BREA, Calif., Nov. 3, 2021 /PRNewswire/ -- Envista Holdings Corporation (NYSE: NVST) today announced results for the third quarter 2021.
As previously disclosed, in September we reached an agreement to sell our KaVo Treatment Unit and Instrument business (the "Divestiture"). We expect this transaction to close by the end of the year. For the current quarter the results of the Divestiture are reflected as discontinued operations in our financial statements as required by generally accepted accounting principles. All commentary in this release relates to continuing operations unless otherwise noted.
For the quarter ended October 1, 2021, sales increased 11% to $607.3 million with core sales growth of 10.2% over the third quarter 2020.
For the third quarter, net income was $80.2 million or $0.45 per diluted share. Adjusted net income was $79.4 million, representing a 22% increase year over year. Adjusted earnings per diluted share was $0.45 vs. $0.40 in the comparable period in 2020. Adjusted EBITDA for the third quarter was $119.1 million compared to $111.4 million for the third quarter of 2020.
Amir Aghdaei, Chief Executive Officer, remarked, "We grew significantly above pre-pandemic levels and delivered double-digit core growth over 2020 as we continued to benefit from the reshaping of our portfolio and our long-term investments in both commercial execution and innovation. Our adjusted EBITDA margin was 19.6% reflecting the underlying profitability of our business and our focus on continuous improvement."
Mr. Aghdaei continued, "We are very pleased with our third quarter results and remain optimistic about the future of the dental industry. Since our IPO in September 2019, we have made significant progress in transforming our business from a broad mix of dental products to a focused company providing highly differentiated consumables and specialty dental products underpinned by strong digital workflow solutions. We remain committed to our purpose of partnering with professionals to improve patients' lives and will continue to work to personalize, digitize, and democratize dental care."
K
This was a Top Pick on Bloomberg Market Call. Envista (NVST NYSE) Last bought $40.20 in October 2021 Envista is a leading dental products company, providing products that are used to diagnose, treat, and prevent disease and ailments of the teeth, gums and supporting bone. It has a global presence with North America representing 48 per cent of revenues, Western European Union 23 per cent, Emerging Markets 22 per cent, and Rest of World 7 per cent. Demand for dental products and services is driven by favourable demographics, emerging middle class in developing countries and new technologies.
C
Anyone here?
R
Why would anyone tender their DHR shares for NVST???? Even at a 7% discount it doesnt make sense. Look at the NVST P&L and guidance from the last earnings call. I see why they were spun off. They were a financial detractor to DHR .
R
why the 7% drop?
J
This won’t end well, lots of competition already
b
Does it look like they will beat earnings?
Y
Envista is up 5.25% to 31.65
P
Envista had shutdown for 6 weeks and continued reduce and furlough employees. The 2nd quarter gonna get huge loss also in the 3rd quarter. It should start recover at the end of the year or next year.
R
Spark Aligners will push this up. Remember this post.
K
Started a position today, looking forward to earnings.
P
Envista has strong fundamentals and excellent management teams. Ormco is a part of Envista moved to new building and very busy.
SP will double in next year like Danaher. (Envista was spin off from Danaher for expand bussiness)
As previously disclosed, in September we reached an agreement to sell our KaVo Treatment Unit and Instrument business (the "Divestiture"). We expect this transaction to close by the end of the year. For the current quarter the results of the Divestiture are reflected as discontinued operations in our financial statements as required by generally accepted accounting principles. All commentary in this release relates to continuing operations unless otherwise noted.
For the quarter ended October 1, 2021, sales increased 11% to $607.3 million with core sales growth of 10.2% over the third quarter 2020.
For the third quarter, net income was $80.2 million or $0.45 per diluted share. Adjusted net income was $79.4 million, representing a 22% increase year over year. Adjusted earnings per diluted share was $0.45 vs. $0.40 in the comparable period in 2020. Adjusted EBITDA for the third quarter was $119.1 million compared to $111.4 million for the third quarter of 2020.
Amir Aghdaei, Chief Executive Officer, remarked, "We grew significantly above pre-pandemic levels and delivered double-digit core growth over 2020 as we continued to benefit from the reshaping of our portfolio and our long-term investments in both commercial execution and innovation. Our adjusted EBITDA margin was 19.6% reflecting the underlying profitability of our business and our focus on continuous improvement."
Mr. Aghdaei continued, "We are very pleased with our third quarter results and remain optimistic about the future of the dental industry. Since our IPO in September 2019, we have made significant progress in transforming our business from a broad mix of dental products to a focused company providing highly differentiated consumables and specialty dental products underpinned by strong digital workflow solutions. We remain committed to our purpose of partnering with professionals to improve patients' lives and will continue to work to personalize, digitize, and democratize dental care."
Envista (NVST NYSE)
Last bought $40.20 in October 2021
Envista is a leading dental products company, providing products that are used to diagnose, treat, and prevent disease and ailments of the teeth, gums and supporting bone. It has a global presence with North America representing 48 per cent of revenues, Western European Union 23 per cent, Emerging Markets 22 per cent, and Rest of World 7 per cent. Demand for dental products and services is driven by favourable demographics, emerging middle class in developing countries and new technologies.
SP will double in next year like Danaher. (Envista was spin off from Danaher for expand bussiness)