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Medical technology company Enovis Corporation (NYSE: ENOV) will be reporting earnings this Thursday before the bell. Here’s what investors should know.
Enovis beat analysts’ revenue expectations by 2% last quarter, reporting revenues of $564.5 million, up 7.5% year on year. It was a strong quarter for the company, with a solid beat of analysts’ full-year EPS guidance estimates and a decent beat of analysts’ revenue estimates.
This quarter, analysts are expecting Enovis’s revenue to grow 6.4% year on year to $537.6 million, slowing from the 21% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.65 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Enovis has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Enovis’s peers in the medical devices & supplies - specialty segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Inspire Medical Systems delivered year-on-year revenue growth of 10.5%, beating analysts’ expectations by 1.9%, and Bausch + Lomb reported revenues up 7.1%, in line with consensus estimates. Inspire Medical Systems traded up 15.6% following the results while Bausch + Lomb’s stock price was unchanged.
Investors in the medical devices & supplies - specialty segment have had steady hands going into earnings, with share prices flat over the last month. Enovis’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $49.67 (compared to the current share price of $31.44).
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