Enovis (NYSE:ENOV) Releases Earnings Results, Beats Expectations By $0.03 EPS

Enovis (NYSE:ENOV) released its quarterly earnings data on Wednesday. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03, Briefing.com reports. Enovis had a negative net margin of 4.51% and a positive return on equity of 3.98%. The company had revenue of $525.20 million during the quarter, compared to the consensus estimate of $525.99 million. During the same period last year, the firm earned $0.61 EPS. Enovis’s revenue for the quarter was up 22.6% on a year-over-year basis. Enovis updated its FY24 guidance to $2.62-$2.77 EPS and its FY 2024 guidance to 2.620-2.770 EPS.

Enovis Price Performance

Enovis stock traded down $0.16 during mid-day trading on Friday, hitting $43.40. 756,298 shares of the company traded hands, compared to its average volume of 560,150. The stock has a fifty day moving average price of $45.41 and a 200-day moving average price of $53.34. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -28.93 and a beta of 1.92. Enovis has a one year low of $39.98 and a one year high of $65.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.03 and a current ratio of 2.10.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Needham & Company LLC cut their price target on Enovis from $82.00 to $65.00 and set a “buy” rating for the company in a report on Thursday. Evercore ISI reduced their target price on Enovis from $70.00 to $62.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. decreased their price target on Enovis from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.13.

About Enovis

Enovis Corporation operates as a medical technology company focus on developing clinically differentiated solutions worldwide. It also manufactures and distributes medical devices which are used for reconstructive surgery, rehabilitation, pain management, and physical therapy. The company operates through Prevention and Recovery, and Reconstructive segments.