$2.11 Billion
Prior Fiscal: $1.71 Billion
Percentage Change: +23.4%
R&D Expenditure: $91.3M
Best FY24 Quarter: Q4 $561M
Latest Quarter: Q2 $565M
No. of Employees: 7,000
Global Headquarters: Wilmington, Del.

At the beginning of 2024, Enovis completed the orthopedic device industry’s largest merger and acquisition deal of the year—the €800 million ($886 million) purchase of Italian orthopedic leader LimaCorporate.

The company boasted about 1,000 employees across more than 15 locations globally. It bolsters Enovis’ position in the global orthopedic reconstruction market with a complementary portfolio of proven surgical solutions and technologies. Further, Lima’s arsenal includes 3D-printed Trabecular titanium implants and a comprehensive revision offering in shoulders, further strengthening Enovis’ standing in the fast-growing extremities market.

“The combination brings Enovis’ recon segment to $1 billion in revenues and creates a fast-growing innovator in the global orthopedic reconstruction market,” said then-chair and CEO Matt Trerotola. “This is another great example of how we use strategic acquisitions to accelerate our growth, add great technologies and talent to our company, and drive compounding value….”

In February (2025), the company revealed Trerotola would retire after three years of leading Enovis and seven years of leading Colfax Corporation. He will continue as an employee and executive advisor for a year following the announcement.

“Working with the team at Enovis has been a great honor,” said Trerotola. “I am deeply proud of all that we have accomplished over my tenure. Today, Enovis is a global company that is well positioned for continued growth thanks to our high-quality portfolio, focus on continuous improvement, and exceptional team. Given the company’s strong position, now is the right time to plan the transition to our next leader. I am excited to work closely with the board to support a smooth handover and look forward to watching the business continue its industry leadership and above-market growth.”

In May, former LivaNova CEO Damien McDonald became the company’s new chief executive. McDonald led LivaNova for six years, and was previously a group executive and corporate VP leading a $1.5 billion group of dental consumables companies at Danaher. He also led Zimmer’s spine division and global marketing for Johnson & Johnson’s Ethicon business.

Thanks to LimaCorporate’s entry into the Enovis portfolio, the company topped $2 billion in fiscal 2024 (ended Dec. 31) sales for the first time. Enovis posted $2.11 billion of revenue last year, rising a healthy 23.4% over the previous year.

The company’s Prevention & Recovery (P&R) business generated $1.1 billion in sales last year, climbing 1.9% over the prior year. U.S. Bracing and Support proceeds climbed 2.8% to reach $469.3 million. U.S. Other P&R sales were flat at $270.7 million, and International P&R revenue lightly ascended 2% to $357.9 million.

The company’s DJO subsidiary launched the DonJoy ROAM OA (osteoarthritis) knee brace in January (2024). The brace unloads the pressure of unicompartmental OA and shifts weight away from the affective knee to relieve pain, improve stability, and boost mobility. Magnetic clips help align the strap connection points to enhance confidence, even with eyesight or dexterity challenges. “Set-and-Forget” technology lets patients easily put the brace on and off without changing provider settings.

Dynamic strapping and a unique condyle harness avoids sensitive skin in the popliteal space, while providing comfortable pressure to activate proprioception on the opposite side of the knee with maximal unloading during extension. A custom-fabricated brace option provides an optimal height setting, cuff sizing, and strap lengths that mitigate migration.

The Intelect Legend 2 and Intelect Transport 2 electrotherapy devices from Enovis Recovery Sciences’ Chattanooga portfolio hit the shelves in February (2024). Both are powered by a variable muscle stimulation (VMS) waveform with an alternating frequency pattern that allows for greater muscle contractions, less discomfort, and less neural fatigue. Legend 2 allows users to set up a treatment by choosing an indication instead of a technical waveform to help therapists determine effective treatment. Commonly used protocols can be saved and added as a shortcut.

In addition to being lightweight, portable, and durable, Transport 2 has a battery powered option for treatment in any environment. It has new ultrasound applicators with improved coupling detection and monitoring to ensure correct energy delivery.

Reconstructive business sales were heavily impacted by the integration of LimaCorporate’s substantial portfolio last year. The segment’s $1.01 billion in revenue represented an impressive 60% climb over the previous year.

U.S. Reconstructive sales totaled $505.6 million, rocketing upward 18.6%. International Reconstructive sales more than doubled thanks to the addition of LimaCorporate’s strong international presence—the business pocketed $504 million in revenue last year, ballooning 147%.

The AltiVate Reverse glenoid system made its debut in July (2024) after earning FDA clearance two months prior. The system features a modular baseplate with neutral and 15-degree wedge options, as well as multiple central screw lengths and diameters. The baseplate boss was designed to be more bone-sparing than currently available baseplates, with a comparable central through-screw design to minimize volume of bone removed and preserve the glenoid vault. It adds four new glenospheres to the company’s RSP offering for a more comprehensive selection.

A month later, the company unveiled the Scandinavian Total Ankle Replacement (STAR Ankle) with e+ Polyethylene. e+ Polyethylene contains the free radical-neutralizing antioxidant vitamin E—the material resists oxidation and maintains consistent wear rates and stable mechanical properties over time. Upon FDA approval, the STAR Ankle became the first and only mobile bearing ankle system with e+ Polyethylene in the U.S.

Also in August came the expansion of Enovis’ EMPOWR revision knee to include EMPOWR Cones. The stackable tibial, femoral, and diaphyseal cones increase options to treat bone defects and support complex revisions. EMPOWR’s femoral and tibial stackable augments can be used both medially and laterally to reduce excess inventory. Multifunctional instrumentation keeps the surgical back table efficiently organized as well.

In September, the company revealed Tarsoplasty, a new approach to the Lapidus bunionectomy. It features next-gen instruments and implants for a more guided, reproducible, percutaneous procedure, helping reduce operative time and improve recovery outcomes. Tarsoplasty’s unibody feature allows attachment of multiple instruments to aid in percutaneous resection, anatomical alignment, and accurate implant placement.

Its cutting window attaches to the device to assist with resection, and accepts various burr sizes to ensure complete joint removal. The unibody design also facilitates controlled transverse, frontal, and sagittal plane correction. After achieving the desired reduction, 15 mm of compression can be applied across the joint to ensure bone-on-bone contact.

$1.71 Billion
No. of Employees: 6,550

In 2022, Enovis was born as part of a split from ESAB Corporation (together, the two firms comprised Colfax). Clearly, the orthopedic technology entity saw the opportunity to celebrate its emergence as a single-focused organization in its first full fiscal year of 2023 with substantial activity to demonstrate its commitment to serving the industry. It also addressed its future with the announcement of executive repositioning that will take place in 2025.

Almost a year to the day after its debut as Enovis, the company announced it was seeking to grow its capabilities. Specifically, the firm declared its intention to purchase Novastep, a subsidiary of Amplitude Surgical SA and global developer of foot and ankle solutions. At a cost of approximately €68 million, Novastep brought with it about $20 million in annual revenue and its leading MIS bunion system—Pecaplasty. According to Enovis, the product provides surgeons with predictable, accurate, and controlled implant placement. The buy also supplied CE-marked forefoot and midfoot implants, as well as a solid OUS presence.

A second transaction announcement, however, will likely be much more impactful to the company’s future. That took place in September and involved the €800 million purchase of LimaCorporate S.p.A., a privately held global orthopedic device firm focused on technological solutions, including digital innovation and patient-tailored hardware, developed to empower surgeons and improve patient outcomes following joint replacement surgery.

According to Enovis, the deal provides a number of strategic benefits. First, it helps the organization establish an almost $1 billion revenue reconstruction business with a heavy mix for the fast-growing extremities markets. Also, it’s anticipated to help expand international scale for complementary products. In addition, it brings Lima’s 3D-printed Trabecular Titanium and a comprehensive revision offering into the Enovis fold.

“We are confident the acquisition of Lima will enable us to build on our strong growth trajectory and global leadership in orthopedic solutions to create immediate and sustainable value for our patients, customers, employees, and shareholders,” said Matt Trerotola, chair and CEO of Enovis. “With Lima’s complementary surgical solutions and customers, we will have the opportunity to enlarge our profitable recon portfolio and further expand our global presence. In addition, this acquisition will enable us to deliver enhanced financial results through significant cross-selling revenue growth opportunities and meaningful cost synergies.”

The company also achieved organic growth with two product launches, the first of which occurred just a couple of weeks after the start of the new year. The DynaClip Delta and DynaClip Quattro bone staples were added to the firm’s foot and ankle portfolio and the DynaClip family of bone fixation systems. Designed to offer surgeons ease-of-use and procedural efficiency in the operating room, the staples are pre-loaded on disposable inserters that facilitate quick deployment and accurate leg positioning. In addition, the Delta staples deliver faster and easier first metatarsophalangeal fusion procedures. Research suggests the DynaClip Delta Bone Fixation System has the stiffness of a traditional plate and lag screw construct, and the dynamic aspect of the staple greatly reduces permanent gapping.

ANALYST INSIGHT: “Formerly DJO, Enovis is emerging as a serious player in digital orthopedics and modular implants (due to its Lima acquisition), The key question is: Can Enovis break into the top five orthopedic market players share to gain above market growth for 2026 and the future?”

—Dave Sheppard, Co-Founder and Managing Director, MedWorld Advisors

Then, about a week after the organization shared its Novastep acquisition announcement, it also launched the Enofix with Constrictor Technology, another addition to its foot and ankle portfolio. According to the company, this syndesmotic repair system demonstrates superior fixation under cyclic loading. It features a knotless adjustable and low-profile button. The suture is a custom Dunamis Medical fiber made of UHMWPE.

This bevy of new additions through organic and inorganic means will undoubtedly continue the growth trajectory Enovis has enjoyed. Its 2023 tally represented a 9.2% rise over the previous year, with a $1.71 billion final figure. This gain almost matched its 9.6% growth from the prior fiscal. The latest increase was primarily attributed to an increase in sales within existing businesses across both Prevention & Recovery (P&R) and Reconstructive (Recon). To a lesser degree, company acquisitions and favorable foreign currency exchanges were also deemed responsible.

P&R provided $1.08 billion to the bottom line, representing a 4.8% elevation compared to the prior year. The primary driver was again noted as organic growth in existing businesses, aided by pricing increases to mitigate inflation. The division’s gross profit grew $39.3 million.

Sister unit Recon ballooned by 17.7% to finish the year at $630.4 million. The impressive gains were reported to be due to higher sales volumes driven by broad market strength and market outperformance.

Seeking to continue the positive vibes without disruption, the organization planned for its future well ahead of time to give plenty of ramp-up for a transition among several senior leadership members. In early December, Enovis President and COO Brady R. Shirley shared his retirement plan with the company’s Board of Directors. He would step down from his role on April 1, 2024, and move into an executive advisor position to help shepherd the integration of LimaCorporate. He would then officially retire from the organization a year later on the same date in 2025.

“Brady has been recognized as one of the most knowledgeable and inspirational leaders in the orthopedics industry over the course of his 30-plus year career,” explained Trerotola “Since joining Enovis following our acquisition of DJO in 2019, he has played an instrumental role in shaping our transition to a focused medical technology company and leading our Recon growth strategy. We look forward to his continued guidance and counsel as he begins his transition to retirement, and we will continue to benefit from his valuable contributions as a member of our Board of Directors.”

At the same time, it was also announced that the company would gain two newly created executive officer positions. Louie Vogt, who had been serving as president and GM of surgical, would become the group president of Recon on January 2, 2024. Similarly, Terry Ross, who was president of bracing and supports, would move into the lead P&R chair as group president.

$1.56 Billion
Prior Fiscal: $1.43 Billion
Percentage Change: +13%
R&D Expenditure: $29.5M
Best FY22 Quarter: Q4 $409M
Latest Quarter: Q1 $406M

Enovis has already appeared in the Top 10 as the artist formerly known as DJO. DJO was previously the medtech business of conglomerate firm Colfax, then re-emerged soon after under the new brand. On April 5, 2022 it separated from Colfax to become an independent, publicly traded company under the NYSE ticker “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 told the press in a release announcing the spinoff’s completion. “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.”

The newly-formed Enovis began a string of acquisitions a month after leaving the Colfax nest by grabbing Australian company 360 Med Care, the first of its M&A deals since its rebrand of DJO. 360 Med Care offers surgical planning, delivery, and rehabilitation services and became a technology of Enovis, adding a team of engineers, researchers, machinists, and physiotherapists to the Australia, New Zealand, U.S., and India markets the company serves.

Outcome-Based Technologies’ assets were welcomed into Enovis’ fold later in May. The deal added the EXCYABAIR hip brace and CryoKnee knee brace to the company’s portfolio. EXCYABIR aims to boost patient compliance with a lower-profile design and ease of use, featuring modular components so specific protocols can be ordered for each patient. The brace’s soft component has strapping that allows enhanced range of motion restrictions at the hip, and has the option to add stronger pain management via cold therapy that can be paired with the brace.

Following initial investment in 2020 and a follow-on funding round in 2021, Enovis completed a transaction for Insight Medical Systems in July 2022 to boost its enabling technologies for reconstructive surgery. The deal added the flagship ARVIS FDA-cleared augmented reality solution for hip and knee replacement surgery to the company’s arsenal. ARVIS became commercially available in Q3 of 2022 and the Insight team became part of the Enovis Surgical organization in July.

“ARVIS delivers real-time, hands-free surgical guidance at the point of care and is designed to generate measurably better patient outcomes in a streamlined, space-conserving and cost-effective manner compared to traditional robotic offerings,” Brady Shirley, COO of Enovis said in a press release.

Enovis recorded $1.56 billion of revenue in its fiscal 2022, rising 13% over the previous year’s net sales in both business segments. Its Reconstructive business jumped a whopping 33.8% to $535.5 million, mainly due to acquisition-related sales of $93.3 million and existing business sales growth of $47.1 million. The company cited significantly higher sales volumes than the prior year across all product lines, provoked by market outperformance, new product rollouts, and reduced impacts from COVID.

The Prevention & Recovery segment fared admirably with a 4.5% revenue rise to $1.03 billion. Existing business sales swelled because of better sales volumes and inflation-related pricing increases, according to the company’s fiscal year 2022 annual report. Net sales also gained a boost from the 2021 acquisitions of Mathys, Trilliant, and Medshape.

Enovis’ DJO business launched the ProCare MaxTrax and MaxTrax 2.0 Air walking boots last June. The next-gen walking boots have a molded foam insert and trimmable, raised, and rounded counter heel. Malleable double uprights and versatile cross-strapping options help tailor the fit. A low-profile footbed and non-slip rocker promote natural gait and shock absorption, as well. An inflatable, adjustable dual air-cell system maintain limb stability and accommodate edema changes.

June also saw launch of the Arsenal ankle plating system, which contains 37 anatomically designed plates throughout nine plate families for any ankle fracture. Variable ankle locking tech allows a 60-degree angulation cone, multi-lock functionality, accepting repeatable lock and relock of screw to plate interface, and dual lead screws.

A month later, Enovis rolled out the ARVIS (augmented reality visualization and information system) real-time, hands-free augmented reality (AR) tech for hip and knee surgery, which was acquired from Insight Medical Systems. The self-contained, wearable surgical guidance device can either be worn on an ARVIS headband or is compatible with helmets worn in surgery. Essentially, it’s AR-supported surgery through the eyes of the surgeon.

DynaNail Helix entered the foot and ankle market in November. Used for dynamic compression for subtalar fusion, it uses pre-stretched, pre-loaded nitinol compressive element tech loaded on a disposable nail guide and is smaller than previous DynaNail systems. A lack of transverse screws remove the need for manual stretching of the compressive element.

The STAR patient-specific instrumentation (STAR PSI) system for use with the STAR total ankle replacement system achieved FDA approval in December. The system offers a personalized, pre-op plan via 3D visualization of the ankle joint, including info about existing implants and/or bone defects. An updated and simplified surgical technique may also lower operative time during total ankle replacement. Enovis acquired the STAR ankle from Stryker in November 2020.

Enovis appointed a new chief financial officer (CFO) in June of last year. Ben Berry officially succeeded former CFO Chris Hix on January 1, 2023 and Hix transitioned to an advisory role that he will remain in until Q4 of 2023. Berry had previously spent 18 years at eye care company Alcon, which included its launch as an independent public company. During his tenure at Alcon, he served in finance leadership roles of increasing responsibility.

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

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).