WILMINGTON, DE — Enovis™ Corporation (NYSE: ENOV) recently announced its financial results for the fourth quarter and fiscal year ended December 31, 2022. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET.
Fourth Quarter and Fiscal Year 2022 Financial Results
Enovis’ fourth quarter net sales of $409 million grew 2% from the prior year, reflecting 5% organic growth offset by a 3% currency headwind. Sales in the Reconstructive segment grew 12%, and 14% on an organic basis, and its Prevention and Recovery segment declined 2% with 1% organic growth. For the 2022 fiscal year, net sales grew 10% to $1.6 billion, with organic growth of 6%.
Enovis also reported a fourth quarter operating loss of $28 million or 6.9% of sales, and adjusted EBITDA of $75 million, or 18.3% of sales, an improvement of 290 basis points versus the comparable prior year quarter. Full year operating loss was $71 million or 4.6% of sales and adjusted EBITDA margins improved 70 basis points to 15.1%.
The Company reported a fourth quarter 2022 net loss from continuing operations of $55 million, or $0.71 per diluted share, and adjusted earnings per share of $0.72. For the 2022 fiscal year, the Company reported a net loss from continuing operations of $38 million, or $0.25 per diluted share, while adjusted earnings per diluted share grew 15% from the prior year to $2.27.
“In our first year as an independent med-tech growth company, Enovis delivered strong financial results,” said Matt Trerotola, Chief Executive Officer of Enovis. “Our teams managed through macro-economic and market challenges and delivered solid progress towards our strategic goals. We are building a company that can deliver sustainable high-single-digit organic growth and annual margin expansion, supported by our impactful innovation and investments in faster-growing market sectors. Our teams are harnessing our EGX business system and culture of continuous improvement to drive growth, expand margins and compound value for shareholders.”
2022 Business Highlights
- Successfully launched Enovis as an independent med-tech growth company
- Delivered double-digit organic growth in the Reconstructive segment
- Grew Prevention and Recovery with new product innovation in rehab and bracing solutions and expanded leading MotionMD® platform
- Recent acquisitions performed well, delivering double-digit organic growth, and made solid progress against integration and scaling targets
- Ramping up investments in research and development and building capabilities in enabling technology, highlighted by the acquisition of Insight Medical Systems with its leading augmented reality system, ARVIS®
2023 Financial Outlook
Enovis also announced financial expectations for 2023. Revenue is expected to organically grow 5-6% from the prior year, with adjusted EBITDA of $255 to $265 million and adjusted earnings per diluted share in the range of $2.15 to $2.30.
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