[Enovis First Quarter 2024 Performance Overview](index=1&type=section&id=Enovis%20First%20Quarter%202024%20Performance%20Overview) Enovis reported strong Q1 2024 results, driven by strategic acquisitions and segment growth, leading to increased financial guidance for the full year [First Quarter 2024 Financial and Business Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20and%20Business%20Highlights) Enovis reported strong Q1 2024 financial performance with significant net sales growth driven by strategic acquisitions and segment expansion, alongside improved adjusted EBITDA Key Financial Highlights | Financial Metric (in millions) | Q1 2024 | Q1 2023 | Change | Proforma Change | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $516 | $406 | +27% | +5% | | Net Loss from Continuing Ops | ($72) | ($22.8) | - | - | | Adjusted EBITDA | $83 | $56.4 | +47.5% | - | | Adjusted EBITDA Margin | 16.1% | 13.9% | +220 bps | - | | Net Loss per Share (GAAP) | ($1.32) | ($0.42) | - | - | | Adjusted EPS (diluted) | $0.50 | $0.44 | +13.6% | - | - Segment performance was led by the Reconstructive (Recon) division, which grew **66%** on a reported basis and **7%** on a proforma basis, while the Prevention & Recovery (P&R) segment grew **3%** on both a reported and organic basis[3](index=3&type=chunk) - Key strategic achievements in the quarter include closing the transformative acquisition of LimaCorporate S.p.A. and launching Arvis 2.0, Lima Trabecular Titanium Cones, and ROAM OA at the AAOS Annual Meeting[5](index=5&type=chunk)[8](index=8&type=chunk) [2024 Financial Outlook](index=2&type=section&id=2024%20Financial%20Outlook) Enovis has raised its full-year 2024 financial guidance, anticipating higher revenue, increased adjusted EBITDA, and improved adjusted earnings per share Updated 2024 Financial Guidance | Metric | Previous 2024 Guidance | Updated 2024 Guidance | | :--- | :--- | :--- | | Revenue (in billions) | $2.05 - $2.15 | $2.06 - $2.16 | | Adjusted EBITDA (in millions) | $365 - $380 | $368 - $383 | | Adjusted EPS (diluted) | $2.50 - $2.65 | $2.52 - $2.67 | [Corporate Information and Disclosures](index=2&type=section&id=Corporate%20Information%20and%20Disclosures) This section outlines corporate disclosures, including forward-looking statements subject to various risks and the company's use of non-GAAP financial measures for clearer performance insights - Forward-looking statements are subject to risks including, but not limited to, the integration of the Lima acquisition, macroeconomic pressures, supply chain disruptions, and geopolitical tensions[12](index=12&type=chunk) - The company utilizes non-GAAP financial measures such as adjusted net income, adjusted EBITDA, and organic sales growth to help management and investors compare operating performance over time by excluding items that may obscure underlying business trends[13](index=13&type=chunk)[17](index=17&type=chunk) [Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements, including statements of operations, balance sheets, and cash flows, for the reported period [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Enovis reported Q1 2024 net sales of **$516.3 million**, an increase from the prior year, alongside a widened operating loss and increased net loss from continuing operations Condensed Consolidated Statements of Operations (Unaudited) | (In thousands, except per share data) | Three Months Ended Mar 29, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net sales | $516,266 | $406,151 | | Gross profit | $297,896 | $235,065 | | Operating loss | $(35,014) | $(24,968) | | Net loss from continuing operations | $(71,841) | $(22,846) | | Net loss per share - continuing ops | $(1.32) | $(0.42) | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 29, 2024, Enovis's total assets increased to **$5.48 billion**, primarily due to acquisitions, while total liabilities also rose significantly to **$2.17 billion**, largely from increased long-term debt Condensed Consolidated Balance Sheets (Unaudited) | (In thousands) | March 29, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $1,150,719 | $896,519 | | Goodwill | $2,414,611 | $2,060,893 | | Intangible assets, net | $1,408,310 | $1,127,363 | | **Total assets** | **$5,478,681** | **$4,509,334** | | Total current liabilities | $549,132 | $369,607 | | Long-term debt, less current portion | $1,318,463 | $466,164 | | **Total liabilities** | **$2,167,839** | **$1,088,633** | | **Total equity** | **$3,310,842** | **$3,420,701** | - The balance sheet reflects the impact of recent acquisitions, with Goodwill increasing by approximately **$354 million** and Intangible assets increasing by **$281 million** since year-end 2023, with Long-term debt increasing by over **$850 million** to finance these activities[30](index=30&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, Enovis reported a net cash outflow from operating activities and significant cash usage in investing activities, primarily for acquisitions, largely offset by cash provided from financing activities Condensed Consolidated Statements of Cash Flows (Unaudited) | (In thousands) | Three Months Ended Mar 29, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(36,156) | $7,457 | | Net cash used in investing activities | $(797,842) | $(34,385) | | Net cash provided by financing activities | $864,540 | $24,498 | | **Increase (decrease) in Cash** | **$29,714** | **$(2,395)** | - The significant cash outflow for investing activities was driven by **$760.9 million** in payments for acquisitions, funded by a substantial inflow from financing activities, including **$400 million** from a term credit facility and **$480 million** from revolving credit facilities[32](index=32&type=chunk) [Non-GAAP Reconciliations and Supplemental Data](index=5&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplemental%20Data) This section provides reconciliations of GAAP to non-GAAP financial measures and supplemental sales data, offering additional insights into the company's performance [Reconciliation of Net Income and EPS](index=5&type=section&id=Reconciliation%20of%20Net%20Income%20and%20EPS) Enovis reconciled its Q1 2024 GAAP net loss from continuing operations of **$72.0 million** to a non-GAAP adjusted net income of **$27.7 million**, resulting in an adjusted diluted EPS of **$0.50** Reconciliation of Net Income and EPS (Non-GAAP) | (In millions, except per share) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net loss from continuing operations (GAAP) | $(72.0) | $(23.0) | | Amortization of acquired intangibles | $40.9 | $32.0 | | Strategic transaction costs | $20.8 | $11.6 | | Other (income) expense, net | $24.2 | $(0.7) | | **Adjusted net income (non-GAAP)** | **$27.7** | **$24.1** | | Net loss per share (GAAP) | $(1.32) | $(0.42) | | **Adjusted net income per share (non-GAAP)** | **$0.50** | **$0.44** | [Reconciliation of Adjusted EBITDA](index=6&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Enovis reconciled its Q1 2024 GAAP operating loss of **$35.0 million** to a non-GAAP adjusted EBITDA of **$83.2 million**, achieving a **16.1%** adjusted EBITDA margin Reconciliation of Adjusted EBITDA (Non-GAAP) | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating loss (GAAP) | $(35.0) | $(25.0) | | Amortization of acquired intangibles | $40.9 | $32.0 | | Depreciation and other amortization | $27.2 | $20.0 | | Strategic transaction costs | $20.8 | $11.6 | | **Adjusted EBITDA (non-GAAP)** | **$83.2** | **$56.4** | | **Adjusted EBITDA margin (non-GAAP)** | **16.1%** | **13.9%** | [Reconciliation of Gross Margin](index=7&type=section&id=Reconciliation%20of%20Gross%20Margin) The company's Q1 2024 GAAP gross margin was **57.7%**, while the non-GAAP adjusted gross margin improved to **58.7%** after accounting for inventory step-up Reconciliation of Gross Margin (Non-GAAP) | (In millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Gross profit (GAAP) | $297.9 | $235.1 | | Gross profit margin (GAAP) | 57.7% | 57.9% | | Inventory step-up | $5.1 | $0.1 | | **Adjusted gross profit (Non-GAAP)** | **$303.0** | **$235.5** | | **Adjusted gross profit margin (Non-GAAP)** | **58.7%** | **58.0%** | [Net Sales by Segment](index=8&type=section&id=Net%20Sales%20by%20Segment) Total net sales grew **27.1%** reported and **5.1%** proforma, primarily driven by the Reconstructive segment's **65.5%** reported growth, while Prevention & Recovery saw **3.3%** growth Net Sales by Segment (Unaudited) | (In thousands) | Q1 2024 Sales | GAAP Growth | Proforma Growth | | :--- | :--- | :--- | :--- | | **Prevention & Recovery** | **$259,013** | **3.3%** | **3.3%** | | U.S. Bracing & Support | $104,574 | 0.2% | 0.2% | | U.S. Other P&R | $66,350 | 6.4% | 6.4% | | International P&R | $88,089 | 4.8% | 4.8% | | **Reconstructive** | **$257,253** | **65.5%** | **7.0%** | | U.S. Reconstructive | $123,735 | 19.6% | 4.1% | | International Reconstructive | $133,518 | 157.2% | 10.0% | | **Total** | **$516,266** | **27.1%** | **5.1%** |

Wilmington, DE, April 17, 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 first quarter 2024 financial results on Thursday, May 2, 2024 at 8:00 a.m. Eastern Time and issue an earnings press release earlier that morning. A presentation related to the call will be available on www.enovis.com in the "Investors" section. Conference call/Webcast Information In ...

Financial Data and Key Metrics Changes - The company reported total revenue growth of 9% for 2023, including 8% organic growth, aligning with its high single-digit strategic goal [25] - Adjusted gross margin for Q4 was 58.6%, up 150 basis points year-over-year, driven by higher sales leverage, favorable product mix, and cost discipline [18] - Adjusted EBITDA margin for Q4 was 18%, down 30 basis points compared to 2022, attributed to one-time cost benefits in 2022 and dilution from recent acquisitions [38] Business Line Data and Key Metrics Changes - The Recon segment achieved full-year organic growth of 14%, with Q4 growth of 11% [6][8] - The P&R segment experienced nearly 5% organic growth for the full year, with Q4 growth of 6% [26][8] - Gross margins in the Recon segment expanded by 240 basis points due to pricing and productivity improvements [11] Market Data and Key Metrics Changes - The U.S. market for Recon saw double-digit growth, with 11% organic growth in Hip & Knee and Extremities [29] - Internationally, the Recon segment also grew 11% organically, indicating resilience in the market [29] - The elective surgery markets served by the company are expected to remain healthy, with potential for above-normal demand in 2024 [8] Company Strategy and Development Direction - The company aims to integrate Lima and execute major new product launches in 2024, expecting transformative growth [12] - The focus remains on expanding the Recon business and enhancing innovation capabilities through strategic acquisitions [27] - The company is committed to leveraging its EGX capabilities to drive productivity and margin improvements across its business segments [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive compounding growth and margin expansion despite external headwinds [12] - There is an expectation of pent-up demand for elective surgeries, which could lead to above-market growth in the Recon segment [76] - The company anticipates a strong operating performance in 2024, projecting revenues between $2.05 billion and $2.15 billion [63] Other Important Information - The company has a robust innovation pipeline, including new products like the EMPOWR Revision Knee and the ROAM OA brace [10][34] - The Lima acquisition is expected to contribute significantly to revenue and operational synergies, with a target of $70 million to $75 million in EBITDA contribution [44][88] Q&A Session Summary Question: How did the Q4 Recon growth compare to market expectations? - Management indicated that the 11% growth in Recon was in line with expectations, emphasizing the importance of looking at multi-year trends for a clearer picture [68] Question: What is the outlook for margin expansion with the integration of Lima? - Management expressed confidence in achieving at least 50 basis points of core margin improvement while integrating Lima, with expectations for $40 million in cost synergies by year three [59][84] Question: What are the expectations for the new product cycle and market growth? - Management highlighted a healthy pipeline of new products and anticipated continued growth in both Recon and P&R segments, with a focus on filling white spaces in the market [71][119] Question: How is the competitive landscape affecting guidance? - Management stated that guidance accounts for the full competitive environment, emphasizing the company's leadership in innovation and technology [90] Question: What are the anticipated impacts of GLP-1s on patient volumes? - Management noted that while there is potential for increased patient volumes due to GLP-1s, it is not expected to have a meaningful impact in the short term [79]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______to_______ Commission file number 001-34045 _________________________ ENOVIS CORPORATION (Exact name of registrant as specified in its charter) S ...

Enovis' fourth-quarter net sales of $455 million grew 11% from the same quarter in 2022, including 8% organic growth. Fourth quarter results reflect continued execution in P&R, above-market growth in Recon, and the impact of recent acquisitions. Compared to the same quarter in 2022, net sales in Recon grew 18%, with 11% organic sales growth, and P&R grew 8%, with 6% organic sales growth. Enovis also reported a fourth-quarter net income from continuing operations of $3 million and adjusted EBITDA of $82 mill ...

WILMINGTON, DE, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE:ENOV), an innovation-driven, medical technology company, will showcase its latest technologies across the orthopedic care continuum at the American Academy of Orthopedic Surgeons Annual Meeting 2024. In addition, the Company will present itself as a newly integrated company following the acquisition of orthopedic leader LimaCorporate S.p.A ("Lima"). "Enovis has a lot to be excited about in 2024. In our Surgical business, the additio ...

WILMINGTON, DE, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Today, Enovis™ Corporation (NYSE:ENOV), an innovation-driven medical technology company, announced it will showcase the latest technologies from its Global Foot and Ankle business at the American College of Foot & Ankle (ACFAS) annual meeting in Tampa, Fla., from February 1-4, 2024. The company will feature products from its recent acquisitions of Novastep® and the external fixation assets of D.N.E., LLC, along with the internally developed Evolve34™ Lapidus ...

威爾明頓，特拉華州, Jan. 04, 2024 (GLOBE NEWSWIRE) -- 創新驅動的醫療技術成長型公司 Enovis™ Corporation （NYSE: ENOV，以下簡稱「Enovis」或「公司」）今日宣布已完成對 LimaCorporate S.p.A （以下簡稱「Lima」）的收購。Lima 是一家私人控股的全球骨科領先企業，專注於透過創新的植入解決方案組合恢復運動功能。 Lima 憑藉成熟的手術解決方案和技術的互補性產品組合，鞏固了 Enovis 在全球骨科重建市場的地位，這將加速公司的全球增長和利潤擴張。此外，Lima 的產品組合包括 3D 打印 Trabecular Titanium 植入物和全面的肩部修復產品，這將進一步加強該公司在快速成長的四肢市場中的地位。 「我們很高興歡迎 Lima 的優秀團隊加入 Enovis。此次合併使 Enovis 的重建分部收入達到 10 億美元，並成為全球骨科重建市場快速成長的創新者。這是我們如何利用策略性收購來加速成長、為公司增添優秀技術和人才、以及為股東帶來複合價值的又一範例。」Enovis 董事長兼行政總裁 Matt Trerotol ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34045 Enovis Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (State or other jurisdiction of incorporation or organization) Delaware 54-1887631 (I.R.S. Employer Identification No.) 2711 Centerville Road, Suite 400 Wilmington, Delaware 19808 (Address of principal executive offices) (Zip Code) OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...