08.04.23
Rank: #6 (Last year: #6)
$1.56 Billion
Prior Fiscal: $1.43 Billion
Percentage Change: +13%
R&D Expenditure: $29.5M
Best FY22 Quarter: Q4 $409M
Latest Quarter: Q1 $406M
No. of Employees: 6,800
Global Headquarters: Wilmington, Del.
KEY EXECUTIVES:
Matthew L. Trerotola, Chair & CEO
Ben Berry, CFO
Brady R. Shirley, President & Chief Operating Officer
Enovis has already appeared in the Top 10 as the artist formerly known as DJO. DJO was previously the medtech business of conglomerate firm Colfax, then re-emerged soon after under the new brand. On April 5, 2022 it separated from Colfax to become an independent, publicly traded company under the NYSE ticker “ENOV.”
"With the successful completion of the separation, both ESAB and Enovis are well-positioned to create significant value for their associates, customers, shareholders, and communities around the world,” Matt Trerotola, CEO of Enovis told the press in a release announcing the spinoff’s completion. “We are thrilled about each company’s bright future that is fueled by strong global teams, powerful innovation engines, and a commitment to continuous improvement.”
The newly-formed Enovis began a string of acquisitions a month after leaving the Colfax nest by grabbing Australian company 360 Med Care, the first of its M&A deals since its rebrand of DJO. 360 Med Care offers surgical planning, delivery, and rehabilitation services and became a technology of Enovis, adding a team of engineers, researchers, machinists, and physiotherapists to the Australia, New Zealand, U.S., and India markets the company serves.
Outcome-Based Technologies’ assets were welcomed into Enovis’ fold later in May. The deal added the EXCYABAIR hip brace and CryoKnee knee brace to the company’s portfolio. EXCYABIR aims to boost patient compliance with a lower-profile design and ease of use, featuring modular components so specific protocols can be ordered for each patient. The brace’s soft component has strapping that allows enhanced range of motion restrictions at the hip, and has the option to add stronger pain management via cold therapy that can be paired with the brace.
Following initial investment in 2020 and a follow-on funding round in 2021, Enovis completed a transaction for Insight Medical Systems in July 2022 to boost its enabling technologies for reconstructive surgery. The deal added the flagship ARVIS FDA-cleared augmented reality solution for hip and knee replacement surgery to the company’s arsenal. ARVIS became commercially available in Q3 of 2022 and the Insight team became part of the Enovis Surgical organization in July.
“ARVIS delivers real-time, hands-free surgical guidance at the point of care and is designed to generate measurably better patient outcomes in a streamlined, space-conserving and cost-effective manner compared to traditional robotic offerings,” Brady Shirley, COO of Enovis said in a press release.
Enovis recorded $1.56 billion of revenue in its fiscal 2022, rising 13% over the previous year’s net sales in both business segments. Its Reconstructive business jumped a whopping 33.8% to $535.5 million, mainly due to acquisition-related sales of $93.3 million and existing business sales growth of $47.1 million. The company cited significantly higher sales volumes than the prior year across all product lines, provoked by market outperformance, new product rollouts, and reduced impacts from COVID.
The Prevention & Recovery segment fared admirably with a 4.5% revenue rise to $1.03 billion. Existing business sales swelled because of better sales volumes and inflation-related pricing increases, according to the company’s fiscal year 2022 annual report. Net sales also gained a boost from the 2021 acquisitions of Mathys, Trilliant, and Medshape.
Enovis’ DJO business launched the ProCare MaxTrax and MaxTrax 2.0 Air walking boots last June. The next-gen walking boots have a molded foam insert and trimmable, raised, and rounded counter heel. Malleable double uprights and versatile cross-strapping options help tailor the fit. A low-profile footbed and non-slip rocker promote natural gait and shock absorption, as well. An inflatable, adjustable dual air-cell system maintain limb stability and accommodate edema changes.
June also saw launch of the Arsenal ankle plating system, which contains 37 anatomically designed plates throughout nine plate families for any ankle fracture. Variable ankle locking tech allows a 60-degree angulation cone, multi-lock functionality, accepting repeatable lock and relock of screw to plate interface, and dual lead screws.
A month later, Enovis rolled out the ARVIS (augmented reality visualization and information system) real-time, hands-free augmented reality (AR) tech for hip and knee surgery, which was acquired from Insight Medical Systems. The self-contained, wearable surgical guidance device can either be worn on an ARVIS headband or is compatible with helmets worn in surgery. Essentially, it’s AR-supported surgery through the eyes of the surgeon.
DynaNail Helix entered the foot and ankle market in November. Used for dynamic compression for subtalar fusion, it uses pre-stretched, pre-loaded nitinol compressive element tech loaded on a disposable nail guide and is smaller than previous DynaNail systems. A lack of transverse screws remove the need for manual stretching of the compressive element.
The STAR patient-specific instrumentation (STAR PSI) system for use with the STAR total ankle replacement system achieved FDA approval in December. The system offers a personalized, pre-op plan via 3D visualization of the ankle joint, including info about existing implants and/or bone defects. An updated and simplified surgical technique may also lower operative time during total ankle replacement. Enovis acquired the STAR ankle from Stryker in November 2020.
Enovis appointed a new chief financial officer (CFO) in June of last year. Ben Berry officially succeeded former CFO Chris Hix on January 1, 2023 and Hix transitioned to an advisory role that he will remain in until Q4 of 2023. Berry had previously spent 18 years at eye care company Alcon, which included its launch as an independent public company. During his tenure at Alcon, he served in finance leadership roles of increasing responsibility.
$1.56 Billion
Prior Fiscal: $1.43 Billion
Percentage Change: +13%
R&D Expenditure: $29.5M
Best FY22 Quarter: Q4 $409M
Latest Quarter: Q1 $406M
No. of Employees: 6,800
Global Headquarters: Wilmington, Del.
KEY EXECUTIVES:
Matthew L. Trerotola, Chair & CEO
Ben Berry, CFO
Brady R. Shirley, President & Chief Operating Officer
Enovis has already appeared in the Top 10 as the artist formerly known as DJO. DJO was previously the medtech business of conglomerate firm Colfax, then re-emerged soon after under the new brand. On April 5, 2022 it separated from Colfax to become an independent, publicly traded company under the NYSE ticker “ENOV.”
"With the successful completion of the separation, both ESAB and Enovis are well-positioned to create significant value for their associates, customers, shareholders, and communities around the world,” Matt Trerotola, CEO of Enovis told the press in a release announcing the spinoff’s completion. “We are thrilled about each company’s bright future that is fueled by strong global teams, powerful innovation engines, and a commitment to continuous improvement.”
The newly-formed Enovis began a string of acquisitions a month after leaving the Colfax nest by grabbing Australian company 360 Med Care, the first of its M&A deals since its rebrand of DJO. 360 Med Care offers surgical planning, delivery, and rehabilitation services and became a technology of Enovis, adding a team of engineers, researchers, machinists, and physiotherapists to the Australia, New Zealand, U.S., and India markets the company serves.
Outcome-Based Technologies’ assets were welcomed into Enovis’ fold later in May. The deal added the EXCYABAIR hip brace and CryoKnee knee brace to the company’s portfolio. EXCYABIR aims to boost patient compliance with a lower-profile design and ease of use, featuring modular components so specific protocols can be ordered for each patient. The brace’s soft component has strapping that allows enhanced range of motion restrictions at the hip, and has the option to add stronger pain management via cold therapy that can be paired with the brace.
Following initial investment in 2020 and a follow-on funding round in 2021, Enovis completed a transaction for Insight Medical Systems in July 2022 to boost its enabling technologies for reconstructive surgery. The deal added the flagship ARVIS FDA-cleared augmented reality solution for hip and knee replacement surgery to the company’s arsenal. ARVIS became commercially available in Q3 of 2022 and the Insight team became part of the Enovis Surgical organization in July.
“ARVIS delivers real-time, hands-free surgical guidance at the point of care and is designed to generate measurably better patient outcomes in a streamlined, space-conserving and cost-effective manner compared to traditional robotic offerings,” Brady Shirley, COO of Enovis said in a press release.
Enovis recorded $1.56 billion of revenue in its fiscal 2022, rising 13% over the previous year’s net sales in both business segments. Its Reconstructive business jumped a whopping 33.8% to $535.5 million, mainly due to acquisition-related sales of $93.3 million and existing business sales growth of $47.1 million. The company cited significantly higher sales volumes than the prior year across all product lines, provoked by market outperformance, new product rollouts, and reduced impacts from COVID.
The Prevention & Recovery segment fared admirably with a 4.5% revenue rise to $1.03 billion. Existing business sales swelled because of better sales volumes and inflation-related pricing increases, according to the company’s fiscal year 2022 annual report. Net sales also gained a boost from the 2021 acquisitions of Mathys, Trilliant, and Medshape.
Enovis’ DJO business launched the ProCare MaxTrax and MaxTrax 2.0 Air walking boots last June. The next-gen walking boots have a molded foam insert and trimmable, raised, and rounded counter heel. Malleable double uprights and versatile cross-strapping options help tailor the fit. A low-profile footbed and non-slip rocker promote natural gait and shock absorption, as well. An inflatable, adjustable dual air-cell system maintain limb stability and accommodate edema changes.
June also saw launch of the Arsenal ankle plating system, which contains 37 anatomically designed plates throughout nine plate families for any ankle fracture. Variable ankle locking tech allows a 60-degree angulation cone, multi-lock functionality, accepting repeatable lock and relock of screw to plate interface, and dual lead screws.
A month later, Enovis rolled out the ARVIS (augmented reality visualization and information system) real-time, hands-free augmented reality (AR) tech for hip and knee surgery, which was acquired from Insight Medical Systems. The self-contained, wearable surgical guidance device can either be worn on an ARVIS headband or is compatible with helmets worn in surgery. Essentially, it’s AR-supported surgery through the eyes of the surgeon.
DynaNail Helix entered the foot and ankle market in November. Used for dynamic compression for subtalar fusion, it uses pre-stretched, pre-loaded nitinol compressive element tech loaded on a disposable nail guide and is smaller than previous DynaNail systems. A lack of transverse screws remove the need for manual stretching of the compressive element.
The STAR patient-specific instrumentation (STAR PSI) system for use with the STAR total ankle replacement system achieved FDA approval in December. The system offers a personalized, pre-op plan via 3D visualization of the ankle joint, including info about existing implants and/or bone defects. An updated and simplified surgical technique may also lower operative time during total ankle replacement. Enovis acquired the STAR ankle from Stryker in November 2020.
Enovis appointed a new chief financial officer (CFO) in June of last year. Ben Berry officially succeeded former CFO Chris Hix on January 1, 2023 and Hix transitioned to an advisory role that he will remain in until Q4 of 2023. Berry had previously spent 18 years at eye care company Alcon, which included its launch as an independent public company. During his tenure at Alcon, he served in finance leadership roles of increasing responsibility.