨勢。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

This is [Ahmed] on for Mike. Congrats on the great quarter. You mentioned that you are gaining share in the diagnostic space. Can you speak more towards what's driving that, and what is your expectation for the category in 2027? Specifically as it relates to the innovation, especially with new AI functionality, has that also been a meaningful helper in getting better growth at better profitability?

我是代替 Mike 的 [Ahmed]。恭喜本季表現很出色。你提到你們在診斷領域正在提升市占。你能多談談是什麼在驅動這件事，以及你對 2027 年該品類的預期嗎？特別是與創新相關，尤其是新的 AI 功能，這是否也在幫助你們以更好的獲利能力實現更快的成長？

Yeah. You are correct. In diagnostics, I guess I'd bifurcate the world into two geographic groups, developed markets and developing markets. We're particularly strong in developed markets, and the biggest diagnostic market is North America, where we're particularly strong. We're the number 1 player. We have the largest installed base globally, so that's the first advantage.

是的。你說得沒錯。在診斷業務方面，我想我會把全球大致分成兩個地理群組：已開發市場與開發中市場。我們在已開發市場特別強，而最大的診斷市場是北美，我們在那裡尤其強勢。我們是第一名的業者。我們在全球擁有最大的裝機基礎，所以這是第一個優勢。

In some cases, a clinic will actually be architected and built around the imaging equipment. If you're the installed base when it comes time to update equipment, just the engineering of it, you have an advantage.

在某些情況下，診所實際上會圍繞影像設備來設計與建造。如果你是既有裝機基礎，等到需要更新設備時，光是工程層面的因素，你就具備優勢。

Second is, we are the most active from a new product perspective. Our role in the market is as the innovator. I mentioned in the prepared remark, or maybe it was actually Brandon's first question, we updated all of the major platforms in our portfolio over the last two years, CBCT, IOS, and handheld 2D. Doctors are interested in increased functionality in devices, and that helps.

第二點是，從新產品的角度來看，我們是最積極的。我們在市場上的角色是創新者。我在事先準備的發言中提到過，或者也可能是在 Brandon 的第一個問題裡提到，我們在過去兩年更新了我們產品組合中所有主要平台：CBCT、IOS，以及手持式 2D。

A third advantage we have is a full sort of integrated portfolio. We don't just do the hardware, we also do the service and the software that integrates the workflow. As dentistry becomes increasingly digitized and workflows become increasingly digital, if you're the hardware, you're the software, and the service, you get a wider and wider moat. Our diagnostics business, again, in North America, started out as number one, but has actually been gaining share for those three reasons that I just described.

第三個優勢是我們擁有完整、整合式的產品組合。我們不只做硬體，也提供服務，以及能整合工作流程的軟體。隨著牙科愈來愈數位化、工作流程愈來愈數位化，如果你同時掌握硬體、軟體與服務，你的護城河就會愈來愈寬。我們的診斷業務同樣地，在北美一開始就是第一名，但也因為我剛剛描述的這三個原因，實際上一直在提升市占。

If we're thinking about 2027 again, can you speak towards the efforts you're making on the commercialization front, especially as it relates to DSOs or other channel partners? Anything to call out on the positive end or things that you're working to improve for the next year?

如果我們再回到 2027 年的思考，你能談談你們在商業化方面所做的努力嗎，特別是與 DSO 或其他通路夥伴相關的部分？有沒有什麼正面的亮點，或是你們在未來一年想要改善的事項？

Yeah. Maybe think of commercialization along three axes. Think of it geographically, think of it as customer type, and then think about it as go-to-market model. Geographically, every new product launch has a built-in series of commercialization opportunities. As you get the product registered in more countries, the registrations timelines are different country by country. You just have a built-in opportunity if you have the global reach and the capabilities to get it registered in every country, and you have market access to scale it, that is a gift that keeps on giving.

好的。也許可以把商業化想成三個軸向。從地理面、客戶類型，以及上市（go-to-market）模式來看。在地理面上，每一次新產品上市都內建一系列的商業化機會。當你把產品在更多國家完成註冊時，各國的註冊時程都不一樣。如果你具備全球覆蓋與能力，能在每個國家完成註冊，並且有市場進入能力把它規模化，那就是一個會持續帶來回報的禮物。

The second you referenced in your question is customer type. Different products are more attractive to different customer types. Some are very attractive to multi-clinic players, like a DSO. Some are more designed for an individual standalone clinic. Going back to that workflow component, that typically is even more attractive to a DSO that manages a network of clinics, whereas the individual device features would be the first thing an individual clinician would look at.

你在問題中提到的第二點是客戶類型。不同產品對不同客戶類型的吸引力不同。有些對多診所型的業者（例如 DSO）非常有吸引力；有些則更是為單一獨立診所所設計。回到工作流程這個面向，對於管理診所網絡的 DSO 來說通常更具吸引力；而對個別臨床醫師而言，最先看的往往是單一設備的功能特色。

And then the third element is whether you sell it direct or whether you go through distribution, and then that informs how you scale up the product. If you're selling it direct, you have complete control, your marketing strategy, your sales training, et cetera. If it goes through distribution, the programs would be done in collaboration with your distribution partner.

第三個要素是你是直銷，還是透過經銷通路銷售，而這會影響你如何把產品做大規模。如果是直銷，你有完全的掌控權：行銷策略、銷售訓練等等。如果是透過經銷通路，相關方案就會與你的經銷夥伴合作完成。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Paul, since you opened the door here on margins for 2027, I am going to walk through it, if you do not mind. The expected margin offsets to VBP that you referenced for next year, does that come from harvesting some of the investments that you and Eric made over the last couple of years? Can you speak to maybe the sensitivity of that expected margin improvement to the dental macros just still being somewhat sluggish here?

Paul，既然你在這裡談到了 2027 年的利潤率，那我就順著問下去，如果你不介意的話。你提到明年用來抵銷 VBP 的預期利潤率對沖，是否來自你和 Eric 過去幾年所做投資的收成？另外，在牙科總體環境仍然有點疲弱的情況下，你能談談這項預期利潤率改善對總體環境的敏感度嗎？

Yeah. At the Envista level, as you are thinking about modeling margin next year, just take our medium-term outlook and the math that it describes. That will get you to the right place. The VBP margin impact from the ortho price down will not interrupt that overall algorithm.

可以。就 Envista 的層級來看，當你在思考明年的利潤率建模時，只要採用我們的中期展望以及其中所描述的數學關係。那會把你帶到正確的位置。由於矯正產品降價所造成的 VBP 利潤率影響，不會打斷那個整體演算法。

Okay. All right. Maybe we can follow up offline. I got a couple other follow-ups to that. But I did want to ask on consumables as well. Low single-digit growth in the Q3. Can you talk about how volumes performed across your major geographies? I think you said growth across all of them, but I think you are also probably picking up some price as well. So, correct me if I am wrong on that. I am just trying to understand more on a volume level, not just a revenue level, how consumables are performing across your major end markets.

好的。明白。也許我們可以線下再跟進。我對那部分還有幾個追問。不過我也想問一下耗材。第三季是低個位數成長。你能談談在主要地理區域的出貨量表現嗎？我想你說各地都有成長，但你們可能也有一些價格因素。如果我說錯請糾正我。我想更了解的是在量的層面，而不只是營收層面，耗材在你們主要終端市場的表現如何。

Yeah. Let me start with the Envista answer because those numbers are more readily in my head. It is true that Envista grew in every major geography with the exception of China. In some cases, like India, it was double-digit growth, or in Latin America. In some cases, like North America, it was low single-digit growth.

好的。我先從 Envista 的回答開始，因為那些數字我比較有印象。確實，除了中國之外，Envista 在每個主要地理區域都有成長。有些地區，例如印度或拉丁美洲，是雙位數成長。有些地區，例如北美，則是低個位數成長。

Now, specific to consumables, I don't have at my fingertips consumables every country, but it was broad-based growth for consumables. You are correct that it slowed in Q3 relative to the high single-digit rate in H1 and the very strong performance in 2025. That was principally driven by a couple of factors. The first is the high comp. The second is just category performance. Consumables as a category tend to be low single-digit market growth. The trade-off there is that it is a much more stable low single-digit grower. You get more stability, but you get kind of less of the upside.

至於耗材，我手邊沒有逐一到每個國家的耗材數據，但耗材是廣泛性的成長。你說得對，第三季相較於上半年高個位數的增速，以及 2025 年非常強勁的表現，確實放緩。這主要由幾個因素驅動。第一是比較基期很高。第二是品類表現本身。耗材作為一個品類，市場成長通常是低個位數。其取捨在於，它是更穩定的低個位數成長來源。你會得到更多穩定性，但上行空間相對較少。

The third reason, coming back to an earlier question, is that category pricing was above trend over the last 18 months for the reasons that we have discussed on a number of calls, and that is now beginning to moderate. In particular, the tariff-related price increases of early 2025 have now been fully lapped. So those come out of the base.

第三個原因，回到先前的一個問題，是在過去 18 個月裡，品類定價因為我們在多次電話會議中討論過的原因而高於趨勢，而現在開始趨於緩和。特別是 2025 年初與關稅相關的漲價，現在已經完全度過比較期。因此這些因素會從基期中消失。

Thank you. I will now transfer the call over to Paul for closing remarks. Please go ahead, sir.

謝謝。我現在把電話交回給 Paul 做結語。先生，請開始。

Okay. Thanks, everybody, for your questions today. Let me just underline a couple of thoughts, and we will wrap it up.

好的。謝謝大家今天的提問。我簡單強調幾點想法，然後我們就結束。

First, we delivered another quarter of core sales growth with contributions from both reporting segments and most major geographies.

第一，我們又交出一季核心銷售成長，兩個報告部門以及大多數主要地理區域都有貢獻。

Second, our strong operations helped convert that growth into even higher adjusted EBITDA and EPS growth, and we continue to invest in innovation, commercialization, and talent development.

第二，我們強勁的營運表現，幫助把這些成長轉化為更高的調整後 EBITDA 與 EPS 成長；同時我們也持續投資於創新、商業化，以及人才發展。

Third, we maintain focus on our growth operations and people priorities. The product launches and operational improvements that we discussed on today's call are all good examples of that progress.

第三，我們持續聚焦於成長營運與人才優先事項。我們在今天電話會議中討論的產品上市與營運改善，都是這項進展的良好例子。

Finally, our performance and momentum support an increase again in our full-year earnings outlook. I think we will leave it there for today. Thanks again for your interest in Envista. Have a good day and a great week, everyone.

最後，我們的表現與動能支持我們再次上調全年獲利展望。我想今天就先到這裡。再次感謝各位對 Envista 的關注。祝大家今天愉快，也祝各位有個美好的一週。

Thank you. Ladies and gentlemen, this concludes the conference call for today. Thank you for participating. You may now disconnect your lines.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛斷電話。