Enovis (NYSE: ENOV) this week posted first-quarter results that beat the overall consensus on Wall Street.
The Wilmington, Delaware-based company reported profit losses of $23.4 million, or 43¢ per share, on sales of $406.2 million, for the three months ended March 31, for a sales growth of 8.18% compared with Q1 2022. Profits slid from the year prior as well, when it reported $15.1 million in net earnings.
Adjusted to exclude one-time items, earnings per share were 44¢, 7¢ ahead of The Street, where analysts were looking for sales of $391.2 million.
“We had a great start to the 2023 fiscal year, exceeding our expectations with strong organic growth and expanding margins while supporting key investments in innovation and acquisitions,” CEO Matt Trerotola said in a news release. “We outperformed our markets with double-digit organic growth in Recon and mid-single-digit organic growth in P&R. We look forward to continuing our operating momentum while deploying our strong balance sheet against a robust M&A pipeline.”
Enovis updated its financial expectations for the remainder of the year. It expects revenue to organically grow 6-7% from the prior year versus prior expectations of 5-6% growth. It also anticipates adjusted earnings per diluted share to be in the range of $2.18 to $2.32 for the full year.
Shares in ENOV were down 3.08% to $56.72 apiece in afternoon trading.