Envista Holdings Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Envista Holdings Corp. has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Envista Holdings Corp (NVST) filed a Annual Report (10-K) with the SEC on February 15, 2024. Envista Holdings Corp. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Dental Equipment & Supplies. Envista Holdings Corp. was formerly known as DH Dental Holding Corp. The company is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Envista Holdings Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Envista's financial health, operational strategies, and risk factors for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's performance in the dental equipment and supplies sector and its future outlook.

Risk Assessment

Risk Level: medium — Envista Holdings Corp shows moderate risk based on this filing. The company operates in the Dental Equipment & Supplies industry, which can be subject to regulatory changes and market demand fluctuations. Specific financial performance data for 2023 is not yet available in this initial filing summary.

Analyst Insight

Review the full 10-K filing to analyze Envista's detailed financial statements, management discussion, and risk factors to make an informed investment decision.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-15 — Filing Date (Date the 10-K was submitted)

Key Players & Entities

• Envista Holdings Corp. (company) — Filer of the 10-K
• 2023-12-31 (date) — Fiscal year end
• 2024-02-15 (date) — Filing date
• DH Dental Holding Corp. (company) — Former company name
• DE (jurisdiction) — State of incorporation
• 3843 (industry_code) — Standard Industrial Classification for Dental Equipment & Supplies

FAQ

Industry Context

Envista Holdings Corp. operates within the Dental Equipment & Supplies industry, a sector focused on providing tools, devices, and materials for dental professionals.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) section of the 10-K for detailed insights into Envista's performance.
2. Examine the Risk Factors section to understand potential challenges and uncertainties facing the company.
3. Compare Envista's reported figures with industry benchmarks and historical performance to assess its competitive position.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Envista Holdings Corp. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial summary of the 2023 10-K filing. Comparative data from previous filings will be available within the full document.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value NVST New York Stock Exchange
• $33.84 — illion (based upon the closing price of $33.84 of the Registrant's common stock as rep
• $2.6 b — s. In 2023, we generated total sales of $2.6 billion, of which approximately 85% were
• $1.6 billion — oducts & Technologies segment generated $1.6 billion of sales, representing year-over-year s
• $0.9 billion — uipment & Consumables segment generated $0.9 billion of sales. In 2023, 66% of segment sales
• $30 million — ilt a business that generated less than $30 million in sales in 2011 to one that generated

Filing Documents

• nvst-20231231.htm (10-K) — 2479KB
• exhibit41-envistadescripti.htm (EX-4.1) — 27KB
• nvstamendmentno3toomnibusp.htm (EX-10.13) — 7KB
• envistaseparationandreleas.htm (EX-10.26) — 42KB
• taxequalizationletteragree.htm (EX-10.27) — 41KB
• nvst-ex2112023significants.htm (EX-21.1) — 11KB
• exhibit23112312023.htm (EX-23.1) — 4KB
• exhibit31112312023.htm (EX-31.1) — 11KB
• exhibit31212312023.htm (EX-31.2) — 11KB
• exhibit32112312023.htm (EX-32.1) — 7KB
• nvstrecoupmentpolicy.htm (EX-97.1) — 35KB
• nvst-20231231_g1.jpg (GRAPHIC) — 16KB
• nvst-20231231_g2.jpg (GRAPHIC) — 25KB
• 0001757073-24-000019.txt (&nbsp;) — 15243KB
• nvst-20231231.xsd (EX-101.SCH) — 85KB
• nvst-20231231_cal.xml (EX-101.CAL) — 147KB
• nvst-20231231_def.xml (EX-101.DEF) — 518KB
• nvst-20231231_lab.xml (EX-101.LAB) — 1223KB
• nvst-20231231_pre.xml (EX-101.PRE) — 875KB
• nvst-20231231_htm.xml (XML) — 2546KB

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 43

Legal Proceedings

Item 3. Legal Proceedings 44

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45

Reserved

Item 6. Reserved 46

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 47

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 63

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 63

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 114

Controls and Procedures

Item 9A. Controls and Procedures 114

Other Information

Item 9B. Other Information 114

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 115

Executive Compensation

Item 11. Executive Compensation 115

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 115

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 115

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 115 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 116

Form 10-K Summary

Item 16. Form 10-K Summary 116 INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS Certain statements included or incorporated by reference in this Annual Report are "forward-looking statements" within the meaning of the U.S. federal securities laws. All statements other than historical factual information are forward-looking statements, including without limitation statements regarding: projections of revenue, expenses, profit, profit margins, tax rates, tax provisions, cash flows, pension and benefit obligations and funding requirements, our liquidity position or other projected financial measures; management's plans and strategies for future operations, including statements relating to anticipated operating performance, cost reductions, restructuring activities, new product and service developments, competitive strengths or market position, acquisitions and the integration thereof, divestitures, spin-offs, split-offs or other distributions, strategic opportunities, securities offerings, stock repurchases, dividends and executive compensation; growth, declines and other trends in markets we sell into; future regulatory approvals and the timing thereof; outstanding claims, legal proceedings, tax audits and assessments and other contingent liabilities; future foreign currency exchange rates and fluctuations in those rates; the anticipated timing of any of the foregoing; assumptions underlying any of the foregoing; and any other statements that address events or developments that Envista intends or believes will or may occur in the future. Terminology such as "believe," "anticipate," "should," "could," "intend," "will," "plan," "expect," "estimate," "project," "target," "may," "possible," "potential," "forecast" and "positioned" and similar references to future periods are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Forward-looking statements are based on assumptions and assessments ma

BUSINESS

ITEM 1. BUSINESS Overview Envista is a global family of more than 30 trusted dental brands, including Nobel Biocare, Ormco, DEXIS and Kerr united by a shared purpose: to partner with professionals to improve lives by digitizing, personalizing and democratizing oral care. We help our customers deliver the best possible patient care through industry-leading solutions, technologies, and services. Our diversified portfolio of solutions covers a broad range of dentists' clinical needs for diagnosing, treating, and preventing dental conditions as well as improving the aesthetics of the human smile. We offer comprehensive solutions to support implant-based tooth replacements, orthodontic treatments and diagnostic solutions. We further support the dental community with leading solutions in restoratives, endodontics, rotary, infection prevention and loupes. We were formed in 2018, as a wholly-owned subsidiary of Danaher Corporation ("Danaher"). In 2019, we completed our initial public offering and separated from Danaher. With a foundation comprised of the proven Envista Business System ("EBS") methodology, an experienced leadership team, and a strong culture grounded in continuous improvement, commitment to innovation, and deep customer focus, we are well equipped to meet the end-to-end needs of dental professionals worldwide. We are one of the largest global dental products companies, with significant market positions in some of the most attractive segments of the dental products industry. We serve dental professionals in over 130 countries through one of the largest commercial organizations in the dental products industry and through our dealer partners. In 2023, we generated total sales of $2.6 billion, of which approximately 85% were derived from sales of consumables, services and spare parts. Our business is operated through two segments: Specialty Products & Technologies, which is comprised of our Implant-Based Tooth Replacement and Orthodontic Solutions busines

View Full Filing

View this 10-K filing on SEC EDGAR