Enovis Flourishes in First Year as Stand-Alone

by Mike Evers on February 27, 2023

Enovis reported 4Q22 orthopedic sales of $162.5 million, +10.4% compared to 4Q21. Including contributions from acquisitions, the company generated $599.4 million in orthopedic sales in 2022, +29.5% compared to the year prior.

Despite a year of choppy macro headwinds, the company drove double-digit organic growth in its recon segment. Recent acquisitions outgrew the market, with standalone Mathys sales increasing +16% year over year.

Enovis is starting to see the impact of the cross-selling opportunities with Mathys, with greater syngeries expected in 2023.

Company CEO Matt Trerotola said, “We’ve also got great momentum in terms of the cross-selling opportunities. We have had a lot of outreach in terms of connecting with surgeons, connecting them with our KOLs from the U.S. and getting instrument sets over. Both EMPOWR and AltiVate are off to a good start in terms of that cross-selling.”

Mr. Trerotola also expects the positive market reaction to the ARVIS navigation system will lead to modest Software-as-a-Service revenue in 2023. Envois is counting on the innovative nagivation system to drive implant conversions as the software fee increases over time.

The company expects another double-digit growth year for its recon business in 2023 as procedure volumes normalize and some macro headwinds mitigate.

Orthopedic Sales by Segment

	4Q22	4Q21	$ Chg	% Chg
Joint Replacement	$128.7	$116.0	$12.6	10.9%
Knees	$26.3	$23.6	$2.7	11.5%
Hips	$51.2	$45.9	$5.3	11.5%
Extremities	$51.2	$46.5	$4.6	9.9%
Trauma	$13.2	$11.1	$2.0	18.1%
Other (Recovery Sciences)	$20.7	$20.0	$0.7	3.3%
Total	$162.5	$147.2	$15.3	10.4%

	FY22	FY21	$ Chg	% Chg
Joint Replacement	$472.9	$354.9	$118.0	33.3%
Knees	$95.9	$69.1	$26.8	38.8%
Hips	$186.9	$139.6	$47.3	33.9%
Extremities	$190.1	$146.2	$43.9	30%
Trauma	$46.6	$33.4	$13.2	39.6%
Other (Recovery Sciences)	$79.9	$74.6	$5.2	7%
Total	$599.4	$463.0	$136.5	29.5%

Orthopedic Sales by Geography

	4Q22	4Q21	$ Chg	% Chg
US	$118.6	$108.9	$9.7	8.9%
OUS	$43.9	$38.3	$5.6	14.6%
EMEA	$34.1	$29.4	$4.7	15.9%
Asia Pacific	$6.5	$6.2	$0.3	5.1%
Rest of World	$3.2	$2.6	$0.6	22.7%
Total	$162.5	$147.2	$15.3	10.4%

	FY22	FY21	$ Chg	% Chg
US	$443.4	$385.9	$57.5	14.9%
OUS	$156.0	$77.0	$79.0	102.5%
EMEA	$122.6	$56.6	$65.9	116.5%
Asia Pacific	$22.5	$14.4	$8.1	56.7%
Rest of World	$10.9	$6.0	$4.9	80.6%
Total	$599.4	$463.0	$136.5	29.5%

Company Earnings

	Amt	% of Sales
Sales	$408.7
Cost of Sales	$177.0	43.3%
Selling and Admin	$208.6	51%
Other	$61.8	15.1%
Net Earnings	($38.6)	(9.4%)

Despite a year of choppy macro headwinds, the company drove double-digit organic growth in its recon segment....

Enovis is starting to see the impact of the cross-selling opportunities with Mathys, with greater syngeries expected in 2023.

The company expects another double-digit growth year for its recon business in 2023 as procedure volumes normalize and some macro headwinds mitigate.

Orthopedic Sales by Segment

	4Q22	4Q21	$ Chg	% Chg
Joint Replacement	$128.7	$116.0	$12.6	10.9%
Knees	$26.3	$23.6	$2.7	11.5%
Hips	$51.2	$45.9	$5.3	11.5%
Extremities	$51.2	$46.5	$4.6	9.9%
Trauma	$13.2	$11.1	$2.0	18.1%
Other (Recovery Sciences)	$20.7	$20.0	$0.7	3.3%
Total	$162.5	$147.2	$15.3	10.4%

	FY22	FY21	$ Chg	% Chg
Joint Replacement	$472.9	$354.9	$118.0	33.3%
Knees	$95.9	$69.1	$26.8	38.8%
Hips	$186.9	$139.6	$47.3	33.9%
Extremities	$190.1	$146.2	$43.9	30%
Trauma	$46.6	$33.4	$13.2	39.6%
Other (Recovery Sciences)	$79.9	$74.6	$5.2	7%
Total	$599.4	$463.0	$136.5	29.5%

Orthopedic Sales by Geography

	4Q22	4Q21	$ Chg	% Chg
US	$118.6	$108.9	$9.7	8.9%
OUS	$43.9	$38.3	$5.6	14.6%
EMEA	$34.1	$29.4	$4.7	15.9%
Asia Pacific	$6.5	$6.2	$0.3	5.1%
Rest of World	$3.2	$2.6	$0.6	22.7%
Total	$162.5	$147.2	$15.3	10.4%

	FY22	FY21	$ Chg	% Chg
US	$443.4	$385.9	$57.5	14.9%
OUS	$156.0	$77.0	$79.0	102.5%
EMEA	$122.6	$56.6	$65.9	116.5%
Asia Pacific	$22.5	$14.4	$8.1	56.7%
Rest of World	$10.9	$6.0	$4.9	80.6%
Total	$599.4	$463.0	$136.5	29.5%

Company Earnings

	Amt	% of Sales
Sales	$408.7
Cost of Sales	$177.0	43.3%
Selling and Admin	$208.6	51%
Other	$61.8	15.1%
Net Earnings	($38.6)	(9.4%)

You’ve reached your limit.

We’re glad you’re finding value in our content — and we’d love for you to keep going.

Subscribe now for unlimited access to orthopedic business intelligence.

Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.