08.12.22
Rank: #6 (Last year: #6)
$1.43 Billion
Prior Fiscal: $1.12 Billion
Percentage Change: +27.7%
R&D Expenditure: $88.8M
Best FY21 Quarter: Q4 $399M
Latest Quarter: Q1 $375M
No. of Employees: 16,200
Global Headquarters: Wilmington, Del.
KEY EXECUTIVES:
Matthew L. Trerotola, CEO
Christopher Hix, Exec. VP and CFO
Brady R. Shirley, President and COO
Daniel A. Pryor, Exec. VP, Strategy and Business Development
The name may not look familiar yet, but the business should ring a few bells.
In February 2019, diversified firm Colfax Corporation closed its acquisition of Top 10 denizen DJO Global, where it became Colfax’s Medical Technology segment. In 2020, DJO returned to the list of the orthopedic elites once again. It remained as DJO in the last year’s Top 10 report, claiming the number six spot.
Last March, Colfax announced it was separating its fabrication and specialty medical technology businesses into two differentiated, independent, and publicly traded companies. Simply called “MedTechCo” at that point, the new company was expected to completely leave the Colfax nest by Q1 of this year, along with the separate fab tech business. The medtech business was expected to generate about $1.4 billion of sales at the time.
As expected, the split was announced right after Q1’s end this year during the first week of April. The fabrication tech business became ESAB Corporation, and the medical technology business emerged as Enovis, which is now trading on the NYSE as “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 commented to the press. “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.”
Since Enovis didn’t become an entity until after its fiscal 2021, the company still reported last year’s financial results as the Medical Technology segment of Colfax Corporation. The initial estimate for the “new” company’s revenue was nearly spot on—the segment now known as Enovis Corporation accrued $1.43 billion in its 2021 fiscal year, jumping 27.7% from COVID-stifled 2020. The increase came primarily due to recovery from the COVID-related sales downturn, inflation-related pricing increases, sales from acquisitions, and to a lesser extent, new product sales.
Prevention & Recovery products accounted for $1.02 billion of last year’s sales, rising 18.9%. The remaining sales were for Reconstructive products, which grew an impressive 55.4% to reach just over $400 million in revenue last year due to market outperformance and new product launches.
Last January, the company bought foot and ankle orthopedic implant provider Trilliant Surgical. The former company’s Arsenal foot plating system has features designed for greater flexibility and speed of implant placement, as well as less waste and reduced operating room time. Arsenal addresses a variety of mid- and hind-foot procedures and Enovis plans to extend it to ankle procedures as well.
Last April, the firm acquired MedShape Inc., an orthopedic device firm that manufactures foot and ankle solutions using a patented superelastic nickel titanium (NiTiNOL) shape memory alloy and shape memory polymer technologies. The deal added devices for fracture fixation, joint fusion, and soft tissue injury repair to Enovis’ portfolio. NiTiNOL’s superelastic properties help create devices that participate and respond to surgical site changes like bone resorption, maintaining compression and bony apposition throughout the healing process.
The company began its acquisition of Mathys AG Bettlach last June. Founded in 1946 with production sites in Switzerland and Germany—as well as sales and service subsidiaries in Europe and Asia—Mathys develops and distributes artificial joint replacement, synthetic bone graft, and sports medicine products. The transaction added a successful channel outside of the U.S. for Enovis’ joint replacement products, as well as Mathys’ RM Pressfit vitamys Monobloc acetabular cup. The deal was completed near the end of last July with a price tag of about $285 million.
Last August saw release of the EMPOWR Dual Mobility hip system at the American Academy of Orthopaedic Surgeons (AAOS) annual meeting. According to Enovis, EMPOWR Dual Mobility has the largest assembled head size for a given cup size. It touts a locking mechanism aided by a uniquely designed dome peg and locking tabs. The mechanism helps to achieve robust cup-liner alignment, enhancing resistance to corrosion. All polyethylene bearings are made of HXe+, a crosslinked material blended with Vitamin E, to reduce oxidation and long-term wear.
Enovis launched its first MedShape product, the DynaNail Hybrid fusion system, in September. DynaNail Hybrid has a combined screw/nail design—a threaded, screw-like tip complements bone anatomy and eases insertion. The distal transverse calcaneal screw offers stability and prevents device migration, like a nail. The proprietary internal superelastic NiTiNOL element responds to up to 5 mm of bone settling or resorption at the healing site (depending on implant length).
$1.43 Billion
Prior Fiscal: $1.12 Billion
Percentage Change: +27.7%
R&D Expenditure: $88.8M
Best FY21 Quarter: Q4 $399M
Latest Quarter: Q1 $375M
No. of Employees: 16,200
Global Headquarters: Wilmington, Del.
KEY EXECUTIVES:
Matthew L. Trerotola, CEO
Christopher Hix, Exec. VP and CFO
Brady R. Shirley, President and COO
Daniel A. Pryor, Exec. VP, Strategy and Business Development
The name may not look familiar yet, but the business should ring a few bells.
In February 2019, diversified firm Colfax Corporation closed its acquisition of Top 10 denizen DJO Global, where it became Colfax’s Medical Technology segment. In 2020, DJO returned to the list of the orthopedic elites once again. It remained as DJO in the last year’s Top 10 report, claiming the number six spot.
Last March, Colfax announced it was separating its fabrication and specialty medical technology businesses into two differentiated, independent, and publicly traded companies. Simply called “MedTechCo” at that point, the new company was expected to completely leave the Colfax nest by Q1 of this year, along with the separate fab tech business. The medtech business was expected to generate about $1.4 billion of sales at the time.
As expected, the split was announced right after Q1’s end this year during the first week of April. The fabrication tech business became ESAB Corporation, and the medical technology business emerged as Enovis, which is now trading on the NYSE as “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 commented to the press. “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.”
Since Enovis didn’t become an entity until after its fiscal 2021, the company still reported last year’s financial results as the Medical Technology segment of Colfax Corporation. The initial estimate for the “new” company’s revenue was nearly spot on—the segment now known as Enovis Corporation accrued $1.43 billion in its 2021 fiscal year, jumping 27.7% from COVID-stifled 2020. The increase came primarily due to recovery from the COVID-related sales downturn, inflation-related pricing increases, sales from acquisitions, and to a lesser extent, new product sales.
Prevention & Recovery products accounted for $1.02 billion of last year’s sales, rising 18.9%. The remaining sales were for Reconstructive products, which grew an impressive 55.4% to reach just over $400 million in revenue last year due to market outperformance and new product launches.
Last January, the company bought foot and ankle orthopedic implant provider Trilliant Surgical. The former company’s Arsenal foot plating system has features designed for greater flexibility and speed of implant placement, as well as less waste and reduced operating room time. Arsenal addresses a variety of mid- and hind-foot procedures and Enovis plans to extend it to ankle procedures as well.
Last April, the firm acquired MedShape Inc., an orthopedic device firm that manufactures foot and ankle solutions using a patented superelastic nickel titanium (NiTiNOL) shape memory alloy and shape memory polymer technologies. The deal added devices for fracture fixation, joint fusion, and soft tissue injury repair to Enovis’ portfolio. NiTiNOL’s superelastic properties help create devices that participate and respond to surgical site changes like bone resorption, maintaining compression and bony apposition throughout the healing process.
The company began its acquisition of Mathys AG Bettlach last June. Founded in 1946 with production sites in Switzerland and Germany—as well as sales and service subsidiaries in Europe and Asia—Mathys develops and distributes artificial joint replacement, synthetic bone graft, and sports medicine products. The transaction added a successful channel outside of the U.S. for Enovis’ joint replacement products, as well as Mathys’ RM Pressfit vitamys Monobloc acetabular cup. The deal was completed near the end of last July with a price tag of about $285 million.
Last August saw release of the EMPOWR Dual Mobility hip system at the American Academy of Orthopaedic Surgeons (AAOS) annual meeting. According to Enovis, EMPOWR Dual Mobility has the largest assembled head size for a given cup size. It touts a locking mechanism aided by a uniquely designed dome peg and locking tabs. The mechanism helps to achieve robust cup-liner alignment, enhancing resistance to corrosion. All polyethylene bearings are made of HXe+, a crosslinked material blended with Vitamin E, to reduce oxidation and long-term wear.
Enovis launched its first MedShape product, the DynaNail Hybrid fusion system, in September. DynaNail Hybrid has a combined screw/nail design—a threaded, screw-like tip complements bone anatomy and eases insertion. The distal transverse calcaneal screw offers stability and prevents device migration, like a nail. The proprietary internal superelastic NiTiNOL element responds to up to 5 mm of bone settling or resorption at the healing site (depending on implant length).