Medtech Firm Enovis Sets Strong 2024 Targets As Q4 Earnings Beat Expectations, Analyst Says Growth Intact
Portfolio Pulse from Vandana Singh
Enovis Corporation (NYSE:ENOV) reported Q4 net sales of $455 million, an 11% increase year-over-year, surpassing the consensus estimate. The growth was attributed to execution in P&R, Recon growth, and recent acquisitions. Q4 net income from continuing operations was $3 million with adjusted EBITDA of $82 million. The company beat adjusted EPS estimates with $0.79 versus the consensus of $0.74. For FY 2024, Enovis forecasts revenue between $2.05 billion and $2.15 billion, including contributions from the Lima acquisition. Adjusted EBITDA is expected to be between $365 million and $380 million, with adjusted EPS forecasted at $2.50-$2.65, below the consensus of $2.71. William Blair maintains an 'Outperform' rating on ENOV shares, which are up 7.56% at $64.83.

February 22, 2024 | 6:51 pm
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POSITIVE IMPACT
Enovis Corporation reported strong Q4 earnings and optimistic 2024 guidance, including the impact of the Lima acquisition. Shares rose 7.56% to $64.83.
The positive earnings report and the optimistic guidance for 2024, including the strategic acquisition of Lima, have likely contributed to the positive investor sentiment, as reflected in the stock's price increase. The 'Outperform' rating by William Blair further supports the positive outlook for ENOV.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100