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Mar 29, 2024
Enovis Q1 2024 Earnings Report
Enovis' Q1 2024 financial performance reflected strong sales growth and adjusted margin expansion.
Key Takeaways
Enovis reported a strong start to 2024 with a 27% increase in sales and significant adjusted margin expansion. The acquisition of LimaCorporate S.p.A. was a key highlight, with integration progressing as planned. The company's revenue and operating margins exceeded expectations.
Net sales grew by 27% on a reported basis and 5% on a proforma basis.
Recon sales increased by 66% on a reported basis and 7% on a proforma basis.
P&R sales grew by 3% on both a reported and an organic basis.
Adjusted EBITDA margin improved by 220 basis points year over year.
Enovis
Enovis
Enovis Revenue by Segment
Revenue by Segment
Prevention and Recovery Revenue
CapyFin.comReconstructive Revenue
CapyFin.com Forward Guidance
Enovis updated its financial expectations for 2024.
Positive Outlook
- Full-year revenue is expected to approximate $2.06-2.16 billion versus prior expectations of $2.05-2.15 billion
- Adjusted EBITDA is forecasted to be $368-383 million as compared with the previous outlook of $365-380 million.
- Full-year forecasted adjusted earnings per diluted share was updated from $2.50-$2.65 to $2.52-$2.67.
- The integration of Lima is progressing according to plan.
- The company remains in the early stages of a multi-year cadence of new product introductions across Recon and P&R.
Challenges Ahead
- Risks related to Enovis’ recently completed acquisition of Lima.
- The impact of public health emergencies and global pandemics (including COVID-19).
- The war in Ukraine and escalating geopolitical tensions including in connection with Russia’s invasion of Ukraine.
- Macroeconomic conditions, including the impact of increasing inflationary pressures.
- Supply chain disruptions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income