Orthopedic Implant Player Enovis' M&A Strategy Core To Growth And Competitiveness, Analyst Says
Orthopedic Implant Player Enovis' M&A Strategy Core To Growth And Competitiveness, Analyst Says
These lines enable comprehensive care, addressing patient needs before, during, and after injury or trauma. This broad portfolio provides the scale to compete with major MedTech players and unlocks extensive opportunities for brand expansion.JMP Securities initiated coverage on Enovis Corporation (NYSE:ENOV), a medical technology company focusing on orthopedics.
JMP证券开始覆盖Enovis Corporation（纽交所：ENOV），这是一家专注于骨科的医疗科技公司。
The analyst adds that the company sells a broad portfolio of products, many of which were added via selective acquisitions (around 20 over the last 4.5 years). The analyst views M&A as a core competency.
分析师补充说，该公司销售广泛的产品组合，其中许多是通过有选择性的收购添加的（在过去的4.5年中大约有20次）。分析师认为并购是核心竞争力。
The company's product offerings span large joint reconstruction implants, extremity solutions, and various prevention and recovery franchises.
该公司的产品涵盖大关节重建植入物、端肢解决方案以及各种预防和康复特许经营权。
These lines enable comprehensive care, addressing patient needs before, during, and after injury or trauma. This broad portfolio provides the scale to compete with major MedTech players and unlocks extensive opportunities for brand expansion.
这些产品线可以提供全面的关怀，满足患者在受伤或创伤之前、期间和之后的需求。这一广泛的产品组合提供了与主要医疗科技参与者竞争的规模，并为品牌扩张开启了广泛的机遇。
Earlier this year, Enovis completed the acquisition of LimaCorporate S.p.A, a private global orthopedic company focused on restoring motion via a portfolio of implant solutions, for an enterprise value of approximately 800 million euros (around $850 million).
今年早些时候，Enovis完成了对意大利LimaCorporate S.p.A的收购，后者是一家私营的全球骨科公司，专注于通过一系列植入解决方案恢复运动，收购价格约为8000万欧元（约合8500万美元）。
This second-largest deal in the company's history bodes well for the company.
该公司历史上第二大交易对公司而言前景看好。
Management noted that channel integration was 100% complete in the U.S. and 70% outside the U.S., revenues were tracking slightly better than original guidance, and cost synergies of over $40 million in year three remain intact, with $10-$15 million accruing this year.
管理层指出，在美国的渠道整合已完成100%，而在美国以外的地区已完成70%，营收的表现略优于最初的指引，三年内的成本协同效应保持不变，今年的协同效益为4亿美元，今年将达到1至1.5亿美元。
In the second quarter, Enovis reported sales of $525 million, up 23% on a reported basis and 5% on a Comparable sales basis year-over-year.
第二季度，Enovis报告销售额为52500万美元，按报告基础增长23%，按可比销售基础年增长5%。
"We continue to execute against our plan for the year and are off to a great start integrating our transformational Lima acquisition," said Matt Trerotola, CEO of Enovis.
“我们继续执行今年的计划，并很好地开始整合我们的变革性 Lima 收购，”Enovis的CEO Matt Trerotola 说。
The analyst views the LimaCorporate deal as largely derisked. Peak dis-synergy of ~$10 million occurred in the second quarter of 2024, which is now in the rearview mirror.
分析师认为 LimaCorporate 交易风险已基本解除。大约在2024年第二季度发生的巅峰非协同效应约 1000 万美元，但现已成为过去。
JMP analyst initiates with a Market Outperform rating and a price target of $62.
JMP 分析师启动市场表现评级，目标股价为 62 美元。
Despite a roughly 25% year-to-date decline in the stock and its current valuation at approximately 12x 2026 EPS estimates, JMP Securities says the market has yet to fully recognize the advantages of the acquisition and the progress made in its integration.
尽管股价截至目前年初下跌约 25%，且当前估值约为 2026 年每股收益的约 12 倍，但 JMP 证券表示市场尚未充分认识到该收购的优势和整合过程中取得的进展。
Given these factors, the analyst sees Enovis as undervalued compared to its mid-cap and orthopedic peers and deserving of a higher P/E multiple, especially with upcoming revenue and earnings growth catalysts.
考虑到这些因素，分析师认为 Enovis 相对于中型和骨科同行被低估，应获得更高的市盈率，并且特别是随着即将到来的营业收入和收益增长催化剂。
Price Action: ENOV stock is down 2.02% at $40.02 at the last check on Thursday.
股价走势：ENOV 股价在周四最后一次检查时下跌了 2.02%，报 40.02 美元。
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