Enovis (NYSE:ENOV) shares took a hit today on third-quarter results that came in ahead of the consensus forecast.
Shares of ENOV dipped 3.4% at $47.89 apiece in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose by 1%.
The Wilmington, Delaware-based company posted losses of $66.5 million for the quarter. That amounts to $1.22 per share on sales of $383.8 million for the three months ended Sept. 30, 2022.
Enovis, the parent company of DJO, recorded a big bottom-line slide into the red on sales growth of 6.6%. The company’s reconstructive segment drove growth with a 15% year-over-year improvement. Ongoing cost inflation provided a negative impact, the company said.
Adjusted to exclude one-time items, earnings per share totaled 59¢. That registered 9¢ ahead of Wall Street. Sales topped analyst expectations, too, as they projected $381.2 million.
“Our strong [reconstructive] growth this quarter included double-digit increases across hips, knees and extremities,” Enovis CEO Matt Trerotola said in a news release. “For the total company, we are making significant progress towards our goal of sustainable high-single-digit organic growth, fueled by our successful positioning in faster-growing market sectors and impactful innovation. We also expect to improve our margins this year despite significant inflationary and currency pressures that are projected to continue into 2023.”
Enovis set its full-year expectations for 6.5% sales growth. Last quarter, it projected between 6% and 9%. The company expects adjusted EPS to range between $2.20 and $2.25. That represents a tightened projection compared to last quarter’s $2.15–$2.35 range.
