Envista Holdings Corp (NVST) Reports Q3 2023 Earnings with a Slight Increase in Core Sales
Envista Holdings Corp (NYSE:NVST) reported Q3 2023 sales of $631.3 million, with a slight increase in core sales of 0.8% over Q3 2022.
Net income for the quarter was $21.5 million, down from $49.6 million in the same period of 2022.
Adjusted EBITDA for the quarter was $123.5 million, compared to $127.6 million in Q3 2022.
The company revised its full-year guidance for 2023 due to increased macro uncertainty and the need for strategic investments.
Envista Holdings Corp (NYSE:NVST) announced its third-quarter 2023 results on November 1, 2023. The company reported sales of $631.3 million for the quarter ended September 29, 2023. Core sales in the quarter increased by 0.8% over the corresponding quarter in 2022. Net income in the third quarter of 2023 was $21.5 million or $0.12 per diluted share, compared to $49.6 million or $0.28 per diluted share in the same period of 2022.
Financial Highlights
The company's adjusted net income was $75.5 million or $0.43 per diluted share, compared to adjusted net income of $82.5 million or $0.47 per diluted share in the same period of 2022. Adjusted EBITDA in the quarter was $123.5 million compared to $127.6 million in the third quarter of 2022.
Amir Aghdaei, Chief Executive Officer, stated,
In the third quarter, we delivered positive core growth and an adjusted EBITDA margin of 19.6%. Our Specialty Product & Technology Segment delivered low-single digit core growth as Spark outperformed, overcoming the negative impact of both Russia and the continued weakness of higher-end specialty procedures in developed markets."
Revised 2023 Guidance
Due to the continued uncertainties in the macro environment, volatility in the North American distribution channel, and the company's continued investment in long-term growth initiatives, Envista Holdings Corp (NYSE:NVST) revised its full-year guidance for 2023. The company now expects full-year core sales to be down slightly and adjusted EBITDA margin to be between 18% to 19%.
Financial Statements Summary
The company's balance sheet shows a total of $6,683.8 million in assets as of September 29, 2023, compared to $6,587.0 million as of December 31, 2022. Total liabilities and stockholders' equity also stood at $6,683.8 million as of September 29, 2023.
The cash flow statement shows net cash provided by operating activities of $173.7 million for the nine months ended September 29, 2023, compared to $72.4 million for the same period in 2022. The company ended the period with a cash and cash equivalents balance of $824.2 million.
Envista Holdings Corp (NYSE:NVST) is a global family of more than 30 trusted dental brands, united by a shared purpose: to partner with professionals to improve lives. The company helps its customers deliver the best possible patient care through industry-leading dental consumables, solutions, technology, and services.
Explore the complete 8-K earnings release (here) from Envista Holdings Corp for further details.
This article first appeared on GuruFocus.
