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- **Revenue Growth**: Q3 2025 revenue up 9% YoY, driven by 12% international Recon growth and 7% U.S. Hips/Knees expansion. 
- **Margin Expansion**: Adjusted gross margin +140bps to 52.3%, EBITDA margin 17.3%. 
- **Strategic Moves**: $60M sale of Dr. Comfort reduces debt, sharpening focus on higher-margin P&R segments. 
- **Product Pipeline**: Arvis Ultra launch in H1 2026 expected to accelerate U.S. Hip/Knee growth. 
- **2026 Targets**: High-single-digit Recon growth, mid-single-digit P&R growth, 70-80% free cash flow conversion. 
- **Risk Management**: Tariff mitigation efforts underway, but $4M Q3 impact mostly offset by price increases in P&R. 


**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $549M, up 9% YoY (7% organic). Recon grew 9% organically, driven by 12% international expansion and 7% U.S. Hips/Knees growth. P&R grew 4% organically.
- **Product Highlights**: ARG shoulder system shows strong traction; Arvis Ultra launch in H1 2026 expected to drive growth. Nebula Stem and Orthodrive Impactor implants performing well.
- **Portfolio Optimization**: Sold Dr. Comfort for $60M, reducing debt and sharpening focus on higher-margin P&R segments. 50% of P&R portfolio now mid-single-digit growth.
- **Operational Focus**: Adjusted gross margin +140bps to 52.3%, EBITDA margin 17.3%. Free cash flow $30M, up 100% YoY. 
- **Guidance Update**: Full-year 2025 revenue $2.24-2.27B, EBITDA $395-405M, EPS $3.10-3.25. 2026 targets include high-single-digit Recon growth and 70-80% free cash flow conversion.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 2025 adjusted EPS $0.75 (up 3% YoY). Year-to-date EPS +27% due to margin expansion and lower interest costs. 
- **Tariff Impact**: $4M tariffs paid Q3, mostly P&R. Mitigation efforts underway but some costs flowing through P&L. 
- **Balance Sheet**: Reduced debt by $45M from Dr. Comfort sale. Leverage ratio now low 3x. 
- **Goodwill Impairment**: $548M non-cash charge due to share price decline, no impact on operations.

**【Q&A Highlights】**
- **Market Trends**: U.S. procedure volumes stable Q4, but cautious on 2026 due to entitlement cuts and inflation. 
- **Arvis Impact**: No implant sales impact from delayed launch. Full launch in Q1 2026 expected to drive U.S. Hip/Knee growth. 
- **Tariff Mitigation**: Price increases in P&R offsetting 50bps of tariff impact. 
- **Free Cash Flow**: 2026 targets 70-80% conversion, enabled by reduced integration/EU MDR costs. 
- **Divestiture Benefits**: Dr. Comfort sale removes 5% of P&R revenue but improves margin mix. 
- **2026 Outlook**: High-single-digit Recon growth, mid-single-digit P&R growth. 


Enovis Corporation (ENOV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ENOV

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