Enovis (NYSE:ENOV) today announced Q3 results that beat the overall consensus on Wall Street.
The Wilmington, Delaware-based orthopedics company reported profit losses of $2.8 million, or -36¢ per share, on sales of $417.5 million, for the three months ended September 29. Sales were up 8.78% compared with Q3 2022 and profits were up from the $66.5 million in losses it recorded a year earlier.
Adjusted to exclude one-time items, earnings per share were 56¢, 2¢ ahead of The Street, where analysts were looking for sales of $414.33 million.
“We are well positioned to achieve our 2023 goals of high-single-digit growth and strong margin expansion,” CEO Matt Trerotola said in a news release. “We made a significant move to accelerate our growth and margin profile with the pending acquisition of LimaCorporate and are excited by our operational momentum and the strength of our R&D pipeline.”
The company’s reconstructive business saw double-digit growth of 18% in U.S. hip and knee. Enovis also strengthened the further globalized the reconstructive business with the definitive agreement to acquire LimaCorporate for €800 million.
Enovis raised its guidance for the year, expecting revenue to grow organically 7.4-7.6%, up from the previous expectations of 7-7.5%. Adjusted earnings per diluted share are expected to be $2.30-$2.40.
Shares in ENOV were up 5.79% to $49.04 apiece in morning trading.
