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Sep 29, 2023
Enovis Q3 2023 Earnings Report
Enovis' Q3 2023 results reflected sales growth, margin expansion, and progress in the Reconstructive segment, with an increased full-year outlook.
Key Takeaways
Enovis reported a 9% increase in third-quarter sales to $418 million, driven by strong growth in the Reconstructive segment and stability in the Prevention and Recovery segment. The company's adjusted EBITDA margin improved by 80 basis points, and adjusted earnings per diluted share were $0.56. Enovis raised its full-year outlook for organic revenue growth and adjusted EBITDA.
Third quarter sales grew by 9%, with 6.2% organic sales per day growth.
Reconstructive segment sales increased by 16%, with 10% organic growth.
Prevention and Recovery segment sales grew by 5%, with 4% organic growth.
Adjusted EBITDA margin improved by 80 basis points year over year.
Enovis
Enovis
Forward Guidance
Enovis updated its financial expectations for 2023, projecting organic revenue growth of 7.4-7.6% and adjusted EBITDA of $264-$270 million. The Company also updated its full-year adjusted earnings per diluted share guidance to $2.30-$2.40.
Positive Outlook
- Revenue is expected to organically grow 7.4-7.6% from the prior year versus previous expectations of 7-7.5% growth
- Adjusted EBITDA is forecasted to be $264-$270 million as compared with the previous outlook of $262-$270 million.
- Full-year adjusted earnings per diluted share guidance to $2.30-$2.40 from $2.22-$2.36.