Enovis (NYSE: ENOV) exceeded Wall Street expectations and reaffirmed its guidance during its first earnings release as a stand-alone orthopedic device company.
DJO’s Wilmington, Delaware–based parent brought in $375 million in sales during the quarter ended March 31, 2022, a 21% increase from Q1 2021.
Adjusted earnings were $20 million, or 37¢ per share, 2 pennies ahead of The Street, where analysts were looking for sales of $367.4 million.
“We are off to a great start in 2022 with strong growth, an expanding innovation pipeline, and progress increasing our profit margins,” CEO Matt Trerotola said in a news release. “We again outperformed our markets with double-digit organic growth in Recon and mid-single-digit organic growth in P&R. Following the spin-off of ESAB, we are focused on executing our plan to accelerate growth to a sustainable high single-digit level while expanding margins and deploying capital to selectively acquire fast-growing businesses.”
The company reaffirmed its 2022 financial guidance, which includes 10–14% revenue growth and adjusted EPS of $245–265 million and $2.20–2.40, respectively.
Investors reacted by sending Enovis shares up slightly before the market open today.