Enovis Corporation

enovis.com

What Do They Do?

Sells orthopedic braces, therapy devices and pain-management products to healthcare professionals, athletes and patients. Also sells joint-replacement implants and surgical tools to orthopedic surgeons and healthcare systems.

How Do They Make Money?

Customers pay for medical devices when they ship; billing typically occurs at that same time.

revenue

Segment	Share	Revenue	How money arrives
Prevention & Recovery: Sold outright	51% FY2022: 66%		Sold outright
Reconstructive: Sold outright	49% FY2022: 34%		Sold outright

Who Are Their Customers?

Orthopedic specialists, other healthcare professionals and healthcare systems are served through independent distributors and direct salespeople; the company also sells to retail consumers.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.2B in FY2025, but brought in more cash than it spent: $19.9M of free cash flow.

Operating income, FY2025

−50% of revenue

▲ +45% (Loss) vs FY2024 (−$775.7M, −37%)

Net income, FY2025

−53% of revenue

▲ +43% (Loss) vs FY2024 (−$825.5M, −39%)

Free cash flow, FY2025

1% of revenue

▲ Now profitable vs FY2024 (−$67.2M, −3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jul 3, 2026

Revenue: ▲ +3%; vs $564.5M in Q2 FY2025
Net income: ▼ −97% (Loss); vs −$36.7M in Q2 FY2025

Sep 1, 2026 Entered a binding offer to acquire eCential Robotics The deal would add surgical robotics capabilities; closing is expected by year-end 2026, subject to regulatory approvals.
Aug 6, 2026 Reaffirmed 2026 financial guidance Revenue guidance was $2.31-2.37 billion, including 4-6% organic revenue growth.

Growing. Revenue grew 58% in 4 years, from $1.4B in FY2021 to $2.2B in FY2025, about 12% a year.

Revenue over time

Prevention & Recovery: Reconstructive:

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Össur, Breg, Stryker, Zimmer Biomet, and DePuy Synthes

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