WILMINGTON, DE — Enovis™ Corporation (NYSE: ENOV) recently released the following preliminary information about its performance for the third quarter ended September 29, 2023.
Revenues for the three months ended September 29, 2023 are expected to be between $414 and $418 million, compared to approximately $383 million for the three months ended September 30, 2022, representing an increase of approximately 8 to 9%.
Adjusted EBITDA for the three months ended September 29, 2023 is expected to be between $64 and $66 million, compared to approximately $57 million for the three months ended September 30, 2022, representing an increase of approximately 12 to 15%.
The foregoing preliminary financial estimates reflect management’s current views and may change as a result of management’s review of results and other factors, including a wide variety of significant business, economic and competitive risks and uncertainties. Such preliminary financial information is subject to the finalization and closing of the accounting books and records of the Company (which have yet to be performed) and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with U.S. GAAP. In the course of preparing and finalizing the financial statements for the three months ended September 29, 2023, the preliminary estimates for the three months ended September 29, 2023 will be subject to change and the Company may identify items that will require it to make adjustments to the Company’s preliminary estimates described above. Any such changes could be material. For these or other reasons, the preliminary financial estimates for the three months ended September 29, 2023 may not ultimately be indicative of the Company’s results for such periods and actual results may differ materially from those described above. No independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to these preliminary results, nor have they expressed any opinion or any other form of assurance on these preliminary estimated results.
Adjusted EBITDA is not prepared in accordance with U.S. GAAP and is included in this press release because it is used by the Company’s management to assess its operating performance. The table below provides a reconciliation of preliminary adjusted EBITDA to the closest comparable U.S. GAAP financial measure, net income (loss) from continuing operations, for the three months ended September 29, 2023.
Adjusted EBITDA represents net income or loss from continuing operations excluding taxes, depreciation and amortization, stock-based compensation costs and restructuring and other charges, European Union Medical Device Regulation and other costs, strategic transaction costs, insurance settlement (gain) loss, and inventory step up costs. Adjusted EBITDA should not be considered in isolation from, or as a substitute for, net income (loss) from continuing operations or other measures calculated in accordance with U.S. GAAP.
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