Medical technology company Enovis Corporation (NYSE: ENOV) will be reporting earnings this Thursday before market hours. Here’s what to expect.
Enovis missed analysts’ revenue expectations last quarter, reporting revenues of $575.8 million, up 2.6% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ full-year EPS guidance estimates but a slight miss 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 2.2% year on year, slowing from the 8.2% increase it recorded in the same quarter last year.
The majority of analysts covering the company have 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 Q1 results, giving us a hint as to what we can expect. Bausch + Lomb delivered year-on-year revenue growth of 9.4%, beating analysts’ expectations by 2.2%, and Integer Holdings reported flat revenue, topping estimates by 2.8%. Bausch + Lomb traded up 1.1% following the results while Integer Holdings’s stock price was unchanged.
Read our full analysis of Bausch + Lomb’s results here and Integer Holdings’s results here.
There has been positive sentiment among investors in the medical devices & supplies - specialty segment, with share prices up 6.5% on average over the last month. Enovis is up 6.2% during the same time and is heading into earnings with an average analyst price target of $44.27 (compared to the current share price of $24.16).
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