Financial Performance - Enovis reported second-quarter net sales of $525 million, reflecting a 23% increase on a reported basis and a 5% increase on a comparable sales basis compared to Q2 2023[2]. - The company experienced a net loss from continuing operations of $18 million, equating to a loss of 3.5% of sales, with adjusted EBITDA of $90 million, representing 17.2% of sales[2]. - Enovis achieved a 60% growth in net sales in the Recon segment on a reported basis, with a 7% comparable sales growth compared to the same quarter in 2023[2]. - The gross profit margin for Q2 2024 was reported at 55.0%, down from 58.0% in Q2 2023[14]. - Net loss from continuing operations for the three months ended June 28, 2024, was $(18.4) million, compared to $(14.6) million for the same period in 2023, representing a 25.9% increase in loss[16]. - Adjusted net income from continuing operations (non-GAAP) for the three months ended June 28, 2024, was $34.4 million, a slight increase from $33.4 million in the same period last year, resulting in an adjusted net income margin of 6.6%[15]. - Adjusted EBITDA (non-GAAP) for the three months ended June 28, 2024, was $90.2 million, up from $65.7 million in the same period last year, reflecting a margin increase to 17.2%[16]. - Total net sales for the six months ended June 28, 2024, reached $1,041.4 million, reflecting a growth rate of 24.8% compared to $834.7 million in the same period of 2023[21]. Guidance and Expectations - Enovis narrowed its full-year revenue guidance to $2.08-$2.13 billion and adjusted EBITDA expectations to $368-$383 million[4]. - The company raised its full-year adjusted earnings per diluted share guidance from $2.52-$2.67 to $2.62-$2.77[4]. Strategic Initiatives - Enovis received FDA 510k clearance for the Arvis 2.0 Shoulder and Altivate Reverse Glenoid system, with launches expected in Q3 2024[3]. - The company opened a new manufacturing facility in San Daniele to enhance global manufacturing capabilities[3]. - Enovis integrated the transformational Lima acquisition, which is expected to contribute to growth and profitability into 2025 and beyond[3]. - The fair value of contingently issuable shares in business acquisitions was reported at $107.9 million, reflecting ongoing strategic investments[20]. Asset and Debt Management - Total current assets increased to $1,172.8 million as of June 28, 2024, compared to $896.5 million at the end of 2023, driven by a rise in trade receivables and inventories[18]. - Long-term debt, less current portion, rose significantly to $1,329.4 million as of June 28, 2024, compared to $466.2 million at the end of 2023, indicating increased leverage[18]. - The company reported an inventory step-up charge of $23.9 million for the three months ended June 28, 2024, contributing to the adjusted gross profit of $312.8 million[17]. - Strategic transaction costs for the three months ended June 28, 2024, amounted to $22.7 million, up from $5.4 million in the same period last year, reflecting ongoing integration efforts[16]. - The company’s total assets increased to $5,442.0 million as of June 28, 2024, from $4,509.3 million at the end of 2023, indicating strong growth in asset base[19]. Cash Flow and Investment - Cash flows from operating activities resulted in a net cash outflow of $28.4 million, a significant decrease from a net cash inflow of $35.6 million in the prior year[20]. - Total net cash used in investing activities was $839.2 million, compared to $166.0 million in the same period last year, indicating increased investment activity[20]. - The company raised $400.0 million from borrowings on a term credit facility during the period, contributing to a net cash inflow of $867.0 million from financing activities[20]. - Enovis Corporation's cash, cash equivalents, and restricted cash at the end of the period totaled $43.4 million, up from $32.5 million at the end of the previous year[20]. Segment Performance - The U.S. Reconstructive segment saw a significant growth of 15.0%, with sales increasing from $106.1 million to $122.1 million[21]. - International Reconstructive sales surged by 156.4%, rising from $48.9 million to $125.3 million, showcasing strong market expansion[21]. - Total Prevention & Recovery sales increased by 1.6%, from $273.5 million to $277.8 million, indicating stable performance in this segment[21].

Continued strong momentum with second-quarter sales growth of 23% on a reported basis and strong adjusted margin expansion Reported second-quarter net loss from continuing operations of $0.34 per share with adjusted net income per diluted share of $0.62 Advanced strategic goals with solid first half of 2024, slightly ahead of expectations, and set up to accelerate in the second half of the year Wilmington, DE, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV), an innovation-driven medical t ...

Conference call/Webcast Information Kyle Rose Vice President, Investor Relations Enovis Corporation +1-917-734-7450 investorrelations@enovis.com Investors can access the live webcast via a link on the Enovis website. For those planning to participate on the call, please dial (833) 685-0901 (U.S. callers) and (412) 317-5715 (International callers) and ask to join the Enovis call. A link to a replay of the call will also be available on the Enovis website later that day. ABOUT ENOVIS Enovis Corporation (NYSE: ...

Investors can access the live webcast via a link on the Enovis website. For those planning to participate on the call, please dial (833) 685-0901 (U.S. callers) and (412) 317-5715 (International callers) and ask to join the Enovis call. A link to a replay of the call will also be available on the Enovis website later that day. Investors and others should note that Enovis routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webc ...

Wilmington, DE, July 16, 2024 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV), an innovation-driven, medical technology growth company, announced that it will host an investor conference call and live webcast to discuss its second quarter 2024 financial results on Wednesday, August 7, 2024 at 8:30 a.m. Eastern Time and issue an earnings press release earlier that morning. A presentation related to the call will be available on ir.enovis.com. ABOUT ENOVIS Investors and others should note that Enovis rou ...

Wilmington, DE, July 16, 2024 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV), an innovation-driven, medical technology growth company, announced that it will host an investor conference call and live webcast to discuss its second quarter 2024 financial results on Wednesday, August 7, 2024 at 8:30 a.m. Eastern Time and issue an earnings press release earlier that morning. A presentation related to the call will be available on ir.enovis.com. Conference call/Webcast Information Investors can access the ...

Enovis (ENOV) recently introduced the AltiVate Reverse Glenoid System, expanding the glenoid implant offering of the AltiVate Reverse by including modular and augmented baseplates. The new full-range solution adds bone-sparing baseplate, peripheral fixation and glenosphere options to the proven Reverse Shoulder Prosthesis (RSP) glenoid baseplate while maintaining simplicity and efficiency. The AltiVate Reverse Glenoid System, an important addition to Enovis' industry-leading AltiVate products, received FDA ...

snoofek/iStock via Getty Images A Slight Step Back In The Last Quarter Q2 Results Will Likely Be Similar Enovis Should Have What It Needs To Compete The Outlook The Bottom Line The performance of mid-cap medical device company Enovis (NYSE:ENOV) is getting harder and harder for me to understand. As I've said in past articles, I've never really loved this business, and I've found some of management's projections to be overly optimistic, but I do think there is a solid orthopedic device business here, and I f ...

The AltiVate Reverse® Glenoid System offers a modular baseplate with neutral and 15° wedge options, as well as multiple central compression screw lengths and diameters. The baseplate boss was designed to be more bonesparing than any other currently available baseplate with a comparable central through-screw design to minimize the volume of bone removed and preserve the glenoid vault. It also adds four new glenospheres to the already robust RSP® offering, giving surgeons a comprehensive selection to optimize ...

"We are very pleased to offer a modular, augmented baseplate based on the proven central screw fixation principle of our legacy Reverse Shoulder Prosthesis (RSP®) system2," said Louie Vogt, Group President of Enovis™ Reconstructive Business Group. "This addition to our market-leading AltiVate Reverse continues our long history of surgeon-driven innovation and commitment to exceptional patient outcomes." The first surgery using AltiVate Reverse® Glenoid was conducted by Dr. Mark Frankle at Tampa General Hosp ...