- Continued commercial momentum with full year 2025 sales growth of 7% on a reported basis and 6% organically
- Full year 2025 Reconstructive sales grew 10% Y/Y on a reported basis and 8% on an organic basis
- Full year 2025 Prevention & Recovery sales grew 4% Y/Y on a reported and organic basis
Dallas, TX February 26, 2026 (GLOBE NEWSWIRE)—Enovis™ Corporation (NYSE: ENOV), an innovation-driven medical technology growth company, today announced its financial results for the fourth quarter and full year ended December 31, 2025. The Company will host an investor conference call and live webcast to discuss these results today at 8:30 am ET.
Fourth Quarter 2025 Financial Results
Enovis’ fourth-quarter net sales of $576 million grew 3% on a reported basis and 2% on an organic basis from the same quarter in 2024. Fourth-quarter results reflect growth in Global Reconstructive and stable execution in Prevention & Recovery. Compared to the same quarter in 2024, net sales in Recon grew 7% on a reported basis, with 3% organic sales growth, and net sales in P&R declined 1% on a reported basis and were flat on an organic basis.
Enovis reported fourth-quarter net loss from continuing operations of $519 million. This loss from continuing operations included a non-cash goodwill impairment charge of $501 million after evaluating the Company’s stock price and market capitalization relative to the carrying value of our Recon and P&R reporting units. Enovis also reported adjusted EBITDA of $112 million.
The Company reported fourth-quarter 2025 net loss from continuing operations of $9.07 per share and adjusted earnings per diluted share of $0.95.
Full Year 2025 Financial Results
Enovis’ full year 2025 net sales of $2.2 billion grew 7% on a reported basis and 6% on an organic basis. Net sales in Recon grew 10% on a reported basis with 8% organic sales growth and P&R grew 4% on a reported and organic basis.
Enovis also reported a full year net loss from continuing operations of $1,182 million, which included a non-cash goodwill impairment charge of $1,050 million after evaluating the Company’s stock price and market capitalization relative to the carrying value of our Recon and P&R reporting units, and adjusted EBITDA of $403 million.
For the full year 2025 Enovis reported a net loss from continuing operations of $20.72 per share and adjusted diluted earnings per diluted share of $3.30.
“Our 2025 performance reflects a year of meaningful operational progress for the Company. We advanced our second-year Lima integration priorities, operated effectively in a dynamic global environment, and continued to demonstrate above-market organic growth with sustainable year-over-year operating improvements which included positive free cash flow and debt reduction,” said Damien McDonald, Chief Executive Officer of Enovis.
“As we enter 2026, our focus remains consistent and disciplined — driving commercial execution, advancing our rich innovation pipeline, improving operational efficiency, and maintaining financial discipline — as we position the Company for durable, capital-efficient growth while remaining attentive to the evolving macro environment.”
2026 Financial Outlook
Enovis also announced financial expectations for 2026. Revenue is expected to approximate $2.31-2.37 billion, which incorporates 4-6% organic revenue growth. Adjusted EBITDA is expected to be in a range of $425-435 million. Our guidance ranges for revenue and adjusted EBITDA are based on current exchange rates. Full-year adjusted earnings per share is expected to be in the range of $3.52 to $3.73
Conference call and Webcast
Investors can access the webcast via a link on the Enovis website, www.enovis.com. For those planning to participate on the call, please dial (800) 715-9871 (U.S. callers) and (646) 307-1963 (International callers) and use conference ID 1691901. A link to a replay of the call will also be available on the Enovis website later in the day.
About Enovis
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. For more information about Enovis, please visit www.enovis.com.
Availability of Information on the Enovis Website
Investors and others should note that Enovis routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Enovis Investor Relations website. While not all of the information that the Company posts to the Enovis Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Enovis to review the information that it shares on ir.enovis.com.
Forward-Looking Statements
This press release includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Enovis’ plans, goals, objectives, outlook, expectations and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on Enovis’ current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Enovis’ results to differ materially from current expectations include, but are not limited to, risks related to Enovis’ integration of Lima; the impact of public health emergencies and global pandemics; disruptions in the global economy caused by escalating geopolitical tensions including in connection with the ongoing conflicts between Russia and Ukraine and in the Middle East; macroeconomic conditions, including the impact of inflationary pressures; changes in government trade policies, including the implementation of tariffs; supply chain disruptions; increasing energy costs and availability concerns, particularly in the European market; other impacts on Enovis’ business and ability to execute business continuity plans; and the other factors detailed in Enovis’ 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 discussed in Enovis’ filings with the SEC. In addition, these statements are based on assumptions that are subject to change. This press release speaks only as of the date hereof. Enovis disclaims any duty to update the information herein.
Non-GAAP Financial Measures
Enovis has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). These non-GAAP financial measures may include one or more of the following: adjusted net income from continuing operations (“Adjusted net income”), Adjusted net income per diluted share, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted gross profit, and Adjusted gross profit margin.
Adjusted net income and Adjusted net income per diluted share exclude net income attributable to noncontrolling interest from continuing operations, net of taxes; the effect of income from discontinued operations, net of taxes; restructuring charges; Medical Device Regulation (“MDR”) fees and other costs; strategic transaction costs; stock-based compensation; acquisition-related intangible asset amortization; strategic purchase of economic interest on future royalty payments; property plant and equipment step-up depreciation, and inventory step-up; goodwill impairment charges; Other (income) expense, net; and include the tax effect of adjusted pre-tax income at applicable tax rates and other tax adjustments. Enovis also presents Adjusted net income margin, which is subject to the same adjustments as Adjusted net income.
Adjusted EBITDA represents Adjusted net income excluding interest, taxes, and depreciation and amortization. Enovis presents Adjusted EBITDA margin, which is subject to the same adjustments as Adjusted EBITDA.
Adjusted gross profit represents gross profit excluding the fair value charges of acquired inventory, depreciation step-up of acquired fixed assets, and the impact of restructuring charges. Adjusted gross profit margin is subject to the same adjustments as Adjusted gross profit.
Organic sales growth calculates sales growth period over period, after excluding the impact of acquisitions, divestitures, and foreign exchange rate fluctuations.
These non-GAAP financial measures assist Enovis management in comparing its operating performance over time because certain items may obscure underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements of the Company. Enovis management also believes that presenting these measures allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. Enovis does not provide reconciliations of adjusted EBITDA or adjusted earnings per share on a forward-looking basis to the closest GAAP financial measures, as such information is not available without unreasonable efforts on a forward-looking basis due to uncertainties regarding, and the potential variability of, reconciling items excluded from these measures. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
Kyle Rose
Vice President, Investor Relations
Enovis Corporation
+1-917-734-7450
investorrelations@enovis.com
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(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.
(2) Restructuring and other charges includes $3.6 million and $5.3 million of expense classified as Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2025, respectively, and $15.2 million and $17.9 million of expense classified as Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2024, respectively.
(3) MDR and other costs includes (i) $2.2 million and $9.8 million for the three months and year ended December 31, 2025 and $3.7 million and $16.0 million for the three months and year ended December 31, 2024, respectively, in non-recurring costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union for devices which were introduced to the market prior to the regulation and (ii) $0.8 million and $0.6 million for the three months and year ended December 31, 2025 and $1.1 million and $3.5 million for the three months and year ended December 31, 2024, respectively, of expenses to resolve certain infrequent, non-recurring regulatory or other legal matters. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.
(4) Includes $— million and $18.1 million in inventory step-up charges and $0.7 million and $2.5 million in PPE step-up depreciation in connection with acquired businesses for the three months and year ended December 31, 2025, respectively. Step-up depreciation costs for such periods primarily relate to the Lima acquisition. For the three months and year ended December 31, 2024, PPE step-up depreciation costs were immaterial and thus were not included as adjustments in the computation of adjusted net income per diluted share.
(5) Strategic transaction costs includes: (i) $11.3 million and $39.4 million for the three months and year ended December 31, 2025 and $9.8 million and $64.9 million for the three months and year ended December 31, 2024, respectively, related to non-recurring integration costs associated with the Lima Acquisition, which includes (a) payroll and retention costs for roles eliminated in connection with the integration of our recent acquisition of Lima where a legal notice period was required prior to the employee’s separation from the Company, or integration-related daily activities not related to former roles performed by an employee during their legal notice period and prior to their separation from the Company. In each case, such costs relate solely to roles eliminated in connection with the integration of the Lima acquisition, and are nonrecurring and not part of our normal business operations; (b) professional and consulting fees specifically incurred to consummate the acquisition and advise and facilitate on post-acquisition integration matters including legal entity consolidation, costs associated with rebranding and marketing acquired business under Enovis name, such as marketing materials, trade show redesign costs and product labeling; and (c) integration related costs associated with sales agent and distributor network rationalization, including contract termination and retention expenses, supply chain and portfolio integration, and quality management system consolidation, (ii) $7.7 million and $19.5 million for the three months and year ended December 31, 2025 and $3.1 million and $8.8 million for the three months and year ended December 31, 2024, respectively, of non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalization and shared service center start-up, and (iii) $0.2 million and $1.5 million for the three months and year ended December 31, 2025 and $0.4 million and $4.6 million for the three months and year ended December 31, 2024, respectively, related to the Separation of our former fabrication technology business. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.
(6) Other income, net primarily includes the fair value gain on Contingent Acquisition shares, partially offset by the first quarter of 2024 loss on the non-designated forward currency hedge for managing exchange rate risk related to the Euro-denominated purchase price of the Lima Acquisition.
(7) The effective tax rates used to calculate adjusted net income and adjusted net income per share were 25.0% and 23.5% for the three months and year ended December 31, 2025, respectively, and 21.0% and 21.7% for the three months and year ended December 31, 2024, respectively.
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(1) Restructuring and other charges includes $3.6 million and $5.3 million of expense classified as Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2025, respectively, and $15.2 million and $17.9 million of expense classified as Cost of sales on our Consolidated Statements of Operations for the three months and year ended December 31, 2024, respectively.
(2) MDR and other costs includes (i) $2.2 million and $9.8 million for the three months and year ended December 31, 2025 and $3.7 million and $16.0 million for the three months and year ended December 31, 2024, respectively, in non-recurring costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union for devices which were introduced to the market prior to the regulation and (ii) $0.8 million and $0.6 million for the three months and year ended December 31, 2025 and $1.1 million and $3.5 million for the three months and year ended December 31, 2024, respectively, of expenses to resolve certain infrequent, non-recurring regulatory or other legal matters. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.
(3) Strategic transaction costs includes: (i) $11.3 million and $39.4 million for the three months and year ended December 31, 2025 and $9.8 million and $64.9 million for the three months and year ended December 31, 2024, respectively, related to non-recurring integration costs associated with the Lima Acquisition, which includes (a) payroll and retention costs for roles eliminated in connection with the integration of our recent acquisition of Lima where a legal notice period was required prior to the employee’s separation from the Company, or integration-related daily activities not related to former roles performed by an employee during their legal notice period and prior to their separation from the Company. In each case, such costs relate solely to roles eliminated in connection with the integration of the Lima acquisition, and are nonrecurring and not part of our normal business operations; (b) professional and consulting fees specifically incurred to consummate the acquisition and advise and facilitate on post-acquisition integration matters including legal entity consolidation, costs associated with rebranding and marketing acquired business under Enovis name, such as marketing materials, trade show redesign costs and product labeling; and (c) integration related costs associated with sales agent and distributor network rationalization, including contract termination and retention expenses, supply chain and portfolio integration, and quality management system consolidation, (ii) $7.7 million and $19.5 million for the three months and year ended December 31, 2025 and $3.1 million and $8.8 million for the three months and year ended December 31, 2024, respectively, of non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalization and shared service center start-up, and (iii) $0.2 million and $1.5 million for the three months and year ended December 31, 2025 and $0.4 million and $4.6 million for the three months and year ended December 31, 2024, respectively, related to the Separation of our former fabrication technology business. These costs are classified as Selling, general and administrative expense on our Consolidated Statements of Operations.
(4) In the first and second quarters of 2025, we completed strategic purchases of economic interest on future royalty payments in our intellectual property (“royalty interest”) for a fixed price of $56.5 million, which will be paid over nine years. We accrued a liability and recognized $45.8 million charge for the net present value of the purchases for the year ended December 31, 2025.
(5) Inventory step-up expense represents the incremental expense of inventory sold recognized at its fair value after business combination accounting is applied versus the expense that would have been recognized if sold at its cost to manufacture. Since only the inventory that existed at the business combination date was stepped-up to fair value, we believe excluding the incremental expense (i) enhances comparability between periods, allowing investors to better understand our business performance and the underlying trends relevant to our ongoing business performance.
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(1) Constant currency growth rate represents sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates.
(2) Excludes the impact of foreign exchange rate fluctuations and acquisitions/divestitures, thus providing a measure of change due to factors such as price, product mix and volume.
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(1) Constant currency growth rate represents sales growth excluding the impact of foreign exchange rate fluctuations based on prior year sales valued at the current period foreign currency rates.
(2) Excludes the impact of foreign exchange rate fluctuations and acquisitions/divestitures, thus providing a measure of change due to factors such as price, product mix and volume.
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(1) Excludes the impact of foreign exchange rate fluctuations and acquisitions/divestitures, thus providing a measure of change due to factors such as price, product mix and volume.
(2) Represents the incremental sales as a result of acquisitions of businesses for twelve months from the acquisition date. Excludes (i) acquisitions of former distribution partners as such transactions primarily represent a shift from a third-party distribution model to a direct sales model, and (ii) acquisitions of intellectual property as such transactions involve the purchase of technologies that have not been commercialized.
(3) Represents the decrease in sales as a result of divestitures of businesses for twelve months from the divestiture date.
(4) Represents the difference between prior year sales valued at the actual prior year foreign exchange rates and prior year sales valued at current year foreign exchange rates.