Enovis Corp Up 6.18% To $64.00 After Earnings Beat

Thursday, February 22, 2024 - Enovis Corp (ENOV) reported upside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Enovis Corp were at $0.74. The company beat those estimates with an EPS of $0.79. The earnings per share of $0.79 (which represents a -7% EPS surprise) led to the company's profits rising 10% compared to last year when the firm reported an EPS of $0.72. The increase in Enovis Corp's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were upbeat at $455 million. That is an increase of 11.33% in revenues from the year-ago report and is 2.17% higher than consensus estimates set at $445.4 million.

The stock is up 6.18% to $64.00 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Enovis Corp a Bullish Sentiment Rank from InvestorsObserver.

Enovis Corp has performed a little above average during the past few months. Before the report, Enovis Corp received a Long-Term Technical Rank by InvestorsObserver of 67, putting it in the top half of stocks. The firm set a 52-week low on October 26, 2023 at $43.04 and set a 52-week high on July 21, 2023 at $66.14.

Enovis Corporation is a medical technology company. It is focused on developing clinically differentiated solutions by manufacturing and distributing medical devices with a range of products used for reconstructive surgery, rehabilitation, pain management and physical therapy. It operates in two segments: Prevention & Recovery and Reconstructive. The Prevention & Recovery segment develops, manufactures, and distributes rigid bracing products, orthopedic soft goods, vascular systems and compression garments, and hot and cold therapy products and offers recovery sciences products in the clinical rehabilitation and sports medicine markets, such as bone growth stimulators and electrical stimulators used for pain management. The Reconstructive segment develops, manufactures, and markets a variety of knee, hip, shoulder, elbow, foot, ankle, and finger implant products and surgical productivity solutions. It also provides Novastep, a minimally invasive surgery (MIS) foot and ankle solutions.