What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 132 added, 110 removed, 531 unchanged (31% of the section changed)

3 unchanged sentences

Dollars in thousands, except per share amounts

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

Net sales $ 582,782 $ 564,545 $ 1,171,933 $ 1,123,379

10 unchanged sentences

Income (loss) from continuing operations before income taxes 7,465 ( 25,654 ) 8,099 ( 83,003 )

Income tax expense (benefit) 9,045 ( 1,769 )

Income tax expense 8,501 10,801 17,546 9,032

Net loss from continuing operations ( 1,036 ) ( 36,455 ) ( 9,447 ) ( 92,035 )

10 unchanged sentences

Dollars in thousands

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

Net loss $ ( 1,036 ) $ ( 36,548 ) $ ( 9,486 ) $ ( 92,253 )

9 unchanged sentences

Other comprehensive income (loss) ( 7,527 ) ( 12,113 ) ( 19,923 ) 50,911

Comprehensive income (loss) ( 20,846 ) 7,319

comprehensive income attributable to noncontrolling interest 314 383

Comprehensive Income (loss) attributable to Enovis Corporation $ ( 21,160 ) $ 6,936

Comprehensive loss ( 8,563 ) ( 48,661 ) ( 29,409 ) ( 41,342 )

comprehensive income (loss) attributable to noncontrolling interest ( 428 ) 323 ( 114 ) 706

Comprehensive loss attributable to Enovis Corporation $ ( 8,135 ) $ ( 48,984 ) $ ( 29,295 ) $ ( 42,048 )

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

Dollars in thousands, except share amounts

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

CURRENT ASSETS:

24 unchanged sentences

133,333,333 shares authorized;

57,553,143 and 57,194,781 shares issued and outstanding as of April 3, 2026 and December 31, 2025, respectively

57,665,074 and 57,194,781 shares issued and outstanding as of July 3, 2026 and December 31, 2025, respectively

Additional paid-in capital 3,065,667 3,048,414

18 unchanged sentences

Balance at April 3, 2026 57,553,143 $ 58 $ 3,056,849 $ ( 1,476,227 ) $ ( 103,759 ) $ 2,571 $ 1,479,492

Net income (loss) — — — ( 1,190 ) — 154 ( 1,036 )

Distributions to noncontrolling owners — — — — — ( 582 ) ( 582 )

Other comprehensive income (loss), net of tax expense of $ 37

— — — — ( 7,482 ) ( 45 ) ( 7,527 )

Payments of tax withholding for stock-based awards — — ( 530 ) — — — ( 530 )

Common stock-based award activity 111,931 — 9,348 — 9,348

Balance at July 3, 2026 57,665,074 $ 58 $ 3,065,667 $ ( 1,477,417 ) $ ( 111,241 ) $ 2,098 $ 1,479,165

Common Stock Additional Paid-In Capital (Accumulated Deficit) Retained Earnings Accumulated Other Comprehensive Loss Noncontrolling Interest Total

8 unchanged sentences

Balance at April 4, 2025 57,118,641 $ 57 $ 3,021,690 $ ( 338,989 ) $ ( 64,990 ) $ 2,450 $ 2,620,218

Net income (loss) — — — ( 36,739 ) — 191 ( 36,548 )

Other comprehensive loss, net of tax benefit of $ 13,124

— — — — ( 12,245 ) 132 ( 12,113 )

Common stock-based award activity 40,837 — 9,403 — — — 9,403

Balance at July 4, 2025 57,159,478 $ 57 $ 3,031,093 $ ( 375,728 ) $ ( 77,235 ) $ 2,773 $ 2,580,960

See Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

Dollars in thousands

Three Months Ended

April 3, 2026 April 4, 2025

Six Months Ended

July 3, 2026 July 4, 2025

Cash flows from operating activities:

Net loss $ ( 9,486 ) $ ( 92,253 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 144,381 142,986

3 unchanged sentences

Deferred income tax benefit ( 42,200 ) ( 3,673 )

Loss (gain) on sale of property, plant and equipment ( 75 ) ( 527 )

Loss on sale of property, plant and equipment 768 848

Changes in operating assets and liabilities:

3 unchanged sentences

Other operating assets and liabilities 4,321 32,145

Net cash provided by (used in) operating activities 23,951 ( 1,596 )

Net cash provided by operating activities 98,983 46,173

Cash flows from investing activities:

10 unchanged sentences

Deferred consideration payments and other ( 9,068 ) ( 2,265 )

Net cash provided by financing activities 26,023 51,191

Net cash provided by (used in) financing activities ( 24,542 ) 57,422

Effect of foreign exchange rates on Cash and cash equivalents ( 161 ) 2,632

39 unchanged sentences

The transactions expanded distribution partners for the Company’s surgical implant products in Europe and added a complementary surgical product technology.

The business combinations acquisitions are accounted for under the acquisition method of accounting, and accordingly, the Consolidated Financial Statements include the financial position and results of operations from the acquisition dates.

The Company recorded approximately $ 20.7 million in definite-lived intangible assets associated with the business combinations acquisitions.

The accounting for these business combinations have been finalized, and the assets and liabilities acquired are no longer subject to adjustment.

The business combination acquisitions are accounted for under the acquisition method of accounting, and accordingly, the Consolidated Financial Statements include the financial position and results of operations from the acquisition dates.

The Company recorded approximately $ 20.7 million in definite-lived intangible assets associated with the business combination acquisitions.

The accounting for these business combinations has been finalized, and the assets and liabilities acquired are no longer subject to adjustment.

The intellectual property acquisitions are accounted for as asset acquisitions.

4 unchanged sentences

Comfort Divestiture”).

The intangibles include all trademarks and technology of Dr.

The intangibles included all trademarks and technology of Dr.

Comfort as well as U.S.

1 unchanged sentence

Comfort Divestiture does not represent a strategic shift that has a major effect on the Company’s operations and financial results and is therefore not presented as a discontinued operation.

As of April 3, 2026, the balance of investments held by the Company without readily determinable fair values was $ 22.4 million.

As of July 3, 2026, the balance of investments held by the Company without readily determinable fair values was $ 23.7 million.

The majority of these investments are carried at cost less impairments, if any, plus adjustments for fair value indicators from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

6 unchanged sentences

The Company disaggregates its revenue into the following geographic/product type groups within its segments:

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

2 unchanged sentences

Other P&R (1)

59,637 70,823 115,499 137,445

International P&R 101,001 98,897 202,274 189,773

5 unchanged sentences

Total $ 582,782 $ 564,545 $ 1,171,933 $ 1,123,379

(1) The three and six months ended July 4, 2025 include $ 14.4 million and $ 27.2 million, respectively, of sales from the October 2025 divestiture of the Company’s Dr.

Comfort Footcare Solutions product line.

Given the nature of its businesses, the Company does not generally have unsatisfied performance obligations with an original contract duration of greater than one year.

8 unchanged sentences

A summary of the activity in the Company’s allowance for credit losses included within Trade receivables in the Condensed Consolidated Balance Sheets is as follows:

Three Months Ended April 3, 2026

Six Months Ended July 3, 2026

of Period Charged to Expense, net Write-Offs, Deductions, and Other, net Foreign

6 unchanged sentences

Net income (loss) per share from continuing operations was computed using the treasury stock method as follows:

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands, except share and per share data)

16 unchanged sentences

$ ( 0.02 ) $ ( 0.64 ) $ ( 0.17 ) $ ( 1.62 )

(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) from continuing operations less the continuing operations component of the income attributable to noncontrolling interest, net of taxes.

(1) Net income (loss) from continuing operations attributable to Enovis Corporation for the respective periods is calculated using Net income (loss) from continuing operations less net income attributable to noncontrolling interest from continuing operations - net of taxes.

The following table presents the potentially dilutive shares of Common stock from stock-based compensation awards excluded from the calculation of Weighted-average shares of Common stock outstanding – diluted as inclusion would be anti-dilutive in Net income (loss) per share (“Anti-dilutive shares”):

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

Anti-dilutive shares 2,304,931 2,120,049 2,303,147 1,993,752

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

Loss from continuing operations before income taxes $ 634 $ ( 57,349 )

Income tax expense (benefit) $ 9,045 $ ( 1,769 )

The effective tax rate for the three months ended April 3, 2026 differs from the 2026 federal statutory rate of 21% , primarily due to an increase in valuation allowance on U.S.

Income (loss) from continuing operations before income taxes $ 7,465 $ ( 25,654 ) $ 8,099 $ ( 83,003 )

Income tax expense $ 8,501 $ 10,801 $ 17,546 $ 9,032

The effective tax rate for the three and six months ended July 3, 2026 was higher than the 2026 federal statutory rate of 21%, primarily due to an increase in valuation allowance on U.S.

deferred tax assets, non-deductible expenses and U.S.

2 unchanged sentences

income taxed at lower rates.

The effective tax rate for the three months ended April 4, 2025 differs from the 2025 U.S.

federal statutory rate of 21%, primarily due to an increase in valuation allowance on interest limitation carryforwards, non-deductible expenses, and U.S.

taxation on international operations.

The effective tax rate for the three and six months ended July 4, 2025 differs from the 2025 U.S.

federal statutory rate of 21%, primarily due to an increase in valuation allowance on U.S.

deferred tax assets, which had a significant impact on the effective tax rate.

Additionally, non-deductible expenses and U.S.

taxation on international operations also contributed to the rate difference.

This was partially offset by tax credits for research and development and non-U.S.

income taxed at lower rates.

On July 4th, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing significant changes to U.S.

The Company evaluated the potential impact of OBBBA and reflected relevant changes within the accompanying financial statements beginning in the second quarter of 2025;

the most significant being an estimated increase to current year U.S.

deferred tax assets for which a valuation allowance is required.

The Company will continue to evaluate the changes from OBBBA, monitor developments, and assess its tax position as further guidance becomes available.

ENOVIS CORPORATION

3 unchanged sentences

No repurchases of the Company’s Common stock have been made under this plan since the third quarter of 2018.

As of April 3, 2026, the remaining stock repurchase authorization provided by the Board of Directors was $ 100 million.

As of July 3, 2026, the remaining stock repurchase authorization provided by the Board of Directors was $ 100 million.

The timing, amount and method of shares repurchased is determined by management based on its evaluation of market conditions and other factors.

1 unchanged sentence

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in the balances of each component of Accumulated other comprehensive income (loss) including reclassifications out of Accumulated other comprehensive loss for the three months ended April 3, 2026 and April 4, 2025.

All amounts are presented net of tax and noncontrolling interest, if any.

9 unchanged sentences

Net Other comprehensive income (loss) ( 521 ) ( 24,578 ) 5,221 ( 19,878 )

Balance at April 3, 2026 $ 9,577 $ 64,332 $ ( 177,668 ) $ ( 103,759 )

Balance at July 3, 2026 $ 9,335 $ 57,046 $ ( 177,622 ) $ ( 111,241 )

Accumulated Other Comprehensive Loss Components

10 unchanged sentences

Net Other comprehensive income (loss) 1,120 216,203 ( 166,666 ) 50,657

Balance at April 4, 2025 $ 8,383 $ ( 8,855 ) $ ( 64,518 ) $ ( 64,990 )

Balance at July 4, 2025 $ 9,532 $ 102,539 $ ( 189,306 ) $ ( 77,235 )

ENOVIS CORPORATION

2 unchanged sentences

Inventories, net consisted of the following:

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

(In thousands)

6 unchanged sentences

Long-term debt consisted of the following:

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

(In thousands)

6 unchanged sentences

Term Loan and Revolving Credit Facility

The Company’s credit agreement, which was amended December 8, 2025, consists of a $ 1,100 million revolving credit facility (the “Revolver”) with a December 8, 2030 maturity date and a term loan facility with an initial aggregate principal amount of $ 700 million (the “Term Loan”) (collectively, the “Enovis Credit Agreement”).

The Company’s credit agreement, which was amended December 8, 2025, consists of a $ 1.1 billion revolving credit facility (the “Revolver”) with a December 8, 2030 maturity date and a term loan facility with an initial aggregate principal amount of $ 700 million (the “Term Loan”) (collectively, the “Enovis Credit Agreement”).

The Revolver contains a $ 50 million swing line loan sub-facility.

4 unchanged sentences

The Enovis Credit Agreement contains various events of default (including failure to comply with the covenants under the Enovis Credit Agreement and related agreements), and upon an event of default the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding under the Enovis Credit Agreement.

As of April 3, 2026, the Company was in compliance with the covenants under the Enovis Credit Agreement.

As of July 3, 2026, the Company was in compliance with the covenants under the Enovis Credit Agreement.

The Term Loan extended to the Company under the Enovis Credit Agreement was funded on December 8, 2025.

1 unchanged sentence

The Term Loan requires quarterly principal repayments at 1.25 % of the initial aggregate principal amount, which is $ 8.8 million each quarter, and matures on December 8, 2030.

As of April 3, 2026, the weighted-average interest rate of borrowings under the Enovis Credit Agreement was 5.19 % excluding accretion of deferred financing fees, and there was $ 906 million available on the Revolver.

As of July 3, 2026, the weighted-average interest rate of borrowings under the Enovis Credit Agreement was 5.19 % excluding accretion of deferred financing fees, and there was $ 942 million available on the Revolver.

ENOVIS CORPORATION

4 unchanged sentences

The effective interest rate on the 2028 Notes is 4.6 %.

For the three months ended April 3, 2026, the interest expense on the 2028 Notes was $ 5.3 million, including $ 4.5 million based upon the coupon rate and $ 0.7 million from accretion of the discount.

For the six months ended July 3, 2026, the interest expense on the 2028 Notes was $ 10.4 million, including $ 9.0 million based upon the coupon rate and $ 1.4 million from accretion of the discount.

Holders may convert their 2028 Notes in multiples of $1,000 principal amount prior to the close of business April 15, 2028 under the following circumstances:

11 unchanged sentences

Other Indebtedness

In addition to the d ebt agreements discussed above, the Company is party to overdraft facilities with a borrowing capacity o f $ 30.0 million.

Total letters of credit and surety bonds of $ 49.6 million we re outstanding as of April 3, 2026 .

In addition to the d ebt agreements discussed above, the Company is party to overdraft facilities with a borrowing capacity o f $ 30.0 million, of which $ 2.4 million was drawn and $ 27.6 million was available as of July 3, 2026.

Total letters of credit and surety bonds of $ 48.4 million we re outstanding as of July 3, 2026 .

Deferred Financing Fees

As of April 3, 2026, t he Company has $ 5.3 million in deferred financing fees included in Other assets related to the Revolver and $ 10.7 million of original issue discount fees and other issuance costs included as a reduction of Long-term debt related to the Term Loan and the 2028 Notes.

As of July 3, 2026, t he Company has $ 5.0 million in deferred financing fees included in Other assets related to the Revolver and $ 9.8 million of original issue discount fees and other issuance costs included as a reduction of Long-term debt related to the Term Loan and the 2028 Notes.

ENOVIS CORPORATION

2 unchanged sentences

Accrued liabilities in the Condensed Consolidated Balance Sheets consisted of the following:

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

(In thousands)

19 unchanged sentences

A summary of the activity in the Company’s restructuring liability included in Accrued liabilities in the Condensed Consolidated Balance Sheets is as follows:

Three Months Ended April 3, 2026

Six Months Ended July 3, 2026

Balance at Beginning of Period Provisions Payments Foreign Currency Translation Balance at End of Period

8 unchanged sentences

(2) Includes the cost of relocating associates, relocating equipment, lease termination expense and other costs in connection with the closure and optimization of office sites, shared service centers, and manufacturing facilities.

(3) For the three months ended April 3, 2026, $ 1.4 million and $ 1.3 million of the Company’s total provisions were related to the P&R and Recon segments, respectively.

(3) For the six months ended July 3, 2026, $ 5.3 million and $ 2.3 million of the Company’s total provisions were related to the P&R and Recon segments, respectively.

ENOVIS CORPORATION

11 unchanged sentences

The carrying value of the outstanding balances under the Enovis Credit Agreement, which bears a variable interest rate indexed to the Secured Overnight Financing Rate (SOFR), approximates fair value as it reprices when market interest rates change.

Based on current interest rates for similar types of borrowings, the estimated fair value of the Company’s total debt, including the Senior unsecured convertible notes, the Term Loan, and the Revolver, was $ 1.3 billion and $ 1.3 billion as of April 3, 2026 and December 31, 2025, respectively.

The estimated fair value, a Level Two valuation in the fair value hierarchy, may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future.

As of April 3, 2026, the Company held $ 16.1 million in Level Three liabilities arising from contingent consideration related to acquisitions that may settle in cash.

As of July 3, 2026, the Company held $ 4.9 million in Level Three liabilities arising from contingent consideration related to acquisitions that may settle in cash.

The fair value of the contingent consideration liabilities is determined using unobservable inputs and the inputs vary based on the nature of the purchase agreements.

1 unchanged sentence

A change in these unobservable inputs to a different amount might result in a significantly higher or lower fair value measurement at the reporting date due to the nature of uncertainty inherent to the estimates.

The gross range of outcomes for contingent consideration arrangements that have a fixed limit on the maximum payout is zero to $ 3.3 million.

There is one contingent consideration arrangement remaining that has no limit and is based on a percentage of sales in excess of benchmark through 2027.

There were no transfers in or out of Level One, Two or Three during the three months ended April 3, 2026.

The gross range of outcomes for contingent consideration arrangements that have a fixed limit on the maximum payout is $ 1.4 million to $ 4.9 million.

The one contingent consideration arrangement that previously had no limit was settled and amended to a fixed limit as of July 3, 2026 and no other unlimited arrangements exist.

In the second quarter of 2026, the Company settled contingent consideration related to the 2022 acquisition of Kico Knee Innovation Company Pty Limited and made a payment of $ 5.7 million.

The settlement also resulted in a $ 5.7 million non-cash gain upon the reversal of a portion of the contingent consideration liability.

There were no transfers in or out of Level One, Two or Three during the six months ended July 3, 2026.

Total Contingent Consideration Rollforward

5 unchanged sentences

Reconstructive products.

The aggregate gross buyout amount under such agreements is $ 56.5 million, which is paid over nine years.

The aggregate gross buyout amount under such agreements is $ 56.5 million, payable over nine years.

The Company recorded charges to the Condensed Consolidated Statements of Operations of $ 45.8 million in the year ended December 31, 2025, representing the discounted liability upon entering the agreements.

As of April 3, 2026, the outstanding liability under these agreements due within the next twelve months is $ 4.2 million, which is recorded in Accrued liabilities, and the non-current portion is $ 31.6 million, which is recorded in Other liabilities on the Condensed Consolidated Balance Sheet.

As of July 3, 2026, the

ENOVIS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

outstanding discounted liability under these agreements due within the next twelve months is $ 4.3 million, which is recorded in Accrued liabilities, and the non-current portion is $ 31.1 million, which is recorded in Other liabilities on the Condensed Consolidated Balance Sheet.

In the six months ended July 3, 2026 and July 4, 2025, the Company made payments of $ 4.3 million and $ 2.9 million, respectively, which are reflected in Cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.

Deferred Compensation Plans

The Company maintains deferred compensation plans for the benefit of certain employees and non-executive officers.

As of April 3, 2026 and December 31, 2025 the fair value of these plans were $ 19.8 million and $ 19.9 million, respectively.

As of July 3, 2026 and December 31, 2025 the fair value of these plans were $ 21.5 million and $ 19.9 million, respectively.

These plans are deemed to be Level Two within the fair value hierarchy.

2 unchanged sentences

Dollar value of forecasted transactions.

To accomplish this objective, the Company had entered into forward currency contract agreements between the U.S.

To accomplish this objective, the Company entered into forward currency contract agreements between the U.S.

Dollar and the Mexican Peso as part of its risk management strategy.

At December 31, 2025, the Company’s Mexican Peso forward currency contracts were fully settled and there were no notional amounts outstanding as of April 3, 2026.

At December 31, 2025, the Company’s Mexican Peso forward currency contracts were fully settled and there were no notional amounts outstanding as of July 3, 2026.

These forward currency contract agreements were designated and qualified as cash flow hedges.

2 unchanged sentences

The contracts are recorded at fair value and deemed to be Level Two in the fair value hierarchy.

During the three months ended April 3, 2026, the Company recognized a gain of $ 1.0 million in Cost of Sales on its Condensed Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges that previously settled in the fourth quarter of 2025.

At April 4, 2025, the Company’s forward currency contracts had a Mexican Peso notional amount of approximately $ 763.0 million and a U.S.

During the three and six months ended July 3, 2026, the Company recognized a gain of $ 0.3 million and $ 1.3 million, respectively, in Cost of Sales on its Condensed Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges that previously settled in the fourth quarter of 2025.

At July 4, 2025, the Company’s forward currency contracts had a Mexican Peso notional amount of approximately $ 506.0 million and a U.S.

Dollar aggregate notional amount of $ 24.7 million.

During the three months ended April 4, 2025, the Company recognized a realized loss of $ 1.1 million in Cost of Sales on its Condensed Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges.

The Company also entered into forward currency contracts on February 19, 2026 for the purpose of managing its exposure to currency exchange rate risk arising from intercompany loan balances between foreign-denominated subsidiaries.

These forward currency contract agreements were designated and qualified as fair value hedges.

The gain or loss on derivative instruments designated as fair value hedges of currency exchange rate risk related to intercompany loan balances is recorded in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.

This presentation is consistent with and offsets the recognition of foreign currency gains and losses resulting from the remeasurement of the hedged intercompany loan balances denominated in currencies other than their functional currencies.

The contracts are recorded at fair value and deemed to be Level Two in the fair value hierarchy.

During the three months ended April 3, 2026, the Company recognized a net gain of $ 7.9 million on its Consolidated Statements of Operations related to the effect of exchange rate movements on its forward currency contract derivatives.

At April 3, 2026, the Company had outstanding forward currency contracts with notional amounts of $ 130.2 million to purchase Euros and sell Swiss Francs, and $ 282.3 million to purchase U.S.

dollars and sell Euros.

These contracts mature on July 2, 2026.

During the three and six months ended July 4, 2025, the Company recognized a realized loss of $ 0.3 million and $ 1.5 million, respectively, in Cost of Sales on its Condensed Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges.

The February 2026 forwards were designated and qualified as fair value hedges and matured on July 2, 2026.

During the three and six months ended July 3, 2026, the Company recognized a net gain of $ 5.0 million and $ 12.7 million, respectively, in Selling, general, and administrative expense on its Consolidated Statements of Operations related to the effect of exchange rate movements on its forward currency contract derivatives.

The Company entered into new forward currency contracts during the second quarter of 2026 for the purpose of managing its exposure to currency exchange rate risk arising from intercompany loan balances between foreign-denominated subsidiaries.

As of July 3, 2026, the outstanding forward currency contracts, which mature on April 15, 2027, have notional amounts of $ 150.1 million to purchase U.S.

Dollars and sell Euros and $ 153.0 million to purchase U.S.

Dollars and sell Swiss Francs.

These contracts were designated and qualified as fair value hedges as of July 3, 2026.

Cross-currency Swap Contracts

2 unchanged sentences

Certain of these cross-currency swap agreements are designated and qualified as net investment hedges.

As of April 3, 2026, the designated cross-currency swap agreements had an aggregate Swiss Franc notional amount of approximately CHF 951.4 million and an aggregate U.S.

Dollar notional amount of $ 759.9 million.

As of July 3, 2026, the designated cross-currency swap agreements had an aggregate Swiss Franc notional amount of approximately CHF 1.1 billion and an aggregate U.S.

Dollar notional amount of $ 1.4 billion.

The remaining cross-currency swap agreements were not designated as hedging instruments and had an aggregate Swiss Franc notional amount of CHF 81.4 million and an aggregate U.S.

Dollar notional amount of $ 218.1 million as of April 3, 2026.

Dollar notional amount of $ 101.3 million as of July 3, 2026.

Both the designated and undesignated cross-currency swap agreements are recorded at fair value and deemed to be Level Two in the fair value hierarchy.

4 unchanged sentences

Amounts recorded in Accumulated other comprehensive income (loss) are reclassified out of Accumulated other comprehensive income (loss) into earnings only upon the sale or substantial liquidation of the hedged net investment.

The Company recognized interest income on its designated cross-currency swap agreements of $ 10.0 million and $ 12.2 million for the three months ended April 3, 2026 and April 4, 2025, respectively, which is included within Interest expense, net in the Condensed Consolidated Statements of Operations, consistent with the accounting for designated derivative instruments.

The Company recognized interest income on its designated cross-currency swap agreements of $ 10.5 million and $ 20.5 million for the three and six months ended July 3, 2026 and $ 12.0 million and $ 24.3 million for three and six months ended July 4, 2025, respectively, which is included within Interest expense, net in the Condensed Consolidated Statements of Operations, consistent with the accounting for designated derivative instruments.

As of January 1, 2026, three cross-currency swap agreements previously designated as net investment hedges, with an aggregate Swiss Franc notional amount of CHF 273.0 million were dedesignated.

The dedesignation resulted from the aggregate notional amount of designated cross-currency swaps exceeding the Company’s net investment in its Swiss Franc-denominated legal entity and its subsidiaries due to the prior-year goodwill impairment charges.

For the cross-currency swap agreements that are not designated as net investment hedges, changes in fair value are recognized in non-operating Other income (expense), net in the Consolidated Statement of Operations.

For the three months ended April 3, 2026, the Company recognized a mark-to-market fair value gain of $ 0.3 million and received $ 2.3 million cash interest benefit related to its undesignated cross-currency swap agreements, which are both presented within Other income (expense), net in the Consolidated Statement of Operations, consistent with the accounting for undesignated derivative instruments.

In February 2026, the Company partially reduced the excess of the cross-currency swap notional amount relative to the hedge of net investment through a legal entity restructuring.

In the event the Company is unable to designate the remaining undesignated cross-currency swap agreements as net investment hedges during 2026, changes in fair value will continue to be recognized in non-operating Other income (expense), net until such time as hedge designation is achieved.

As of April 4, 2026 two of the undesignated agreements were able to be re-designated as net investment hedges, with an aggregate Swiss Franc notional amount of CHF 136.5 million.

For the three and six months ended July 3, 2026, the Company recognized a mark-to-market fair value loss of $ 2.2 million and $ 1.9 million, respectively, and received $ 1.4 million and $ 3.7 million cash interest benefit related to its undesignated cross-currency swap agreements, which are both presented within Other income (expense), net in the Consolidated Statement of Operations, consistent with the accounting for undesignated derivative instruments.

In January 2025, cross-currency swap agreements designated as net investment hedges with an aggregate Swiss Franc notional amount of CHF 272 million were de-designated and settled for a $ 1.6 million cash inflow reflected within investing activities in the Consolidated Statements of Cash Flows.

1 unchanged sentence

The Company contemporaneously entered into new cross-currency swap agreements for the same Swiss Franc notional amount and designated them as a hedge of its net investment in its Swiss Franc-denominated subsidiaries.

The following table presents the effect of the Company’s designated hedging instruments on Accumulated other comprehensive income (loss) for the three months ended April 3, 2026 and April 4, 2025:

Three Months Ended

April 3, 2026 April 4, 2025

The following table presents the effect of the Company’s designated hedging instruments on Accumulated other comprehensive income (loss) for the three and six months ended July 3, 2026 and July 4, 2025:

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of April 3, 2026 and December 31, 2025:

(In thousands) Location on Unaudited Consolidated Balance Sheets (1)

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

Derivative Assets

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Designated Hedging Instruments

Forward currency contracts Accrued liabilities $ 1,681 $ —

Cross-currency swaps Accrued liabilities 49,649 51,485

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Adjusted EBITDA excludes the effect of Other (income) expense, net, non-operating (gain) loss on investments, debt extinguishment charges, interest expense, net, restructuring charges, Medical Device Regulation (MDR) and other costs, strategic transaction costs, stock-based compensation, depreciation and other amortization, acquisition-related intangible asset amortization, purchase of royalty interest, and goodwill impairment charges from the results of the Company’s operating segments.

For the three months ended April 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

For the three and six months ended July 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

Adjusted EBITDA in prior periods has been revised to reflect this change for consistency of presentation.

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The Company’s segment results were as follows:

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

19 unchanged sentences

$ 104,321 $ 91,153 $ 207,888 $ 178,205

(1) For the three months ended April 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

(1) In conjunction with our Form 10-Q filing for the three months ended April 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

Adjusted EBITDA in prior periods has been revised to reflect this change for consistency of presentation.

Accordingly, Adjusted EBITDA for the three months ended April 4, 2025 has been revised from $ 99.2 million, as presented in our Form 10-Q for the period ended April 4, 2025, to $ 87.1 million, reflecting the removal of a $ 12.1 million adjustment for inventory step-up in connection with acquired businesses.

Adjusted EBITDA for our Recon segment for the three months ended April 4, 2025 has also been revised from $ 68.3 million, as presented in our Form 10-Q for the period ended April 4, 2025, to $ 56.1 million, reflecting the removal of the same $ 12.1 million adjustment for inventory step-up in connection with acquired businesses from the prior period.

Accordingly, Adjusted EBITDA for the three and six months ended July 4, 2025 has been revised from $ 97.2 million and $ 196.3 million, as presented in our Form 10-Q for the period ended July 4, 2025, to $ 91.2 million and $ 178.2 million, respectively, reflecting the removal of a $ 6.0 million and $ 18.1 million adjustment for inventory step-up in connection with acquired businesses.

Adjusted EBITDA for our Recon segment for the three and six months ended July 4, 2025 has also been revised from $ 50.4 million and $ 118.7 million , as presented in our Form 10-Q for the period ended July 4, 2025, to $ 44.4 million and $ 100.6 million, respectively, reflecting the removal of the same $ 6.0 million and $ 18.1 million adjustment for inventory step-up in connection with acquired businesses from the prior period.

ENOVIS CORPORATION

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The following is a reconciliation of Net Loss to Adjusted EBITDA:

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

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Restructuring charges (1)

4,859 920 7,567 4,829

MDR and other costs (2)

710 3,320 1,904 6,558

Strategic transaction costs (3)

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Purchase of royalty interest (5)

— 10,041 — 45,818

Interest expense, net 8,038 9,294 17,207 18,482

3 unchanged sentences

$ 104,321 $ 91,153 $ 207,888 $ 178,205

(1) Restructuring charges includes immaterial expenses classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three months ended April 4, 2025.

There were no similar charges for the three months ended April 3, 2026.

(2) MDR and other costs includes (i) $ 0.8 million for the three months ended April 3, 2026 and $ 2.5 million for the three months ended April 4, 2025, respectively, in non-recurring costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union for devices which were introduced to the market prior to the regulation and (ii) $ 0.4 million for the three months ended April 3, 2026 and $ 0.7 million for the three months ended April 4, 2025, respectively, of expenses to resolve certain infrequent, non-recurring regulatory or other legal matters.

(1) Restructuring charges reflect costs associated with the Company’s restructuring programs to reduce the structural costs of the Company.

For further information, see Note 10, “Accrued Liabilities - Accrued Restructuring Liability.

” Includes expenses of $ 0.2 million and $ 0.3 million classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three and six months ended July 4, 2025, respectively.

There were no similar charges for the three and six months ended July 3, 2026.

(2) MDR and other costs includes (i) $ 0.4 million and $ 1.2 million for the three and six months ended July 3, 2026 and $ 2.8 million and $ 5.4 million for the three and six months ended July 4, 2025, respectively, in non-recurring costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with the medical device reporting regulations and other requirements of the new medical device regulations in the European Union for devices which were introduced to the market prior to the regulation and (ii) $ 0.3 million and $ 0.7 million for the three and six months ended July 3, 2026 and $ 0.4 million and $ 1.1 million for the three and six months ended July 4, 2025, respectively, of expenses to resolve certain infrequent, non-recurring regulatory or other legal matters.

These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.

(3) Strategic transaction costs includes:

(i) $ 7.4 million for the three months ended April 3, 2026 and $ 8.7 million for the three months ended April 4, 2025, respectively, related to non-recurring integration costs associated with the Lima Acquisition which includes (a) payroll and retention costs for roles eliminated in connection with the integration of our recent acquisition of Lima where a legal notice period was required prior to the employee’s separation from the Company, or integration-related daily activities not related to former roles performed by an employee during their legal notice period and prior to their separation from the Company.

(i) $ 4.7 million and $ 11.7 million for the three and six months ended July 3, 2026 and $ 7.8 million and $ 16.5 million for the three and six months ended July 4, 2025, respectively, related to non-recurring integration costs associated with the Lima Acquisition which includes (a) payroll and retention costs for roles eliminated in connection with the integration of our recent acquisition of Lima where a legal notice period was required prior to the employee’s separation from the Company, or integration-related daily activities not related to former roles performed by an employee during their legal notice period and prior to their separation from the Company.

In each case, such costs relate solely to roles eliminated in connection with the integration of the Lima acquisition, and are non-recurring and not part of our normal business operations;

(b) professional and consulting fees specifically incurred to consummate the acquisition and advise and facilitate on post-acquisition integration matters including legal entity consolidation, costs associated with rebranding and marketing acquired business under Enovis name, such as marketing materials, trade show redesign costs and product labeling;

and (c) integration related costs associated with sales agent and distributor network rationalization, including contract termination and retention expenses, supply chain and portfolio integration, and quality management system consolidation, (ii) $ 3.4 million for the three months ended April 3, 2026 and $ 2.9 million for the three months ended April 4, 2025, respectively, of non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalization and shared service center start-up, and (iii) $ 0.2 million for the three months ended April 3, 2026 and $ 0.5 million for the three months ended April 4, 2025, respectively, related to the Separation of our former fabrication technology business.

and (c) integration related costs associated with sales agent and distributor network rationalization, including contract termination and retention expenses, supply chain and portfolio integration, and quality management system consolidation, (ii) $( 3.5 ) million and $ 0.3 million for the three and six months ended July 3, 2026 and $ 5.4 million and $ 8.2 million for the three and six months ended July 4, 2025, including a $ 5.7 million non-cash gain upon the reversal of a portion of a contingent consideration liability (See Note 11, “Financial Instruments and Fair Value Measurements” for additional information), partially offset by non-recurring (non-Lima) acquisition integration costs and other non-recurring project costs for global ERP rationalization and shared service center start-up, and (iii) $ 0.2 million and $ 0.4 million for the three and six months ended July 3, 2026 and $ 0.3 million and $ 0.8 million for the three and six months ended July 4, 2025, respectively, related to the Separation of our former fabrication technology business.

These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.

3 unchanged sentences

The Company believes that excluding the impact of such expense enhances comparability between periods, provides investors with a clear and meaningful view of our underlying business trends and aligns with how management evaluates the ongoing business performance.

(6) For the three months ended April 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

(6) In conjunction with our Form 10-Q filing for the three months ended April 3, 2026, we revised our definition of Adjusted EBITDA to no longer adjust for inventory step-up charges.

Adjusted EBITDA in prior periods has been revised to reflect this change for consistency of presentation.

Accordingly, Adjusted EBITDA for the three and six months ended July 4, 2025 has been revised from $ 97.2 million and $ 196.3 million, respectively, as presented in our Form 10-Q for the period ended July 4, 2025, to $ 91.2 million and $ 178.2 million, reflecting the removal of a $ 6.0 million and $ 18.1 million, respectively, adjustment for inventory step-up in connection with acquired businesses.

ENOVIS CORPORATION

1 unchanged sentence

The Company’s total assets and capital expenditures by segment were as follows:

April 3, 2026 December 31, 2025

July 3, 2026 December 31, 2025

(In thousands)

4 unchanged sentences

(1) Includes allocation of certain centrally managed assets, including cash and cash equivalents.

Three Months Ended

April 3, 2026 April 4, 2025

Three Months Ended Six Months Ended

July 3, 2026 July 4, 2025 July 3, 2026 July 4, 2025

(In thousands)

3 unchanged sentences

Total capital expenditures $ 43,895 $ 44,369 $ 96,699 $ 87,631

(2) Includes allocation of capital expenditures from certain corporate/centrally managed functions.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements