$NVST

Envista Holdings Corp

CIK:0001757073|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 03, 2026	Jun. 27, 2025	Jul. 03, 2026	Jun. 27, 2025
Income Statement [Abstract]
Sales	$ 730.5	$ 682.1	$ 1,436.0	$ 1,299.0
Cost of sales	323.5	312.2	638.9	593.1
Gross profit	407.0	369.9	797.1	705.9
Operating expenses:
Selling, general and administrative	296.3	295.3	593.9	567.0
Research and development	30.4	28.3	60.4	53.6
Operating profit	80.3	46.3	142.8	85.3
Nonoperating income (expense):
Other income (expense), net	2.8	2.4	(0.1)	1.7
Interest expense, net	(8.7)	(8.0)	(16.1)	(17.3)
Income before income taxes	74.4	40.7	126.6	69.7
Income tax expense	20.7	14.3	34.2	25.3
Net income	$ 53.7	$ 26.4	$ 92.4	$ 44.4
Earnings per share:
Basic (in USD per share)	$ 0.33	$ 0.16	$ 0.57	$ 0.26
Diluted (in USD per share)	$ 0.33	$ 0.16	$ 0.56	$ 0.26
Average common stock and common equivalent shares outstanding:
Basic (in shares)	161.9	169.0	162.9	170.7
Diluted (in shares)	164.1	169.9	165.3	171.7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 03, 2026	Jun. 27, 2025
Cash flows from operating activities:
Net income	$ 92.4	$ 44.4
Noncash items:
Depreciation	20.8	19.9
Amortization	36.2	37.8
Allowance for credit losses	5.8	4.0
Stock-based compensation expense	19.7	16.8
Gain on investments in rabbi trust, net	(1.9)	(1.6)
Loss on equity investments	2.0	0.0
(Gain) loss on sale of property, plant and equipment	(2.7)	0.3
Restructuring charges	0.9	0.2
Fixed assets impairments and other charges	0.9	1.4
Non-cash operating lease costs	18.5	17.2
Amortization of debt discount and issuance costs	2.0	2.2
Deferred income taxes	0.0	(0.9)
Change in trade accounts receivable	(14.5)	(37.2)
Change in inventories	(0.9)	(23.5)
Change in trade accounts payable	0.1	(10.0)
Change in prepaid expenses and other assets	(7.3)	(4.3)
Change in accrued expenses and other liabilities	(32.4)	44.5
Change in operating lease liabilities	(23.7)	(22.2)
Net cash provided by operating activities	115.9	89.0
Cash flows from investing activities:
Payments for additions to property, plant and equipment	(27.4)	(18.2)
Purchases of investments held in rabbi trust	(3.7)	(1.0)
Proceeds from sale of investments held in rabbi trust	1.5	0.9
Proceeds from sales of property, plant and equipment	0.9	0.5
Acquisitions, net of cash acquired	(54.4)	0.0
All other investing activities, net	(0.1)	(8.1)
Net cash used in investing activities	(83.2)	(25.9)
Cash flows from financing activities:
Proceeds from stock option exercises	4.0	1.5
Cash paid for treasury stock under the stock repurchase program	(103.0)	(100.3)
Treasury stock purchases related to tax withholding on equity awards	(6.9)	(4.3)
Principal paid related to exchange of convertible notes due 2025	0.0	(116.3)
Proceeds from revolving line of credit	0.0	115.4
All other financing activities	(0.4)	0.0
Net cash used in financing activities	(106.3)	(104.0)
Effect of exchange rate changes on cash and cash equivalents	(12.5)	82.4
Net change in cash and cash equivalents	(86.1)	41.5
Beginning balance of cash and cash equivalents	1,211.7	1,069.1
Ending balance of cash and cash equivalents	1,125.6	1,110.6
Supplemental data:
Cash paid for interest	18.8	23.1
Cash paid for taxes	40.1	21.6
ROU assets obtained in exchange for operating lease obligations	$ 21.8	$ 9.0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 03, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,125.6	$ 1,211.7
Trade accounts receivable, less allowance for credit losses of $21.8 and $22.5, respectively	436.9	429.6
Inventories, net	290.9	288.1
Prepaid expenses and other current assets	104.6	97.2
Total current assets	1,958.0	2,026.6
Property, plant and equipment, net	295.7	296.8
Operating lease right-of-use assets	146.2	142.1
Other long-term assets	230.4	228.1
Goodwill, net	2,353.5	2,358.2
Other intangible assets, net	613.3	627.2
Total assets	5,597.1	5,679.0
Current liabilities:
Trade accounts payable	190.2	191.6
Accrued expenses and other liabilities	578.6	622.0
Operating lease liabilities	38.5	39.0
Total current liabilities	807.3	852.6
Operating lease liabilities	113.2	110.4
Other long-term liabilities	164.0	161.4
Long-term debt	1,436.3	1,448.3
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value, 15.0 million shares authorized; no shares issued or outstanding at July 3, 2026 and December 31, 2025	0.0	0.0
Common stock, $0.01 par value, 500.0 million shares authorized; 176.4 million shares issued and 160.6 million shares outstanding at July 3, 2026; 175.4 million shares issued and 163.8 million shares outstanding at December 31, 2025	1.8	1.8
Treasury stock at cost; 15.8 million shares and 11.6 million shares at July 3, 2026 and December 31, 2025, respectively	(333.7)	(224.5)
Additional paid-in capital	3,906.1	3,882.6
Accumulated deficit	(348.0)	(440.4)
Accumulated other comprehensive loss	(149.9)	(113.2)
Total stockholders’ equity	3,076.3	3,106.3
Total liabilities and stockholders’ equity	$ 5,597.1	$ 5,679.0