Enovis Corporation · NYSE:ENOV
Enovis — 2026 J.P. Morgan Healthcare Conference
24 slides from Enovis's conference presentation, January 2026
Slide 1: 2026 JP Morgan Healthcare Conference
2026 JP Morgan Healthcare Conference Damien McDonald Ben Berry Kyle Rose Chief Executive Officer Chief Financial Officer Vice President, Investor Relations
Slide 2: Forward-looking Statements Non-GAAP Financial Information
Forward-looking Statements Non-GAAP Financial Information Enovis has provided in this presentation financial information that has not been prepared in accordance with accounting principles generally This presentation includes forward-looking statements, including accepted in the United States of Ame
Slide 3: Enovis at a Glance
ENOVIS at a Glance Updated Guidance For 2025 Two Attractive Ortho Business Segments Fast growing reconstructive (Recon) platform Sales Y/Y Growth aEBITDA • Above market growth engine with attractive portfolio ~$2.24-2.25B ~6% Organic $400-405M • ~50% of business in fast growing extremities (shoulder
Slide 4: The Fundamentals of Our Strategy
The Fundamentals of Our Strategy Aggressively Grow Recon Shape P&R Gain market share in Recon through advantaged products, Shape P&R to higher growth and gross margin while continuous innovation & global expansion maintaining strong FCF profile Commercial Operating Financial Execution & Innovation E
Slide 5: Consistent Financial Execution Since Spin in 2022
Consistent Financial Execution Since Spin in 2022 Revenues Adjusted Gross Margins Adjusted EBITDA Margins $2.24-2.25B 17.9% +12% 2.1 59.3% 15.8% 56.5% 58.2% 15.1% 55.7% 14.4% 1.7 1.6 1.4 Recon P&R 2021 2022 2023 2024 2025g 2021 2022 2023 2024 2021 2022 2023 2024 Continuing to Drive Balanced Growth a
Slide 6: Transformation Via +20 Acquisitions
Transformation Via +20 Acquisitions Key Themes: Globalize Recon Build differentiated F&A Advance Enabling Technology Shape P&R to Higher Growth LiteCure 2 technology Lima Orthopedics Laser acquisitions- Dr. Comfort MedShape (Divestiture) Trilliant NovaStep Mathys 2020 2021 2022 2023 2024 2025g $2.1B
Slide 7: Shaping Our Company Towards Higher Growth
Shaping Our Company Towards Higher Growth Percent Mix of Total Enovis Sales1 High Growth Categories (HSD/LDD CAGR): $2.24-2.25B • Shoulder High Growth Categories • Foot & Ankle Moderate Growth Categories • Knee Low Growth Categories • Recovery Sciences / New modalities / Bone Growth Stimulation $1.4
Slide 8: Intentional Global Diversification – Fuels Growth & Margin
Intentional Global Diversification – Fuels Growth & Margin International as percentage of Enovis sales: 2019 27% 2025* >42% Shareholder Value Driven By: • Focused M&A to build direct & indirect channels • Expansion via entry into select, profitable markets • Portfolio cross-selling is a durable, mul
Slide 9: We Are At An Inflection Point In Our Journey
We Are At An Inflection Point In Our Journey What we have done over the last 5+ years has Looking forward, we want to be a more integrated MedTech created a strong foundation… company that can drive accelerated performance with… ▪ Developed a standalone business following a ▪ Building a One Enovis m
Slide 10: Our Vision is to be the Leading Mobility Health MedTech Company
Our Vision is to be the Leading Mobility Health MedTech Company The key to longevity is ... ... We are an end-to-end mobility health company Brain Diagnosis Full health Prevention and Surgery Recovery mobility planning Mobility health Gut health • Brand & contracting leverage with hospitals, surgeon
Slide 11: $1.1B Reconstructive Innovator with Attractive Portfolio and Mix
$1.1B Reconstructive Innovator with Attractive Portfolio and Mix 1 Recon Sales & Market Position Market Leadership Foot & Ankle • Differentiated products and robust innovation engine & capabilities $23B market Shoulder • Still very early stages of realizing global cross-selling benefits expected to
Slide 12: Where and How we Continue to Win in Recon
Where and How we Continue to Win in Recon Powerful Differentiated Commercial Leading Innovation Technologies Excellence Cadence • Leading kinematic designs for knee and • World class KOLs and Medical Education • Improved NPI processes to streamline shoulder implants programs development timelines an
Slide 13: Market Leader in Prevention & Recovery with Differentiated Brands
Market Leader in Prevention & Recovery with Differentiated Brands 1 P&R Sales & Market Position Market Leadership Other2 • Industry-defining products across Orthopedics • Sustainable demographic and conservative care demand $5B market Bracing drivers expected to ~$1.1B • MotionMD® workflow software
Slide 14: Shaping P&R - Driving Core Growth & Accelerating Key Strategies
Shaping P&R - Driving Core Growth & Accelerating Key Strategies Continue Shaping Drive Operational Excellence & Focus on Healthcare & Digital the Portfolio Cash Flow Solutions Growth • >50% of products/solutions now growing at • Continue efficient cash generation (+100% • Leverage leading MotionMD®
Slide 15: We have had a robust cadence of major product launches
We have had a robust cadence of major product launches 2023-2025 Knee 2026 Key Highlights EMPOWR Revision Zuk Revision Cones Launch Arvis 2.0 with a multi year cadence of new Hip applications across the global recon portfolio. Nebula OrthoDrive Provides a broad foundation Impactor Optimys with for p
Slide 16: Unlocking Cash Flow Generation
Unlocking Cash Flow Generation Free Cash Flow Conversion Bridge Drivers of improvement FCF/Adjusted Net Income 70%+ • Integration costs: Reduction of expenses as acquisition pace slows • Working Capital: 25%+ Scale and productivity opportunities in inventory • CAPEX: Cost and Operational efficiency
Slide 17: Understanding Capex for Growth
Understanding Capex for Growth 2025 CAPEX by Category CAPEX as a percentage of sales Percent of total, % Percent of total Enovis, % Capacity Expansion Scale and efficiency drive leverage with offsets from Recon growth 9 ~8 Productivity Instruments ~50% Maintenance IT/Integration Other R&D 2024 2025
Slide 18: We Are Shaping Our Future
We Are Shaping Our Future: Enovis is committed to innovation, commercial excellence, consistent operating leverage and delivering shareholder value over our long-range plan M/HSD Organic +50 bps annual +70% FCF growth margin expansion conversion HSD/DD Recon + LSD/MSD P&R Scaling over time Looking t
Slide 19: Appendix
Appendix j INK MV,
Slide 20: 2025 Guidance Update
2025 Guidance Update Reported Revenue Adjusted EBITDA Adjusted EPS $2.24-2.25B $400-405M $3.25-$3.35 (from $2.24-2.27B) (from $395-405M) (from $3.10-$3.25) expected to grow: High single-digit Recon Low single-digit P&R Guidance Within Range of Last Update, Reiterate Positive Free Cash Flow for FY ©
Slide 21: Gross Margin Bridge
Gross Margin Bridge Enovis Corporation Reconciliation of Gross Margin (GAAP) to Adjusted Gross Margin (non-GAAP) Dollars in millions (Unaudited) Year Ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 Net Sales $ 2,107.6 $ 1,707.2 $ 1,563.1 $ 1,426.2 Gross profit $ 1,108.8
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation © 2026 Enovis Corporation
Slide 23: Free Cash Flow Conversion
Free Cash Flow Conversion Enovis Corporation Reconciliation of Free Cash Flow Conversion Dollars in millions (Unaudited) Year Ended December 31, 2024 Net cash provided by (used in) operating activities $ 113.5 Purchases of property, plant and equipment and intangibles (180.7) Free Cash Flow $ (67.2)
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