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We partner with dental professionals to improve patients’ lives 01/01/2025 Q3 2025 Results 1 October 30, 2025
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Forward looking statements/Non-GAAP financial measures 2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are “forward-looking statements” within the meaning of the U.S. federal securities laws, including statements regarding future financial performance, and the objectives and expectations of management. 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 made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to the risk factors described in our filings with the Securities and Exchange Commission, which include those in the most recent Form 10-K for FY 2024 and subsequent filings. Forward-looking statements are not guarantees of future performance and actual results may differ materially from the results, developments and business decisions contemplated by our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Forward- looking statements contained herein speak only as of the date of this presentation. Except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise. NON-GAAP MEASURES All "Adjusted" amounts including core sales growth and free cash flow are non-GAAP items. Calculations of these measures, the reasons why we believe these measures provide useful information to investors, a reconciliation of these measures to the most directly comparable GAAP measures, and other information relating to these non-GAAP measures are included in the Appendix to this presentation. We do not reconcile forward looking non-GAAP measures to the comparable GAAP measures because of the inherent difficulty in predicting and estimating the future impact and timing of currency translation, acquisitions, discontinued products, and any other potential adjustments which would be reflected in any forecasted GAAP measure.
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3 Agenda Paul Keel Opening Thoughts Strategic and Operational Update Eric Hammes Financial Results – Q3 2025 Paul Keel Closing Thoughts Q&A
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• FY25 core growth guidance from 3-4% to ~4% • FY25 EPS guidance from $1.05 - $1.15 to $1.10 - $1.15 • Maintaining adjusted EBITDA margin guidance of ~14% 4 Opening Thoughts Full Year 2025 Guidance Q3 Results • +9.4% core growth • ~5% core growth excluding deferral • 14.5% adjusted EBITDA margin • $0.32 adjusted EPS, +167% year-on-year YTD Performance • ~3% core growth excluding Spark deferral and dealer inventory realignment • 13.2% adjusted EBITDA margin • $0.82 adjusted EPS, +67% year-on-year Core growth, adj. EBITDA margin, and adj. EPS are non-GAAP measures. See appendix for reconciliation.
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Q3 Strategic and Operational Update 5 Growth Operations • Continued market share gains in Consumables, Orthodontics, and Diagnostics; at-market growth in Implants • Double digit increase in both S&M and R&D investment to support continued future growth • Hosted major customer events in North America, Europe, APAC, and Latin America and trained more than 15 thousand clinicians Major new product launches included: − Spark Jr. (comprehensive solution for younger patients) − Spark StageRx (digital workflow platform for enhanced clinician support) − Orascoptic Ergo Zoom (adjustable magnification with ergonomic design) − DEXIS Imprevo IOS (NextGen wireless IOS with improved speed, precision, and versatility) • Achieved profitability in our Spark aligner business, in addition to shipping 1 millionth case • Ongoing broad-based contributions from EBS • Continued G&A efficiency year-on-year • Broke ground on new Diagnostics R&D and production facility in Europe • Advancing high-performing, continuous improvement culture • Sustained high level of employee engagement • Further improvements in employee retention People • Celebrated 60th anniversary of dental implants with Nobel Biocare • Accelerating talent development through multiple enterprise-wide initiatives • Published 2024 Sustainability Report
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Two Spark Milestones Crossed in Q3 6 Shipped 1 million cases since launch Achieved Positive Operating Profit • $0 to ~$300M in under 6 years • Only player with leadership position in both aligners and fixed appliances • New Products in 2025 o Spark Retainers o BiteSync Class II Corrector o Spark Junior o StageRx Visual Treatment Planning • Advance manufacturing for sustained unit cost reduction • Global supply chain provides scale and flexibility
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Q3 2025 | Financial Metrics 7 Key Metric Q3 2025 Q3 2024 vPY Revenue $ 669.9M $601.0M +$68.9M Core Sales Growth(%) 9.4% -5.3% +1,470 bps Adjusted Gross Margin 56.1% 52.8% +330 bps Adjusted EBITDA $97.1M $54.9M +$42.2M Adjusted EBITDA% 14.5% 9.1% +540 bps Adjusted Diluted EPS $0.32 $0.12 +$0.20 Free Cash Flow $67.9M $63.3M +$4.6M Summary • 9.4% Core Growth (4.9% excl. Spark deferral) o Growth in all major businesses o Growth primarily in North America and Europe o Growth balanced between volume and price • Adj EBITDA $ up +77%, Margin 14.5% (+540 bps) o Positive operating profit for Spark o Offset tariff impact with mitigating actions o Continued supply chain and G&A productivity • $0.32 adjusted EPS, +167% year-on-year • Free Cash Flow of $68 million • Progress on our tax rate Core growth, Adj. Gross Margin, Adj. EBITDA Adj. EBITDA Margin, Adj. EPS and Free Cash Flow are non-GAAP measures. See appendix for reconciliation.
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Q3 2025 | Reported Revenue 8 Growth Rate % Reported Revenue +11.5% Core Growth % +9.4% $30M $27M $11M $1M Q3 2024 Volume & Price Spark Deferral FX Acquisition Q3 2025 $601M $670M Core Growth is a non-GAAP measure. See appendix for reconciliation.
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Q3 2025 | Adjusted EBITDA 9 3.9% 2.4% 1.0% 0.8% Q3 2024 Spark Deferral Vol/Mix/Price FX Net Productivity -1.4% Tariff Costs -1.3% Investments Q3 2025 9.1% 14.5% Adj. EBITDA Margin is a non-GAAP measure. See appendix for reconciliation.
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Q3 2025 | Specialty Products & Technologies 10 • Double-digit Spark sales growth excluding deferral change • Brackets & Wires flat • Implants grew 4th straight quarter; up LSD globally Revenue • Positive price capture across portfolio • Spark achieved profitability in 3rd quarter • Increased commercial and R&D investment Adjusted Operating Margin Revenue ($M) Adjusted Operating Margin $431.5 $381.7Q3 2024 Q3 2025 Q3 2024 Q3 2025 15.5% 7.0% Core Sales Growth +10.6% Core Growth and Adj. Operating Profit Margin are non-GAAP measures. See appendix for reconciliation.
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Q3 2025 | Equipment & Consumables 11 $238.4 $219.3 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Adjusted Operating Margin Revenue ($M) 20.1% 20.0% • Consumables up DD, strong performance across portfolio • Diagnostics up LSD globally, share gains in Europe and North America Revenue • Positive price performance across portfolio • Increased investment to support future growth Adjusted Operating Margin Core Sales Growth +7.3% Core Growth and Adj. Operating Profit Margin are non-GAAP measures. See appendix for reconciliation.
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Q3 2025 | Cash Flow 12 Capital Expenditure, net Operating Cash Flow Free Cash Flow $10.8M $78.7M $67.9M Q3 2025 $ 7.4M $70.7M $63.3M Q3 2024 • Net Debt / Adj. EBITDA of ~1X • 2.1M shares repurchased in Q3 • YTD Free Cash Conversion 100% YTD 2025 YTD 2024 $ 28.5M $167.7M $139.2M $ 25.2M $204.1M $178.9M Free Cash Flow is a non-GAAP measure. See appendix for reconciliation.
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FY 2025 | Updated Guidance 13 Adj. EBITDA Margin Core Sales Growth Adj. EPS ~14% ~4% $1.10 to $1.15 Updated 2025 Guidance ~14% 3% to 4% $1.05 to $1.15 Prior 2025 Guidance These forward-looking estimates do not reflect future gains and charges that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance, such as certain future gains or losses on the sale of investments, acquisition or divestiture-related gains or charges, discrete tax items and legal contingency provisions.
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Closing Thoughts 14 • Dental market remains slow but stable, with continued macro uncertainty • Continuing to execute on value creation plan communicated at our March CMD • ~5% core growth in Q3 and ~3% YTD (both excluding Spark deferral and dealer inventory realignment) with strong earnings and cash flow growth • Updating 2025 guidance to high end of growth and EPS ranges Core growth is a non-GAAP measure. See appendix for reconciliation. We partner with dental professionals to improve patients’ lives Growth Operational Excellence People 2025 Core Growth ~4% Adj. EBITDA ~14% Adj. EPS $1.10 - $1.15 Medium-term1 Core Growth 2 - 4% Adj. EBITDA Growth 4 - 7% Adj. EPS Growth 7 - 10% FCF Conversion ~100% 1 These are not projections and do not constitute guidance; they are subject to significant uncertainties and contingencies and are based upon management’s current assumptions, which are subject to change.
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15 Q&A
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16 Appendix Non-GAAP Reconciliations
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Reconciliations | Adjusted Gross Profit and Adjusted Gross Margin ($ in Millions) 17 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Gross Profit $ 370.2 $ 317.3 $ 1,076.1 $ 1,000.2 Restructuring costs and asset impairments B 4.9 0.1 7.1 18.1 Fair value adjustment of acquisition-related inventory C 0.6 — 2.0 — Adjusted Gross Profit $ 375.7 317.4 $ 1,085.2 $ 1,018.3 Gross Margin (Gross Profit / Sales) 55.3 % 52.8 % 54.7 % 53.8 % Adjusted Gross Margin (Adjusted Gross Profit / Sales) 56.1 % 52.8 % 55.1 % 54.8 %
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Reconciliations | Adjusted Operating Profit ($ in Millions) 18 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Consolidated Operating Profit (Loss) $ 57.5 $ 20.9 $ 142.8 $ (1,084.3) Amortization of acquisition-related and other intangible assets 19.1 18.7 56.9 63.7 Goodwill and intangible asset impairments A — — — 1,153.8 Restructuring costs and asset impairments B 8.3 4.2 24.4 34.9 Fair value adjustment of acquisition-related inventory C 0.6 — 2.0 — Litigation settlement D — — 0.8 4.7 Acquisition-related expenses F 0.1 — 0.4 — Adjusted Operating Profit $ 85.6 $ 43.8 $ 227.3 $ 172.8 Adjusted Operating Profit as a % of Sales 12.8 % 7.3 % 11.5 % 9.3 % Specialty Products & Technologies Operating Profit $ 48.1 $ 12.3 $ 131.0 $ 62.5 Amortization of acquisition-related and other intangible assets 15.1 14.4 44.5 43.1 Restructuring costs and asset impairments B 3.5 0.2 7.8 21.1 Adjusted Operating Profit $ 66.7 $ 26.9 $ 183.3 $ 126.7 Adjusted Operating Profit as a % of Sales 15.5 % 7.0 % 14.4 % 10.5 % Equipment & Consumables Operating Profit $ 41.5 $ 38.6 $ 109.5 $ 100.7 Amortization of acquisition-related and other intangible assets 4.0 4.3 12.4 20.6 Restructuring costs and asset impairments B 2.4 1.0 5.9 4.2 Litigation settlement D — — 0.8 — Adjusted Operating Profit $ 47.9 $ 43.9 $ 128.6 $ 125.5 Adjusted Operating Profit as a % of Sales 20.1 % 20.0 % 18.6 % 19.2 %
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Reconciliations | Adjusted Net Income ($ in Millions) 19 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net (Loss) Income $ (30.3) $ 8.2 $ 14.1 $ (1,119.8) Amortization of acquisition-related and other intangible assets 19.1 18.7 56.9 63.7 Goodwill and intangible asset impairments A — — — 1,153.8 Restructuring costs and asset impairments B 8.3 4.2 24.4 34.9 Fair value adjustment of acquisition-related inventory C 0.6 — 2.0 — Litigation settlement D — — 0.8 4.7 Loss on equity investments, net E — — — 1.1 Acquisition-related expenses F 0.1 — 0.4 — Tax effect of adjustments reflected above G (5.3) (10.2) (20.3) (53.8) Discrete tax adjustments and other tax-related adjustments H 61.2 0.2 60.6 0.8 Adjusted Net Income $ 53.7 $ 21.1 $ 138.9 $ 85.4
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Reconciliations | Adjusted Diluted Earnings Per Share and Diluted Shares Outstanding 20 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Average common stock shares outstanding - basic 166.1 172.2 169.2 172.1 Assumed exercise of dilutive options, vesting of dilutive restricted stock and performance stock units and assumed conversion of 2025 Convertible Notes I 1.4 0.7 1.1 0.9 Average common stock and common equivalent shares outstanding - diluted 167.5 172.9 170.3 173.0 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Diluted (Loss) Earnings $ (0.18) $ 0.05 $ 0.08 $ (6.51) Amortization of acquisition-related and other intangible assets 0.11 0.11 0.33 0.37 Goodwill and intangible asset impairments A — — — 6.67 Restructuring costs and asset impairments B 0.05 0.02 0.14 0.20 Fair value adjustment of acquisition-related inventory C — — 0.01 — Litigation settlement D — — 0.01 0.03 Loss on equity investments, net E — — — 0.01 Acquisition-related expenses F — — — — Tax effect of adjustments reflected above G (0.03) (0.06) (0.12) (0.31) Discrete tax adjustments and other tax-related adjustments H 0.37 — 0.37 — Net (loss) to adjusted net income share adjustment I — — — 0.03 Adjusted Diluted Earnings Per Share $ 0.32 $ 0.12 $ 0.82 $ 0.49
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Reconciliations | Adjusted EBITDA ($ in Millions) 21 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net Income (Loss) $ (30.3) $ 8.2 $ 14.1 $ (1,119.8) Interest expense, net 9.0 11.9 26.3 36.5 Income tax expense (benefit) 80.2 1.4 105.5 (1.4) Depreciation 10.1 10.5 30.0 31.6 Amortization of acquisition-related and other intangible assets 19.1 18.7 56.9 63.7 Goodwill and intangible asset impairments A — — — 1,153.8 Restructuring costs and asset impairments B 8.3 4.2 24.4 34.9 Fair value adjustment of acquisition-related inventory C 0.6 — 2.0 — Litigation settlement D — — 0.8 4.7 Loss on equity investments, net E — — — 1.1 Acquisition-related expenses F 0.1 — 0.4 — Adjusted EBITDA $ 97.1 $ 54.9 $ 260.4 $ 205.1 Adjusted EBITDA as a % of Sales 14.5 % 9.1 % 13.2 % 11.0 %
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Reconciliations | Core Sales Growth1 22 1 We use the term “core sales” to refer to GAAP revenue excluding (1) sales from acquired businesses recorded prior to the fir st anniversary of the acquisition (“acquisitions”), (2) sales from discontinued products and (3) the impact of currency translation. Sales from discontinued products includes major brands or products that Envista has made the decision to discontinue as part of a portfolio restructuring. Discontinued brands or products consist of those which Envista (1) is no longer manufacturing, (2) is no longer investing in the research or development of, and (3) expects to discontinue all significant sales within one year from the decision date to discontinue. The portion of sales attributable to discontinued brands or products is calculated as the net decline of the app licable discontinued brand or product from period-to-period. The portion of GAAP revenue attributable to currency exchange rates is calculated as the difference between (a) the period -to-period change in sales and (b) the period-to-period change in sales after applying current period foreign exchange rates to the prior year period. We use the term “core sales growth” to refer to the measure of comparing current period core sales wit h the corresponding period of the prior year. Consolidated % Change Three Month Period Ended September 26, 2025 vs. Comparable 2024 Period % Change Nine Month Period Ended September 26, 2025 vs. Comparable 2024 Period Total sales growth 11.5 % 6.0 % Plus the impact of: Acquisitions (0.2) % (0.2) % Currency exchange rates (1.9) % (0.8) % Core sales growth 9.4 % 5.0 % Specialty Products & Technologies Total sales growth 13.0 % 5.9 % Plus the impact of: Acquisitions (0.3) % (0.3) % Currency exchange rates (2.1) % (0.9) % Core sales growth 10.6 % 4.7 % Equipment & Consumables Total sales growth 8.7 % 6.1 % Plus the impact of: Currency exchange rates (1.4) % (0.6) % Core sales growth 7.3 % 5.5 %
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Reconciliations | Free Cash Flow ($ in Millions) 23 Three Months Ended Nine Months Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Net Operating Cash Provided by Operating Activities $ 78.7 $ 70.7 $ 167.7 $ 204.1 Less: payments for additions to property, plant and equipment (capital expenditures) (10.8) (7.4) (29.0) (25.2) Plus: proceeds from sales of property, plant and equipment — — 0.5 — Free Cash Flow (FCF) $ 67.9 $ 63.3 $ 139.2 $ 178.9 FCF to Adjusted Net Income Conversion Ratio 126 % 300 % 100 % 209 %
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NOTES TO RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) 24 A Represents impairment charge related to goodwill and certain intangible assets. B We exclude impairment of certain long-lived assets, executive transition costs, and cost incurred pursuant to discrete restructuring plans. C Represents the fair value adjustment related to inventory acquired in connection with acquisitions. D Represents the settlement of certain litigation matters. E Represents losses on equity investments. F Represents acquisition-related transaction expenses and integration costs with respect to business combinations. G This line item reflects the aggregate tax effect of all pretax adjustments reflected in the preceding line items of the table using each adjustment's applicable tax rate, including the effect of interim tax accounting requirements of Accounting Standards Codification Topic 740 Income Taxes. H The discrete tax matters relate to excess tax benefits from stock-based compensation, changes in estimates associated with prior period uncertain tax positions and audit settlements, tax benefits resulting from a change in law, changes in determination of realization of certain deferred tax assets and tax expense related to the restructuring of certain intercompany loans. I The Company was in a net loss position for the three months ended September 26, 2025, therefore no shares reserved for issuance upon exercise of stock options, or vesting of restricted stock and performance stock units were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. However, given that the adjustments noted in footnotes A-H resulted in adjusted net income for the three months ended September 26, 2025, the dilutive impact of stock options and restricted stock and performance stock units are being included to arrive at adjusted diluted shares outstanding. Additionally, the Company was in a net loss position for the nine months ended September 27, 2024, therefore no shares reserved for issuance upon exercise of stock options, vesting of restricted stock and performance stock units or assumed conversion of the convertible senior notes due 2025 were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. However, given that the adjustments noted in footnotes A-H resulted in adjusted net income for the nine months ended September 27, 2024, the dilutive impact of stock options, restricted stock and performance stock units and assumed conversion of the convertible senior secured notes due 2025 are being included to arrive at adjusted diluted shares outstanding.
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Statement Regarding Non-GAAP Measures 25 Each of the non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offerin g additional ways of viewing Envista Holdings Corporation's (“Envista” or the “Company”) results that, when reconciled to the corresponding GAAP measure, help our investors to: • with respect to Core Sales, identify underlying growth trends in Envista’s business and compare Envista’s revenue performance with prior and future periods and to Envista’s peers; • with respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, understand the long-term profitability trends of Envista’s business and compare Envista’s profitability to prior and future periods and to Envista’s peers; • with respect to Adjusted EBITDA, help investors understand operational factors associated with Envista’s financial performance b ecause it excludes the following from consideration: interest, taxes, depreciation, amortization, and infrequent or unusual losses or gains such as goodwill impairment charges or nonrecurring and restructuring charges. Management uses Adjusted EBITDA, as a supplemental measure for assessing operating performance in conjunction with related GAAP amounts. In addition, Adjusted EBI TDA is used in connection with operating decisions, strategic planning, annual budgeting, evaluating Company performance and comparing operating results with historical periods and with industry pe er companies; and • with respect to Free Cash Flow (the “FCF Measure”), understand Envista’s ability to generate cash without external financings , in order to invest and grow its business through acquisitions and other strategic opportunities. A limitation of free cash flow is that it does not take into account the Company’s debt service requirements and other non-discretionary expenditures, and as a result the entire Free Cash Flow amount is not necessarily available for discretionary expenditures. Management uses these non-GAAP measures to evaluate the Company’s operating and financial performance. The items excluded from the non-GAAP measures set forth above have been excluded for the following reasons: • With respect to Adjusted Gross Profit, Adjusted Operating Profit, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted EBITDA: ◦ We exclude amortization of acquisition-related and other intangible assets because the amount and timing of such charges are sig nificantly impacted by the timing, size, number and nature of the acquisitions we consummate. While we have a history of significant acquisition activity, we do not acquire businesses on a pr edictable cycle, and the amount of an acquisition’s purchase price allocated to intangible assets and related amortization term are unique to each acquisition and can vary significantly from acqu isition to acquisition. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long -held businesses, and with both acquisitive and non-acquisitive peer companies. We believe, however, that it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. ◦ With respect to the other items excluded from Adjusted Gross Profit, Adjusted Net Income, Adjusted Operating Profit, Adjusted Diluted Earnings Per Share and Adjusted EBITDA, we exclude these items because they are of a nature and/or size that occur with inconsistent frequency, occur for reasons that may be un related to Envista's commercial performance during the period and/or we believe that such items may obscure underlying business trends and make comparisons of long -term performance difficult. • With respect to core sales, we exclude (1) the effect of acquisitions and divested product lines because the timing, size, nu mber and nature of such transactions can vary significantly from period -to-period and between us and our peers, which we believe may obscure underlying business trends and make comparisons of long -term performance difficult, (2) sales from discontinued products because discontinued products do not have a continuing contribution to operations and management believes that excluding such items p rovides investors with a means of evaluating our on-going operations and facilitates comparisons to our peers, and (3) the impact of currency translation because it is not under management’s control , is subject to volatility and can obscure underlying business trends. • With respect to the FCF Measure, we adjust for payments for additions to property, plant and equipment (net of the proceeds f rom capital disposals) to arrive at the amount of operating cash flow for the period that remains after accounting for the Company’s capital expenditure requirements.