Enovis Archives - Page 3 of 3 - Medical Design Sourcing

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.

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…

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…

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…

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 …

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…

DJO’s parent company to be called Enovis

[Image courtesy of Colfax]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 D…