Enovis (ENOV) 2026 CG Musculoskeletal Conference summary

Financial performance and guidance

• Achieved 6% overall growth in 2025, with double-digit gains in extremities and international reconstruction, and outpaced the market in the PNR segment despite tariff headwinds impacting margins by 40 basis points.

• Reduced leverage to just over 3x and generated positive cash flow, marking progress in deleveraging and integration of recent acquisitions.

• 2026 guidance includes low single-digit growth for PNR, high single-digit for recon, a 50 basis point margin increase, and free cash flow conversion of 25% or more.

Strategic priorities and leadership

• New CEO Damien has emphasized commercial execution, operating excellence, and financial discipline, with a focus on innovation and leadership changes to support these priorities.

• Integration of over 20 acquisitions and a shift from industrial to medical device focus have positioned the company for disciplined execution.

R&D and product innovation

• R&D investment as a percentage of sales has increased, driving a 50% rise in 510(k) clearances in 2025 compared to the best prior year.

• Acquisitions have brought in significant R&D talent and capabilities, supporting a robust future product pipeline.