Envista: BofA Conference Takeaways: Momentum intact into 2Q, unpacking growth levers

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Envista: BofA Conference Takeaways: Momentum intact into 2Q, unpacking growth levers

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Envista

BofA Conference Takeaways: Momentum

intact into 2Q, unpacking growth levers

Maintain Rating: BUY | PO: 34.00 USD | Price: 23.92 USD

Momentum extending to 2Q, puts and takes on guidance 14 May 2026

We hosted a fireside chat with Envista’s CFO Eric Hammes at our Healthcare Conference Equity

in Las Vegas. Management characterized the dental market as resilient, with no major

Allen Lutz, CFA

change in underlying trends exiting 1Q and April tracking in line with expectations. While Research Analyst

early in the quarter, dental trends appear stable into 2Q. We also unpacked the various BofAS +1 646 855 4380

growth levers in recent quarters and into 2026 (see below). On 2026, key risks to FY26 allen.lutz@bofa.com

guidance, according to management, are centered around a more significant macro Dev Weerasuriya

deterioration, inflation/tariffs, and the timing of China VBP, but management was Research Analyst BofAS

confident that the company has playbooks to mitigate input cost pressure, similar to +1 646 855 5707

prior tariff actions. Importantly, management noted that NVST is taking share across dev.weerasuriya@bofa.com

businesses, has improving margin mix, and is continuing to reinvest in R&D/product HannaResearchLeeAnalyst

pipeline. If the dental market remains stable or modestly better, the company should BofAS

+1 646 855 3682

have room to work off existing momentum and potentially skew toward the higher end hanna.y.lee@bofa.com

of guidance or better. We maintain our Buy rating on NVST.

Unpacking growth levers for 2026 and beyond

Stock DataWe also discussed various growth levers across SP&T and E&C. Within consumables,