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證券開始覆蓋Enovis Corporation（紐交所：ENOV），這是一家專注於骨科的醫療科技公司。
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.
分析師補充說，該公司銷售廣泛的產品組合，其中許多是通過有選擇性的收購添加的（在過去的4.5年中大約有20次）。分析師認爲併購是核心競爭力。
The company's product offerings span large joint reconstruction implants, extremity solutions, and various prevention and recovery franchises.
該公司的產品涵蓋大關節重建植入物、端肢解決方案以及各種預防和康復特許經營權。
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.
這些產品線可以提供全面的關懷，滿足患者在受傷或創傷之前、期間和之後的需求。這一廣泛的產品組合提供了與主要醫療科技參與者競爭的規模，併爲品牌擴張開啓了廣泛的機遇。
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).
今年早些時候，Enovis完成了對意大利LimaCorporate S.p.A的收購，後者是一傢俬營的全球骨科公司，專注於通過一系列植入解決方案恢復運動，收購價格約爲8000萬歐元（約合8500萬美元）。
This second-largest deal in the company's history bodes well for the company.
該公司歷史上第二大交易對公司而言前景看好。
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.
管理層指出，在美國的渠道整合已完成100%，而在美國以外的地區已完成70%，營收的表現略優於最初的指引，三年內的成本協同效應保持不變，今年的協同效益爲4億美元，今年將達到1至1.5億美元。
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報告銷售額爲52500萬美元，按報告基礎增長23%，按可比銷售基礎年增長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.
「我們繼續執行今年的計劃，並很好地開始整合我們的變革性 Lima 收購，」Enovis的CEO Matt Trerotola 說。
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.
分析師認爲 LimaCorporate 交易風險已基本解除。大約在2024年第二季度發生的巔峯非協同效應約 1000 萬美元，但現已成爲過去。
JMP analyst initiates with a Market Outperform rating and a price target of $62.
JMP 分析師啓動市場表現評級，目標股價爲 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.
儘管股價截至目前年初下跌約 25%，且當前估值約爲 2026 年每股收益的約 12 倍，但 JMP 證券表示市場尚未充分認識到該收購的優勢和整合過程中取得的進展。
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.
考慮到這些因素，分析師認爲 Enovis 相對於中型和骨科同行被低估，應獲得更高的市盈率，並且特別是隨着即將到來的營業收入和收益增長催化劑。
Price Action: ENOV stock is down 2.02% at $40.02 at the last check on Thursday.
股價走勢：ENOV 股價在週四最後一次檢查時下跌了 2.02%，報 40.02 美元。
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譯文內容由第三人軟體翻譯。
