Colfax (NYSE:CFX) recently announced that its planned standalone ortho device company will be called Enovis.
“Enovis symbolizes the powerful combination of innovation and vision fueled by our passion for continuous improvement and reinforced by our drive to deliver superior clinical outcomes,” Colfax CEO Matt Trerotola said during a November 4 earnings call, transcribed by The Motley Fool.
“As we strategically pivot to a specialty medtech company focused on creating solutions that improve lives, the Enovis brand emphasizes the differentiated value and accretive foresight we will bring to healthcare professionals and their patients around the world.”
Trerotola said the separation of Enovis from the ESAB fabrication tech business remains on track for a Q1 2022 completion. Trerotola will serve as CEO of Enovis, which will be headquartered in Wilmington, Delaware, with a significant presence around DJO’s Dallas-area home.
Colfax completed its $3.15 billion purchase of DJO in early 2019 and has made a string of medtech acquisitions since then. Stryker last year sold its total ankle replacements and finger joint implants businesses to Colfax/DJO to appease antitrust regulators as part of Stryker’s merger with Wright Medical. The company over the summer announced the acquisition of Mathys AG Bettlach and its products for artificial joint replacement, synthetic bone graft solutions and sports medicine.
Trerotola said the soon-to-be Enovis business is driving toward $2 billion annual revenue, making it one of the largest orthopedic device companies in the world.