Medical technology company Enovis Corporation (NYSE:ENOV) will be reporting earnings this Thursday morning. Here’s what to expect.
Enovis beat analysts’ revenue expectations last quarter, reporting revenues of $589.2 million, up 5.4% year on year. It was a satisfactory quarter for the company, with a beat of analysts’ EPS estimates but full-year revenue guidance meeting analysts’ expectations.
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 3.1% year on year, slowing from the 7.5% 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 Q2 results, giving us a hint as to what we can expect. Inspire Medical Systems’s revenues decreased 7.6% year on year, beating analysts’ expectations by 3%, and Integer Holdings reported a revenue decline of 2.6%, topping estimates by 3%. Inspire Medical Systems traded up 22.6% following the results while Integer Holdings was also up 3.2%.
Read our full analysis of Inspire Medical Systems’s results here and Integer Holdings’s results here.
Investors in the medical devices & supplies - specialty segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. Enovis is up 18.5% during the same time and is heading into earnings with an average analyst price target of $41.58 (compared to the current share price of $30.68).
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