Enovis Early Read on 2Q26 Results

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

Enovis

Early Read on 2Q26 Results

Neutral

ENOV, ENOV US

Price (05 Aug 26):$30.18

Medical Supplies & Devices

Enovis reported mixed 2Q26 results with organic revenue growth falling short of

our expectations, EPS ahead of the Street, and both top- and guidance reiterated for

the full year. Sales of $582.7M (+3% reported, +5% organic, +4% organic adjusted

for selling days) fell short of our expectation for ~6% organic growth (~5% daysadjusted) and was in-line with consensus as better Prevention & Recovery (+$1M)

was offset by softer Reconstructive (-$1M). Results down the P&L were better,

with gross margin beating by +80bps and operating margin by +120bps to drive

EPS of $0.90 vs. consensus of $0.85. For 2026, guidance for the full year is staying

put with revenues expected to grow 4-6% organic, adjusted EBITDA in the range

of $425-435M, and adjusted EPS in the range of $3.52-3.73. Management called

out “a dynamic macro backdrop,” though we’ll be looking for the drivers of the

reiterated range on the call.

Reconstructive sales of $295M (+8% reported, +6% organic, +5% organic

adjusted for selling days) came in roughly in line (-$1M) with consensus.

US Reconstructive of $138M (+6% organic) and international of $157M (+6%

organic) were each ~$1M below our estimate. Enovis saw +7% organic growth

in Extremities and +5% organic growth in Hips and Knees on a worldwide

basis. In the US, Extremities grew +5% organic and Hips and Knees grew +8%

organic, driven by the Nebula/Orthodrive impactor and revision knees.

Internationally, Extremities grew +11% organic. Initial Arvis feedback was

described as very encouraging, with the shoulder rollout still early.

Prevention & Recovery sales of $288M (-1% reported, +4% organic, +3%

organic adjusted for selling days) were also roughly in line (+$1M) with

consensus. Global Bracing grew +4% organic, and US Bracing & Support of

$128M (+6% reported and organic) came in ~$3M above our estimate. P&R

adjusted gross margin expanded +210bps inclusive of inflationary impacts,

helped by product mix, the Dr. Comfort divestiture, and a net tariff refund

benefit.…