cfx-20260403

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM			10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 3, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-34045

Enovis Corporation

(Exact name of registrant as specified in its charter)


Delaware		54-1887631
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

2711 Centerville Road,	Suite 400
Wilmington,	Delaware	19808
(Address of principal executive offices)		(Zip Code)


(302)			252-9160
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ENOV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 1, 2026, there were 57,562,603 shares of the registrant’s common stock, par value $.001 per share, outstanding.

TABLE OF CONTENTS


			Page
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements			2
Condensed Consolidated Statements of Operations			2
Condensed Consolidated Statements of Comprehensive Income (Loss)			3
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
Note 1. General			7
Note 2. Recently Issued Accounting Pronouncements			7

Note 3. Acquisitions and Investments			8
Note 4. Revenue			8
Note 5. Net Loss Per Share from Continuing Operations			10
Note 6. Income Taxes			10
Note 7. Equity			11

Note 8. Inventories, Net			13
Note 9. Debt			13
Note 10. Accrued Liabilities			15
Note 11. Financial Instruments and Fair Value Measurements			15
Note 12. Commitments and Contingencies			19
Note 13. Segment Information			19

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3. Quantitative and Qualitative Disclosures About Market Risk			40
Item 4. Controls and Procedures			42

PART II - OTHER INFORMATION
Item 1. Legal Proceedings			43
Item 1A. Risk Factors			43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			43
Item 3. Defaults Upon Senior Securities			43
Item 4. Mine Safety Disclosures			43
Item 5. Other Information			43
Item 6. Exhibits			44

SIGNATURES			45

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ENOVIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Dollars in thousands, except per share amounts

(Unaudited)


	Three Months Ended
	April 3, 2026		April 4, 2025
Net sales	$	589,151	$	558,834
Cost of sales	223,666		226,605
Gross profit	365,485		332,229
Selling, general and administrative expense	282,810		269,019
Research and development expense	31,533		28,528
Amortization of acquired intangibles	41,904		41,812
Purchase of royalty interest	—		35,777
Restructuring charges	2,708		3,862

Operating income (loss)	6,530		(46,769)

Interest expense, net	9,169		9,188



Other (income) expense , net	(3,273)		1,392
Income (loss) from continuing operations before income taxes	634		(57,349)
Income tax expense (benefit)	9,045		(1,769)
Net loss from continuing operations	(8,411)		(55,580)



Loss from discontinued operations, net of taxes	(39)		(125)
Net loss	(8,450)		(55,705)
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	314		261

Net loss attributable to Enovis Corporation	$	(8,764)	$	(55,966)
Net income (loss) per share - basic and diluted
Continuing operations	$	(0.15)	$	(0.98)

Consolidated operations	$	(0.15)	$	(0.98)

See Notes to Condensed Consolidated Financial Statements.

ENOVIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Dollars in thousands

(Unaudited)


	Three Months Ended
	April 3, 2026		April 4, 2025
Net loss	$	(8,450)	$	(55,705)
Other comprehensive income (loss):
Foreign currency translation	(17,381)		104,928
Unrealized gain (loss) on hedging activities, net of tax expense (benefit) of $— and $(13,055)	6,243		(41,493)


Amounts reclassified from Accumulated other comprehensive income (loss):
Amortization of pension net actuarial loss, net of tax expense (benefit) of $37 and $(12)	(190)		(26)


Reclassification of hedging gain (loss), net of tax expense (benefit) of $— and $(118)	(1,068)		(385)
Other comprehensive income (loss)	(12,396)		63,024
Comprehensive income (loss)	(20,846)		7,319
Less: comprehensive income attributable to noncontrolling interest	314		383
Comprehensive Income (loss) attributable to Enovis Corporation	$	(21,160)	$	6,936

See Notes to Condensed Consolidated Financial Statements.

ENOVIS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

Dollars in thousands, except share amounts

(Unaudited)


	April 3, 2026		December 31, 2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	33,129	$	36,389

Trade receivables, less allowance for credit losses of $30,219 and $25,609	444,206		442,786
Inventories, net	602,543		584,379
Prepaid expenses	49,517		42,283
Other current assets	110,286		101,222

Total current assets	1,239,681		1,207,059
Property, plant and equipment, net	519,721		507,063
Goodwill	711,903		718,299
Intangible assets, net	1,192,487		1,236,713
Lease asset - right of use	74,500		72,256
Other assets	93,964		93,347

Total assets	$	3,832,256	$	3,834,737

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt	$	35,000	$	35,000
Accounts payable	213,622		187,531
Accrued liabilities	360,043		375,943

Total current liabilities	608,665		598,474
Long-term debt, less current portion	1,290,970		1,261,793
Non-current lease liability	59,324		58,000
Other liabilities	393,805		424,568

Total liabilities	2,352,764		2,342,835
Equity:
Common stock, $0.001 par value; 133,333,333 shares authorized; 57,553,143 and 57,194,781 shares issued and outstanding as of April 3, 2026 and December 31, 2025, respectively	58		57
Additional paid-in capital	3,056,849		3,048,414
Accumulated deficit	(1,476,227)		(1,467,463)
Accumulated other comprehensive loss	(103,759)		(91,363)
Total Enovis Corporation equity	1,476,921		1,489,645
Noncontrolling interest	2,571		2,257
Total equity	1,479,492		1,491,902
Total liabilities and equity	$	3,832,256	$	3,834,737

See Notes to Condensed Consolidated Financial Statements.

ENOVIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Dollars in thousands, except share amounts

(Unaudited)


	Common Stock			Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
	Shares	Amount
Balance at December 31, 2025	57,194,781	$	57		$	3,048,414	$	(1,467,463)	$	(91,363)	$	2,257	$	1,491,902
Net income (loss)	—	—			—		(8,764)		—		314		(8,450)

Other comprehensive income (loss), net of tax expense of $37	—	—			—		—		(12,396)		—		(12,396)

Payments of tax withholding for stock-based awards	—	—			(943)		—		—		—		(943)
Common stock-based award activity	358,362	1			9,378		—		—		—		9,379
Balance at April 3, 2026	57,553,143	$	58		$	3,056,849	$	(1,476,227)	$	(103,759)	$	2,571	$	1,479,492


	Common Stock			Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total
	Shares	Amount
Balance at December 31, 2024	55,876,517	$	56		$	2,973,121	$	(283,023)	$	(127,892)	$	2,067	$	2,564,329
Net income (loss)	—	—			—		(55,966)		—		261		(55,705)

Other comprehensive income, net of tax benefit of $(13,185)	—	—			—		—		62,902		122		63,024
Common stock issued for acquisition	971,343	1			44,409		—		—		—		44,410
Payments of tax withholding for stock-based awards	—	—			(3,447)		—		—		—		(3,447)
Common stock-based award activity	270,781				7,607		—		—		—		7,607
Balance at April 4, 2025	57,118,641	$	57		$	3,021,690	$	(338,989)	$	(64,990)	$	2,450	$	2,620,218

See Notes to Condensed Consolidated Financial Statements.

ENOVIS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Dollars in thousands

(Unaudited)


	Three Months Ended
	April 3, 2026		April 4, 2025
Cash flows from operating activities:
Net loss	$	(8,450)	$	(55,705)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	73,355		71,435


Stock-based compensation expense	8,750		7,407
Non-cash interest expense	1,788		1,348
Fair value loss on contingent acquisition shares	—		1,787



Deferred income tax benefit	(37,711)		(1,769)
Loss (gain) on sale of property, plant and equipment	(75)		(527)

Changes in operating assets and liabilities:
Trade receivables, net	(4,347)		(15,977)
Inventories, net	(22,072)		(23,295)
Accounts payable	26,887		4,189
Other operating assets and liabilities	(14,174)		9,511
Net cash provided by (used in) operating activities	23,951		(1,596)
Cash flows from investing activities:
Purchases of property, plant and equipment and intangibles	(52,804)		(43,262)

Payments for acquisitions, net of cash received, and investments	(291)		(18,858)
Cash received upon settlement of derivatives	—		1,601


Net cash used in investing activities	(53,095)		(60,519)
Cash flows from financing activities:

Repayments of borrowings under term credit facility	(8,750)		(5,000)
Proceeds from borrowings on revolving credit facilities and other	72,000		72,000
Repayments of borrowings on revolving credit facilities and other	(35,516)		(10,438)




Payments of tax withholding for stock-based awards	(943)		(3,447)
Proceeds from issuance of common stock, net	628		341




Deferred consideration payments and other	(1,396)		(2,265)
Net cash provided by financing activities	26,023		51,191
Effect of foreign exchange rates on Cash and cash equivalents	(139)		1,217
Decrease in Cash and cash equivalents	(3,260)		(9,707)
Cash and cash equivalents, beginning of period	36,389		48,167
Cash and cash equivalents, end of period	$	33,129	$	38,460

See Notes to Condensed Consolidated Financial Statements.

ENOVIS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General

Enovis Corporation (the “Company” or “Enovis”) is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. The Company conducts its business through two operating segments, Prevention & Recovery (“P&R”) and Reconstructive (“Recon”). The P&R segment provides orthopedic and recovery science solutions, including devices, software, and services across the patient care continuum from injury prevention to rehabilitation after surgery, injury, or from degenerative disease. The Recon segment provides surgical implant solutions, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger and surgical productivity tools.

The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. The Condensed Consolidated Balance Sheet as of December 31, 2025 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the SEC’s rules and regulations for interim financial statements. The Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), filed with the SEC on February 26, 2026.

The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.

2. Recently Issued Accounting Pronouncements

The Company is currently reviewing updated disclosure requirements related to (“ASU”) 2024-03, Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this ASU clarify the requirements for certain categories of expenses included in expense line items on the face of the income statement to be disclosed in a disaggregated manner in the notes to the financial statements. In addition, the update requires that the entity disclose both the total amount of selling expenses reported and how it defines selling expenses. Update No. 2024-03 is effective, as clarified by ASU No. 2025-01, for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annu