Enovis Reports Strong Fourth Quarter and Full Year 2024 Results, Sets Positive Outlook for 2025
Wednesday, Feb 26, 2025 6:11 am ET
Enovis™ Corporation (NYSE: ENOV), an innovation-driven medical technology growth company, recently announced its financial results for the fourth quarter and full year ended December 31, 2024. The Company reported strong commercial momentum, with fourth-quarter net sales growing 23% on a reported basis and 6% (+7% xFx) on a Comparable Sales basis from the same quarter in 2023. This growth reflects robust performance in the Global Reconstructive segment, including the acquisition of Lima, and stable execution in the Prevention & Recovery segment.

Key highlights from the fourth quarter and full year 2024 include:
* Fourth-quarter net sales of $561 million, up 23% on a reported basis and 6% on a Comparable Sales basis.
* Fourth-quarter Reconstructive sales grew 59% year-over-year on a reported basis and 10% on a Comparable Sales basis.
* Full-year 2024 net sales of $2.1 billion, up 23% on a reported basis and 6% on a Comparable Sales basis.
* Net sales in Recon grew 60% on a reported basis with 9% Comparable Sales growth, and P&R grew 2% on a reported basis and 3% on a Comparable Sales basis.
Enovis also reported a net loss from continuing operations of $704 million, or a loss of 125% of sales on a reported basis, in the fourth quarter. This loss included a non-cash goodwill impairment charge of $645 million related to a sustained decline in the Company's stock price and market capitalization relative to the carrying value of its Recon and P&R reporting units. Despite this impairment charge, Enovis reported adjusted EBITDA of $113 million, or 20% of sales on a reported basis, an increase of 210 basis points versus the comparable prior-year quarter.
For the full year 2024, Enovis reported a net loss from continuing operations of $827 million and adjusted EBITDA of $377 million, or 18% of sales, an increase of 210 basis points versus 2023. The Company reported a net loss from continuing operations of $14.98 per share and adjusted diluted earnings per diluted share of $2.84.
Enovis' CEO, Matt Trerotola, stated, "Our performance in 2024 marks a transformational year for the Company as we executed our integration plans and solidified our ability to deliver sustainable high-single-digit organic growth and year-over-year margin expansion. Our strong finish in 2024 has set a solid foundation for 2025 with key new product launches positioned to drive above market growth rates."
Enovis also announced financial expectations for 2025, including:
* Revenue of approximately $2.19-2.22 billion, incorporating 6-6.5% organic revenue growth.
* Adjusted EBITDA of $405-415 million, representing 60-70 basis points expansion year-over-year.
* Full-year adjusted earnings per share of $3.10-$3.25.
In addition, Enovis announced a planned CEO succession process, with Matt Trerotola retiring upon the appointment of his successor. The Company will address this transition during its fourth quarter and full-year 2024 financial results conference call.
In conclusion, Enovis' strong fourth-quarter and full-year 2024 results, coupled with its positive outlook for 2025, demonstrate the Company's ability to deliver sustainable growth and generate value for shareholders. Despite the non-cash goodwill impairment charge, Enovis' focus on organic growth, expanding adjusted EBITDA margins, and strategic product launches positions it well for future success.