Enovis
(NYSE: ENOV)
shares got a boost today on fourth-quarter results that landed ahead of the consensus forecast.
Shares of ENOV rose 7.4% at $64.72 apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up 0.5%.
The Wilmington, Delaware-based company — one of the 10 largest orthopedic companies in the world — posted profits of $2.96 million, equaling 5¢ per share. Enovis reported sales of $455 million for the three months ended Dec. 31, 2023, marking 11.3% year-over-year growth. The company saw a massive bottom-line gain into profitability from losses of $38.6 million in the same three-month period a year ago.
Adjusted to exclude one-time items, earnings per share totaled 79¢. That landed 5¢ ahead of projections on Wall Street. Sales also beat expectations as analysts forecasted $445.4 million in revenue.
Enovis highlighted P&R and its Recon business as significant contributors to its strong quarterly performance. The impact of recent acquisitions, including the $846 million LimaCorporate buy completed in January, played a part, too.
“We are very pleased with our results in 2023 with both revenues and operating margins exceeding expectations while continuing to make investments in key growth initiatives and M&A,” said Matt Trerotola, CEO of Enovis. “We look forward to carrying this momentum into 2024, which is setting up to be a transformative year as we integrate Lima and kick off a multi-year cadence of new product introductions across Recon and P&R.”
Enovis projects 2024 revenue to land between approximately $2.05 billion and $2.15 billion. That includes between $290 million and $300 million in revenue related to the Lima acquisition. The company forecasts adjusted EPS for the year to range between $2.50 and $2.65.
