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Dec 31, 2023
Envista Q4 2023 Earnings Report
Envista's Q4 2023 earnings were reported, showing a decrease in net income due to a non-cash charge, while full-year results aligned with expectations, driven by strong performance in the Orthodontic business.
Key Takeaways
Envista reported Q4 2023 sales of $645.6 million, with a net loss of $217.4 million, including a $258.3 million non-cash charge. Adjusted net income was $49.7 million, and adjusted EBITDA was $100.5 million. The company's full-year results aligned with expectations, with the Orthodontic business outperforming, and Spark Aligner growing over 50%.
Reported sales for Q4 2023 were $645.6 million, with core sales declining by 2.0%.
Net loss for the quarter was $217.4 million, impacted by a $258.3 million non-cash charge related to goodwill and intangible asset impairment.
Adjusted net income was $49.7 million, or $0.29 per diluted share, compared to $91.9 million, or $0.52 per diluted share, in the same period of 2022.
Full year 2023 saw a modest decline in core growth, but the Orthodontic business outperformed, with Spark Aligner growing over 50%.
Revenue by Segment
Forward Guidance
For the full year 2024, Envista expects core sales to grow low-single digits and to deliver adjusted EBITDA margins of between 16% - 17%. Margins are anticipated to accelerate through 2024.
Positive Outlook
- Core sales expected to grow low-single digits.
- Adjusted EBITDA margins expected between 16% - 17%.
- Margin acceleration is anticipated throughout 2024.
- Guidance considers long-term investments.
- Focus on improving Spark profitability.
Challenges Ahead
- Continued uncertainty in the macro environment.
- Guidance takes into account macro environment uncertainty.
- Do not provide forward-looking estimates on a GAAP basis as certain information is not available and cannot be reasonably estimated.
- Volatile macro backdrop in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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