Enovis (ENOV) Reports 21% Increase in Net Sales

By Bobby Samwell • Wednesday, November 06 10:34 • Permanent Link

Enovis Corporation (NYSE: ENOV) has announced its financial results for the third quarter ending September 27, 2024. The company reported a 21% increase in net sales to $505 million compared to the same quarter in 2023. On a comparable sales basis, the growth was 6%. This growth was attributed to strong performance in global recon, stable execution in P&R, and the recent acquisition of Lima.

Specifically, net sales in the reconstructive (recon) segment grew by an impressive 57% on a reported basis, with a 9% comparable sales growth. Meanwhile, the performance and reconstruction (P&R) segment saw a 1% growth on a reported basis and 3% on a comparable sales basis.

The company reported a net loss from continuing operations of $34 million, representing a loss of 6.2% of sales on a reported basis. Adjusted EBITDA was reported at $90 million, which is 17.9% of sales on a reported basis, marking an increase of 220 basis points compared to the same quarter in the prior year. Adjusted net income per diluted share was reported at $0.73, representing a 30% increase year-over-year.

Enovis also provided its financial outlook for 2024, narrowing its revenue range to an estimated $2.10 billion and forecasting adjusted EBITDA to be in the range of $373-$378 million. Additionally, the company raised its full-year adjusted earnings per diluted share guidance from $2.62-$2.77 to $2.75-$2.80.

Matt Trerotola, the Chief Executive Officer of Enovis, expressed optimism about the company's performance, highlighting the progress in integration efforts and a return to above-market growth rates in the recon segment. He also emphasized the company's focus on new product introductions across all areas of its business.

Enovis Corporation is a medical technology growth company listed on the New York Stock Exchange. It is dedicated to developing clinically differentiated solutions aimed at improving patient outcomes and transforming workflows in the orthopedics and beyond. Today the company's shares have moved 9.0% to a price of $47.22. Check out the company's full 8-K submission here.

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