Medical technology company Enovis Corporation (NYSE:ENOV) will be announcing earnings results tomorrow before market open. Here’s what to expect.
Enovis met analysts’ revenue expectations last quarter, reporting revenues of $505.2 million, up 21% year on year. It was a strong quarter for the company, with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ full-year EPS guidance estimates.
Is Enovis a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Enovis’s revenue to grow 22% year on year to $555.3 million, improving from the 11.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.92 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 Q4 results, giving us a hint as to what we can expect. Inspire Medical Systems delivered year-on-year revenue growth of 24.5%, beating analysts’ expectations by 0.9%, and Globus Medical reported revenues up 6.6%, topping estimates by 1.9%. Inspire Medical Systems traded up 1.7% following the results while Globus Medical was down 4.5%.
Read our full analysis of Inspire Medical Systems’s results here and Globus Medical’s results here.
Stocks generally had a good 2024. The Fed fought high inflation and won without sending the economy into a recession, otherwise lovingly known as a soft landing. The US Central Bank is now cutting rates. That, plus the election of Donald Trump in November 2024, sent markets even higher, and while some of the medical devices & supplies - specialty stocks have shown solid performance, the group has generally underperformed, with share prices down 5.4% on average over the last month. Enovis is down 8.5% during the same time and is heading into earnings with an average analyst price target of $66 (compared to the current share price of $43.62).
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