Medical technology company Enovis Corporation (NYSE: ENOV) will be reporting results tomorrow before market open. Here’s what you need to know.
Enovis beat analysts’ revenue expectations last quarter, reporting revenues of $548.9 million, up 8.6% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates and an impressive beat of analysts’ revenue estimates.
Is Enovis a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Enovis’s revenue to grow 4.1% year on year, slowing from the 23.3% increase it recorded in the same quarter last year.
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 multiple times over the last two years.
Looking at Enovis’s peers in the medical devices & supplies - specialty segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Globus Medical delivered year-on-year revenue growth of 25.7%, beating analysts’ expectations by 3.2%, and Haemonetics reported a revenue decline of 2.7%, topping estimates by 2.4%. Haemonetics traded down 10% following the results.
Read our full analysis of Globus Medical’s results here and Haemonetics’s results here.
Investors in the medical devices & supplies - specialty segment have had fairly steady hands going into earnings, with share prices down 1.1% on average over the last month. Enovis is up 4.2% during the same time and is heading into earnings with an average analyst price target of $45.09 (compared to the current share price of $22.94).
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