Enovis Announces First Quarter 2023 Results

Enovis Corporation

WILMINGTON, DE — Enovis™ Corporation (NYSE: ENOV) recently announced its financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Financial Results
Enovis’ first quarter net sales of $406 million grew 8% from the prior year quarter, including 9% organic growth and a 1.5% currency headwind. Sales in the Reconstructive segment grew 19%, both as reported and organically, and the Prevention and Recovery segment grew 2%, with 4% organic growth.

Enovis also reported a first quarter operating loss of $25 million and adjusted EBITDA of $56 million, or 13.9% of sales, an improvement of 120 basis points versus the comparable prior year quarter.

The Company reported a first quarter 2023 net loss from continuing operations of $23 million, or $0.42 per share, and adjusted earnings per share of $0.44.

“We had a great start to the 2023 fiscal year, exceeding our expectations with strong organic growth and expanding margins while supporting key investments in innovation and acquisitions,” said Matt Trerotola, Chief Executive Officer of Enovis. “We outperformed our markets with double-digit organic growth in Recon and mid-single-digit organic growth in P&R. We look forward to continuing our operating momentum while deploying our strong balance sheet against a robust M&A pipeline.”

First Quarter 2023 Business Highlights

  • Celebrated the one-year anniversary of Enovis as an independent med-tech growth company
  • Completed agreement to acquire Novastep®, strengthening Enovis’ position in bunion – the largest and fastest-growing segment of the Foot and Ankle market; acquisition expected to close in Q2
  • Recognized by Newsweek as one of America’s Greatest Workplaces for Diversity
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2023 Financial Outlook
Enovis updated its financial expectations for 2023. Revenue is expected to organically grow 6-7% from the prior year versus prior expectations of 5-6% growth, and adjusted EBITDA is forecasted to be $259-$267 million as compared with the previous outlook of $255-265 million. Adjusted earnings per diluted share was updated from $2.15-$2.30 to $2.18-$2.32.

For more information about Enovis, visit www.enovis.com.

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