Enovis Corporation Releases Preliminary Information About Its Performance for the Third Quarter 2023

Rhea-AI Summary

Enovis Corporation releases preliminary information about Q3 performance

Positive

• Revenues for Q3 2023 expected to be between $414 and $418 million, representing an increase of approximately 8 to 9% compared to Q3 2022
• Adjusted EBITDA for Q3 2023 expected to be between $64 and $66 million, representing an increase of approximately 12 to 15% compared to Q3 2022

Negative

• None.

Wilmington, DE, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Enovis™ Corporation (NYSE: ENOV, “Enovis” or the “Company”) today released the following preliminary information about its performance for the third quarter ended September 29, 2023.

Revenues for the three months ended September 29, 2023 are expected to be between $414 and $418 million, compared to approximately $383 million for the three months ended September 30, 2022, representing an increase of approximately 8 to 9%.

Adjusted EBITDA for the three months ended September 29, 2023 is expected to be between $64 and $66 million, compared to   approximately $57 million for the three months ended September 30, 2022, representing an increase of approximately 12 to 15%.

The foregoing preliminary financial estimates reflect management’s current views and may change as a result of management’s review of results and other factors, including a wide variety of significant business, economic and competitive risks and uncertainties. Such preliminary financial information is subject to the finalization and closing of the accounting books and records of the Company (which have yet to be performed) and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with U.S. GAAP. In the course of preparing and finalizing the financial statements for the three months ended September 29, 2023, the preliminary estimates for the three months ended September 29, 2023 will be subject to change and the Company may identify items that will require it to make adjustments to the Company’s preliminary estimates described above. Any such changes could be material. For these or other reasons, the preliminary financial estimates for the three months ended September 29, 2023 may not ultimately be indicative of the Company’s results for such periods and actual results may differ materially from those described above. No independent registered public accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to these preliminary results, nor have they expressed any opinion or any other form of assurance on these preliminary estimated results.

Adjusted EBITDA is not prepared in accordance with U.S. GAAP and is included in this press release because it is used by the Company’s management to assess its operating performance. The table below provides a reconciliation of preliminary adjusted EBITDA to the closest comparable U.S. GAAP financial measure, net income (loss) from continuing operations, for the three months ended September 29, 2023.

Adjusted EBITDA represents net income or loss from continuing operations excluding taxes, depreciation and amortization, stock-based compensation costs and restructuring and other charges, European Union Medical Device Regulation and other costs, strategic transaction costs, insurance settlement (gain) loss, and inventory step up costs. Adjusted EBITDA should not be considered in isolation from, or as a substitute for, net income (loss) from continuing operations or other measures calculated in accordance with U.S. GAAP.

About Enovis Corporation

Enovis Corporation (NYSE: ENOV) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. Powered by a culture of continuous improvement, global talent and innovation, the Company’s extensive range of products, services and integrated technologies fuels active lifestyles in orthopedics and beyond. The Company’s shares of common stock are listed in the United States on the New York Stock Exchange under the symbol ENOV.

Forward-Looking Statements
Some of the statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Statements other than statements of historical fact are statements that could be deemed forward-looking statements, including statements regarding: the ability to consummate and realize benefits from the Lima Acquisition; the impacts of the completed spin-off of ESAB Corporation (“ESAB”) into an independent publicly traded company (the “Separation”); the expected financial and operating performance of, and future opportunities for, the Company following the Separation; the impact of the COVID-19 global pandemic; projections of revenue, profit margins, expenses, tax provisions and tax rates, earnings or losses from operations, impact of foreign exchange rates, cash flows, synergies or other financial items; plans, strategies and objectives of management for future operations including statements relating to potential acquisitions, compensation plans or purchase commitments; developments, performance, industry or market rankings relating to products or services; future economic conditions or performance, including the impact of increasing inflationary pressures; the outcome of outstanding claims or legal proceedings; potential gains and recoveries of costs; assumptions underlying any of the foregoing; and any other statements that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements may be characterized by terminology such as “believe,” “anticipate,” “should,” “would,” “could,” “may,” “likely,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “targets,” “aims,” “seeks,” “sees,” and similar expressions. These statements are based on assumptions and assessments made by the Company’s management as of the date of this press release in light of their experience and perception of historical trends, current conditions, expected future developments and are subject to risks, uncertainties and other factors, including but not limited to: the risk that the Company may not be able consummate the Lima Acquisition on the anticipated terms or at all and other risks, uncertainties and other factors set forth in the Company’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption “Risk Factors,” as well as the other risks and uncertainties set forth  in the Company’s other filings with the SEC. In addition, these statements are based on assumptions that are subject to change. Any such forward-looking statements are not guarantees of future performance and actual results, developments and business decisions may differ materially from those envisaged by such forward-looking statements. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein, except as required by law.

Investor Relations Contact
Kyle Rose
Vice President, Investor Relations
Enovis Corporation
+1-917-734-7450
investorrelations@enovis.com

Media Contact
Katie Sweet
Vice President, Corporate Communications
Enovis Corporation
Katie.sweet@enovis.com

FAQ

What are the expected revenues for Q3 2023 for Enovis Corporation?

The expected revenues for Q3 2023 are between $414 and $418 million.

What is the expected Adjusted EBITDA for Q3 2023 for Enovis Corporation?

The expected Adjusted EBITDA for Q3 2023 is between $64 and $66 million.

How does the expected Q3 2023 performance compare to Q3 2022 for Enovis Corporation?

The expected revenues for Q3 2023 represent an increase of approximately 8 to 9% compared to Q3 2022. The expected Adjusted EBITDA for Q3 2023 represents an increase of approximately 12 to 15% compared to Q3 2022.

What factors could affect the preliminary financial estimates for Q3 2023?

The preliminary financial estimates for Q3 2023 may change as a result of management's review of results and other factors, including business, economic, and competitive risks and uncertainties.