Enovis Announces Third Quarter 2025 Results
Enovis (NYSE: ENOV) reported third-quarter 2025 results for the period ended October 3, 2025, with net sales of $549 million, up 9% reported and 7% organic year‑over‑year. Recon sales rose 12% reported (9% organic); P&R sales grew 6% reported (4% organic). The company reported a GAAP net loss of $571 million driven by a $548 million non‑cash goodwill impairment, and adjusted EBITDA was $95 million (17.3% margin) with adjusted EPS of $0.75. Enovis completed the October divestiture of its Diabetic Footcare business for up to $60 million and raised full‑year 2025 adjusted EBITDA and adjusted EPS guidance, with revenue guidance narrowed to $2.24–2.27 billion.
Enovis (NYSE: ENOV) ha riportato i risultati del terzo trimestre 2025 per il periodo chiuso il 3 ottobre 2025, con netto vendite di 549 milioni di dollari, in aumento del 9% rispetto all'anno precedente (7% organico). Recon sales sono aumentate del 12% rispetto al report (9% organico); P&R sales sono cresciute del 6% rispetto al report (4% organico). La società ha riportato una perdita netta GAAP di 571 milioni di dollari spinta da una svalutazione non monetaria del goodwill di 548 milioni di dollari, e l'EBITDA rettificato è stato di 95 milioni di dollari (margine del 17,3%) con un EPS rettificato di 0,75 dollari. Enovis ha completato la cessione di ottobre del suo business Diabetic Footcare per fino a 60 milioni di dollari e ha innalzato le previsioni per l'EBITDA rettificato e l'EPS rettificato per l'intero 2025, con la guidance sui ricavi ridotta a 2,24–2,27 miliardi di dollari.
Enovis (NYSE: ENOV) reportó los resultados del tercer trimestre de 2025 para el periodo terminado el 3 de octubre de 2025, con ventas netas de 549 millones de dólares, un aumento del 9% reportado y 7% orgánico año tras año. Las ventas Recon subieron un 12% reportado (9% orgánico); ventas P&R crecieron un 6% reportado (4% orgánico). La compañía reportó una pérdida neta GAAP de 571 millones de dólares impulsada por una reducción por impairment del goodwill no monetaria de 548 millones de dólares, y un EBITDA ajustado de 95 millones de dólares (margen del 17,3%) con un EPS ajustado de 0,75 dólares. Enovis completó la desinversión de octubre de su negocio Diabetic Footcare por hasta 60 millones de dólares y elevo la guía de EBITDA ajustado y EPS ajustado para todo 2025, con la guía de ingresos reducida a 2,24–2,27 mil millones de dólares.
Enovis (NYSE: ENOV) 는 2025년 10월 3일 종료된 기간에 대한 2025년 3분기 실적을 발표했습니다. 매출액 5억 4900만 달러로 전년 대비 9% 증가, 유기적으로는 7% 증가했습니다. Recon 매출 은 보고 기준으로 12% 증가했고(유기적으로는 9%), P&R 매출 은 보고 기준으로 6% 증가했습니다(4% 유기적). 이 회사는 GAAP 순손실 571백만 달러를 보고했으며, 이는 현금성 비현금성 영업권 손상 5,4800만 달러에 의해 주도되었습니다. 조정 EBITDA 9,5천만 달러(마진 17.3%)와 조정 EPS 0.75달러를 기록했습니다. Enovis는 10월 Diabetic Footcare 사업 매각을 최대 6천만 달러로 완료했고, 2025년 연간 조정 EBITDA 및 조정 EPS 가이던스를 상향했으며 매출 가이던스를 22.4억–22.7억 달러로 좁혔습니다.
Enovis (NYSE : ENOV) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 3 octobre 2025, avec un chiffre d'affaires net de 549 millions de dollars, en hausse de 9% sur une base déclarée et de 7% organique d'une année sur l'autre. Les ventes Recon ont augmenté de 12% sur une base déclarée (9% organique); les ventes P&R ont augmenté de 6% (4% organique). L'entreprise a enregistré une perte nette GAAP de 571 millions de dollars due à une dépréciation du goodwill non monétaire de 548 millions de dollars, et un EBITDA ajusté de 95 millions de dollars (marge de 17,3%) avec un EPS ajusté de 0,75 dollar. Enovis a finalisé, en octobre, la cession de son activité Diabetic Footcare pour jusqu'à 60 millions de dollars et a relevé les prévisions annuelles pour l'EBITDA ajusté et l'EPS ajusté pour 2025, avec une fourchette de revenus ramenée à 2,24–2,27 milliards de dollars.
Enovis (NYSE: ENOV) meldete die Ergebnisse des dritten Quartals 2025 für den Zeitraum bis zum 3. Oktober 2025, mit Nettoumsatz von 549 Mio. USD, gegenüber dem Vorjahr um 9% gestiegen, organisch um 7%. Recon-Verkäufe stiegen um 12% gemeldet (9% organisch); P&R-Verkäufe wuchsen um 6% gemeldet (4% organisch). Das Unternehmen meldete ein GAAP-Nettoergebnis von 571 Mio. USD, getrieben durch eine nicht zahlungswirksame Abschreibung des Goodwill von 548 Mio. USD, und bereinigtes EBITDA von 95 Mio. USD (16,7% Marge) mit einem bereinigten EPS von 0,75 USD. Enovis hat im Oktober den Verkauf des Diabetic Footcare-Geschäfts für bis zu 60 Mio. USD abgeschlossen und die Guidance für das gesamte Jahr 2025 bei bereinigtem EBITDA und bereinigtem EPS angehoben, während die Umsatzprognose auf 2,24–2,27 Milliarden USD eingeengt wurde.
Enovis (NYSE: ENOV) أعلنت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 3 أكتوبر 2025، مع إيرادات صافية قدرها 549 مليون دولار، بارتفاع 9% وفقاً للتقرير و7% عضوياً على أساس سنوي. ارتفعت مبيعات Recon بنسبة 12% كما وردت (9% عضوياً)، و< b>مبيعات P&R ارتفعت بنسبة 6% كما وردت (4% عضوياً). أعلنت الشركة عن خسارة صافية وفق معايير GAAP قدرها 571 مليون دولار مدفوعة بـ إطفاء قيمةGoodwill غير نقدي بمقدار 548 مليون دولار، و< b>EBITDA المعدل 95 مليون دولار (هامش 17.3%) مع ربح السهم المعدل 0.75 دولار. أكملت Enovis إتمام بيع نشاط Diabetic Footcare في أكتوبر مقابل حتى 60 مليون دولار ورفعت التوقعات السنوية لـEBITDA المعدل وEPS المعدل للسنة الكاملة 2025، مع تقوية توجيه الإيرادات ليصل إلى 2.24–2.27 مليار دولار.
- Net sales +9% reported, +7% organic in Q3 2025
- Recon sales +12% reported, +9% organic in Q3 2025
- Adjusted EBITDA $95 million (17.3% margin) in Q3 2025
- Divestiture proceeds up to $60 million from Diabetic Footcare sale
- Guidance raised — FY2025 adjusted EBITDA and adjusted EPS ranges increased
- GAAP net loss $571 million in Q3 2025
- Goodwill impairment $548 million non‑cash charge in Q3 2025
- Net loss per share $9.99 reported in Q3 2025
- Revenue reduction $15 million in FY2025 guidance from divestiture
Insights
Revenue growth, raised adjusted EBITDA and EPS guidance offset by a large non‑cash goodwill impairment and divestiture.
Enovis reported third‑quarter net sales of
The company recorded an aggregate non‑cash goodwill impairment of
Key near‑term items to watch are full‑year revenue guidance of
Operational results show growth and improved guidance, while a large goodwill charge materially affects reported profit.
Sales growth and raised adjusted guidance signal continuing commercial momentum and management confidence in operating performance.
The one‑time, non‑cash goodwill impairment of
Monitor upcoming quarterly results and the impact of the October divestiture for precise trailing revenue and margin comparisons through
- Diversified growth platform delivers third-quarter sales growth of
9% on a reported basis,7% organically
- Third-quarter Reconstructive sales grew
12% year-over-year on a reported basis,9% organically
- October divestiture of Diabetic Footcare business unit from P&R for total proceeds of up to
$60 million
Dallas, TX, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Enovis™ Corporation (“Enovis” or “the Company”) (NYSE: ENOV), an innovation-driven medical technology growth company, today announced its financial results for the third quarter ended October 3, 2025. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET.
Third Quarter 2025 Financial Results
Enovis’ third-quarter net sales of
Enovis also reported third-quarter net loss of
The Company reported third-quarter 2025 net loss of
“We delivered solid results in the third quarter, reflecting continued progress by our teams around the world,” said Damien McDonald, Chief Executive Officer of Enovis. “Execution was driven by double-digit growth in extremities and consistent performance across Prevention & Recovery.
“As we position Enovis for its next phase of profitable, capital-efficient growth, we are focusing on the near-term strategic priorities of commercial execution and innovation, operational excellence, and financial discipline.”
2025 Financial Outlook
Enovis updated financial expectations for 2025. Revenue is expected to be in the range of
Conference call and Webcast
Investors can access the webcast via a link on the Enovis website, www.enovis.com. For those planning to participate on the call, please dial (800) 715-9871 (U.S. callers) and (646) 307-1963 (International callers) and use conference ID 1691901. A link to a replay of the call will also be available on the Enovis website later in the day.
About Enovis
Enovis™ (NYSE: ENOV) is a global medical technology innovator dedicated to improving lives by developing clinically differentiated solutions that enhance patient outcomes and restore motion for life. We partner with the brightest minds in health to advance care that is smarter, personalized, and more effective, while improving operational efficiency for surgeons and clinicians around the world. Enovis solutions impact the well-being of millions of patients wherever they are on their pathway to health. Discover more about Enovis at www.enovis.com
Availability of Information on the Enovis Website
Investors and others should note that Enovis routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Enovis Investor Relations website. While not all of the information that the Company posts to the Enovis Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Enovis to review the information that it shares on ir.enovis.com.
Forward-Looking Statements
This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to, risks related to Enovis’ acquisition of Lima; the impact of public health emergencies and global pandemics; disruptions in the global economy caused by escalating geopolitical tensions including in connection with Russia’s invasion of Ukraine; macroeconomic conditions, including the impact of inflationary pressures; changes in government trade policies, including the implementation of tariffs; the impact of the current shutdown of the U.S. government or any future shutdowns; supply chain disruptions; increasing energy costs and availability concerns, particularly in the European market; other impacts on Enovis’ business and ability to execute business continuity plans; and the other factors detailed in Enovis’ reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K under the caption “Risk Factors,” as well as the other risks discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein.
Non-GAAP Financial Measures
Enovis has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations (“Adjusted net income”), Adjusted net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted gross profit, and Adjusted gross profit margin.
Adjusted net income and Adjusted net income per diluted share exclude net income attributable to noncontrolling interest from continuing operations, net of taxes; the effect of Loss from discontinued operations, net of taxes; restructuring charges; Medical Device Regulation (“MDR”) fees and other costs; strategic transaction costs; stock-based compensation; acquisition-related intangible asset amortization; strategic purchase of economic interest on future royalty payments; property plant and equipment step-up depreciation, and fair value charges on acquired inventory; goodwill impairment charges; Other (income) expense, net; and include the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments. Enovis also presents Adjusted net income margin, which is subject to the same adjustments as Adjusted net income.
Adjusted EBITDA represents Adjusted net income excluding interest, taxes, and depreciation and other amortization. Enovis presents Adjusted EBITDA margin, which is subject to the same adjustments as Adjusted EBITDA.
Adjusted gross profit represents gross profit excluding the fair value charges of acquired inventory, depreciation step-up of acquired fixed assets, and the impact of restructuring charges. Adjusted gross profit margin is subject to the same adjustments as Adjusted gross profit.
Organic sales growth calculates sales growth period over period, after excluding the impact of acquisitions, divestitures, and foreign exchange rate fluctuations.
These non-GAAP financial measures assist Enovis management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Enovis management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Enovis does not provide reconciliations of adjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financial measures, as such information is not available without unreasonable efforts on a forward-looking basis due to uncertainties regarding, and the potential variability of, reconciling items excluded from these measures. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
Kyle Rose
Vice President, Investor Relations
Enovis Corporation
investorrelations@enovis.com
Enovis Corporation
Condensed Consolidated Statements of Operations
Dollars in thousands, except per share data
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | |||||||||||||
| Net sales | $ | 548,912 | $ | 505,222 | $ | 1,672,291 | $ | 1,546,648 | ||||||||
| Cost of sales | 219,999 | 218,763 | 676,452 | 673,410 | ||||||||||||
| Gross profit | 328,913 | 286,459 | 995,839 | 873,238 | ||||||||||||
| Gross profit margin | 59.9 | % | 56.7 | % | 59.5 | % | 56.5 | % | ||||||||
| Selling, general and administrative expense | 263,621 | 249,854 | 799,714 | 769,645 | ||||||||||||
| Research and development expense | 29,739 | 20,491 | 88,967 | 67,347 | ||||||||||||
| Amortization of acquired intangibles | 43,689 | 42,786 | 128,463 | 124,653 | ||||||||||||
| Purchase of royalty interest | — | — | 45,818 | — | ||||||||||||
| Restructuring charges | 1,910 | 5,065 | 6,488 | 22,563 | ||||||||||||
| Goodwill impairment charge | 548,442 | — | 548,442 | — | ||||||||||||
| Operating loss | (558,488 | ) | (31,737 | ) | (622,053 | ) | (110,970 | ) | ||||||||
| Operating loss margin | (101.7) % | (6.3) % | (37.2) % | (7.2) % | ||||||||||||
| Interest expense, net | 8,828 | 11,066 | 27,310 | 48,031 | ||||||||||||
| Other expense (income), net | (448 | ) | (202 | ) | 508 | (9,803 | ) | |||||||||
| Loss from continuing operations before income taxes | (566,868 | ) | (42,601 | ) | (649,871 | ) | (149,198 | ) | ||||||||
| Income tax expense (benefit) | 4,005 | (9,096 | ) | 13,037 | (25,408 | ) | ||||||||||
| Net loss from continuing operations | (570,873 | ) | (33,505 | ) | (662,908 | ) | (123,790 | ) | ||||||||
| Income (loss) from discontinued operations, net of taxes | (40 | ) | 2,243 | (258 | ) | 2,175 | ||||||||||
| Net loss | (570,913 | ) | (31,262 | ) | (663,166 | ) | (121,615 | ) | ||||||||
| Net loss margin | (104.0) % | (6.2) % | (39.7) % | (7.9) % | ||||||||||||
| Less: net income attributable to noncontrolling interest from continuing operations - net of taxes | 233 | 259 | 685 | 542 | ||||||||||||
| Net loss attributable to Enovis Corporation | $ | (571,146 | ) | $ | (31,521 | ) | $ | (663,851 | ) | $ | (122,157 | ) | ||||
| Net income (loss) per share - basic and diluted | ||||||||||||||||
| Continuing operations | $ | (9.99 | ) | $ | (0.61 | ) | $ | (11.64 | ) | $ | (2.26 | ) | ||||
| Discontinued operations | $ | — | $ | 0.04 | $ | — | $ | 0.04 | ||||||||
| Consolidated operations | $ | (9.99 | ) | $ | (0.58 | ) | $ | (11.64 | ) | $ | (2.23 | ) | ||||
Enovis Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Dollars in millions, except per share data
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | ||||||||||||
| Adjusted Net Income and Adjusted Net Income Per Share | |||||||||||||||
| Net Loss (GAAP) | $ | (570.9 | ) | $ | (31.3 | ) | $ | (663.2 | ) | $ | (121.6 | ) | |||
| Net loss margin (GAAP) | (104.0) % | (6.2) % | (39.7) % | (7.9) % | |||||||||||
| Net income attributable to noncontrolling interest from continuing operations - net of taxes | (0.2 | ) | (0.3 | ) | (0.7 | ) | (0.5 | ) | |||||||
| Loss from discontinued operations, net of taxes | — | (2.2 | ) | 0.3 | (2.2 | ) | |||||||||
| Net loss from continuing operations attributable to Enovis Corporation(1) (GAAP) | $ | (571.1 | ) | $ | (33.8 | ) | $ | (663.6 | ) | $ | (124.3 | ) | |||
| Restructuring charges - pretax(2) | 3.4 | 7.8 | 8.2 | 25.3 | |||||||||||
| MDR and other costs - pretax(3) | 2.4 | 5.3 | 9.0 | 14.8 | |||||||||||
| Amortization of acquired intangibles - pretax | 43.7 | 42.8 | 128.5 | 124.7 | |||||||||||
| Goodwill impairment charge | 548.4 | — | 548.4 | — | |||||||||||
| Inventory step-up and PPE step-up depreciation - pretax(4) | 0.7 | 9.1 | 20.0 | 40.2 | |||||||||||
| Strategic transaction costs - pretax(5) | 15.7 | 21.4 | 41.2 | 65.0 | |||||||||||
| Purchase of royalty interest(6) | — | — | 45.8 | — | |||||||||||
| Stock-based compensation | 9.0 | 7.8 | 25.0 | 21.9 | |||||||||||
| Other (income) expense, net(7) | (0.4 | ) | (0.2 | ) | 0.5 | (9.8 | ) | ||||||||
| Tax adjustment(8) | (8.2 | ) | (19.2 | ) | (27.4 | ) | (54.5 | ) | |||||||
| Adjusted net income from continuing operations (non-GAAP) | $ | 43.5 | $ | 41.0 | $ | 135.6 | $ | 103.2 | |||||||
| Adjusted net income margin from continuing operations | 7.9 | % | 8.1 | % | 8.1 | % | 6.7 | % | |||||||
| Weighted-average shares outstanding - diluted (GAAP) | 57,169 | 55,666 | 57,029 | 55,072 | |||||||||||
| Net loss per share - diluted from continuing operations (GAAP) | $ | (9.99 | ) | $ | (0.61 | ) | $ | (11.64 | ) | $ | (2.26 | ) | |||
| Adjusted weighted-average shares outstanding - diluted (non-GAAP) | 57,725 | 56,030 | 57,558 | 55,511 | |||||||||||
| Adjusted net income per share - diluted from continuing operations (non-GAAP) | $ | 0.75 | $ | 0.73 | $ | 2.36 | $ | 1.86 | |||||||
__________
(1) Net loss from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net loss from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.
(2) Restructuring charges include
(3) MDR and other costs includes (i)
(4) Includes
(5) Strategic transaction costs includes: (i)
(6) In the first and second quarters of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of
(7) Other (income) expense, net primarily includes the fair value gain on Contingent Acquisition shares, partially offset by the first quarter of 2024 loss on the non-designated forward currency hedge for managing exchange rate risk related to the Euro-denominated purchase price of the Lima Acquisition.
(8) The effective tax rates used to calculate adjusted net income and adjusted net income per share were
Enovis Corporation
Reconciliation of GAAP to Non-GAAP Financial Measures
Dollars in millions
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | ||||||||||||
| (Dollars in millions) | |||||||||||||||
| Net loss (GAAP) | $ | (570.9 | ) | $ | (31.3 | ) | $ | (663.2 | ) | $ | (121.6 | ) | |||
| Net loss margin (GAAP) | (104.0) % | (6.2) % | (39.7) % | (7.9) % | |||||||||||
| Income (loss) from discontinued operations, net of taxes | — | (2.2 | ) | 0.3 | (2.2 | ) | |||||||||
| Income tax expense (benefit) | 4.0 | (9.1 | ) | 13.0 | (25.4 | ) | |||||||||
| Other (income) expense, net | (0.4 | ) | (0.2 | ) | 0.5 | (9.8 | ) | ||||||||
| Interest expense, net | 8.8 | 11.1 | 27.3 | 48.0 | |||||||||||
| Operating loss (GAAP) | $ | (558.5 | ) | $ | (31.7 | ) | $ | (622.1 | ) | $ | (111.0 | ) | |||
| Adjusted to add: | |||||||||||||||
| Restructuring charges(1) | 3.4 | 7.8 | 8.2 | 25.3 | |||||||||||
| MDR and other costs(2) | 2.4 | 5.3 | 9.0 | 14.8 | |||||||||||
| Strategic transaction costs(3) | 15.7 | 21.4 | 41.2 | 65.0 | |||||||||||
| Stock-based compensation | 9.0 | 7.8 | 25.0 | 21.9 | |||||||||||
| Depreciation and other amortization | 30.7 | 28.4 | 88.9 | 85.7 | |||||||||||
| Amortization of acquired intangibles | 43.7 | 42.8 | 128.5 | 124.7 | |||||||||||
| Goodwill impairment charge | 548.4 | — | 548.4 | — | |||||||||||
| Purchase of royalty interest(4) | — | — | 45.8 | — | |||||||||||
| Inventory step-up (5) | — | 8.4 | 18.1 | 37.4 | |||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 94.8 | $ | 90.2 | $ | 291.1 | $ | 263.7 | |||||||
| Adjusted EBITDA margin (non-GAAP) | 17.3 | % | 17.9 | % | 17.4 | % | 17.0 | % | |||||||
__________
(1) Restructuring charges include
(2) MDR and other costs includes (i)
(3) Strategic transaction costs includes: (i)
(4) In the first and second quarters of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of
(5) Includes
Enovis Corporation
Reconciliation of Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP)
Dollars in millions
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||
| October 3, 2025 | September 27, 2024 | October 3, 2025 | September 27, 2024 | ||||||||||||
| Net sales | $ | 548.9 | $ | 505.2 | $ | 1,672.3 | $ | 1,546.6 | |||||||
| Gross profit | $ | 328.9 | $ | 286.5 | $ | 995.8 | $ | 873.2 | |||||||
| Gross profit margin (GAAP) | 59.9 | % | 56.7 | % | 59.5 | % | 56.5 | % | |||||||
| Gross profit (GAAP) | $ | 328.9 | $ | 286.5 | $ | 995.8 | $ | 873.2 | |||||||
| Inventory step-up and PPE step-up depreciation | 0.6 | 8.4 | 19.8 | 37.4 | |||||||||||
| Restructuring charges | 1.5 | 2.7 | 1.7 | 2.7 | |||||||||||
| Adjusted gross profit (Non-GAAP) | $ | 331.0 | $ | 297.6 | $ | 1,017.3 | $ | 913.3 | |||||||
| Adjusted gross profit margin (Non-GAAP) | 60.3 | % | 58.9 | % | 60.8 | % | 59.1 | % | |||||||
Enovis Corporation
Condensed Consolidated Balance Sheets
Dollars in thousands, except share amounts
(Unaudited)
| October 3, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 33,617 | $ | 48,167 | |||
| Trade receivables, less allowance for credit losses of | 431,767 | 407,031 | |||||
| Inventories, net | 613,752 | 547,120 | |||||
| Prepaid expenses | 47,080 | 36,246 | |||||
| Other current assets | 109,546 | 107,882 | |||||
| Current portion of assets held for sale | 44,362 | — | |||||
| Total current assets | 1,280,124 | 1,146,446 | |||||
| Property, plant and equipment, net | 486,423 | 404,500 | |||||
| Goodwill | 1,218,669 | 1,692,709 | |||||
| Intangible assets, net | 1,280,680 | 1,317,429 | |||||
| Lease asset - right of use | 72,915 | 68,915 | |||||
| Other assets | 94,556 | 88,778 | |||||
| Total assets | $ | 4,433,367 | $ | 4,718,777 | |||
| LIABILITIES AND EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Current portion of long-term debt | $ | 20,000 | $ | 20,027 | |||
| Accounts payable | 198,776 | 179,098 | |||||
| Accrued liabilities | 355,242 | 329,873 | |||||
| Current portion of liabilities held for sale | 1,425 | — | |||||
| Total current liabilities | 575,443 | 528,998 | |||||
| Long-term debt, less current portion | 1,339,518 | 1,309,473 | |||||
| Non-current lease liability | 57,715 | 52,461 | |||||
| Other liabilities | 437,013 | 263,516 | |||||
| Total liabilities | 2,409,689 | 2,154,448 | |||||
| Equity: | |||||||
| Common stock, | 57 | 56 | |||||
| Additional paid-in capital | 3,040,188 | 2,973,121 | |||||
| Accumulated deficit | (946,874 | ) | (283,023 | ) | |||
| Accumulated other comprehensive loss | (72,691 | ) | (127,892 | ) | |||
| Total Enovis Corporation equity | 2,020,680 | 2,562,262 | |||||
| Noncontrolling interest | 2,998 | 2,067 | |||||
| Total equity | 2,023,678 | 2,564,329 | |||||
| Total liabilities and equity | $ | 4,433,367 | $ | 4,718,777 | |||
Enovis Corporation
Condensed Consolidated Statements of Cash Flows
Dollars in thousands
(Unaudited)
| Nine Months Ended | |||||||
| October 3, 2025 | September 27, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (663,166 | ) | $ | (121,615 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Impairment of goodwill | 548,442 | — | |||||
| Depreciation and amortization | 217,366 | 210,394 | |||||
| Stock-based compensation expense | 24,809 | 21,928 | |||||
| Non-cash interest expense | 5,120 | 3,539 | |||||
| Fair value loss (gain) on contingent acquisition shares | 1,787 | (19,922 | ) | ||||
| Loss on currency hedges | — | 11,123 | |||||
| Deferred income tax expense (benefit) | (565 | ) | (29,472 | ) | |||
| Loss (gain) on sale of property, plant and equipment | 1,129 | (2,116 | ) | ||||
| Changes in operating assets and liabilities: | |||||||
| Trade receivables, net | (17 | ) | (29,187 | ) | |||
| Inventories, net | (33,153 | ) | (2,844 | ) | |||
| Accounts payable | 10,345 | (11,503 | ) | ||||
| Other operating assets and liabilities | 16,652 | (10,706 | ) | ||||
| Net cash provided by operating activities | 128,749 | 25,174 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant and equipment and intangibles | (141,122 | ) | (127,522 | ) | |||
| Payments for acquisitions, net of cash received, and investments | (26,859 | ) | (765,422 | ) | |||
| Cash received upon settlement of derivatives | 1,601 | (4,645 | ) | ||||
| Net cash used in investing activities | (166,380 | ) | (897,589 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from borrowings on term credit facility | — | 400,000 | |||||
| Repayments of borrowings under term credit facility | (15,000 | ) | (15,000 | ) | |||
| Proceeds from borrowings on revolving credit facilities and other | 177,000 | 940,000 | |||||
| Repayments of borrowings on revolving credit facilities and other | (136,862 | ) | (447,005 | ) | |||
| Payment of debt issuance costs | — | (703 | ) | ||||
| Payments of tax withholding for stock-based awards | (3,504 | ) | (4,772 | ) | |||
| Proceeds from issuance of common stock, net | 1,318 | 1,555 | |||||
| Deferred consideration payments and other | (2,437 | ) | (7,174 | ) | |||
| Net cash provided by financing activities | 20,515 | 866,901 | |||||
| Effect of foreign exchange rates on Cash and cash equivalents | 2,566 | 480 | |||||
| Decrease in Cash and cash equivalents | (14,550 | ) | (5,034 | ) | |||
| Cash and cash equivalents, beginning of period | 48,167 | 44,832 | |||||
| Cash and cash equivalents, end of period | $ | 33,617 | $ | 39,798 | |||
| Supplemental disclosures: | |||||||
| Fair value of contingently issuable shares in business acquisition | $ | — | $ | 107,877 | |||
Enovis Corporation
GAAP Net Sales
Change in Sales
Dollars in millions
(Unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| October 3, 2025 | September 27, 2024 | Growth Rate | Constant Currency Growth Rate (1) | October 3, 2025 | September 27, 2024 | Growth Rate | Constant Currency Growth Rate (1) | ||||||||||||||||
| (In millions) | |||||||||||||||||||||||
| Prevention & Recovery: | |||||||||||||||||||||||
| U.S. Bracing & Support | $ | 127.0 | $ | 123.0 | 3.2 | % | 3.2 | % | $ | 362.9 | $ | 345.1 | 5.2 | % | 5.2 | % | |||||||
| U.S. Other P&R | 71.4 | 66.2 | 7.9 | % | 7.9 | % | 208.9 | 200.5 | 4.2 | % | 5.5 | % | |||||||||||
| International P&R | 92.6 | 85.0 | 8.8 | % | 3.1 | % | 282.3 | 265.4 | 6.4 | % | 3.8 | % | |||||||||||
| Total Prevention & Recovery | 290.9 | 274.2 | 6.1 | % | 4.3 | % | 854.1 | 811.0 | 5.3 | % | 4.8 | % | |||||||||||
| Reconstructive: | |||||||||||||||||||||||
| U.S. Reconstructive | 129.0 | 120.8 | 6.8 | % | 6.8 | % | 396.3 | 366.6 | 8.1 | % | 8.1 | % | |||||||||||
| International Reconstructive | 129.0 | 110.2 | 17.1 | % | 11.9 | % | 421.8 | 369.0 | 14.3 | % | 12.0 | % | |||||||||||
| Total Reconstructive | 258.0 | 231.0 | 11.7 | % | 9.2 | % | 818.2 | 735.6 | 11.2 | % | 10.1 | % | |||||||||||
| Total | $ | 548.9 | $ | 505.2 | 8.6 | % | 6.5 | % | $ | 1,672.3 | $ | 1,546.6 | 8.1 | % | 7.3 | % | |||||||
(1) Constant currency growth rate represents sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates.
Enovis Corporation
Change in Net Sales
Dollars in millions
(Unaudited)
| Net Sales | |||||||||||||||||
| Prevention and Recovery | Reconstructive | Total Enovis | |||||||||||||||
| $ | Change % | $ | Change % | $ | Change % | ||||||||||||
| For the three months ended September 27, 2024 | $ | 274.2 | $ | 231.0 | $ | 505.2 | |||||||||||
| Components of Change: | |||||||||||||||||
| Existing Businesses(1) | 11.8 | 4.3 | % | 21.2 | 9.2 | % | 33.0 | 6.5 | % | ||||||||
| Acquisitions(2) | 1.1 | 0.4 | % | — | — | % | 1.1 | 0.2 | % | ||||||||
| Divestitures(3) | — | — | % | — | — | % | — | — | % | ||||||||
| Foreign Currency Translation(4) | 3.8 | 1.4 | % | 5.8 | 2.5 | % | 9.6 | 1.9 | % | ||||||||
| 16.7 | 6.1 | % | 27.0 | 11.7 | % | 43.7 | 8.7 | % | |||||||||
| For the three months ended October 3, 2025 | $ | 290.9 | $ | 258.0 | $ | 548.9 | |||||||||||
| Net Sales | |||||||||||||||||||
| Prevention and Recovery | Reconstructive | Total Enovis | |||||||||||||||||
| $ | Change % | $ | Change % | $ | Change % | ||||||||||||||
| For the nine months ended September 27, 2024 | $ | 811.0 | $ | 735.6 | $ | 1,546.6 | |||||||||||||
| Components of Change: | |||||||||||||||||||
| Existing Businesses(1) | 39.0 | 4.8 | % | 74.2 | 10.1 | % | 113.1 | 7.3 | % | ||||||||||
| Acquisitions(2) | 2.8 | 0.3 | % | — | — | % | 2.8 | 0.2 | % | ||||||||||
| Divestitures(3) | (4.3 | ) | (0.5) % | — | — | % | (4.3 | ) | (0.3) % | ||||||||||
| Foreign Currency Translation(4) | 5.6 | 0.7 | % | 8.4 | 1.1 | % | 14.1 | 0.9 | % | ||||||||||
| 43.1 | 5.3 | % | 82.6 | 11.2 | % | 125.7 | 8.1 | % | |||||||||||
| For the nine months ended October 3, 2025 | $ | 854.1 | $ | 818.2 | $ | 1,672.3 | |||||||||||||
(1) Excludes the impact of foreign exchange rate fluctuations and acquisitions, thus providing a measure of change due to factors such as price, product mix and volume.
(2) Represents the incremental sales as a result of acquisitions of businesses for twelve months from the acquisition date. Excludes (i) acquisitions of former distribution partners as such transactions primarily represent a shift from a third-party distribution model to a direct sales model, and (ii) acquisitions of intellectual property as such transactions involve the purchase of technologies that have not been commercialized.
(3) Represents the decrease in sales as a result of divestitures of businesses for twelve months from the divestiture date.
(4) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates.
Kyle Rose Vice President, Investor Relations Enovis Corporation investorrelations@enovis.com
FAQ
What were Enovis (ENOV) third-quarter 2025 net sales and growth rates?
Why did Enovis (ENOV) report a $571 million net loss in Q3 2025?
How did Enovis update its full‑year 2025 guidance on November 6, 2025?
What impact did the Diabetic Footcare divestiture have on Enovis (ENOV) 2025 results?
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When and how can investors access Enovis' Q3 2025 earnings call recording?
