Enovis initiated with an Outperform at William Blair

William Blair analyst Brandon Vazquez initiated coverage of Enovis with an Outperform rating and no price target. Through a series of acquisitions, Enovis has built a portfolio that serves key major orthopedic markets, including reconstruction procedures like hip and knee replacements and preventive and recovery therapy in sports medicine, the analyst tells investors in a research note. The firm says the company offers solutions for an annual global orthopedic market estimated at $25B growing mid-single digits. It estimates Enovis is 8% penetrated in this global opportunity, and sees potential for the company to double its market as it expands its portfolio into new segments like spine and trauma. This “market backdrop leaves ample room for durable above-market growth,” contends Blair.