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Home » DJO parent Enovis beats The Street in Q1

DJO parent Enovis beats The Street in Q1

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Colfax Enovis DJO
[Image courtesy of Colfax]
Enovis (NYSE: ENOV) exceeded Wall Street expectations and reaffirmed its guidance during its first earnings release as a stand-alone orthopedic device company.

DJO’s Wilmington, Delaware–based parent brought in $375 million in sales during the quarter ended March 31, 2022, a 21% increase from Q1 2021.

Adjusted earnings were $20 million, or 37¢ per share, 2 pennies ahead of The Street, where analysts were looking for sales of $367.4 million.

“We are off to a great start in 2022 with strong growth, an expanding innovation pipeline, and progress increasing our profit margins,” CEO Matt Trerotola said in a news release. “We again outperformed our markets with double-digit organic growth in Recon and mid-single-digit organic growth in P&R. Following the spin-off of ESAB, we are focused on executing our plan to accelerate growth to a sustainable high single-digit level while expanding margins and deploying capital to selectively acquire fast-growing businesses.”

The company reaffirmed its 2022 financial guidance, which includes 10–14% revenue growth and adjusted EPS of $245–265 million and $2.20–2.40, respectively.

Investors reacted by sending Enovis shares up slightly before the market open today.

 

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Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.

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