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Enovis Corporation (NYSE:ENOV), a Delaware-incorporated company specializing in orthopedic, prosthetic, and surgical appliances and supplies, has filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC). Today, the filing detailed the resale of up to 971,343 shares of its common stock by Emil Holding II S.à r.l., the former shareholder of LimaCorporate S.p.A. The company, currently valued at $2.66 billion, has shown strong liquidity with a current ratio of 2.27x, according to InvestingPro data.
These shares are part of the second tranche issued to Emil as consideration for Enovis's acquisition of LimaCorporate, with the first tranche having been issued on July 16, 2024. The second tranche was issued on January 15, 2025, under the conditions stipulated in the share purchase agreement of the acquisition. The prospectus supplement enables the resale of these shares by Emil.
The announcement follows Enovis's initial filing of an automatic shelf registration statement on Form S-3 on February 22, 2024. The company has also provided the legal opinion of Latham & Watkins LLP regarding the legality of the securities covered by the prospectus supplement, attached as Exhibit 5.1 in the 8-K filing.
This move allows Emil to potentially liquidate its holdings received as part of the LimaCorporate transaction. The legal opinion included in the filing is a routine part of the process to confirm the validity of the securities for potential buyers.
The information in this article is based on the company's recent SEC filing.
In other recent news, Enovis reported a significant year-over-year revenue increase of 21%, reaching $505 million in its third quarter 2024 earnings call. Adjusted EBITDA margins also improved by 220 basis points to 17.9%. Amid these financial developments, Enovis announced the appointment of Davide Visentin as the new President of Enovis International Surgical. Visentin, an experienced MedTech executive, brings over two decades of healthcare industry expertise to his new role at Enovis.
The company also narrowed its Q4 revenue guidance and raised its adjusted earnings per share forecast, indicating strong performance expectations. The Recon segment, which now constitutes over 50% of the company's revenue, grew by 57%. Enovis is also focusing on integrating Lima, which is expected to have a negative revenue impact of $20 million to $30 million. These are the recent developments in the company's performance and strategy.
The company's leadership remains confident about future growth, driven by new product launches and integration synergies. Analysts from InvestingPro project profitability for Enovis this year, based on the company's strong financial health score.
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