Enovis logoEnovis (NYSE:ENOV) shares took a hit today on fourth-quarter results that fell shy of the consensus sales forecast.

Shares of ENOV dropped 5.3% to $58.33 apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.2%.

The Wilmington, Delaware-based orthopedic device maker posted losses of $38.6 million. That amounts to losses of 71¢ per share on sales of $408.7 million for the three months ended Dec. 31, 2022.

Enovis, the parent company of DJO, recorded a massive bottom-line slide deeper into the red. However, revenues grew year-over-year by 2.4%.

Adjusted to exclude one-time items, earnings per share came in at 72¢. That landed 6¢ ahead of Wall Street. Sales fell short of expectations, though, as analysts projected $415.6 million in revenue.

“In our first year as an independent med-tech growth company, Enovis delivered strong financial results,” said Matt Trerotola, CEO of Enovis. “Our teams managed through macro-economic and market challenges and delivered solid progress towards our strategic goals. We are building a company that can deliver sustainable high-single-digit organic growth and annual margin expansion, supported by our impactful innovation and investments in faster-growing market sectors.”

Enovis expects revenues to grow by 5% to 6% in 2023. The company projects adjusted EPS to range between $2.15 and $2.30 over the course of the year.