ENOV - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day and thank you for standing by. Welcome to the Enovis First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. Instructions]. [Operator like conference now speaker to hand Mr. today, to would over the your I Vice CFO. President Executive Hix, Chris and Mr. Hix, the floor is yours.

Christopher Hix

the we first Okay, thank hey course morning. Officer, website call is our Chief Trerotola, today, earlier this earnings you And our and on since earnings enovis.com. Executive for joining also It's the good us Investors today of morning, call of launched Enovis everyone. release section our issued on Matt for available was

slide a which archived using of we're to found walk the call, course, Of will the on presentation today's through presentation later today. the can on be you website this call slide be also the audio website. Both and

filings results first we this consistent financial we appendix also found prior-year to standalone our call a the during transparency like any non-GAAP will estimates obligation regarding events as accompanying be and might we referenced These those with to call, to and speak comparison give results earnings only not earnings are on harbor by the in of results. the Actual quarter, that we're risks results. and except them are law. required press With respect update to and future discuss subject to today's adjusted to call statements intend statements today today's in the any in the assume safe the statements I the including in release mention provided to in forward-looking to make in do today can forward-looking our any of these SEC. presentation. the Enovis measures going today, forth results from or financial would and those statements measures today, language have results set materially uncertainties some and as differ that we During reconciliation beliefs the make relating about release slide our information to

to over us Matt, it Slide turn X. me let that, on start who with So will

Matthew Trerotola

MedTech as Welcome, terrific company. April And completed us company, separation joining call into the industrial a MedTech thanks our our first patients. a better earnings spinning the renamed Exchange New on ESAB we business great our Chris. capabilities new Thanks, standalone We a symbol with off Colfax everyone. and at and with for Stock to our ringing bell, X, Enovis, by for our of create the many outcomes company of vision with senior leaders. A innovator beginning of a ceremonial for the York of

sales. incredible company. with been how visit relaunch unlocked excited has prospects of I robust about this growth As our we much around have world, annual We're it's positive the through revenue at energy our associates We're organic really in in organic the goals and growth, of achieving over high margins $X both confident inorganic. billion sustainable XX% and single-digit EBITDA XXXX adjusted our Enovis

We compounding known for our by shareholders Enovis growth, will Growth system value acquisitions, from underpinned business EGX. be our as all margins Excellence and

our has past seen competition Our strategic the our you've some to growth year. Journey in Slide a the The engines. strengthening our over this key significant XXXX. XXXX share on making X, we We're growth success company. progress XXXX of And priorities. to includes our And in innovation years, and continue outpace expect result been few commercial to and we operating, markets, faster

beyond. XXXX integration to serve thank past current the the to margins accelerating of are customer our to our I financial results. the QX. track and our And more support support growth, our in to have the EGX deliver foundation businesses their businesses improved success even using line our Over can and The growth to bottom of and the environment. months, that improving on is XX growth. capacity contributions acquiring strategic during line want by operations, we expected Through of is top company associates continuous inflationary We're improvement while them better we we these the and for

invest We to Slide closer and sustainable mentioned a in teams success. look we at will take X, continue I our our and drive A talented to acquisitions long-term on moment competitive ago, progress advantage.

expanded recent for Our include fast selling recon many our products. up and leading our the acquisitions U.S. growing outside new Mathys which substantially open opportunities segment cross

company are We strategic growing foot our expanded our into QX also and platform. growth fast They treatment forma had create These LiteCure significantly a growing modalities offerings in ankle margins. mid-XXs, higher objective XX% achieving both growth the acquisition acquired pro and collectively in three fast gross P&R the over new Enovis's of businesses to our and averages. adjacencies. with And than businesses increasing margins

was plating and to We've the and healthy our also have In P&R fast & strong ankle strategies the year, got in fracture our examples accelerate Arsenal our XD and excitement I ankle Our this synergies by check great globalization saw, Mathys XXXX. DynaNail the by into making of foot how on XXth in continued These of with extremely acquisitions to EMPOWR end teams products launched are show our counterparts. I of use week We the I was team. product Helix celebration added Mathys last portfolio. new and Reverse we remain we've seamless integration. Mathys sales track $XX our what I in in AltiVate rate for knee and launched We Shoulder to key on million support anniversary, funnels. revenue for system growth. platform, of resources by team the cost the recently the and clearly great encouraged LiteCure shape the on sales the U.S. and collaboration two Switzerland strong growing countries momentum their run momentum great channel. progress

acquisition X%. creation our our successes pipeline reflecting grew quarter dimension We a we again of of their full share On in candidates some and active respective remain Slide growth organic this XX% segments on now markets. acquisition active and increase including of first $XXX have model. and of expect value a to our to highlights strategic strong key sales million, X, Both

XX% off start we're year inflationary to We external also med supply and our new the strong first expanded achieved margins, including chain in pressure. as tech EBITDA a challenges Overall, despite growth company. environment X a growth and recon well growth rates segment growth. our Slide performance in first and U.S. includes organic summarizes double-digit is U.S. extremities. and and growth XX% above XX% including This market in quarter in XX% hips knees

well significantly the sustained levels, was growth in rates and to knee outperformance XXXX recon continue XXXX. start reflecting through above make a progress the Our above segment. as we market ASC was to Overall, pandemic strong strong

Sales forma the across portfolio are Foot momentum, The businesses gaining growth surgical and is well terrific and commented high quarter strength. recent acquisitions. volumes and growth COVID subsided. Ankle our businesses very throughout performing a improved pro have recon in this scale, related as I & Mathys that double-digit our the earlier We on restrictions with quarter. recon

surgery in likely improvement most will regions volumes as continued some elective ups. throughout that expect flare and the governments volatility encounter to respond year We

Our prevention and on recovery growth business X. shown attractive also as Page demonstrated

Our had U.S. pressure. a our single-digit strengthen how due P&R X% our underlying create acquisition through and still market three success COVID and with like was our organic in We grower. a of international consistent than our to line is growth complement can markets in mid XXXX Part faster grew markets, businesses. of acquisitions year as some example growth good better the sales plan to

benefits business in leading to X% we'll pressure, And a continue bracing business launches and and penetration. P&R a who price the product our our Chris We're deploying increases clinic we new from battle healthy to to remainder strong including now results customer vitality market this. manage has further. pipeline inflationary over help selectively I'll it that little numbers. of unpack over With MotionMD Chris? financial U.S., expect will to that, Our the convert XXXX, grew of into turn dynamically

Christopher Hix

statements financials continuing all that included the thanks, presentation we a and a participants report remind And that financial operations of presented. will the Matt. Starting today's go from appendix the spun-off Well, presentation the let that our exclude Enovis second XX-Q business. between me has periods reconciliation ESAB now quarter, will call that ESAB today's forward

as sales Matt X, elaborated Slide earlier. to the in first grew sharply quarter Turning

growth. points XX contributed acquisitions Our of

the We this number QX point year that point of versus a our Gross We growth currency In extra we in selling X%. be realize benefit organic the days our less day XXXX. headwind, have year than of an the about contributed last acquisitions. of had expanded quarter one selling quarter, and growth. was of in will of from prior margin years, that high second the the margins over first

challenges. the chain year. keeping of Our supply in expected seeing inflation first for are the of the operations the And continued teams well we are customers half supplied face we

cost level, the a Our and initial results to of our structure. costs reflect to we our further corporate transition lower are taking steps successful streamline

continued support includes Our actions year-over-year margin market fast and expansion the to outperformance. these also growth and investments EBITDA

operating sequentially leverage expect half into We the second to and to actions. cost our strengthen margins due

and a retained $XXX net finished first at increase position. quarter results assume stake of EBITDA quarter Slide roughly lays no and in Our million time our the positive net ESAB, was XX with that more the margin into in out XX% and of detail. growth debt separation, of in XX% contributed in $XXX our We slight resulting stake this net the expansion $X.XX assumed earnings. a of to million debt. monetization valued at These

on a funding be how the us position ESAB year, debt which the develops. end small could costs of will into through the We depending push value the separation net

we will we XX ESAB ample in the of strategic our exchange, single-digit exchange of within have to organic support months we stake reminder, for program our growth as the the debt the sustainable As of capacity timing a Regardless high XXXX. separation. outstanding growth the drive financial

is shown Slide Our outlook on year for this unchanged XX. as

our but of with we second to performance less risks with half range been and ups the from the the duration. Top-line pleased markets, tend on be first first lesser fewer for have of our the COVID are Flare year. and end still to in quarter our We happen identified quarter. the start

to pressures positioning stronger as the will expectations looks started currency growth. in $XXX some variables growth But translation On full-year the expected. of XX% revenue million year We our we chain us headwinds reported and shape blunt that be chain. could performing with encountering total half, million, be largest some are back dollar of guidance revenue our take good reaffirming our currency performance second second supply a organic and increasing XXXX. ground being in growth supply existing quarter we're believe are So We from in moderating XX% to of revenue to $XXX with balance, year. U.S. the to this acquisitions

taking seen substantial We and growth full-year to our we are this continue yet add inventory EBITDA have previous ability buffers remain and steps We year additional control customer profit not and that to prices our deliver are confident where possible. guidance. our increase moderation. costs Accordingly, to reaffirming

line in year slightly be We will better than levels. or prior quarter are expecting second EBITDA margins QX

wrapping growing the shaping the years for you for on can Slide and think XX, up excitement have sense So of foundation MedTech Enovis. expansion. a business created fast our Several I company portfolio for with margin company real opportunities new improvements

are already quarter We clear with strong delivering progress performance. of first our signs

markets acquisition and We clearly a our our strategy bright questions. for ahead Enovis continue Chris, creating and call going fruit, value And has the our that, to is with future go organically open investors. up for grow bearing we're to for

Operator

sir. first [Operator from Baird. Jeff Johnson Instructions] you, Thank of comes question Our

open. is line Your

Jeff Johnson

Thank you. Good morning, guys.

and just competitive couple a here, update of here number, quarter to a and could out dynamics is questions maybe if seeing that market you're shoulder that, shoulder in congrats me I U.S.? first of number extremities XX% the what the on the the on confirm U.S. for on just Just an organic in box the then growth here

Christopher Hix

forma the morning. Hey largely this in first thanks shoulder our by us joining we morning, Yes, communicate Jeff. our you call Yes, call. and excited growth. franchise. extremities, about that Good pro talked is have as But here to when we're know, we driven for organic

also it any franchise we foot was as ankle well and sense, the have that addition? Matt, and reflecting in So that

Jeff Johnson

shoulder the is competitive there Any market the outperformed? within updates dynamics and just business the on U.S. how shoulder

Christopher Hix

at in what the see confident there against, shoulder, we're we confident outgrowing been quarter we the looking shoulder did and can business, reported growth up our first results that shoulder again we're market Yes, have the there. we've in

far, We growth into strong also making in by some our great as we're inroads the stem but that continue particularly also to with reverse our anatomic shoulder biggest have there. of piece

Matthew Trerotola

Jeff. Hey,

a the organic ankle growth with there, clarify XX%. coincidence, growth our just as pro franchise and our both to foot & are forma Just

quarter this So just work just math the happened out to that way.

Jeff Johnson

selling is day be the in there. right. in I should you growth, you've Great right growth, range build basis or that and quantify helpful. it looking And organic X% thinking for Thanks. then just day in that's All past. single think then we and less what the at the on X% extra the the is That's Chris, we are full-year points to still headwind just that XQ one or XQ, selling to full-year organic a the can guided is to XXX

Christopher Hix

Yes, friction. start reason as to we for what end that X% is see the your the And with which bottom is first growth real the through any that we me of first, getting changes. the of let is our with second X% question don't the de-risked full-year. year had less COVID Obviously, organic way half we work outlined

see a friction bit FX in, that's coming course, this little now currency up. we organically we're migrating so seeing And ourselves translation. the And of

XX% XX%. of in that say So full-year, that we double-digit prudent it's got we've the for growth growth totaled think to to

did we the get the U.S. a quarter, a days second the a we will maybe be On days the holiday selling on And the first of to, both we point it'll and one be in the as tailwind. different in that point mention schedules Europe we about point quarter, reflect sort or of question sort as selling plus had in of into

headwind -- So there'll be of bit of days. selling there little for QX little from a a bit a

Jeff Johnson

right, All Thanks, that guys. sense. makes

Christopher Hix

Thanks.

Operator

you. Thank

comes question next KeyBanc. Mishan Our from of Matthew

Your line is open.

Matthew Mishan

morning, start. good And good guys. on a Hey, congrats

that, a you? a XQ you is XQ we was comparisons about around Did for should to year? see Just recovery MedTech. pretty the strong just from also how a comp just a follow-up, it follow-up that, difficult last And think

Matthew Trerotola

through Yes, year terms we about, as -- talked Matt. we improvement in in of quarter QX, about rates. talked the saw thanks Yes, through everybody's saw and question the there, here we terms for this of

of time, tougher and expect some to in As U.S. certainly benefits we some COVID at comps that even hold move there the get side get the improvement of last same other into we the the was year. pressure. But QX, through as the markets recovery get because outside some the

expecting we're year, for some QX the half little those adjust the easier. nice plays the the a to And days, quite get half the how be to for a able in Chris about. had above or so growth get depending we be expect of comps obviously, have the we environment of talked back back potential acceleration And bit as out, of to you to at then COVID QX what year, we in the because on the kind selling in when as

Matthew Mishan

are Okay, gross dynamics our And versus in inflation year? margin this forward a the of we at the as model impact came kind excellent. Is of least going the through of better. and good starting remainder to that point some move

Matthew Trerotola

to those operating so productivity and but a margins. on this continuing opportunity we're inflation solid, back margins we're house. of the first of a us side, expand the getting that work of the does that, the pretty monitor and that thanks a combination something to work in a manage wildcard through. is expansion always we're still a half the were Yes, gross clear from of see doing regardless quarter that's year, side that on to the margins second benefit operating it for work clear half we we question, for that a to gross we path And continued bit transition see, and And the in reflect the the view we of acquisitions for And the as bit. leverage

Matthew Mishan

European be we're over Okay, sense and -- guess I then there's like the that the you're unwound, to of a can into are markets, two think different launching Knee questions us give Mathys, two channel there's first, why of several orthopedics? a the of that for tailwind successful? you provide backlog not do a that that done of, that just a And EMPOWR sense of bit on years be you procedures that last dynamics need you you then little would

Matthew Trerotola

sure. Yes,

think but some and of not everywhere that, patients include back, everybody reasonable is had the the believe the Recon point So market as if be we're the just now some advance. able at the we've first to to this think question, time, three Europe, that in amount seems years, I to say had as product generally, lines, so diseases and I if continue get I with quarter going point, far limited first that certainly in to you at growth because backlog

But And worked kind more would that Europe, so off, we is market backlog that that and that two, we to years, recovery. industry pressure, expect gets as advantage the it's nice to of time. to saw, do apply will us seen was in have, time. backlog well or as the for whole there sort experience some last In there an take come over time as the over of quickly, coming at working year tailwind certainly was be or gradually if of and whether potential then each look we remains and certainly U.S. to off of the opportunity that the Europe, there some

been Australia there's of some the example, heard for Western handful it's shut so I last pressure weeks, Australia, back pretty that just opening for heavy in And up. in down was

And about the XX folks outgrown up of and to of Mathys a years in talked we probably lost kind in there Mathys quarter, pioneer Knee, what so to going strong But in EMPOWR strong market, to The in that's a are to very back opportunity to they by about the progress ago. very market that that of play see there hip, historically in going business. nice the been market, excited perform with how things market they that has during period But were great that that from double-digit we start be consistently first some recovery the they've in out. growth going terms period. continue the vary catch as we of market try there's little

And position in well in there in They've the pretty long typically And they had pretty historically terms knee, a in were quite the the outgrow to reverse particular in in they've have not strong had markets. products. so share how they've market outgrow they've and shoulder. shoulder. out products nicely and anatomic been winning that hip in market long But of been able done not their really in

already we've initial to we and activities been and ready over so talking them the being there launch already coming thrilled here, is the see products the excited May. opportunity, had of some out with some the the marketplace from KOLs surgeons team And rounds instrument collaborating And KOLs to market over our of are through Knee do over going educated now here in to sets the good have EMPOWR in getting and some there there, there's try great in. we've got and the with and in get

be And and market momentum able growth so work And expect do responses build in over that position growth we've had in from below knee as markets to an through position there. to the time to we into this key above EMPOWR knee and year some over over in terrific we flip market a nice position next year.

Matthew Mishan

for you Thank the questions guys. taking

Operator

you. Thank

comes Evercore Our next of Kumar question ISI. from Vijay

open. is line Your

Vijay Kumar

on thanks And Hey on hi guys. taking here. my first one good for start congrats the guys, a Maybe my guidance, question.

of question revenue intimately worse. guidance, re-traded up first but on I'm XX% was growth assuming the did XX% get On FX to here total the

on accelerate growth that prior did for masked about of talk some on anything versus headwinds, FX and you contribution organic FX could year the incremental perhaps assumptions guidance? is the and watching change underlying pricing So whether perhaps by

Matthew Trerotola

of up risking commented moment that the COVID a the growth. to that keeping this embodies thanks confidence higher good place half so or it us to with possibility. year, the ago, the morning. six range in the previous to and that as commented But Yes, XX% the there in scale earlier, the X% sliding we're is sort I from a that, to Vijay seeing of end first growth de gives closer we're question, as that total what Okay, moving X% organic middle XX% of within we on for

more FX got the little play. come On headwind we've hand, into a bit that's other

and together makes growth And said, for to XX% it hey, guidance, so sense we looks like guidance, put XX% the the double-digit the year to all guidance that maintain.

eyed at of argue assumption, that. story we've the that be like the quarter. profile that, second a still, that we fundamental But are, it the top has another the at organic quarter, terms point, the I would guidance have got added about but to the started growth overall first if they year, with we that an may FX, that now that, gone we're halfway it we've look hold just started disrupt year it we take that way have doesn't we point nine, about we've through the rates of that is, clear got the and healthy means to growth, In looks strengthening look we on six that through would the organic for as and a we're, a

Christopher Hix

half Yes, in and get quite the in more price last have the businesses had Vijay, speaking the first gotten P&R year to in a price, talking year our pressure here about back inflationary to and half. some or and it two, of last started particular bit of we over

And and to work in we've help in world and channels. so things. inflation, wherever changes places continue also we around different GPO can in we price that changes from from in some reimbursement some monitor able gotten and And being to put at contracts to through make the different to cases

way we're say changes first to the up would growth hard outlook. in our amount side. price through make working I this the this we we of so squeezed year, high. modestly that to And we're ground P&R more cost the the back as as P&R, move year, certainly, cost we back of way in sure price but into And pull ticking start work a year that substantially of pull the half that even beyond as positioned next of not But then is some to and stays of on inflation price on in back half kind

Vijay Kumar

We talk here. Maybe one QX, it progression margins teens. on the low here. That's started about just helpful. And then call

upper of what in think first the expenses function imply how mid-teens or the perhaps adjusted half on about the -- margins there here half Is EBITDA on gross of a your maybe I second margins. the some talk drivers at gross the targets seasonality was terms mid-teens margins? of end ramp cadence of here or

Matthew Trerotola

is of fundamental the that as element get operating they're margins, to revenue, That degree and more is revenue underlying seasonality an we there leverage. to more tied to some we the Yes, Okay. get profile.

the made it's And typically remarks to to And So not margins the see together the the from us in back year, year with the you we strong with lowest we'd business. as improvements quarter. profile, we're that second stronger lower first the very the then the QX is, in we clear put a year. QX, with suggests seasonal finish of fourth step half for would see think in expect uncommon in our to surprise comments than path that get here expect in half making. no there's first I are as of higher margins And prepared and the in we quarter making fact, there revenues then the year other that that we the margin up to a pretty we're revenues improvements half the

side. half. a It's about, half the the make We overall to that, there's and talked overall other in the revenue our usual combination. company. work Given OpEx addition on doing improvements two second corporate level the down. higher continue work our do that the coming and to and the first some are productivity operations we're we the we that And that side cost that the in on in periods the costs business then of And business. the And on between

improving all operating Now, sourcing side. shows gets and operational in the we've of the and it up because got, that EBITDA the reflected profile of in of leverage and some productivity that margins, gross the

And margins of some OpEx up it the because making. the only of in improvements we're that shows EBITDA

of do QX forward end improving yes, So have from through a the nice to year. margins we the path

Vijay Kumar

prepared could much -- think growth drove squeeze something look if and your of and in, called U.S. I one pricing volumes when maybe I that talk is U.S. performance? what highs that lows, about was the bracing How versus out How share you this might. helpful presentation That's more in and at gains you U.S. number normalization of remarks.

Matthew Trerotola

Yes, sure, Vijay.

through So of still like but gain into supporting we've little bit of been in delivery able And market stay We've the bit improved. make last normalization share we've an out for we're think volumes, feel as year our place, investments profile. sure, price above strategic customers And sure inventory come some our there. at that, levels it's and made there's a of to in of year, solid here, I the a to have this pandemic. little end that we protecting a customers

above product vitality, that our we've about into And increase terms in of helping new we our once with to and that and healthy think so the do a our been talking we penetration gaining few in we'll we get vitality we strong now brand channel ability back technology software our to business, serve workflow kind of well a drive able nice, position progress clinics years be for a and customers that, is be having that U.S. a and to make We're continue double-digits market into leverage that growth. into and on And MotionMD, the nice marketplace. way leadership also

above those we have, the market time. or to growth first us think come leadership a quarter, to put position should market in growth drive And we back solid all in at over have And into together that bracing in above were enable U.S. that so us range.

Vijay Kumar

Understood. Thanks, guys.

Matthew Trerotola

Thanks, Vijay.

Operator

Jennings Cohen. you. of from question And have a Thank Josh we

open. is Your line

Josh Jennings

strong key hips you see or I and morning. ASC for And about with outsides good is seeing the the knees robotics. things just for my any have on lift from believe, the questions. and just hospital and and just a to on touch channel your then how compatibility question But growth Enovis there did traction if Thanks taking U.S.? congratulations surgical spin. historically, in And follow-up Hi, solution company QX. quarter inputs wondering initial that is there, any wanted here thinking as and growth in positioned second I public business, really you're want, channel, and ASC partnership? had is, getting versus on the in the start with

Matthew Trerotola

Thanks for question, Josh.

we've quarter, So quarter fueled and first could strong, the by go the strong And to all, time just not back someday in and the covered being compare knee versus we remarkable think knee it's how growth 'XX, ground physicians. that of peers. find very versus was doing, with could the that that I and yes, all one you'll ASC hip of much quite it's it which nice stop in I period

in have there So of ASC powerful that a is knee really share consistently. key is part we hip gaining and a position that.

a in a our in more had the it that more got on the knee was patients knee and knee. And particularly that side. those stable other already fit their ASC. knee Our looking clinics, a levels for out younger came We've patient satisfaction kind good patients physicians And for is are businesses which of EMPOWR through when the also, P&R the cases ASC for the takes are really it XD breakthrough better many are that has knee, and up, stable. it a is stability, the

that's an are ASC. been Our the as as to we well asset serve us known, brands

businesses in of market ASC. our and that, is is we XX% above well shared that ASE, knee in it we've so believe the approaching the of percent And is the which in the

QX in do gain, in share that ASC fuel we position help our believe knee again, that strong particular. in the so to And

is we call robotics surgical about about are part recon. month our assisted the And workflow and that we've our anatomy market computer fastest. do our strategy Investor settings or surgery each talked strategy front, parts We there two On really the back. the our that of and growing a for the talked think strategy to in have right of important are for solutions that the where going the is very in

So surgical there. a had is years, critical had we always really which for planning like, solution, a we've great I've solution great

if been has with robot in access collaboration some nice looking to think And that. there. been for a collaboration like had have We large patients a to have that's a past way they're for something that the

that guidance solution particularly marketplace. system bringing into reality XXX(k) space augmented our environment, there. time And breakthrough, we that the going that academy, given the constraints cleared that the a is augmented the we'll and be the believe ASC at constraints lately shared and also to for is be We reality great making,

And part to in our as position. offering across a in hip remain in so there, solutions that growth the continue able of anatomy a strong continue we and mix we strong evolve part make of to sure our to knee to that be critical And we'll see each ASC. that

Josh Jennings

prudent organic let plans, been a get registrations going. And going has also that. or month Mathys in so. understand I new and geographies, you just reminder wanted to Thank I me you turn on covered appreciate process and and just just Mathys. or believe, of follow-up And has a of geographic to that's product expansion as the forward outside move how MDR better

year, You it's and guys move reverse in sales the Mathys all have launched EMPOWR this to channel. the as through XXXX. to into putting What's come we knee

footprint, business registration. that using plans, product expansion geographic a further -- new geographic and also just it's So

the XX Thanks in lot next months? So to the taking for a question. XX

Matthew Trerotola

Yes, sure. Josh. Thanks,

global. One, things business, strong continuing limited we're a us. the our U.S. it outside markets. direct business that's quickly of our key attractive in position bracing We're extremely recon knee or we business. business shoulder, strong channel I'll product really they did that significant anatomic U.S. in a business, very key a that limited they're and key a reverse our Mathys some very a shoulder the and And always gave been in a for acquisition of leader is it in been position the hip and in U.S. had also We and was a said is global brought were had our build is positions of something So Mathys each earlier, couple out recon And clear complementary amount significant I globalization the we've very of businesses, hip to shoulder -- outside strong in on. and very the as P&R we've rehab. well, line, as thing strong building us, sorry,

parts a key lines, EMPOWR, that joint the of and offerings cross had talked alternate started about, really I the in in hand coming already now cleared to terms cross we've with And chance our selling. selling We And, in. already and U.S. of fit so a just the glove as drive product outside those great

actively cross be significant there's make, players teams do But those time, more so of need approaches those to create arise of been our that to are lot able now, over we some a the companies the not on a in Obviously, and acquisition before make we is barriers in some great be is number learning an standpoint. plan the products of from we Mathys to investment going MDR. been that And work and a also work and synergy probably had markets our think who that P&R. of expect that Mathys We've MDR not advantages in products got MDR. our selling I team, we in the already on and rehab we're there. revenue team less products, recon between it's our we from wave the great that make We've do And the And working they'll through to improve between based working some products. created those a and one leading on everybody to acquired one nice first a on actively Mathys, it's of actively class our on clearances. class or to investments, investment opportunities some able process. we're we've think our that -- products be and And those going to

Josh Jennings

Great, thanks again.

Operator

back Hix will Thank questions you. Chris over turn for the Mr. closing conference the Speakers, queue. see I remarks. I to in no further

Christopher Hix

you throughout listen updating and our on your well thank progress you look in Okay, all forward interest year. this for we Enovis

thank you. So

Operator

conference you This conclude today's for Thank all call. participating.

and disconnect a day. now may have pleasant You

Enovis (ENOV) 10 May 222022 Q1 Earnings call transcript