Enovis more than doubles earnings in Q2, scales back EPS guidance

Enovis (NYSE: ENOV) today reported Q2 results that beat The Street on earnings but missed on revenue, with the ortho device company joining the host of medtech companies scaling back earnings projections for the year amid macroeconomic headwinds.

Wilmington, Delaware–based Enovis — the parent company of DJO — earned $121 million, or $2.21 per diluted share, off $395 million in sales for the three months ended July 1, 2022, more than doubling its earnings and growing the top line 11% compared with Q2 2021.

Adjusted to exclude one-time items, Enovis saw earnings per share of 59¢, 9¢ ahead of The Street, where analysts expected sales of $400.97 million.

“We again achieved faster growth than our markets this quarter in both of our business segments,” Enovis CEO Matt Trerotola said ina. news release. “We are executing our strategic priorities, investing in innovation and acquisitions to support our goal to achieve a sustainable high-single-digit organic growt…

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The 10 largest orthopedic device companies in the world

Stryker, Johnson & Johnson’s DePuy Synthes and Zimmer Biomet top the list of largest orthopedic device companies. [Adobe Stock image]With elective procedure numbers rebounded after the darkest days of the COVID-19 pandemic, most of the world’s largest orthopedic device companies saw their revenues increase by double-digit percentages during their most recent fiscal years.

Here are the world’s 10 largest orthopedic device companies, ranked by ortho business revenue pulled from their most recent annual reports:

Largest orthopedic device companies Annual revenue (% change) Headquarters 1 Stryker $17.1 billion (+19.2%) Kalamazoo, Michigan 2 Johnson & Johnson – DePuy Synthes $8.6 billion (+10.6%) Locations: Raynham, Massachusetts.; West Chester, Pennsylvania; Warsaw, Indiana; Palm Beach Gardens, Florida 3 Zimmer Biomet (minus ZimVie spinoff) $6.8 billion (+11.6%) Warsaw, Indiana 4 Medtronic – Cranial & Spinal Technologies $4.5 billion (+3.9%) Locat…
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Enovis launches augmented reality surgical guidance system

The next-gen Augmented Reality Visualization and Information System (ARVIS) [Image courtesy of Insight Medical Systems/Enovis]Enovis (NYSE:ENOV) announced today that it began the commercial launch of the Arvis (augmented reality visualization and information system).

Wilmington, Delaware-based Enovis — the parent company of DJO Global — earlier this month completed the acquisition of Insight Medical and its Arvis FDA-cleared augmented reality platform for hip and knee replacement surgery.

According to a news release, Arvis is the only proprietary, real-time, hands-free augmented reality (AR) technology precisely engineered for orthopedic surgeons to visualize precision guidance when performing hip and knee surgery with the support of AR.

The self-contained, wearable surgical guidance device can be worn on a headband or with helmets already worn during surgery. It was designed to ensure surgeons can focus on their patient, rather than a screen across the roo…

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Enovis completes Insight Medical acquisition

The next-gen Augmented Reality Visualization and Information System (ARVIS) [Image courtesy of Insight Medical Systems]Enovis (NYSE:ENOV) announced today that it acquired orthopedic surgical guidance company Insight Medical Systems.

Wilmington, Delaware-based Enovis — the parent company of DJO Global — did not disclose financial terms for the acquisition of Insight, which develops its flagship Arvis FDA-cleared augmented reality platform for hip and knee replacement surgery.

In March 2021, DJO as part of Enovis made a strategic investment in Insight Medical Systems and its Arvis (augmented reality visualization and information system) for orthopedic surgeries. A previous investment had been made in 2020 and, since that point, Arvis has received FDA 510(k) clearance and successfully completed more than 200 cases in the U.S.

“We are excited to welcome Insight’s talented team to our Enovis family where we will work together to improve patient outcomes through …

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Enovis partners with Kelvi on hot and cold therapies

Enovis, the parent company of DJO, announced that it entered into a strategic partnership with Kelvi for heating and cooling therapies.

Kelvi, which develops hot and cold therapy products, will work with Enovis to deliver industry-leading therapies for rehabilitation, recovery and performance enhancement to patients and athletes of all abilities. According to a news release, DJO (as part of Enovis) will become the exclusive distributor in the orthopedic market of Kelvi’s heating and cooling therapy products.

Offering a multimodal approach to heating and cooling, Kelvi develops “smart” KelviTEC technology that applies principles of heating and cooling for medical and athletic recovery while also providing convenience for athletes, athletic trainers and medical technicians, coupled with high precision, tight temperature control, trackability and repeatability, Enovis said.

“As we expand and grow as a med-tech company, we are excited about the i…

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DJO parent Enovis unveils Arsenal ankle plating system

Enovis’ Arsenal ankle plating system. [Image from Enovis]Enovis, the parent company of DJO, announced today that it launched its Arsenal ankle plating system.

The Arsenal ankle plating system — the latest addition to the Enovis suite of foot and ankle products and an expansion of the Arsenal foot plating system, consists of 37 anatomically designed plates throughout nine plate families to accommodate any ankle fracture.

According to a news release, the Arsenal system offers variable angle locking technology designed to allow a 60° cone of angulation, multi-lock functionality, accepting repeatable lock and relock of screw to plate interface, and dual lead screws. Enovis said it makes for a “powerful combination” of patented and innovative solutions addressing a number of types of fracture personalities.

Dr. Matthew Herring, a Redding, California-based orthopedic surgery specialist, said in the release that the plates “are stout where …

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DJO’s Enovis buys orthopedic bracing assets of Outcome-Based Technologies

Excyabir hip brace and CryoKnee knee brace [Images courtesy of Outcome-Based Technologies]Enovis recently announced that its subsidiary DJO Global acquired the assets of Outcome-Based Technologies hip and knee bracing portfolio.

DJO added the Excyabir hip brace and CryoKnee knee braces to its DonJoy bracing brand.

“The acquisition of the Excyabir hip brace and the CryoKnee knee brace provides innovative bracing solutions to healthcare providers and patients alike,” said Jason Anderson, president of bracing and supports. “We are pleased to welcome Excyabir and CryoKnee to the DonJoy brand. We are confident these products will help grow our bracing business.”

Get the full story on our sister site, Medical Design & Outsourcing.

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DJO’s Enovis buys orthopedic bracing assets of Outcome-Based Technologies

Excyabir hip brace and CryoKnee knee brace [Images courtesy of Outcome-Based Technologies]

Enovis recently announced that its subsidiary DJO Global acquired the assets of Outcome-Based Technologies hip and knee bracing portfolio.

DJO added the Excyabir hip brace and CryoKnee knee braces to its DonJoy bracing brand.

“The acquisition of the Excyabir hip brace and the CryoKnee knee brace provides innovative bracing solutions to healthcare providers and patients alike,” said Jason Anderson, president of bracing and supports. “We are pleased to welcome Excyabir and CryoKnee to the DonJoy brand. We are confident these products will help grow our bracing business.”

Outcome-Based Technologies designed Excyabir to increase patient compliance using a lower-profile design. It is a hip brace used in post-op hip arthroscopy, hip osteoarthritis, post-op total hip replacement and other procedures. The wearable d…

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DJO parent Enovis beats The Street in Q1

[Image courtesy of Colfax]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 selectivel…

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DJO parent Enovis completes ESAB spinoff, becomes stand-alone ortho device company

[Image courtesy of Colfax]DJO parent company Enovis (NYSE:ENOV) announced today that completed the spinoff of its fabrication technology business, ESAB (NYSE:ESAB).

Following the split,  Enovis — formerly Colfax — becomes a new stand-alone orthopedic device company while ESAB will focus on fabrication technology operating out of the Colfax headquarters in Annapolis Junction, Maryland.

According to a news release, immediately after the separation of the businesses, Enovis enacted a reverse stock split of all issues and outstanding shares of its common stock at a one-for-three ratio. Both Enovis and ESAB common stock will begin regular-way trading today — April 5, 2022 — on the New York Stock Exchange.

In connection with the separation, Enovis shareholders received one share of ESAB common stock for every three shares of Enovis common stock held at the close of business on March 22, 2022. Approximately 54 million shares (about 90%) of ESABR…

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Colfax announces board of directors for fabrication tech spinoff ESAB

Colfax (NYSE:CFX) today announced the setup of the board of directors for its previously announced fabrication technology spinoff.

Wilmington, Delaware-based Colfax announced last year that it plans to split into two publicly traded companies in 2022, with businesses including DJO forming a new stand-alone orthopedic device company called Enovis while the other company, called ESAB, will focus on fabrication technology operating out of Colfax’s Annapolis Junction, Maryland, headquarters.

Following the spinoff, which Colfax expects to consummate on April 4, the ESAB fabrication technology company will operate under the leadership of chairperson of the board, Mitchell P. Rales, according to a news release.

“Setting ESAB on a path for success and growth has been a priority since we first announced the separation,” Colfax President and CEO Matt Trerotola said in the release. “We have identified an incredibly talented and knowledgeable board of directors who …

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DJO parent Colfax’s medtech earnings up 29% in Q4, Enovis spinoff nears completion

[Image courtesy of Colfax]Colfax (NYSE:CFX) shares ticked up slightly on fourth-quarter results that demonstrated impressive growth in medical device sales.

The Wilmington, Delaware-based company posted profits of $10 million, or 6¢ per share, on sales of more than $1 billion for the three months ended Dec. 31, 2021, for a 75.6% bottom-line slide on sales growth of 23.6%. Adjusted to exclude one-time items, earnings per share were 59¢.

Colfax’s medical technology segment brought in revenues of $399 million for the quarter, representing a 29% leap from the same period a year prior.

The company also confirmed that it has completed most steps in preparation for the spinoff of a standalone orthopedic device business — which will be called Enovis — to take place near the end of the first quarter, subject to final approval from the board as well as market, regulatory and other customary conditions.

“Upon separation, both of these leading businesses w…

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