Enovis Archives - Medical Design Sourcing

What’s next for orthopedic device tech? Enovis’ CEO has ideas

Enovis CEO Matt Trerotola [Image courtesy of Enovis]“We’re excited about the momentum we’re building. We think we’ve made a good initial splash here,” Enovis CEO Matt Trerotola recently told MassDevice.

One of the largest orthopedic device companies in the world, Wilmington, Delaware–based Enovis has had a string of positive news lately:

Financial results swung to a profit as part of Street-beating fourth quarter 2023 results. The company expects further momentum as it integrates LimaCorporate and its patient-tailored, 3D-printed titanium implants for complex reconstructive surgeries. Enovis completed the $846 million acquisition in January. Enovis‘ DJO subsidiary in January launched its next-gen DonJoy Roam OA knee brace for osteoarthritis or other knee pain and instability. Enovis says it’s kicking off a multiyear cadence of new product introductions across its Recon and Prevention and Recovery (P&R) businesses.

Trerotola recently …

Enovis stock rises on Street-beating Q4, return to profit

Enovis (NYSE: ENOV) + shares got a boost today on fourth-quarter results that landed ahead of the consensus forecast.

Shares of ENOV rose 7.4% at $64.72 apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ticked up 0.5%.

The Wilmington, Delaware-based company — one of the 10 largest orthopedic companies in the world — posted profits of $2.96 million, equaling 5¢ per share. Enovis reported sales of $455 million for the three months ended Dec. 31, 2023, marking 11.3% year-over-year growth. The company saw a massive bottom-line gain into profitability from losses of $38.6 million in the same three-month period a year ago.

Adjusted to exclude one-time items, earnings per share totaled 79¢. That landed 5¢ ahead of projections on Wall Street. Sales also beat expectations as analysts forecasted $445.4 million in reve…

Enovis’ DJO launches next-gen knee brace

Enovis’ DJO’s DonJoy Roam OA knee brace [Image courtesy of Enovis]Enovis’ DJO announced today that it launched its DonJoy Roam OA knee brace for osteoarthritis or other knee pain and instability.

Roam OA is the company’s latest innovation with unloader technology that unloads the pressure of unicompartmental osteoarthritis and shifts weight away from the affected knee to relieve pain, improve stability, and help improve mobility dynamically. It can be used in many patients who want to maintain or increase activity.

“By the time osteoarthritis patients actually seek medical care, they usually have a significant amount of pain,” said said orthopedic surgeon and pro sports team physician Dr. Brian J. Cole. “Braces like the ROAM OA can provide the support and relief patients need to get back to the activities they love, without having surgery.”

According to the company, other features include: “Mag-align” magnetic clips to alig…

Enovis completes $846M LimaCorporate acquisition

Enovis (NYSE:ENOV) announced today that it closed its nearly $850 million acquisition of orthopedic company LimaCorporate.

Wilmington, Delaware-based Enovis announced its intent to acquire Lima in September. Enovis — one of the 10 largest orthopedic companies in the world — valued the deal at approximately $846.4 million (€800 million).

The deal includes a $740.6 million (€700 million) cash payment at closing. The remaining $105.8 million (€100 million) comes in the form of shares of Enovis common stock.

Lima develops digital innovations and patient-tailored hardware. It aims to empower surgeons and improve patient outcomes following joint replacement surgery.

Enovis says the addition of Lima establishes a $1 billion reconstruction business and expands its international scale. It also expects improved efficiency with state-of-the-art manufacturing facilities and a strong innovation engine. The company said the addition of Lima brings a complementa…

Enovis beats The Street in Q3 results, double-digit growth for reconstructive business

Enovis (NYSE:ENOV) today announced Q3 results that beat the overall consensus on Wall Street.

The Wilmington, Delaware-based orthopedics company reported profit losses of $2.8 million, or -36¢ per share, on sales of $417.5 million, for the three months ended September 29. Sales were up 8.78% compared with Q3 2022 and profits were up from the $66.5 million in losses it recorded a year earlier.

Adjusted to exclude one-time items, earnings per share were 56¢, 2¢ ahead of The Street, where analysts were looking for sales of $414.33 million.

“We are well positioned to achieve our 2023 goals of high-single-digit growth and strong margin expansion,” CEO Matt Trerotola said in a news release. “We made a significant move to accelerate our growth and margin profile with the pending acquisition of LimaCorporate and are excited by our operational momentum and the strength of our R&D pipeline.”

The company’s reconstructive business saw double-digit g…

Enovis to acquire LimaCorporate for more than $840M

Enovis (NYSE:ENOV) announced today that it entered into a definitive agreement to acquire orthopedic implant maker LimaCorporate.

Wilmington, Delaware-based Enovis — one of the 10 largest orthopedic companies in the world — values the deal at approximately $846.4 million (€800 million). The deal includes a $740.6 million (€700 million) cash payment at closing. The remaining $105.8 million (€100 million) comes in the form of shares of Enovis common stock.

Lima, a global orthopedic company, develops digital innovations and patient-tailored hardware. It aims to empower surgeons and improve patient outcomes following joint replacement surgery.

Enovis says the addition of Lima establishes a $1 billion reconstruction business and expands its international scale. It also expects improved efficiency with state-of-the-art manufacturing facilities and a strong innovation engine. The company said the addition of Lima brings a complementary portfolio including 3D-pr…

The 10 largest orthopedic device companies in the world

The goal of Stryker’s Mako robotic-arm assisted surgery is to provide more predictable outcomes. [Image courtesy of Stryker]

Two of the world’s largest orthopedic device companies expect accelerated revenue growth this year.

Stryker and Zimmer Biomet both upped their 2023 guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic.

GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 billion this year. The question is whether companies can continue the momentum. Stryker and ZB are betting on innovation, building arrays of products and services around their surgical robotics systems and surgical planning and digital health tools.

During Zimmer Biomet’s second-quarter earnings call, CEO Bryan Hanson noted that ZB has 40 planned product launches between this year and the end of 2025, the …

The 10 largest orthopedic device companies in the world

The goal of Stryker’s Mako robotic-arm assisted surgery is to provide more predictable outcomes. [Image courtesy of Stryker] Two of the world’s largest orthopedic device companies expect accelerated revenue growth this year.

Stryker (NYSE: SYK) + and Zimmer Biomet (NYSE: ZBH) + both upped their 2023 guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic.

GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 billion this year. The question is whether companies can continue the momentum. Stryker and ZB are betting on innovation, building arrays of products and services around their surgical robotics systems and surgical planning and digital health tools.

During Zimmer Biomet’s second-quarter earnings call, CEO Bryan Hanson noted that ZB has 40 planned product …

Enovis completes Novastep acquisition

Enovis (NYSE: ENOV) announced today that it has completed its purchase of Novastep and its foot and ankle minimally invasive surgical (MIS) platform.

The financial terms of the deal were undisclosed. Novastep generates about $20 million in annual revenue.

“We are excited to welcome Novastep’s talented team to Enovis where we will work together to develop the next generation of foot and ankle solutions that improve patient outcomes,” Enovis CEO Matt Trerotola said in a news release posted yesterday.

Enovis first announced the acquisition in April. Acquiring Novastep strengthens the company’s position in the growing bunion segment with its MIS bunion system, Pecaplasty, which accelerates U.S. growth. In addition, Novastep’s portfolio of CE-marked forefoot and midfoot implants and outside-the-U.S. channels further the company’s international strategy.

The parent company of DJO, Enovis is one of the largest orthopedic device companies in the world. I…

Enovis Q1 results exceed expectations with 8% sales growth

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 d…

Enovis to buy external fixation product line

Enovis (NYSE: ENOV) this week announced it signed a definitive agreement to acquire the Seal external fixation product line from DNE.

The financial details of the deal were not disclosed. The company said the transaction is subject to customary closing conditions and is expected to close toward the end of the second quarter of 2023.

“We are proud of the foundation we have built in the hindfoot segment with clinically differentiated products such as DynaNail, DynaNail Helix and Arsenal Ankle, and we are excited to further broaden our range of solutions with the addition of this leading external fixation line,” Gary Justak, president and GM of Enovis Foot & Ankle, said in a news release. “The acquisition of these great products demonstrates our commitment to the Foot & Ankle space as we continue to disrupt the market and provide innovative, comprehensive solutions for surgeons and their patients.”

DNE’s Seal is a foot and ankle external fixat…

Enovis stock slides on Q4 revenue miss

Enovis (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 re…