Enovis (ENOV) Q3 2026 earnings summary

Executive summary

• Q3 sales were $558.7M, up 2% reported and 5% organically; adjusted EBITDA was $103.5M, or 18.5% of sales.

• Adjusted EPS rose 17% YoY to $0.88; adjusted net income was $51.4M.

• Full-year adjusted EBITDA and adjusted EPS guidance increased; the Board approved a new $200M share repurchase authorization.

Financial highlights

• Q3 net sales were $558.7M versus $548.9M; reported growth included a 250 bps headwind from the Dr. Comfort divestiture.

• Adjusted gross margin was 60.9%, up 60 bps YoY; adjusted EBITDA was $103.5M versus $94.8M, with margin rising to 18.5% from 17.3%.

• GAAP net income was $3.4M versus a $570.9M loss, largely reflecting the absence of the prior-year $548.4M goodwill impairment.

• Q3 free cash flow was $35M; 9M free cash flow was $37.3M versus negative $12.4M, a $49.7M improvement.

• 9M sales were $1.731B; adjusted EBITDA was $311.4M versus revised $273.0M, and adjusted EPS was $2.67 versus $2.12.

Outlook and guidance

• FY26 revenue guidance narrowed to $2.32B–$2.35B, with ~5% organic growth; adjusted EBITDA guidance rose to $428M–$438M and adjusted EPS to $3.58–$3.79.

• Guidance assumes 0.5%–1.0% FX benefit, high-single-digit Reconstructive growth and low-single-digit Prevention & Recovery growth.

• Q4 outlook calls for modest acceleration in both segments, assuming Q3 procedural conditions and typical seasonality; an extra selling day is expected to add ~150 bps to top-line growth.

• FY26 free-cash-flow conversion is expected to be at least 25%; FY27 outlook previously outlined at least 50% conversion and $100M cash generation.