Enovis (NYSE:ENOV) Updates FY 2024 Earnings Guidance

Enovis (NYSE:ENOV) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 2.520-2.670 for the period, compared to the consensus earnings per share estimate of 2.600. The company issued revenue guidance of $2.1 billion-$2.2 billion, compared to the consensus revenue estimate of $2.1 billion.

Enovis Price Performance

Shares of ENOV stock traded down $0.88 during mid-day trading on Friday, reaching $51.25. The company’s stock had a trading volume of 535,023 shares, compared to its average volume of 470,343. Enovis has a 1-year low of $43.04 and a 1-year high of $66.14. The company has a market cap of $2.81 billion, a P/E ratio of -85.46 and a beta of 1.99. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.16 and a current ratio of 2.43. The firm’s 50-day moving average is $59.38 and its two-hundred day moving average is $55.68.

Enovis (NYSE:ENOV) last announced its earnings results on Thursday, May 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The business had revenue of $516.00 million during the quarter, compared to analysts’ expectations of $505.62 million. Enovis had a negative net margin of 1.95% and a positive return on equity of 3.84%. The firm’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. On average, research analysts predict that Enovis will post 2.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Stephens assumed coverage on shares of Enovis in a research report on Tuesday, February 13th. They issued an overweight rating and a $72.00 price objective for the company. UBS Group assumed coverage on shares of Enovis in a research report on Monday, January 22nd. They issued a buy rating and a $75.00 price objective for the company. Canaccord Genuity Group raised their price objective on shares of Enovis from $73.00 to $75.00 and gave the company a buy rating in a research report on Friday, February 23rd. Needham & Company LLC restated a buy rating and issued a $82.00 price objective on shares of Enovis in a research report on Friday. Finally, Wells Fargo & Company raised their price objective on shares of Enovis from $73.00 to $79.00 and gave the company an overweight rating in a research report on Friday, February 23rd. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $75.43.

Enovis Company Profile

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.