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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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