Medical technology company Enovis Corporation (NYSE: ENOV) will be reporting earnings this Thursday before market open. Here’s what you need to know.
Enovis met analysts’ revenue expectations last quarter, reporting revenues of $582.8 million, up 3.2% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a slight miss of analysts’ full-year EPS guidance 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 1.6% year on year, slowing from the 8.6% 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 will 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 Q3 results, giving us a hint as to what we can expect. Inspire Medical Systems’s revenues decreased 7.9% year on year, beating analysts’ expectations by 1.1%, and Bausch + Lomb reported revenues up 7.3%, in line with consensus estimates. Inspire Medical Systems traded down 7.8% following the results while Bausch + Lomb was up 15.8%.
Read our full analysis of Inspire Medical Systems’s results here and Bausch + Lomb’s results here.
There has been positive sentiment among investors in the medical devices & supplies - specialty segment, with share prices up 2.8% on average over the last month. Enovis is up 11.7% during the same time and is heading into earnings with an average analyst price target of $36.08 (compared to the current share price of $20.89).
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