Enovis Corp. Files Q3 2024 10-Q

TL;DR

Enovis (formerly Colfax) filed its Q3 10-Q. Financials are in.

AI Summary

Enovis Corp. filed its 10-Q for the period ending September 27, 2024. The filing details financial performance and operational updates for the company, which operates in the orthopedic, prosthetic, and surgical appliances and supplies industry. The company was formerly known as Colfax Corp. and changed its name on December 10, 2007.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial data and operational insights into Enovis Corp.'s performance in the medical device sector.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• Enovis Corp. (company) — Filer of the 10-Q
• Colfax Corp. (company) — Former name of Enovis Corp.
• September 27, 2024 (date) — End of the reporting period
• November 6, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share ENOV New York Stock Exchange

Filing Documents

• cfx-20240927.htm (10-Q) — 1408KB
• exhibit311ceocertification.htm (EX-31.01) — 15KB
• exhibit312cfocertification.htm (EX-31.02) — 15KB
• exhibit321ceocertification.htm (EX-32.01) — 4KB
• exhibit322cfocertification.htm (EX-32.02) — 4KB
• 0001420800-24-000028.txt ( ) — 7450KB
• cfx-20240927.xsd (EX-101.SCH) — 45KB
• cfx-20240927_cal.xml (EX-101.CAL) — 79KB
• cfx-20240927_def.xml (EX-101.DEF) — 210KB
• cfx-20240927_lab.xml (EX-101.LAB) — 615KB
• cfx-20240927_pre.xml (EX-101.PRE) — 426KB
• cfx-20240927_htm.xml (XML) — 1110KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements 2

Item 1. Financial Statements 2 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Note 1. General 7 Note 2. Recently Issued Accounting Pronouncements 7 Note 3. Acquisitions and Investments 7 Note 4. Revenue 10 Note 5. Net Loss Per Share from Continuing Operations 11 Note 6. Income Taxes 12 Note 7. Equity 13 Note 8. Inventories, Net 14 Note 9. Debt 14 Note 10. Accrued Liabilities 16 Note 11. Financial Instruments and Fair Value Measurements 16 Note 12. Commitments and Contingencies 19 Note 13. Segment Information 20

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 38

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures 40

Item 4. Controls and Procedures 40

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 41

Item 1. Legal Proceedings 41

Risk Factors 41

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds 41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults Upon Senior Securities 42

Item 3. Defaults Upon Senior Securities 42

Mine Safety Disclosures 42

Item 4. Mine Safety Disclosures 42

Other Information 42

Item 5. Other Information 42

Exhibits 43

Item 6. Exhibits 43 SIGNATURES 43 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ENOVIS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Dollars in thousands, except per share amounts (Unaudited) Three Months Ended Nine Months Ended September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net sales $ 505,222 $ 417,524 $ 1,546,648 $ 1,252,177 Cost of sales 218,763 174,558 673,410 525,787 Gross profit 286,459 242,966 873,238 726,390 Selling, general and administrative expense 249,854 204,248 769,645 619,294 Research and development expense 20,491 19,901 67,347 57,012 Amortization of acquired intangibles 42,786 33,967 124,653 98,256 Restructuring and other charges 5,065 5,342 22,563 11,782 Operating loss ( 31,737 ) ( 20,492 ) ( 110,970 ) ( 59,954 ) Interest expense, net 11,066 5,768 48,031 15,496 Other (income) expense, net ( 202 ) ( 757 ) ( 9,803 ) ( 665 ) Loss from continuing operations before income taxes ( 42,601 ) ( 25,503 ) ( 149,198 ) ( 74,785 ) Income tax benefit ( 9,096 ) ( 6,052 ) ( 25,408 ) ( 17,878 ) Net loss from continuing operations ( 33,505 ) ( 19,451 ) ( 123,790 ) ( 56,907 ) Income from discontinued operations, net of taxes 2,243 16,611 2,175 21,096 Net loss ( 31,262 ) ( 2,840 ) ( 121,615 ) ( 35,811 ) Less: net income attributable to noncontrolling interest from continuing operations - net of taxes 259 40 542 414 Net loss attributable to Enovis Corporation $ ( 31,521 ) $ ( 2,880 ) $ ( 122,157 ) $ ( 36,225 ) Net income (loss) per share - basic and diluted Continuing operations $ ( 0.61 ) $ ( 0.36 ) $ ( 2.26 ) $ ( 1.05 ) Discontinued operations $ 0.04 $ 0.30 $ 0.04 $ 0.39 Consolidated operations $ ( 0.58 ) $ ( 0.05 ) $ ( 2.23 ) $ ( 0.67 ) See Notes to Condensed Consolidated Financial Statements. 2 ENOVIS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Dollars in thousands (Unaudited) Three Months Ended Nine Months Ended September 27, 2024 September 29, 2023 September 27, 2024 September 29, 2023 Net lo

View Full Filing

View this 10-Q filing on SEC EDGAR