Enovis (ENOV) Q2 2026 earnings summary

Executive summary

• Achieved 5% organic growth in Q2 2026, with net sales of $583 million, driven by strong commercial execution, product innovation, and favorable foreign currency impacts, partially offset by the Dr. Comfort divestiture.

• Reconstructive segment saw 8% reported and 6% organic growth, with strong international performance and double-digit growth in shoulders; Prevention & Recovery segment declined 1% reported but grew 3% organic.

• New product launches, especially Nebula and ARVIS, are driving customer conversions, market share gains, and above-market growth in both Recon and P&R segments.

• Free cash flow generation reached $31 million in Q2, up $27 million year-over-year, turning positive for the first half.

• Adjusted net earnings per diluted share were $0.90, with adjusted EBITDA margin at 17.9% and net loss for the quarter narrowed to $1 million.

Financial highlights

• Q2 2026 net sales were $583 million (+3% reported, +5% organic), with gross profit margin improving to 61.6%–61.7% from 59.3%–59.4% year-over-year.

• Adjusted EBITDA was $104 million (17.9% margin), up from $91 million (16.2% margin) year-over-year.

• Adjusted EPS increased to $0.90 from $0.72 year-over-year.

• Free cash flow was $31 million in Q2, with cash flow from operating activities for the first six months at $99 million.

• Adjusted net income from continuing operations was $52.2 million, up from $41.3 million year-over-year.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $2.31–$2.37 billion, with 4–6% organic growth expected and a 0.5–1.5% FX tailwind.

• Adjusted EBITDA guidance set at $425–$435 million; adjusted EPS expected between $3.52 and $3.73.

• Free cash flow conversion expected to be 25% or higher for the year.

• Anticipates a seasonally softer Q3 due to Western Europe market conditions and Middle East conflict.

• Dr. Comfort divestiture to be a 1.8%–2.6% headwind to reported revenue growth.