Enovis Reports Strong 2025 Performance, Outlines 2026 Outlook

Medical technology company sees continued organic growth, margin expansion, and improved cash flow conversion.

Published on Feb. 28, 2026

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Enovis (NYSE:ENOV) reported fourth-quarter and full-year 2025 results that management said reflected 'strong performance' across its global organization, while also acknowledging execution shortcomings late in the year and outlining a 2026 outlook that targets continued organic growth, margin expansion, and a step-up in free cash flow conversion.

Why it matters

Enovis is a leading player in the medical technology industry, focused on advancing musculoskeletal health. The company's performance and outlook provide insights into broader trends and challenges facing the sector, including the need to balance innovation, operational execution, and financial discipline.

The details

For the fourth quarter, Enovis posted sales of $576 million, up 3% on a reported basis and up 2% organically. For the full year, the company generated $2.2 billion in sales, representing 7% reported growth and 6% organic growth. Adjusted gross margin rose to 61%, up 170 basis points, driven by favorable mix, ongoing productivity, and realized manufacturing and supply chain synergies. Adjusted EBITDA margin was 17.9%, flat year over year, which the company attributed to higher R&D investment and an inability to fully mitigate tariff impacts. Enovis also returned to positive free cash flow, with $20 million generated in 2025.

  • Enovis reported fourth-quarter and full-year 2025 results on February 28, 2026.
  • The company expects to showcase innovations, including ARVIS, at the AAOS conference in New Orleans in the first half of 2026.

The players

Enovis

A global medical technology company focused on advancing the field of musculoskeletal health.

Damien McDonald

CEO of Enovis.

Ben Berry

CFO of Enovis.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, Grocery employee (Instagram)

What’s next

The company plans to showcase innovations, including ARVIS, at the AAOS conference in New Orleans in the first half of 2026, with domestic rollout expected in the first half of 2026 and international rollout in the second half.

The takeaway

Enovis' strong 2025 performance and 2026 outlook highlight the company's ability to navigate industry challenges, drive innovation, and deliver value for shareholders. The focus on organic growth, margin expansion, and improved cash flow conversion suggests the company is well-positioned to capitalize on opportunities in the musculoskeletal health market.