Strong Q4 Revenue and Core Growth
Q4 sales of $751M with core sales growth of 10.8% year-over-year (reported growth ~15% including FX (+~400 bps) and other items). All businesses posted positive growth in Q4 and sequential acceleration across quarters.
2025 Full-Year Growth and Profitability
Full year sales of $2.7B with core sales up 6.5% (underlying ~4% excluding one-time items). Adjusted EBITDA increased ~26% for 2025 with adjusted EBITDA margin of ~13.7% (up ~190 bps). Adjusted EPS $1.19, up $0.46 (~63%).
Margin and EPS Improvement in Q4
Q4 adjusted EBITDA margin 14.8%, +90 bps year-over-year. Adjusted EPS in Q4 was $0.38, up more than 50% vs Q4 2024 (increase of $0.14).
Free Cash Flow Strength and Balance Sheet
Full-year free cash flow conversion of 114% with free cash flow of $231M and net debt / adjusted EBITDA ~0.6x, supporting financial flexibility.
Shareholder Returns
Initiated $250M share repurchase program and returned $166M to shareholders in 2025 (repurchased >9M shares at an average price of ~$18).
Product Innovation and Commercial Momentum
Generated nearly $100M in revenue from products introduced in the prior 12 months; trained 30% more customers in 2025; multiple major new product launches across Spark, implants, consumables and diagnostics; R&D investment increased (double-digit increases in Q4).
Operational Cost Discipline
G&A spending reduced by >$35M (~10%) in 2025 while maintaining service and quality levels; productivity gains contributed meaningfully to margin expansion (net productivity ~100 bps benefit in Q4).
2026 Guidance Reflects Confidence
Guidance for 2026: core revenue growth 2–4%, adjusted EBITDA dollar growth 7–13%, adjusted EPS $1.35–$1.45 (13–22% growth), free cash flow conversion ~100%, and expected non-GAAP tax rate ~28%.