Enovis Corporation · NYSE:ENOV
Enovis — Q1 2023 Earnings Presentation
16 slides from Enovis's earnings presentation, May 4, 2023
Slide 1: First Quarter 2023 Results
First Quarter 2023 Results May 4, 2023
Slide 2: Forward-looking Statements Non-GAAP Financial Information
Forward-looking Statements Non-GAAP Financial Information This presentation includes forward-looking statements, including forward-looking statements Enovis has provided in this presentation financial information that has not been prepared in accordance with within the meaning of the U.S. Private Se
Slide 3: Q1 2023 Highlights
Q1 2023 Highlights • Achieved strong organic growth of 9% • 19% organic growth in Recon • 4% organic growth in P&R • Expanded adjusted EBITDA margins 120 basis points • Inflation stabilizing, mix effect from strong Recon sales • Continued strategic M&A execution • Strengthening Foot & Ankle franchis
Slide 4: Q1 Reconstructive Segment Sales Performance
Q1 Reconstructive Segment Sales Performance Reconstructive Q1 Sales • Strong Double-digit US growth • Knees & hips organic growth of 22% Growth: Organic sales +19%; total reported sales +19% • Extremities organic growth of 14%, led by shoulder • International organic growth >20%, led by hip/knee Q1
Slide 5: Strengthening Position in Fast-Growing F&A Market
Strengthening Position in Fast-Growing F&A Market offerings Recently signed M&A 1 Novastep® (MIS Bunion) 2 1 External Leading MIS • Strengthens position in $0.9B bunion Ankle Fracture Fixation solution segment, the largest and fastest-growing part of the F&A market • CE marked forefoot and midfoot i
Slide 6: Q1 Prevention & Recovery Segment Sales Performance
Q1 Prevention & Recovery Segment Sales Performance P&R Q1 Sales • Organic growth of 4% Growth: Organic sales +4%; total reported 2.4% • Volume rebounded from slow Q4 Sales Per Day Growth (%) 4.9 3.5 4.0 3.9 4.1 1.3 Bracing Q1 23 FY ’22 Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Sales Recovery Sciences $251m
Slide 7: P&L Performance
P&L Performance FY 202 millions Q1 2022 Q1 2023 • HSD organic sales growth of +9%, led by Recon $1,563 Net Sales $375 $406 • +170 bps of gross margin improvement, driven $884 by mix and progress on price vs. cost 56.5% Adj. Gross Profit $212 $235 Margin 56.3% 58.0% • Increased investments in R&D to
Slide 8: Full Year 2023 Outlook
Full Year 2023 Outlook February May Comments Organic Sales Growth 5-6% (cc) 6-7% (cc) • Increased growth and profit outlook aEBITDA $255-$265mm $259-$267mm • Recent M&A activity is included in Depreciation ~$85mm ~$85mm outlook: Interest Expense ~$23mm ~$23mm • $25-30mm annualized revenue • Small pr
Slide 9: Summary
Summary • Strong performance to start the year, increased FY guidance • High-single-digit growth in Q1, further momentum for creating a HSD growth engine fueled by innovation • Strong margin improvement in Q1, clear path for sustainable >50bps annual improvement through mix, productivity and scale •
Slide 10: Appendix
Appendix enovis. Creating Better Together” 10
Slide 11: QTD Enovis Sales Bridge
QTD Enovis Sales Bridge © 2023 Enovis Corporation
Slide 12: QTD Enovis aEPS Reconciliation
QTD Enovis aEPS Reconciliation © 2023 Enovis Corporation
Slide 13: QTD Enovis aEBITDA Reconciliation
QTD Enovis aEBITDA Reconciliation © 2023 Enovis Corporation
Slide 14: Q1'23 GAAP to Adjusted Non-GAAP Financial Measures
Q1’23 GAAP to Adjusted Non-GAAP Financial Measures © 2023 Enovis Corporation
Slide 15: Q1'22 GAAP to Adjusted Non-GAAP Financial Measures
Q1’22 GAAP to Adjusted Non-GAAP Financial Measures © 2023 Enovis Corporation
Slide 16: (de) M
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