Enovis Shares Jump 12% as Company Returns to Profit

Enovis reported net income of $3.1 million, or 6 cents a share, compared with a loss of $571.1 million, or $9.99 a share, in the year-earlier quarter. That period included a large goodwill impairment charge. Excluding certain one-time items, earnings were 88 cents a share, above the 77 cents analysts polled by FactSet had forecast.

Net sales rose 1.8% to $558.7 million, also exceeding the $557.1 million expected by Wall Street. The shares were up roughly 3% year-to-date before Thursday’s move.

Chief Executive Damien McDonald said the quarter reflected continued progress on the company’s innovation-led strategy despite a volatile market and cost inflation. “Despite these challenges, we are investing in the technologies that will define the next phase of our growth,” he said.

Enovis now expects full-year revenue of $2.32 billion to $2.35 billion, narrowing its previous range of $2.31 billion to $2.37 billion. It raised its adjusted earnings forecast to $3.58 to $3.79 a share, from a prior range of $3.52 to $3.73 a share.