0001420800-23-000030 | 10-Q | XBRL Viewer

Print Document View Excel Document

General	9 Months Ended
General	Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Enovis Corporation (the “Company” or “Enovis”) was previously Colfax Corporation (“Colfax”) until its separation into two differentiated, independent, and publicly traded companies on April 4, 2022 (the “Separation”). Upon completion of the Separation, the Company retained its specialty medical technology business, changed its name to Enovis Corporation, and began trading under the stock symbol “ENOV” on the New York Stock Exchange on April 5, 2022. Enovis is an innovation-driven medical technology growth company dedicated to developing clinically differentiated solutions that generate measurably better patient outcomes and transform workflows. The Company conducts its business through two operating segments, “Prevention & Recovery” and “Reconstructive.” The Prevention & Recovery segment provides orthopedic and recovery science solutions, including devices, software, and services across the patient care continuum from injury prevention to rehabilitation after surgery, injury, or from degenerative disease. The Reconstructive segment provides surgical implant solutions, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger and surgical productivity tools. The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. The Condensed Consolidated Balance Sheet as of December 31, 2022 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the SEC’s rules and regulations for interim financial statements. The Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”), filed with the SEC on March 1, 2023. The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.

Subsequent Events (Details) - USD ($) $ in Thousands		9 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 05, 2023	Sep. 29, 2023	Sep. 30, 2022	Oct. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Acquisition, net of cash received		$ 131,387	$ 73,390
Contingent consideration, liability		26,500			$ 27,809
Goodwill		$ 2,027,154			$ 1,983,588
Subsequent event \| Amended Credit Agreement \| Senior Notes
Subsequent Event [Line Items]
Principal amount				$ 460,000
Subsequent event \| Precision AI \| Reconstructive Segment
Subsequent Event [Line Items]
Acquisition, net of cash received	$ 27,500
Contingent consideration, liability	$ 12,400

Equity - AOCL Components (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Equity - AOCL Components (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Sep. 29, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		$ (53,430)
Foreign currency translation adjustment		3,858	$ (88,457)
Loss on long-term intra-entity foreign currency transactions			(21,779)
Gain (loss) on on net investment hedges		(2,290)	9,028
Other comprehensive income (loss) before reclassifications		1,568	(101,208)
Amounts reclassified from Accumulated other comprehensive loss		(1,053)	629
Net current period other comprehensive income (loss)		515	(100,579)
Distribution of ESAB Corporation	$ (1,207,261)		499,981
Ending Balance		(52,915)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(53,430)	(516,013)
Distribution of ESAB Corporation	$ 499,981
Ending Balance		(52,915)	(116,611)
Net Unrecognized Pension Benefit Cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		12,207	(85,559)
Foreign currency translation adjustment		108	470
Loss on long-term intra-entity foreign currency transactions			0
Gain (loss) on on net investment hedges		0	0
Other comprehensive income (loss) before reclassifications		108	470
Amounts reclassified from Accumulated other comprehensive loss		(1,221)	629
Net current period other comprehensive income (loss)		(1,113)	1,099
Distribution of ESAB Corporation			84,460
Ending Balance		11,094	0
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(65,637)	(475,125)
Foreign currency translation adjustment		3,750	(88,927)
Loss on long-term intra-entity foreign currency transactions			(21,779)
Gain (loss) on on net investment hedges		0	0
Other comprehensive income (loss) before reclassifications		3,750	(110,706)
Amounts reclassified from Accumulated other comprehensive loss		0	0
Net current period other comprehensive income (loss)		3,750	(110,706)
Distribution of ESAB Corporation			469,220
Ending Balance		(61,887)	(116,611)
Unrealized Gain (Loss) on Hedging Activities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		0	44,671
Foreign currency translation adjustment		0	0
Loss on long-term intra-entity foreign currency transactions			0
Gain (loss) on on net investment hedges		(2,290)	9,028
Other comprehensive income (loss) before reclassifications		(2,290)	9,028
Amounts reclassified from Accumulated other comprehensive loss		168	0
Net current period other comprehensive income (loss)		(2,122)	9,028
Distribution of ESAB Corporation			(53,699)
Ending Balance		$ (2,122)	$ 0

General (Details)	9 Months Ended
General (Details)	Sep. 29, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

Discontinued Operations

9 Months Ended

Sep. 29, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued OperationsThe Company’s discontinued operations include the following: (1) operating results of ESAB Corporation (“ESAB”) for the first quarter of 2022 prior to Separation, (2) charges for the first quarter of 2022 related to previously retained asbestos contingencies from certain divested businesses for which the Company did not retain an interest in the ongoing operations and that were fully transferred to ESAB in conjunction with the Separation, (3) certain expenses related to the Separation in 2022, (4) a charge related to the release of a tax indemnification receivable from ESAB and release of uncertain tax positions in the second quarter of 2023, and (5) gain on disposal from the sale of a facility retained from a prior divestiture.

The following table presents the financial results of the Company’s discontinued operations:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(in thousands)
Net sales	$	—	$	—	$	—	$	647,911
Cost of sales	—		—		—		423,580
Selling, general and administrative expense	—		—		—		125,529
Gain on disposal of facility	(15,517)		—		(15,517)		—
Restructuring and other charges	—		—		—		5,304
Asbestos charges	—		—		—		3,194
Divestiture-related expenses and other(1)	(1,652)		527		4,359		46,468
Operating (loss) income	17,169		(527)		11,158		43,836
Interest expense(2)	—		—		—		8,035


(Loss) income from discontinued operations before income taxes	17,169		(527)		11,158		35,801
Income tax (benefit) expense(3)	558		—		(9,938)		25,638
(Loss) income from discontinued operations, net of taxes	$	16,611	$	(527)	$	21,096	$	10,163

(1) Divestiture-related expenses and other includes costs (benefits) relating to a facility retained from a prior divestiture, a charge for the release of a tax indemnification receivable from ESAB during the second quarter of 2023, and charges of $45.0 million associated with the Separation for the nine months ended September 30, 2022.

(2) Interest expense was allocated to discontinued operations in 2022 based on allocating $1.2 billion of corporate level debt to discontinued operations consistent with the dividend received from ESAB and the debt repaid at the time of the Separation.

(3) Includes benefit of release of uncertain tax positions in the second quarter of 2023.

Cash used in operating activities related to discontinued operations was $1.2 million and $26.8 million for the nine months ended September 29, 2023 and September 30, 2022, respectively. Cash provided by investing activities related to discontinued operations for the nine months ended September 29, 2023 was $42.6 million. Cash used in investing activities related to discontinued operations for the nine months ended September 30, 2022 was $3.2 million.

Financial Instruments and Fair Value Measurements-Contingent Consideration Liability (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2023 USD ($)
Business Combination, Contingent Consideration, Liability [Roll Forward]
Contingent Consideration, Beginning Balance	$ 27,809
Charges	(832)
Interest	1,133
Foreign Exchange	(741)
Contingent Consideration, Ending Balance	26,500
2020 Acquisition
Business Combination, Contingent Consideration, Liability [Roll Forward]
Charges	(800)
Payments	$ (868)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Net income (loss)	$ (35,811)	$ 26,810
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other impairment charges	160,493	167,453
Stock-based compensation expense	25,758	27,799
Non-cash interest expense	2,117	3,021
Unrealized gain on investment in ESAB Corporation	0	(72,412)
Gain on cost basis investment	0	8,800
Debt extinguishment charges	0	20,104
Deferred income tax expense (benefit)	(20,612)	(3,458)
(Gain) loss on sale of property, plant and equipment	(14,832)	352
Changes in operating assets and liabilities:
Trade receivables, net	(6,527)	(43,315)
Inventories, net	(29,917)	(119,145)
Accounts payable	(12,379)	34,147
Other operating assets and liabilities	(1,717)	(52,459)
Net cash provided by (used in) operating activities	66,573	(19,903)
Cash flows from investing activities:
Purchases of property, plant and equipment and intangibles	(94,279)	(68,668)
Proceeds from sale of property, plant and equipment	42,571	2,746
Payments for acquisitions, net of cash received, and investments	(131,387)	(73,390)
Net cash used in investing activities	(183,095)	(139,312)
Cash flows from financing activities:
Proceeds from borrowings on term credit facility	0	450,000
Repayments of borrowings under term credit facility	(219,468)	(785,000)
Proceeds from borrowings on revolving credit facilities and other	400,000	0
Repayments of borrowings on revolving credit facilities and other	(47,345)	(608,877)
Repayments of borrowings on Euro senior notes	0	(386,278)
Repayments of borrowings on Senior notes	0	(300,000)
Distribution from ESAB Corporation, net	0	1,143,369
Payment of debt issuance costs	(8,000)	(2,938)
Proceeds from issuance of common stock, net	1,489	2,530
Payment of debt extinguishment costs	0	(12,704)
Deferred consideration payments and other	(1,668)	(6,857)
Net cash provided by (used in) financing activities	125,008	(506,755)
Effect of foreign exchange rates on Cash and cash equivalents	(652)	1,557
Increase (decrease) in Cash and cash equivalents	7,834	(664,413)
Cash and cash equivalents, beginning of period	24,295	719,370
Cash and cash equivalents, end of period	$ 32,129	$ 54,957

Discontinued Operations - Narratives (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash provided by (used in) investing activities, discontinued operations		$ (3.2)
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash provided by operating activities, discontinued operations	$ 1.2	$ 26.8
Cash provided by (used in) investing activities, discontinued operations	$ 42.6

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheet (Parenthetical) [Abstract]
Trade receivables, allowance for doubtful accounts	$ 8,711	$ 7,965
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	133,333,333	133,333,333
Common Stock, Shares, Issued	54,564,997	54,228,619
Common Stock, Shares, Outstanding	54,564,997	54,228,619

Financial Instruments and Fair Value Measurements Derivative Instruments in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Designated As Hedging Instrument
Derivative [Line Items]
Derivative asset	$ 7,536	$ 0
Derivative liability	10,557	0
Forward Currency Contracts \| Designated As Hedging Instrument
Derivative [Line Items]
Derivative asset	12	0
Forward Currency Contracts \| Designated As Hedging Instrument \| Other Current Liabilities
Derivative [Line Items]
Derivative liability	1,150	0
Forward Currency Contracts \| Designated As Hedging Instrument \| Other Noncurrent Liabilities
Derivative [Line Items]
Derivative liability	684	0
Currency Swap \| Designated As Hedging Instrument
Derivative [Line Items]
Derivative asset	7,524	0
Derivative liability	$ 8,723	$ 0

Recently Issued Accounting Pronouncements	9 Months Ended
Recently Issued Accounting Pronouncements	Sep. 29, 2023
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting PronouncementsThe Company has not adopted any new accounting standards during the nine months ended September 29, 2023. There are no recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479832/842-10-65-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Acquisitions and Investments	9 Months Ended
Acquisitions and Investments	Sep. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Investments	Acquisitions and Investments Lima Acquisition Purchase Agreement On September 22, 2023, the Company entered into a definitive stock purchase agreement to acquire LimaCorporate S.p.A. (“Lima”), a privately held global orthopedic company focused on restoring motion through digital innovation and customized hardware, at an enterprise value of €800 million (the “Lima Acquisition”), consisting of (i) approximately €700 million in cash consideration, which includes repayment of certain indebtedness, to be paid at closing, and (ii) 1,942,686 shares of common stock of Enovis valued at €100 million based on the thirty-day volume weighted average price of the Company’s common stock as of the close of business day on September 21, 2023, and which are expected to be issued within eighteen months following the closing of the Lima Acquisition, in each case subject to certain adjustments and conditions as provided for in the purchase agreement. The closing of the Lima Acquisition is subject to the receipt of applicable regulatory approvals and other customary closing conditions and is expected to be completed in the first quarter of 2024. 2023 Acquisitions On June 28, 2023, the Company completed the Novastep business combination in its Reconstructive segment. Novastep is a leading player in Minimally Invasive Surgery (MIS) foot and ankle solutions with a best-in-class MIS bunion system serving a rapidly growing portion of the global bunion segment. The acquisition is accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the acquisition date. The Company paid $96.9 million for the acquisition, net of cash received. The Company has allocated $41.7 million to goodwill and $52.0 million to intangible assets acquired. The acquisition accounting reflects our preliminary estimates and are subject to adjustment. The acquired goodwill value is primarily driven by the expected synergies from cross-selling Novastep products to existing Enovis foot & ankle customers. The acquisition broadens our reconstructive product offerings for the foot and ankle market and expands our customer base in Europe. Purchase accounting procedures are ongoing and revisions may be recorded in future periods during the measurement period. On July 20, 2023, the Company completed an asset acquisition in its Reconstructive segment for an external fixation product line from D.N.E., LLC, a developer of a broad line of external fixation products, including circular frames, pin-to-bar frames, and mini-fixators for use in foot and ankle surgeries. The Company paid $28.2 million for the asset acquisition and assigned $25.8 million to intangible assets, $1.9 million to finished goods inventory and $0.5 million to property, plant and equipment. The acquisition of these assets, primarily the developed technology, is an important step in creating a more robust product portfolio for the foot & ankle business unit. 2022 Acquisitions During the nine months ended September 30, 2022, the Company completed four asset acquisitions, two business combinations, and one investment which is recorded using the equity method of accounting. Two of these transactions were completed by the Company’s Reconstructive segment, and the other five transactions were completed by the Prevention & Recovery segment. The asset acquisitions broaden the Company’s product offering and distribution network. Aggregate purchase consideration for the four asset acquisitions was $22.3 million, of which $12.6 million was paid in cash and $9.6 million of deferred and contingent consideration. The investment was acquired for $10.0 million in cash consideration. On May 6, 2022, the Company completed a business combination in its Reconstructive segment of KICo Knee Innovation Company Pty Limited and subsidiaries, an Australian private company doing business as 360 Med Care, by acquiring 100% of its equity interests. 360 Med Care is a medical device distributor that bundles certain computer-assisted surgery and patient experience enhancement programs to add value to its device supply arrangements with surgeons, hospitals, and insurers. The acquisition is accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the acquisition date. The Company paid $14.3 million for the acquisition, net of cash received, and recorded estimated contingent consideration at fair value of $12.8 million related to expected results over future revenue targets. The Company allocated $16.3 million to goodwill and $18.2 million to intangible assets acquired. The purchase price accounting for this acquisition was finalized during the quarter ended June 30, 2023. The 360 Med Care acquisition broadens our customer base in Australia and adds to our overall product offerings. On July 5, 2022, the Reconstructive segment of the Company acquired a controlling interest of Insight Medical Systems (“Insight”). Insight’s flagship solution, ARVIS, is an FDA-cleared augmented reality solution precisely engineered for the specific needs of hip and knee replacement surgery. The ARVIS navigation unit consists of a hands-free heads-up display worn by the surgeon which provides surgical guidance at the point of care in a streamlined, space-conserving and cost-effective manner compared to traditional robotic offerings. The acquisition is accounted for under the acquisition method of accounting as a step-acquisition, and accordingly, the Condensed Consolidated Financial Statements include the financial position and results of operations from the acquisition date. The Company made initial investments in Insight in 2020 and 2021, which were initially carried at cost. During the third quarter of 2022, the Company acquired an additional 53.7% interest in Insight for $34.2 million net of cash received, and recorded contingent consideration of $5.0 million, which is the maximum amount payable under the agreement based on Insight’s achievement of certain milestones related to ARVIS. The Company holds a 99.5% interest in Insight and recognized an initial $0.3 million noncontrolling equity interest in its financial statements attributed to Insight. The Company allocated $36.3 million to goodwill and $38.4 million to intangible assets acquired. The purchase price accounting for this acquisition was finalized. Goodwill is primarily driven by expected synergies between ARVIS’ augmented reality surgical guidance system and the Company’s existing customer base and existing products. The Company does not expect any of the goodwill to be deductible for tax purposes. As a result of obtaining control of Insight, the Company remeasured its initial investments to fair value, resulting in a $8.8 million gain in the fourth quarter of 2022. Investments As of September 29, 2023, the balance of investments held by the Company without readily determinable fair values was $20.6 million. The majority of these investments are carried at cost minus 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. There have been no impairments or upward adjustments in the current year or since acquisition of these investments. One investment is accounted for under the equity method of accounting and is recorded at the initial investment amount, adjusted each period for the Company’s share of the income or loss.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (2,840)	$ (66,476)	$ (35,811)	$ 26,810
Other comprehensive income (loss):
Foreign currency translation, net of tax expense	(18,057)	(28,836)	3,838	(113,173)
Unrealized gain (loss) on hedging activities, net of tax expense (benefit) of $1,009, $—, $(731) and $2,711	3,159	0	(2,290)	9,028
Amounts reclassified from Accumulated other comprehensive loss:
Amortization of pension and other post-retirement net actuarial gain (loss), net of tax expense (benefit) of $(75), $—, $(116) and $199	(339)	0	(1,221)	629
Reclassification of hedging gain (loss), net of tax expense (benefit) of $—, $—, $— and $—	168	0	168	0
Other comprehensive income (loss)	(15,069)	(28,836)	495	(103,516)
Comprehensive income (loss)	(17,909)	(95,312)	(35,316)	(76,706)
Less: comprehensive income (loss) attributable to noncontrolling interest	(12)	(1,030)	394	(1,438)
Comprehensive income (loss) attributable to Enovis Corporation	$ (17,897)	$ (94,282)	$ (35,710)	$ (75,268)

Net Loss Per Share from Continuing Operations (Tables)

9 Months Ended

Sep. 29, 2023

Earnings Per Share [Abstract]

Schedule of Loss Per Share from Continuing Operations

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


	Three Months Ended			Nine Months Ended
		September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
		(In thousands, except share and per share data)
Computation of Net income (loss) per share from continuing operations - basic:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(19,491)	$	(66,085)	$	(57,321)	$	16,114
Weighted-average shares of Common stock outstanding – basic		54,549,369		54,136,889		54,462,319		54,025,144
Net income (loss) per share from continuing operations – basic		$	(0.36)	$	(1.22)	$	(1.05)	$	0.30

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(19,491)	$	(66,085)	$	(57,321)	$	16,114
Weighted-average shares of Common stock outstanding – basic		54,549,369		54,136,889		54,462,319		54,025,144
Net effect of potentially dilutive securities - stock options and restricted stock units		—		—		—		434,859
Weighted-average shares of Common stock outstanding – diluted		54,549,369		54,136,889		54,462,319		54,460,003
Net income (loss) per share from continuing operations – diluted		$	(0.36)	$	(1.22)	$	(1.05)	$	0.30

(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.

The following weighted average computations of potentially dilutive shares of Common stock from stock-based compensation awards were 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:

Three Months Ended

Nine Months Ended

September 29, 2023

September 30, 2022

September 29, 2023

September 30, 2022

(In thousands, except share data)

Weighted average computation of potentially dilutive shares of Common stock excluded from diluted computation, as inclusion would be anti-dilutive

1,073,464

462,624

1,127,227

432,789

Debt (Tables)

9 Months Ended

Sep. 29, 2023

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following:


	September 29, 2023		December 31, 2022
	(In thousands)
Term loan	$	—	$	219,279




Revolving credit facilities and other	395,000		40,000
Total debt	395,000		259,279
Less: current portion	—		(219,279)
Long-term debt	$	395,000	$	40,000

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Balance at Dec. 31, 2021	$ 4,661,433	$ 52	$ 4,544,315	$ 589,024	$ (516,013)	$ 44,055
Balance, beginning, shares (in shares) at Dec. 31, 2021		52,083,078
Net income (loss)	16,301			15,068		1,233
Distributions to noncontrolling owners	(941)					(941)
Other comprehensive (loss) income, net of tax	(43,804)				(43,466)	(338)
Conversion of tangible equity units into common stock		$ 2	(2)
Conversion of tangible equity units into common stock (in shares)		1,691,845
Common stock-based award activity	11,056		11,056
Common stock-based award activity (in shares)		255,957
Balance at Apr. 01, 2022	4,644,045	$ 54	4,555,369	604,092	(559,479)	44,009
Balance, ending, shares (in shares) at Apr. 01, 2022		54,030,880
Balance at Dec. 31, 2021	4,661,433	$ 52	4,544,315	589,024	(516,013)	44,055
Balance, beginning, shares (in shares) at Dec. 31, 2021		52,083,078
Net income (loss)	26,810
Other comprehensive (loss) income, net of tax	(103,516)
Distribution of ESAB Corporation	499,981
Balance at Sep. 30, 2022	3,408,202	$ 54	2,908,913	614,335	(116,611)	1,511
Balance, ending, shares (in shares) at Sep. 30, 2022		54,148,315
Balance at Apr. 01, 2022	4,644,045	$ 54	4,555,369	604,092	(559,479)	44,009
Balance, beginning, shares (in shares) at Apr. 01, 2022		54,030,880
Net income (loss)	76,985			76,855		130
Other comprehensive (loss) income, net of tax	(30,876)				(29,443)	(1,433)
Common stock-based award activity	8,570		8,570
Common stock-based award activity (in shares)		80,238
Distribution of ESAB Corporation	(1,207,261)		(1,666,732)		499,981	(40,510)
Balance at Jul. 01, 2022	3,491,463	$ 54	2,897,207	680,947	(88,941)	2,196
Balance, ending, shares (in shares) at Jul. 01, 2022		54,111,118
Net income (loss)	(66,476)			(66,612)		136
Other comprehensive (loss) income, net of tax	(28,836)				(27,670)	(1,166)
Common stock-based award activity	9,255		9,255
Common stock-based award activity (in shares)		37,197
Adjustments to distribution of ESAB Corporation	2,451		2,451
Acquisition of Insight (see Note 4)	345
Balance at Sep. 30, 2022	3,408,202	$ 54	2,908,913	614,335	(116,611)	1,511
Balance, ending, shares (in shares) at Sep. 30, 2022		54,148,315
Balance at Dec. 31, 2022	3,449,801	$ 54	2,925,729	575,732	(53,430)	1,716
Balance, beginning, shares (in shares) at Dec. 31, 2022		54,228,619
Net income (loss)	(23,158)			(23,350)		192
Other comprehensive (loss) income, net of tax	10,584				10,560	24
Common stock-based award activity	8,044		8,044
Common stock-based award activity (in shares)		264,535
Balance at Mar. 31, 2023	3,445,271	$ 54	2,933,773	552,382	(42,870)	1,932
Balance, ending, shares (in shares) at Mar. 31, 2023		54,493,154
Balance at Dec. 31, 2022	3,449,801	$ 54	2,925,729	575,732	(53,430)	1,716
Balance, beginning, shares (in shares) at Dec. 31, 2022		54,228,619
Net income (loss)	(35,811)
Other comprehensive (loss) income, net of tax	495
Balance at Sep. 29, 2023	3,441,732	$ 55	2,952,975	539,507	(52,915)	2,110
Balance, ending, shares (in shares) at Sep. 29, 2023		54,564,997
Balance at Mar. 31, 2023	3,445,271	$ 54	2,933,773	552,382	(42,870)	1,932
Balance, beginning, shares (in shares) at Mar. 31, 2023		54,493,154
Net income (loss)	(9,813)			(9,995)		182
Other comprehensive (loss) income, net of tax	4,980				4,972	8
Common stock-based award activity	10,322	$ 1	10,321
Common stock-based award activity (in shares)		40,957
Balance at Jun. 30, 2023	3,450,760	$ 55	2,944,094	542,387	(37,898)	2,122
Balance, ending, shares (in shares) at Jun. 30, 2023		54,534,111
Net income (loss)	(2,840)			(2,880)		40
Other comprehensive (loss) income, net of tax	(15,069)				(15,017)	(52)
Common stock-based award activity	8,881		8,881
Common stock-based award activity (in shares)		30,886
Balance at Sep. 29, 2023	$ 3,441,732	$ 55	$ 2,952,975	$ 539,507	$ (52,915)	$ 2,110
Balance, ending, shares (in shares) at Sep. 29, 2023		54,564,997

Income Taxes

9 Months Ended

Sep. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	In thousands
Income (loss) from continuing operations before income taxes	(25,503)		(78,278)		(74,785)		471
Income tax expense (benefit)	(6,052)		(12,329)		(17,878)		(16,176)
Effective tax rate:	23.7	%	15.8	%	23.9	%	(3,434.4)	%

The effective tax rates for the three and nine months ended September 29, 2023, were slightly higher than the 2023 federal statutory rate of 21% mainly due to non-U.S. income taxed at lower rates, release of valuation allowance on non-U.S. attributes, tax credits for research and development, and release of uncertain tax positions. This was partially offset by other non-deductible expenses and U.S. taxation on international operations.

The effective tax rates for the three and nine months ended September 30, 2022, were lower than the 2022 U.S. federal statutory rate of 21% mainly due to non-taxable unrealized (gain) loss on the investment in ESAB Corporation and gain on cost basis investment, partially offset by non-deductible costs related to the tax-free Separation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity (Tables)

9 Months Ended

Sep. 29, 2023

Equity [Abstract]

Accumulated Other Comprehensive Loss


	Accumulated Other Comprehensive Income (Loss) Components
	Net Unrecognized Pension Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Hedging Activities		Total
	(In thousands)

Balance at January 1, 2023	$	12,207	$	(65,637)	$	—	$	(53,430)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	108		3,750		—		3,858

Loss on net investment hedges	—		—		(2,290)		(2,290)


Other comprehensive income (loss) before reclassifications	108		3,750		(2,290)		1,568
Amounts reclassified from Accumulated other comprehensive income (loss)	(1,221)		—		168		(1,053)

Net Other comprehensive income (loss)	(1,113)		3,750		(2,122)		515

Balance at September 29, 2023	$	11,094	$	(61,887)	$	(2,122)	$	(52,915)


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)
Balance at January 1, 2022	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	470		(88,927)		—		(88,457)
Loss on long-term intra-entity foreign currency transactions	—		(21,779)		—		(21,779)
Gain on net investment hedges	—		—		9,028		9,028


Other comprehensive income (loss) before reclassifications	470		(110,706)		9,028		(101,208)
Amounts reclassified from Accumulated other comprehensive loss	629		—		—		629

Net Other comprehensive income (loss)	1,099		(110,706)		9,028		(100,579)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at September 30, 2022	$	—	$	(116,611)	$	—	$	(116,611)

Accrued Liabilities (Tables)

9 Months Ended

Sep. 29, 2023

Accrued Liabilities [Abstract]

Schedule of Accrued Liabilities

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


	September 29, 2023		December 31, 2022
	(In thousands)
Accrued compensation and related benefits	$	64,384	$	51,384
Accrued third-party commissions	25,378		24,958
Lease liability - current portion	20,910		24,281
Accrued taxes	15,106		13,676
Accrued rebates	11,600		13,715
Accrued professional fees	9,737		15,670
Contingent consideration - current portion	7,790		8,812
Accrued royalties	5,288		5,777
Accrued freight	3,576		3,955
Customer advances and billings in excess of costs incurred	3,082		3,560
Warranty liability	2,846		2,804
Accrued restructuring liability	2,159		1,090
Accrued interest	388		2,921
Other	57,980		37,689
	$	230,224	$	210,292

Summary of Restructuring Liability

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


	Nine Months Ended September 29, 2023
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	972	$	4,930	$	(3,824)	$	2,078
Facility closure costs and other(2)	118		6,852		(6,889)		81
Total	$	1,090	11,782		$	(10,713)	$	2,159
Non-cash charges(2)			301
Total Provisions(3)			$	12,083

(1) Includes severance and other termination benefits, including outplacement services.

(2) Includes the cost of relocating associates, relocating equipment, lease termination expense and other costs in connection with the closure and optimization of facilities, site cost structures, and product lines.

(3) For the nine months ended September 29, 2023, $6.2 million and $5.9 million of the Company’s total provisions were related to the Prevention & Recovery and Reconstructive segments, respectively. Restructuring and other charges includes $0.3 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the nine months ended September 29, 2023.

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 29, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2023
Document Transition Report	false
Entity File Number	001-34045
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1887631
Entity Address, Address Line One	2711 Centerville Road,
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Wilmington,
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19808
City Area Code	(302)
Local Phone Number	252-9160
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ENOV
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		54,594,143
Entity Registrant Name	Enovis Corp
Entity Central Index Key	0001420800
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Amendment Flag	false

Segment Information

9 Months Ended

Sep. 29, 2023

Segment Reporting [Abstract]

Segment Information

The Company conducts its continuing operations through the Prevention & Recovery and Reconstructive operating segments, which also represent the Company’s reportable segments.

▪Prevention & Recovery - a leader in orthopedic solutions and recovery sciences, providing devices, software, and services across the patient care continuum from injury prevention to rehabilitation after surgery, injury, or from degenerative disease.

•Reconstructive - an innovation market-leader positioned in the fast-growing surgical implant business, offering a comprehensive suite of reconstructive joint products for the hip, knee, shoulder, elbow, foot, ankle, and finger and surgical productivity tools.

The Company’s management, including the chief operating decision maker, evaluates the operating results of each of its reportable segments based upon Net sales and Adjusted EBITDA, which excludes the effect of Other (income) expense, net, non-operating (gain) loss on investments, debt extinguishment charges, interest expense, net, restructuring and certain other charges, Medical Device Regulation (MDR) and other costs, strategic transaction costs, stock-based compensation, depreciation and other amortization, acquisition-related intangible asset amortization, insurance settlement loss (gain), and inventory step-up charges from the results of the Company’s operating segments.

The Company’s segment results were as follows:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Net sales:
Prevention & Recovery	$	270,287	$	256,502	$	794,502	$	765,120
Reconstructive	147,237		127,312		457,675		389,268
	$	417,524	$	383,814	$	1,252,177	$	1,154,388
Segment Adjusted EBITDA(1):
Prevention & Recovery	$	44,102	$	39,532	$	109,123	$	101,050
Reconstructive	21,284		17,677		78,357		60,076
	$	65,386	$	57,209	$	187,480	$	161,126

(1) The following is a reconciliation of Income (loss) from continuing operations before income taxes to Adjusted EBITDA:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Income (loss) from continuing operations before income taxes (GAAP)	$	(25,503)	$	(78,278)	$	(74,785)	$	471
Restructuring and other charges (1)	5,341		2,989		12,083		8,497
MDR and other costs (2)	6,228		3,600		23,021		10,648
Strategic transaction costs	10,482		8,146		27,547		32,549
Stock-based compensation	8,366		7,205		24,142		21,734
Depreciation and other amortization	21,492		18,159		62,237		56,109
Amortization of acquired intangibles	33,967		31,993		98,256		94,603
Inventory step-up	2		2,061		148		12,038
Interest expense, net	5,768		6,334		15,496		17,944
Other (income) expense, net	(757)		(300)		(665)		(300)
Debt extinguishment charges	—		—		—		20,104
Insurance settlement loss (gain) (3)	—		975		—		(32,059)
Gain on cost basis investment	—		(8,800)		—		(8,800)
Unrealized (gain) loss on investment in ESAB Corporation	—		63,125		—		(72,412)
Adjusted EBITDA (non-GAAP)	$	65,386	$	57,209	$	187,480	$	161,126

(1) Restructuring and other charges includes $— million and $0.3 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 29, 2023, respectively. Restructuring and other charges includes $— million and $0.8 million of expense classified as Cost of sales on the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022, respectively.

(2) Primarily related to costs specific to compliance with medical device reporting regulations and other requirements of the European Union Medical Devices Regulation. These costs are classified as Selling, general and administrative expense on our Condensed Consolidated Statements of Operations.

(3) Insurance settlement gain is related to the 2019 acquisition of DJO.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Discontinued Operations - Financial Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disposal Group, Including Discontinued Operations, Statement of Income
Gain on disposal of facility			$ (14,832)	$ 352
(Loss) income from discontinued operations, net of taxes	$ 16,611	$ (527)	21,096	10,163
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operations, Statement of Income
Net sales	0	0	0	647,911
Cost of sales	0	0	0	423,580
Selling, general and administrative expense	0	0	0	125,529
Gain on disposal of facility	(15,517)	0	(15,517)	0
Restructuring and other charges	0	0	0	5,304
Asbestos charges	0	0	0	3,194
Divestiture-related expenses	(1,652)	527	4,359	46,468
Operating (loss) income	17,169	(527)	11,158	43,836
Interest expense	0	0	0	8,035
(Loss) income from discontinued operations before income taxes	17,169	(527)	11,158	35,801
Income tax (benefit) expense(3)	558	0	(9,938)	25,638
(Loss) income from discontinued operations, net of taxes	$ 16,611	(527)	$ 21,096	10,163
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Air and Gas
Disposal Group, Including Discontinued Operations, Statement of Income
Divestiture-related expenses				45,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| ESAB Corporation
Disposal Group, Including Discontinued Operations, Statement of Income
Corporate level debt allocated to discontinued operation		$ 1,200,000		$ 1,200,000

Equity

9 Months Ended

Sep. 29, 2023

Equity [Abstract]

Equity

8. Equity

Share Repurchase Program

In 2018, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Common stock from time-to-time on the open market or in privately negotiated transactions. No repurchases of the Company’s Common stock have been made under this plan since the third quarter of 2018. As of September 29, 2023, 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. There is no term associated with the remaining repurchase authorization.

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 nine months ended September 29, 2023 and September 30, 2022. All amounts are presented net of tax and noncontrolling interest, if any.


	Accumulated Other Comprehensive Income (Loss) Components
	Net Unrecognized Pension Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Hedging Activities		Total
	(In thousands)

Balance at January 1, 2023	$	12,207	$	(65,637)	$	—	$	(53,430)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	108		3,750		—		3,858

Loss on net investment hedges	—		—		(2,290)		(2,290)


Other comprehensive income (loss) before reclassifications	108		3,750		(2,290)		1,568
Amounts reclassified from Accumulated other comprehensive income (loss)	(1,221)		—		168		(1,053)

Net Other comprehensive income (loss)	(1,113)		3,750		(2,122)		515

Balance at September 29, 2023	$	11,094	$	(61,887)	$	(2,122)	$	(52,915)


	Accumulated Other Comprehensive Loss Components
	Net Unrecognized Pension and Other Post-Retirement Benefit Cost		Foreign Currency Translation Adjustment		Unrealized Gain on Hedging Activities		Total
	(In thousands)
Balance at January 1, 2022	$	(85,559)	$	(475,125)	$	44,671	$	(516,013)

Other comprehensive income (loss) before reclassifications:

Foreign currency translation adjustment	470		(88,927)		—		(88,457)
Loss on long-term intra-entity foreign currency transactions	—		(21,779)		—		(21,779)
Gain on net investment hedges	—		—		9,028		9,028


Other comprehensive income (loss) before reclassifications	470		(110,706)		9,028		(101,208)
Amounts reclassified from Accumulated other comprehensive loss	629		—		—		629

Net Other comprehensive income (loss)	1,099		(110,706)		9,028		(100,579)
Distribution of ESAB Corporation	84,460		469,220		(53,699)		499,981
Balance at September 30, 2022	$	—	$	(116,611)	$	—	$	(116,611)

Debt

9 Months Ended

Sep. 29, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following:


	September 29, 2023		December 31, 2022
	(In thousands)
Term loan	$	—	$	219,279




Revolving credit facilities and other	395,000		40,000
Total debt	395,000		259,279
Less: current portion	—		(219,279)
Long-term debt	$	395,000	$	40,000

Debt Redemptions

In conjunction with the Separation on April 4, 2022, the Company repaid all obligations under its previous credit agreement and entered into a new credit agreement (the “Enovis Credit Agreement”) with certain of its existing bank lenders. Additionally, on April 7, 2022, after the completion of the Separation, the Company completed the redemptions of its 3.25% Euro Senior Notes due 2025 (the “Euro Senior Notes”) and its 6.375% Senior Notes due 2026 (the “2026 Notes”). As a result of these changes, the Company recorded Debt extinguishment charges of $20.1 million during the second quarter of 2022, comprised of $12.7 million in redemption premiums and $7.4 million in noncash write-offs of original issue discount and deferred financing fees.

Enovis Term Loan and Revolving Credit Facility

The Enovis Credit Agreement became effective on April 4, 2022 and consists of a $900 million revolving credit facility (the “Revolver”) with an April 4, 2027 maturity date. The Enovis Credit Agreement also had a term loan with an initial aggregate principal amount of $450 million (the “Enovis Term Loan”) which was fully extinguished during the first quarter of 2023. The Revolver contains a $50 million swing line loan sub-facility. Certain U.S. subsidiaries of the Company guarantee the obligations under the Enovis Credit Agreement.

On November 18, 2022, the Company completed an exchange with a lender under the Enovis Credit Agreement of 6,003,431 shares of common stock of ESAB, representing all of the retained shares in ESAB following the Separation, for $230.5 million of the $450.0 million Enovis Term Loan that was outstanding at that time under the Enovis Credit Agreement, net of cost to sell. On March 1, 2023, the Company extinguished the remaining outstanding balance on the Enovis Term Loan with borrowings on the Revolver.

The Enovis Credit Agreement contains customary covenants limiting the ability of the Company and its subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, dispose of assets, make investments, or pay dividends. In addition, the Enovis Credit Agreement contains financial covenants requiring the Company to maintain (i) a maximum total leverage ratio of not more than 3.75:1.00 for the fiscal quarter ending June 30, 2023 and thereafter, stepping

down to 3.50:1.00 for the fiscal quarter ending June 30, 2024 and thereafter, and (ii) a minimum interest coverage ratio of 3.00:1:00. 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 September 29, 2023, the Company was in compliance with the covenants under the Enovis Credit Agreement.

As of September 29, 2023, the weighted-average interest rate of borrowings under the Enovis Credit Agreement was 6.54%, excluding accretion of original issue discount and deferred financing fees, and there was $505 million available on the Revolver.

Euro Senior Notes

The Company previously had senior unsecured notes with an aggregate principal amount of €350 million due in May 2025, with an interest rate of 3.25%. The Euro Senior Notes were redeemed on April 7, 2022 at a 100.813% redemption premium after the completion of the Separation.

Tangible Equity Unit (“TEU”) Amortizing Notes

The Company previously had 6.50% TEU amortizing notes at an initial principal amount of $15.6099 per note with equal quarterly cash installments of $1.4375 per note representing a payment of interest and partial payment of principal. The final installment payment of $6.5 million principal was made on January 15, 2022.

2026 Notes

The Company previously had senior notes with a remaining principal amount of $300 million due on February 15, 2026 with an interest rate of 6.375%. The 2026 Notes were redeemed on April 7, 2022 at a 103.188% redemption premium after the completion of the Separation.

Commitment Letter and Financing for Lima Acquisition

On September 22, 2023, the Company entered into a commitment letter (the “Commitment Letter”) to obtain an $800 million senior bridge facility for financing the Lima Acquisition (the “Bridge Facility”). The funding of the Bridge Facility, if needed, is subject to the satisfaction of certain customary conditions. The Bridge Facility will be reduced by an equivalent amount of the net cash proceeds of the incurrence of a new term loan facility, the issuance by the Company of debt, equity or equity-linked securities in a public offering or private placement, or the disposition of assets prior to the consummation of the Lima Acquisition and upon other specified events, subject to certain exceptions set forth in the Commitment Letter.

The Commitment Letter requires the Company to use commercially reasonable efforts to arrange and syndicate a $400 million senior term loan facility, the proceeds of which will be used to refinance and/or reduce the commitments under all or a portion of the Bridge Facility. The financing requirements under the Commitment Letter were completed in October 2023, as follows.

On October 23, 2023 the Company entered into an amendment to the Enovis Credit Agreement (the “Amendment”). The Amendment provides for a new term loan commitment in the aggregate amount of $400 million, which reduced, on a dollar-for-dollar basis, the commitments under the Commitment Letter. The term loan facility extended to the Company under the Amendment will be available on the date the Lima Acquisition is consummated. The term loan requires quarterly principal repayments at 1.25% of the initial aggregate principal amount and ultimately matures on April 4, 2027.

Pursuant to the Amendment, effective as of the date of consummation of the Lima Acquisition, (i) all facilities under the Credit Agreement (including the Term Loan Facility) will become secured by certain personal property of the Company and certain of its subsidiaries, subject to limitations and exclusions; (ii) the financial covenant under the Credit Agreement will be adjusted from total leverage ratio to senior secured leverage ratio and will require the senior secured leverage ratio to be no more than 3.75:1.00 with a step down to 3.50:1.00 commencing with the fiscal quarter ending June 30, 2024; (iii) certain changes to the negative covenants will become effective (including restrictions on repayments of junior financing and amendments to junior financing documents); and (iv) certain additional changes will be implemented (including the removal of the guaranty fallaway provision).

On October 24, 2023, the Company issued $460 million aggregate principal amount of senior unsecured convertible notes in a private placement pursuant to Rule 144A (the “2028 Notes”). The 2028 Notes have an interest rate of 3.875%, payable semiannually in arrears on April 15 and October 15 of each year, beginning April 15, 2024 and will mature on October 15, 2028 unless earlier repurchased, redeemed, or converted.

Holders may convert their 2028 Notes under the following conditions at any time prior to the close of business on the business day immediately preceding April 15, 2028 in multiples of $1,000 principal amount, only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on December 31, 2023 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 principal amount of 2028 Notes, as determined following a request by a holder of 2028 Notes in accordance with the procedures described below, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such trading day; (iii) if the Company calls any or all of the 2028 Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events as described in the indenture governing the 2028 Notes.

In addition, holders may convert their 2028 Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after April 15, 2028 until the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. The conversion rate is 17.1474 shares of common stock per $1,000 principal amount of 2028 Notes (equivalent to an initial conversion price of approximately $58.32 per share of common stock), subject to adjustment upon the occurrence of certain specified events as set forth in the indenture governing the 2028 Notes. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2028 Notes to be converted and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at its election, in respect of the remainder,

The Company also entered into privately negotiated capped call transactions with certain of the initial purchasers of the 2028 Notes and paid $62 million to the counterparties. The capped call transactions are intended generally to mitigate potential dilution to the Company’s common stock upon conversion of any Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. If, however, the market price per share of common stock exceeds $89.72, the initial cap price of the capped call transactions, there would be dilution effect and/or no offset of any cash payments, in each case, attributable to the amount by which the market price of the common stock exceeds the cap price.

Other Indebtedness

In addition to the debt agreements discussed above, the Company is party to overdraft facilities with a borrowing capacity of $30.0 million. Total letters of credit and surety bonds of $11.2 million were outstanding as of September 29, 2023.

Deferred Financing Fees

The Company has $11.7 million in deferred financing fees of which $3.7 million was recorded in conjunction with the Enovis Credit Agreement as of September 29, 2023 and are accreted to Interest expense, net primarily using a straight-line method over the life of the facility. The balance of $8.0 million was recorded in September 2023 related to the Commitment Letter discussed above and is amortized over the life of the Bridge Facility. Upon the completion of the amendment to the Enovis Credit Agreement and senior unsecured convertible notes offering in October 2023, the Bridge Facility was terminated and the unamortized balance of the Bridge Facility deferred financing fees will be written-off in the fourth quarter of 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Inventories, Net (Tables)

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories, net consisted of the following:


	September 29, 2023		December 31, 2022
	(In thousands)
Raw materials	$	91,832	$	100,038
Work in process	37,874		28,164
Finished goods	403,375		357,143
	533,081		485,345
Less: Allowance for excess, slow-moving and obsolete inventory	(62,168)		(58,702)
	$	470,913	$	426,643

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,880)	$ (66,612)	$ (36,225)	$ 25,311

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Share from Continuing Operations

9 Months Ended

Sep. 29, 2023

Earnings Per Share [Abstract]

Net Loss Per Share from Continuing Operations

Net Income (Loss) Per Share from Continuing Operations

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


	Three Months Ended			Nine Months Ended
		September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
		(In thousands, except share and per share data)
Computation of Net income (loss) per share from continuing operations - basic:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(19,491)	$	(66,085)	$	(57,321)	$	16,114
Weighted-average shares of Common stock outstanding – basic		54,549,369		54,136,889		54,462,319		54,025,144
Net income (loss) per share from continuing operations – basic		$	(0.36)	$	(1.22)	$	(1.05)	$	0.30

Computation of Net income (loss) per share from continuing operations - diluted:
Net income (loss) from continuing operations attributable to Enovis Corporation(1)		$	(19,491)	$	(66,085)	$	(57,321)	$	16,114
Weighted-average shares of Common stock outstanding – basic		54,549,369		54,136,889		54,462,319		54,025,144
Net effect of potentially dilutive securities - stock options and restricted stock units		—		—		—		434,859
Weighted-average shares of Common stock outstanding – diluted		54,549,369		54,136,889		54,462,319		54,460,003
Net income (loss) per share from continuing operations – diluted		$	(0.36)	$	(1.22)	$	(1.05)	$	0.30

Three Months Ended

Nine Months Ended

September 29, 2023

September 30, 2022

September 29, 2023

September 30, 2022

(In thousands, except share data)

Weighted average computation of potentially dilutive shares of Common stock excluded from diluted computation, as inclusion would be anti-dilutive

1,073,464

462,624

1,127,227

432,789

CONDENSED CONSOLIDATED STATEMENT OF EQUITY Statement of Stockholders' Equity [Parenthetical] - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jul. 01, 2022	Apr. 01, 2022
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss), tax	$ 934	$ (1,781)	$ 0	$ 0	$ 0	$ 3,248

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482659/740-20-45-2

+ Details

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Accrued compensation and related benefits	$ 64,384	$ 51,384
Accrued third-party commissions	25,378	24,958
Lease liability - current portion	20,910	24,281
Accrued taxes	15,106	13,676
Accrued rebates	11,600	13,715
Accrued professional fees	9,737	15,670
Contingent consideration - current portion	7,790	8,812
Accrued royalties	5,288	5,777
Accrued freight	3,576	3,955
Customer advances and billings in excess of costs incurred	3,082	3,560
Warranty liability	2,846	2,804
Accrued restructuring liability	2,159	1,090
Accrued interest	388	2,921
Other	57,980	37,689
Accrued liabilities	$ 230,224	$ 210,292

Net Loss Per Share from Continuing Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss from continuing operations attributable to Parent	$ (19,491)	$ (66,085)	$ (57,321)	$ 16,114
Weighted-average shares of Common stock outstanding - basic (in shares)	54,549,369	54,136,889	54,462,319	54,025,144
Net loss per share from continuing operations-basic (in usd per share)	$ (0.36)	$ (1.22)	$ (1.05)	$ 0.30
Net effect of potentially dilutive securities - stock options and restricted stock units (in shares)	0	0	0	434,859
Weighted-average shares of Common stock outstanding - diluted (in shares)	54,549,369	54,136,889	54,462,319	54,460,003
Net loss per share from continuing operations - diluted (in usd per share)	$ (0.36)	$ (1.22)	$ (1.05)	$ 0.30
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	$ 40	$ 136	$ 414	$ 533

- Definition

The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-7

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-03(13))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-1

+ Details

Acquisitions and Investments - Narrative (Details) € in Millions					3 Months Ended	9 Months Ended
	Sep. 22, 2023 EUR (€) shares	Jul. 20, 2023 USD ($)	Jun. 28, 2023 USD ($)	May 06, 2022 USD ($)	Mar. 31, 2023 USD ($)	Sep. 29, 2023 USD ($) investment	Sep. 30, 2022 USD ($) acquisition investment	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition, net of cash received						$ 131,387,000	$ 73,390,000
Goodwill						$ 2,027,154,000		$ 1,983,588,000
Payments for asset acquisitions							$ 12,600,000
Number of asset acquisitions \| acquisition							4
Number of business combinations \| acquisition							2
Number of investments \| investment						1	1
Asset acquisition, consideration							$ 22,300,000
Asset acquisition, contingent consideration							9,600,000
Cash consideration for equity method investments							$ 10,000,000
Contingent consideration, liability						$ 26,500,000		27,809,000
Equity investment without readily determinable fair value						20,600,000
Equity investment without readily determinable fair value, impairment						0
Equity investment without readily determinable fair value, upward adjustment						$ 0
Reconstructive Segment
Business Acquisition [Line Items]
Number of business combinations \| acquisition							2
Prevention and Recovery
Business Acquisition [Line Items]
Number of transactions \| acquisition							5
D.N.E., LLC External Fixation Product Line \| Reconstructive Segment
Business Acquisition [Line Items]
Payments for asset acquisitions		$ 28,200,000
Intangible assets acquired in asset acquisition		25,800,000
Inventory assigned in asset acquisition		1,900,000
Property, plant and equipment, additions		$ 500,000
LimaCorporate S.p.A.
Business Acquisition [Line Items]
Acquisition, consideration value expected \| €	€ 800
Cash consideration \| €	€ 700
Shares issuable in acquisition (in shares) \| shares	1,942,686
Value of shares issuable in acquisition \| €	€ 100
Shares issued based on volume weighted average price, basis, period	30 days
Shares to be issued expected issuance period	18 months
Novastep \| Reconstructive Segment
Business Acquisition [Line Items]
Acquisition, net of cash received			$ 96,900,000
Goodwill			41,700,000
Intangible assets acquired			$ 52,000,000
Knee Innovation Company PTY Limited \| Reconstructive Segment
Business Acquisition [Line Items]
Acquisition, net of cash received				$ 14,300,000
Goodwill				16,300,000
Intangible assets acquired				$ 18,200,000
Ownership interests acquired				100.00%
Contingent consideration, liability				$ 12,800,000
Insight
Business Acquisition [Line Items]
Acquisition, net of cash received							$ 34,200,000
Goodwill								36,300,000
Intangible assets acquired								$ 38,400,000
Ownership interests acquired							53.70%
Contingent consideration, liability							$ 5,000,000
Step acquisition, ownership interest, percentage							99.50%
Noncontrolling interest							$ 300,000
Remeasurement gain on initial investments					$ 8,800,000

Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 91,832	$ 100,038
Work in process	37,874	28,164
Finished goods	403,375	357,143
Inventory, gross	533,081	485,345
Less: Allowance for excess, slow-moving and obsolete inventory	(62,168)	(58,702)
Inventories, net	$ 470,913	$ 426,643

Debt - Components (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Debt	$ 395,000	$ 259,279
Less: current portion	0	(219,279)
Long-term debt	395,000	40,000
Term loan
Debt Instrument [Line Items]
Total Debt	0	219,279
Revolving credit facilities and other
Debt Instrument [Line Items]
Total Debt	$ 395,000	$ 40,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 417,524	$ 383,814	$ 1,252,177	$ 1,154,388
Cost of sales	174,558	167,990	525,787	516,758
Gross profit	242,966	215,824	726,390	637,630
Selling, general and administrative expense	204,248	182,187	619,294	564,324
Research and development expense	19,901	15,599	57,012	46,102
Amortization of acquired intangibles	33,967	31,993	98,256	94,603
Insurance settlement loss (gain)	0	975	0	(32,059)
Restructuring and other charges	5,342	2,989	11,782	7,653
Operating income (loss)	(20,492)	(17,919)	(59,954)	(42,993)
Interest expense, net	5,768	6,334	15,496	17,944
Debt extinguishment charges	0	0	0	20,104
Unrealized gain on investment in ESAB Corporation	0	63,125	0	(72,412)
Gain on cost basis investment	0	8,800	0	8,800
Other (income) expense, net	(757)	(300)	(665)	(300)
Income (loss) from continuing operations before income taxes	(25,503)	(78,278)	(74,785)	471
Income tax benefit	(6,052)	(12,329)	(17,878)	(16,176)
Net income (loss) from continuing operations	(19,451)	(65,949)	(56,907)	16,647
Income (loss) from discontinued operations, net of taxes	16,611	(527)	21,096	10,163
Net income (loss)	(2,840)	(66,476)	(35,811)	26,810
Less: net income attributable to noncontrolling interest from continuing operations - net of taxes	40	136	414	533
Less: net income attributable to noncontrolling interest from discontinued operations - net of taxes	0	0	0	966
Net income (loss) attributable to Enovis Corporation	$ (2,880)	$ (66,612)	$ (36,225)	$ 25,311
Net income (loss) per share - basic
Net income (loss) per share, continuing operations, basic (in usd per share)	$ (0.36)	$ (1.22)	$ (1.05)	$ 0.30
Net income (loss) per share, discontinued operations, basic (in usd per share)	0.30	(0.01)	0.39	0.17
Net income (loss) per share, consolidated, basic (in usd per share)		(1.23)	(0.67)	0.47
Net income (loss) per share, continuing operations, diluted (in usd per share)	(0.36)	(1.22)	(1.05)	0.30
Net income (loss) per share, discontinued operations, diluted (in usd per share)	0.30	(0.01)	0.39	0.17
Net income (loss) per share, consolidated operations, (in usd per share)	$ (0.05)	$ (1.23)	$ (0.67)	$ 0.46

Revenue - Allowance for Credit Loss Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 29, 2023 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of Period	$ 7,965
Charged to Expense, net	3,269
Write-Offs, Deductions and Other, net	(2,499)
Foreign Currency Translation	(24)
Balance at End of Period	$ 8,711

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 29, 2023

Financial Instruments and Fair Value Measurements [Abstract]

Financial Instruments and Fair Value Measurements

The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy based on the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows:

Level One: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets.

Level Two: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level Three: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement

The carrying values of financial instruments, including trade receivables, other receivables and accounts payable, approximate their fair values due to their short-term maturities. The carrying value of the Company’s revolving credit facility debt, 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. The estimated fair values 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 September 29, 2023, the Company held $26.5 million in Level Three liabilities arising from contingent consideration related to acquisitions. 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. These inputs can include the estimated amount and timing of projected cash flows, the risk-adjusted discount rate used to present value the projected cash flows, and the probability of the acquired company attaining certain targets stated within the purchase agreements. 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. During the nine months ended September 29, 2023 the Company recorded a reduction in contingent consideration of $0.8 million due to a final agreement on the payout from an acquisition in 2020 and payments of $0.9 million, offset by increases for interest accretion and effect of foreign currency. The gross range of outcomes for contingent consideration arrangements that have a fixed limit on the maximum payout is zero to $10.0 million. There are two contingent consideration arrangements that have no limits and are based on a percentage of sales in excess of a benchmark over three and five-year periods, respectively.

There were no transfers in or out of Level One, Two or Three during the nine months ended September 29, 2023.


	Total Contingent Consideration Rollforward
	Beginning Balance	Charges	Interest	Payments	Foreign Exchange	Ending Balance
	(In thousands)
Contingent Consideration	$27,809	$(832)	$1,133	$(868)	$(741)	$26,500

Deferred Compensation Plans

The Company maintains deferred compensation plans for the benefit of certain employees and non-executive officers. As of September 29, 2023 and December 31, 2022 the fair value of these plans were $12.9 million and $10.3 million, respectively. These plans are deemed to be Level Two within the fair value hierarchy.

Forward Currency Contracts

The Company’s objective in using forward currency contracts is to add stability to the Company’s earnings and to protect the U.S. Dollar value of forecasted transactions. To accomplish this objective, the Company has entered into forward currency

contract agreements between the U.S. Dollar and the Mexican Peso as part of its risk management strategy. These forward currency contract agreements are designated and qualify as cash flow hedges.

The gain or loss on a derivative instrument designated as a cash flow hedge is recorded in Unrealized gain (loss) on hedging activities, net of tax within the Company’s unaudited Consolidated Statements of Comprehensive Income (Loss) until the underlying third party transaction occurs. When the underlying third-party transaction occurs, the Company recognizes the gain or loss in earnings within Cost of Sales in its unaudited Condensed Consolidated Statements of Operations. The contracts are recorded at fair value and deemed to be Level Two in the fair value hierarchy.

At September 29, 2023, the Company’s forward currency contracts have a Mexican Peso notional amount of approximately $1,260.0 million and a U.S. Dollar aggregate notional amount of $71.9 million. During the three and nine months ended September 29, 2023, the Company recognized a realized gain of $0.2 million on its Condensed Consolidated Statements of Operations related to its forward currency contracts designated as cash flow hedges. There was nothing recognized in 2022 as the Mexican Peso forward currency program was established in the second quarter of 2023.

The Company also used a non-designated forward currency contract for the purpose of managing its exposure to currency exchange rate risk related to the Euro-denominated purchase price of Novastep, which closed in June 2023. During the second quarter of 2023, the Company recognized a loss of $1.5 million on its Condensed Consolidated Statements of Operations related to the settlement of this non-designated forward currency contract. The loss is recorded in Other expense, net on Condensed Consolidated Statements of Operations.

Net Investment Hedges

On April 18, 2023, the Company entered into cross-currency swap agreements to hedge its net investment in its Swiss Franc-denominated subsidiaries against adverse movements in exchange rates between the U.S. Dollar and the Swiss Franc. These swap agreements are designated and qualify as net investment hedges. These contracts have a Swiss Franc notional amount of approximately ₣403 million and a U.S. Dollar aggregate notional amount of $450 million at September 29, 2023.

Cross-currency swaps involve the receipt of functional-currency fixed-rate amounts from a counterparty in exchange for the Company making foreign-currency fixed-rate payments over the life of the agreement. For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in the Condensed Consolidated Balance Sheet as part of Accumulated other comprehensive (loss) and in the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) as part of the foreign currency translation adjustment. Amounts are reclassified out of Accumulated other comprehensive loss into earnings when the hedged net investment is either sold or substantially liquidated.

During the three and nine months ended September 29, 2023, the Company received interest income on its cross-currency swap derivatives of $2.6 million and $4.7 million, respectively, which is included within Interest expense, net in the Condensed Consolidated Statements of Operations.

The following table presents the effect of the Company’s designated hedging instruments on Accumulated other comprehensive income (loss) for the three and nine months ended September 29, 2023 and 2022:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Gain (loss) on cross-currency swaps	$	5,991	$	—	$	(1,199)	$	—
Gain (loss) on forward currency contracts	(1,654)		—		(1,654)		—
	$	4,337	$	—	$	(2,853)	$	—

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 September 29, 2023 and December 31, 2022:


(In thousands)	Location on Unaudited Consolidated Balance Sheets (1)	September 29, 2023		December 31, 2022
Derivative Assets
Forward currency contracts	Other current assets	12		—
Cross-currency swaps	Other current assets	7,524		—


Total Derivative Assets		$	7,536	$	—

Derivative Liabilities
Forward currency contracts	Other current liabilities	1,150		—

Forward currency contracts	Other long-term liabilities	684		—
Cross-currency swaps	Other long-term liabilities	8,723		—
Total Derivative Liabilities		$	10,557	$	—

(1) The Company classifies derivative assets and liabilities as current when the settlement date of the contract is one year or less.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 32,129	$ 24,295
Trade receivable, less allowance for credit losses	277,029	267,380
Inventories, net	470,913	426,643
Prepaid expenses	28,974	28,550
Other current assets	45,142	48,155
Total current assets	854,187	795,023
Property, plant and equipment, net	260,190	236,741
Goodwill	2,027,154	1,983,588
Intangible assets, net	1,100,959	1,110,727
Lease asset - right of use	63,487	66,881
Other assets	94,940	80,288
Total assets	4,400,917	4,273,248
LIABILITIES AND EQUITY
Current portion of long-term debt	0	219,279
Accounts payable	125,060	135,628
Accrued liabilities	230,224	210,292
Total current liabilities	355,284	565,199
Long-term debt, less current portion	395,000	40,000
Non-current lease liability	49,176	51,259
Other liabilities	159,725	166,989
Total liabilities	959,185	823,447
Equity:
Common stock, $0.001 par value; 133,333,333 shares authorized; 54,564,997 and 54,228,619 shares issued and outstanding as of September 29, 2023 and December 31, 2022, respectively	55	54
Additional paid-in capital	2,952,975	2,925,729
Retained earnings	539,507	575,732
Accumulated other comprehensive loss	(52,915)	(53,430)
Total Enovis Corporation equity	3,439,622	3,448,085
Noncontrolling interest	2,110	1,716
Total equity	3,441,732	3,449,801
Total liabilities and equity	$ 4,400,917	$ 4,273,248

Accrued Liabilities

9 Months Ended

Sep. 29, 2023

Accrued Liabilities [Abstract]

Accrued Liabilities

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


	September 29, 2023		December 31, 2022
	(In thousands)
Accrued compensation and related benefits	$	64,384	$	51,384
Accrued third-party commissions	25,378		24,958
Lease liability - current portion	20,910		24,281
Accrued taxes	15,106		13,676
Accrued rebates	11,600		13,715
Accrued professional fees	9,737		15,670
Contingent consideration - current portion	7,790		8,812
Accrued royalties	5,288		5,777
Accrued freight	3,576		3,955
Customer advances and billings in excess of costs incurred	3,082		3,560
Warranty liability	2,846		2,804
Accrued restructuring liability	2,159		1,090
Accrued interest	388		2,921
Other	57,980		37,689
	$	230,224	$	210,292

Accrued Restructuring Liability

The Company’s restructuring programs include a series of actions to reduce the structural costs of the Company. A summary of the activity in the Company’s restructuring liability included in Accrued liabilities in the Condensed Consolidated Balance Sheets is as follows:


	Nine Months Ended September 29, 2023
	Balance at Beginning of Period		Provisions		Payments		Balance at End of Period
	(In thousands)
Restructuring and other charges:
Termination benefits(1)	$	972	$	4,930	$	(3,824)	$	2,078
Facility closure costs and other(2)	118		6,852		(6,889)		81
Total	$	1,090	11,782		$	(10,713)	$	2,159
Non-cash charges(2)			301
Total Provisions(3)			$	12,083

(1) Includes severance and other termination benefits, including outplacement services.

Debt -Textual (Details) $ / shares in Units, $ in Thousands, € in Millions						3 Months Ended			9 Months Ended
	Oct. 24, 2023 USD ($) day $ / shares	Nov. 18, 2022 USD ($) shares	Apr. 07, 2022 USD ($)	Apr. 04, 2022 USD ($)	Jan. 15, 2022 USD ($)	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jul. 01, 2022 USD ($)	Sep. 29, 2023 USD ($)	Sep. 30, 2022 USD ($)	Oct. 31, 2023 USD ($)	Oct. 23, 2023 USD ($)	Sep. 22, 2023 USD ($)	Apr. 01, 2022 EUR (€)	Dec. 31, 2021 $ / shares
Debt extinguishment charges						$ 0	$ 0		$ 0	$ 20,104
Tangible equity units issued, interest rate															6.50%
Tangible equity unit, initial principal amount (in usd per share) \| $ / shares															$ 15.6099
Tangible equity unit, quarterly cash distribution (in usd per share) \| $ / shares															$ 1.4375
Tangible equity unit, repayment					$ 6,500
Letters of credit and surety bonds outstanding						11,200			11,200
Deferred financing costs						11,700			11,700
Senior Notes
Debt extinguishment charges								$ 20,100
Redemption premium on retired debt								12,700
Non cash write -offs of original issue discount and deferred financing fee								$ 7,400
Bilateral agreements
Credit facility						30,000			30,000
2025 Senior Notes
Debt instrument, interest rate, stated percentage														3.25%
Principal amount \| €														€ 350
2025 Senior Notes \| Senior Notes
Debt instrument, interest rate, stated percentage			3.25%
Redemption price, percentage			100.813%
2026 Notes
Debt instrument, interest rate, stated percentage			6.375%
Principal amount			$ 300,000
Redemption price, percentage			103.188%
2026 Notes \| Senior Notes
Debt instrument, interest rate, stated percentage			6.375%
Enovis Credit Agreement
Swing line loan sub-facility				$ 50,000
Deferred financing costs						$ 3,700			$ 3,700
Enovis Credit Agreement \| Term loan
Principal amount		$ 450,000		450,000
Debt converted, shares issued (in shares) \| shares		6,003,431
Debt converted amount		$ 230,500
Enovis Credit Agreement \| Revolving Credit Facility
Credit facility				$ 900,000
Debt covenant, maximum total leverage ratio				3.75
Debt instrument covenant maximum total leverage ratio (step down)				3.50
Debt instrument covenant minimum interest coverage ratio				3.00
Weighted average interest rate						6.54%			6.54%
Amount available on the Revolver						$ 505,000			$ 505,000
Commitment Letter \| Term loan
Credit facility													$ 400,000
Commitment Letter \| Revolving Credit Facility \| Bridge Loan
Credit facility													$ 800,000
Deferred financing costs						$ 8,000			$ 8,000
Amended Credit Agreement \| Subsequent event
Debt instrument covenant maximum total leverage ratio (step down)												3.50
Debt covenant, maximum senior secured leverage ratio												3.75
Amended Credit Agreement \| Senior Notes \| Subsequent event
Principal amount											$ 460,000
Amended Credit Agreement \| Term loan \| Subsequent event
Debt instrument, interest rate, stated percentage												1.25%
Credit facility												$ 400,000
2028 Convertible Senior Notes \| Convertible Debt \| Subsequent event
Debt instrument, interest rate, stated percentage	3.875%
Principal amount	$ 460,000
Debt convertible, conversion ratio	0.0171474
Debt convertible, conversion price (in usd per share) \| $ / shares	$ 58.32
Payment To counterparties for capped call transactions	$ 62,000
Capped call, initial cap price (in usd per share) \| $ / shares	$ 89.72
2028 Convertible Senior Notes \| Convertible Debt \| Subsequent event \| Debt Conversion Terms One
Debt Instrument, Convertible, Threshold Trading Days \| day	20
Debt Instrument, Convertible, Threshold Consecutive Trading Days \| day	30
Debt convertible, threshold percentage of stock price trigger (in usd per share)	130.00%
2028 Convertible Senior Notes \| Convertible Debt \| Subsequent event \| Debt Conversion Terms Two
Debt Instrument, Convertible, Threshold Trading Days \| day	5
Debt Instrument, Convertible, Threshold Consecutive Trading Days \| day	5
Debt convertible, threshold percentage of stock price trigger (in usd per share)	98.00%

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various pending legal, regulatory, and other proceedings arising out of the ordinary course of the Company’s business. None of these proceedings are expected to have a material adverse effect on the financial condition, results of operations or cash flow of the Company. With respect to these proceedings, management of the Company believes that either it will prevail, has adequate insurance coverage or has established appropriate accruals to cover potential liabilities. Legal costs related to proceedings or claims are recorded as incurred. Other costs that management estimates may be paid related to the claims are accrued when the liability is considered probable and the amount can be reasonably estimated. There can be no assurance, however, as to the ultimate outcome of any of these matters, and if all or substantially all of these proceedings were to be determined adverse to the Company, there could be a material adverse effect on the financial condition, results of operations or cash flow of the Company. For further description of the Company’s litigation and contingencies, reference is made to Note 18, “Commitments and Contingencies” in the Notes to Consolidated Financial Statements in the 2022 Form 10-K.

Revenue (Tables)

9 Months Ended

Sep. 29, 2023

Revenue [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments

The Company disaggregates its revenue into the following segments:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Prevention & Recovery:
U.S. Bracing & Support	$	118,384	$	112,276	$	337,722	$	326,496
U.S. Other P&R	68,217		65,677		198,293		188,687
International P&R (1)	83,686		78,549		258,487		249,937
Total Prevention & Recovery	270,287		256,502		794,502		765,120

Reconstructive:
U.S. Reconstructive	99,720		89,039		309,358		268,161
International Reconstructive (2)	47,517		38,273		148,317		121,107
Total Reconstructive	147,237		127,312		457,675		389,268

Total	$	417,524	$	383,814	$	1,252,177	$	1,154,388

(1) Includes favorable currency impact of $3.3 million and unfavorable currency impacts of $0.7 million for the three and nine months ended September 29, 2023, respectively.

(2) Includes favorable currency impact of $2.2 million and $1.8 million for the three and nine months ended September 29, 2023, respectively.

Financing Receivable, Allowance for Credit Loss

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:


	Nine Months Ended September 29, 2023
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs, Deductions and Other, net		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	7,965	$	3,269	$	(2,499)	$	(24)	$	8,711

Segment Information - Results and Reconciliation of Operating Loss to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Net sales	$ 417,524	$ 383,814	$ 1,252,177	$ 1,154,388
Adjusted EBITDA (non-GAAP)	65,386	57,209	187,480	161,126
Income (loss) from continuing operations before income taxes (GAAP)	(25,503)	(78,278)	(74,785)	471
Restructuring and other related charges	5,341	2,989	12,083	8,497
MDR and other costs	6,228	3,600	23,021	10,648
Strategic transaction costs	10,482	8,146	27,547	32,549
Stock-based compensation	8,366	7,205	24,142	21,734
Depreciation and other amortization	21,492	18,159	62,237	56,109
Amortization of acquired intangibles	33,967	31,993	98,256	94,603
Inventory step-up	2	2,061	148	12,038
Interest expense, net	5,768	6,334	15,496	17,944
Other (income) expense, net	(757)	(300)	(665)	(300)
Debt extinguishment charges	0	0	0	20,104
Insurance settlement gain	0	975	0	(32,059)
Gain on cost basis investment	0	(8,800)	0	(8,800)
Unrealized (gain) loss on investment in ESAB Corporation	0	63,125	0	(72,412)
Adjusted EBITDA (non-GAAP)	65,386	57,209	187,480	161,126
Cost of Sales
Restructuring and other related charges	0	0	300	800
Prevention and Recovery
Net sales	270,287	256,502	794,502	765,120
Adjusted EBITDA (non-GAAP)	44,102	39,532	109,123	101,050
Adjusted EBITDA (non-GAAP)	44,102	39,532	109,123	101,050
Reconstructive Segment
Net sales	147,237	127,312	457,675	389,268
Adjusted EBITDA (non-GAAP)	21,284	17,677	78,357	60,076
Adjusted EBITDA (non-GAAP)	$ 21,284	$ 17,677	$ 78,357	$ 60,076

Inventories, Net

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, net consisted of the following:


	September 29, 2023		December 31, 2022
	(In thousands)
Raw materials	$	91,832	$	100,038
Work in process	37,874		28,164
Finished goods	403,375		357,143
	533,081		485,345
Less: Allowance for excess, slow-moving and obsolete inventory	(62,168)		(58,702)
	$	470,913	$	426,643

Recently Issued Accounting Pronouncements (Policies)	9 Months Ended
Recently Issued Accounting Pronouncements (Policies)	Sep. 29, 2023
Accounting Policies [Abstract]
Basis of Accounting	The Condensed Consolidated Financial Statements included in this quarterly report have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and reflect, in the opinion of management, all adjustments, which consist solely of normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations as of and for the periods indicated. Certain prior period amounts have been reclassified to conform to the current period presentation. The Condensed Consolidated Balance Sheet as of December 31, 2022 is derived from the Company’s audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the SEC’s rules and regulations for interim financial statements.
Use of Estimates	The Company makes certain estimates and assumptions in preparing its Condensed Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
New Accounting Pronouncements	There are no recently issued accounting pronouncements that are expected to have a material effect on the Company’s financial position, results of operations or cash flows.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes	$ (25,503)	$ (78,278)	$ (74,785)	$ 471
Income tax benefit	$ 6,052	$ 12,329	$ 17,878	$ 16,176
Effective tax rate	23.70%	15.80%	23.90%	(3434.40%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Discontinued Operations and Disposal Groups (Tables)

9 Months Ended

Sep. 29, 2023

Discontinued Operations and Disposal Groups [Abstract]

Financial Results of Discontinued Operations

The following table presents the financial results of the Company’s discontinued operations:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(in thousands)
Net sales	$	—	$	—	$	—	$	647,911
Cost of sales	—		—		—		423,580
Selling, general and administrative expense	—		—		—		125,529
Gain on disposal of facility	(15,517)		—		(15,517)		—
Restructuring and other charges	—		—		—		5,304
Asbestos charges	—		—		—		3,194
Divestiture-related expenses and other(1)	(1,652)		527		4,359		46,468
Operating (loss) income	17,169		(527)		11,158		43,836
Interest expense(2)	—		—		—		8,035


(Loss) income from discontinued operations before income taxes	17,169		(527)		11,158		35,801
Income tax (benefit) expense(3)	558		—		(9,938)		25,638
(Loss) income from discontinued operations, net of taxes	$	16,611	$	(527)	$	21,096	$	10,163

(3) Includes benefit of release of uncertain tax positions in the second quarter of 2023.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Financial Instruments and Fair Value Measurements - Narrative (Details) SFr in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2023 USD ($) contingentConsideration	Jun. 30, 2023 USD ($)	Sep. 29, 2023 USD ($) contingentConsideration	Sep. 29, 2023 MXN ($) contingentConsideration	Sep. 29, 2023 CHF (SFr) contingentConsideration	Dec. 31, 2022 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, liability	$ 26,500,000		$ 26,500,000			$ 27,809,000
Charges			$ 832,000
Number of contingent consideration arrangements, unlimited and based on percentage of sales in excess of benchmark \| contingentConsideration	2		2	2	2
Foreign currency contracts related to customer sales contracts
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Gain (loss) on derivative		$ (1,500,000)
Currency Swap
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, interest income	$ 2,600,000		$ 4,700,000
Currency Swap \| Net Investment Hedging
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Derivative, notional amount	450,000,000		450,000,000		SFr 403
Forward Currency Contracts
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Gain (loss) on derivative	200,000		200,000
Derivative, notional amount	$ 71,900,000		$ 71,900,000	$ 1,260.0
Measurement Input, Expected Term \| Minimum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, measurement input	3		3	3	3
Measurement Input, Expected Term \| Maximum
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, measurement input	5		5	5	5
2022 Acquisitions
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration arrangements, maximum range low	$ 0		$ 0
Contingent consideration arrangements, maximum range high	10,000,000		10,000,000
2020 Acquisition
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Charges			800,000
Payment for contingent consideration liability			868,000
Fair Value, Inputs, Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Contingent consideration, liability	26,500,000		26,500,000
Fair Value, Inputs, Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Deferred compensation plans asset	$ 12,900,000		$ 12,900,000			$ 10,300,000

Segment Information (Tables)

9 Months Ended

Sep. 29, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company’s segment results were as follows:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Net sales:
Prevention & Recovery	$	270,287	$	256,502	$	794,502	$	765,120
Reconstructive	147,237		127,312		457,675		389,268
	$	417,524	$	383,814	$	1,252,177	$	1,154,388
Segment Adjusted EBITDA(1):
Prevention & Recovery	$	44,102	$	39,532	$	109,123	$	101,050
Reconstructive	21,284		17,677		78,357		60,076
	$	65,386	$	57,209	$	187,480	$	161,126

(1) The following is a reconciliation of Income (loss) from continuing operations before income taxes to Adjusted EBITDA:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Income (loss) from continuing operations before income taxes (GAAP)	$	(25,503)	$	(78,278)	$	(74,785)	$	471
Restructuring and other charges (1)	5,341		2,989		12,083		8,497
MDR and other costs (2)	6,228		3,600		23,021		10,648
Strategic transaction costs	10,482		8,146		27,547		32,549
Stock-based compensation	8,366		7,205		24,142		21,734
Depreciation and other amortization	21,492		18,159		62,237		56,109
Amortization of acquired intangibles	33,967		31,993		98,256		94,603
Inventory step-up	2		2,061		148		12,038
Interest expense, net	5,768		6,334		15,496		17,944
Other (income) expense, net	(757)		(300)		(665)		(300)
Debt extinguishment charges	—		—		—		20,104
Insurance settlement loss (gain) (3)	—		975		—		(32,059)
Gain on cost basis investment	—		(8,800)		—		(8,800)
Unrealized (gain) loss on investment in ESAB Corporation	—		63,125		—		(72,412)
Adjusted EBITDA (non-GAAP)	$	65,386	$	57,209	$	187,480	$	161,126

(3) Insurance settlement gain is related to the 2019 acquisition of DJO.

Financial Instruments and Fair Value Measurements - Schedule of Effect of Designated Hedges Instruments on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Derivative [Line Items]
Loss recognized in other comprehensive income	$ 4,337	$ 0	$ (2,853)	$ 0
Currency Swap
Derivative [Line Items]
Loss recognized in other comprehensive income	5,991	0	(1,199)	0
Forward Currency Contracts
Derivative [Line Items]
Loss recognized in other comprehensive income	$ (1,654)	$ 0	$ (1,654)	$ 0

Net Loss Per Share from Continuing Operations - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	1,073,464	462,624	1,127,227	432,789

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 29, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Precision AI Acquisition On October 5, 2023, the Company completed a business combination in its Reconstructive segment of Precision AI, an Australian company specializing in the development of surgical planning software in multiple areas of the body. The acquisition will be accounted for under the acquisition method of accounting, and accordingly, the Condensed Consolidated Financial Statements will include the financial position and results of operations beginning the next fiscal quarter. The Company paid $27.5 million for the acquisition, net of cash received, and estimated $12.4 million contingent consideration related to certain regulatory milestones in 2024. Financing for Lima Acquisition In October 2023, the Company entered into an amendment to the Enovis Credit Agreement and issued $460 million aggregate principal amount of senior unsecured convertible notes in conjunction with financing the Lima Acquisition which is expected to close in the first quarter of 2024. See Note 10. “Debt” in our Notes to Condensed Consolidated Financial Statements included in this Form 10-Q for additional information.

Equity Textual (Details)	Sep. 29, 2023 USD ($)
Equity [Abstract]
Stock repurchase program, authorized amount	$ 100,000,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Parenthetical] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation, tax	$ 0	$ 0	$ 0	$ 338
Unrealized gain (loss) on hedging activities, tax	1,009	0	(731)	2,711
Amortization of pension and other post-retirement net actuarial gain (loss), tax	(75)	0	(116)	199
Reclassification of hedging gain (loss), net of tax expense (benefit)tax	$ 0	$ 0	$ 0	$ 0

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Revenue from contract with customer	$ 417,524	$ 383,814	$ 1,252,177	$ 1,154,388
Prevention and Recovery
Revenue from contract with customer	270,287	256,502	794,502	765,120
Prevention and Recovery \| Bracing and Support \| U.S.
Revenue from contract with customer	118,384	112,276	337,722	326,496
Prevention and Recovery \| Other Prevention and Recovery \| U.S.
Revenue from contract with customer	68,217	65,677	198,293	188,687
Prevention and Recovery \| Prevention and Recovery \| International
Revenue from contract with customer	83,686	78,549	258,487	249,937
Foreign currency gain (loss)	3,300		(700)
Reconstructive Segment
Revenue from contract with customer	147,237	127,312	457,675	389,268
Reconstructive Segment \| Surgical \| U.S.
Revenue from contract with customer	99,720	89,039	309,358	268,161
Reconstructive Segment \| Surgical \| International
Revenue from contract with customer	47,517	$ 38,273	148,317	$ 121,107
Foreign currency gain (loss)	$ 2,200		$ 1,800

Revenue

9 Months Ended

Sep. 29, 2023

Revenue [Abstract]

Revenue

The Company provides orthopedic solutions, including products and services spanning the full continuum of patient care, from injury prevention to rehabilitation. While the Company’s sales are primarily derived from three sales channels including dealers and distributors, insurance, and direct to consumers and hospitals, substantially all of the Company’s revenue is recognized at a point in time. The Company disaggregates its revenue into the following segments:


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Prevention & Recovery:
U.S. Bracing & Support	$	118,384	$	112,276	$	337,722	$	326,496
U.S. Other P&R	68,217		65,677		198,293		188,687
International P&R (1)	83,686		78,549		258,487		249,937
Total Prevention & Recovery	270,287		256,502		794,502		765,120

Reconstructive:
U.S. Reconstructive	99,720		89,039		309,358		268,161
International Reconstructive (2)	47,517		38,273		148,317		121,107
Total Reconstructive	147,237		127,312		457,675		389,268

Total	$	417,524	$	383,814	$	1,252,177	$	1,154,388

(1) Includes favorable currency impact of $3.3 million and unfavorable currency impacts of $0.7 million for the three and nine months ended September 29, 2023, respectively.

(2) Includes favorable currency impact of $2.2 million and $1.8 million for the three and nine months ended September 29, 2023, respectively.

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

The nature of the Company’s contracts gives rise to certain types of variable consideration, including rebates, implicit price concessions, and other discounts. The Company includes estimated amounts of variable consideration in the transaction price to the extent that it is probable there will not be a significant reversal of revenue.

Allowance for Credit Losses

The Company’s estimate of current expected credit losses on trade receivables considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. In calculating and applying its current expected credit losses, the Company disaggregates trade receivables into business segments due to risk characteristics unique to each segment given the individual lines of business and market. The business segments are further disaggregated based on either geography or product type. The Company uses a loss rate methodology in calculating its current expected credit losses, considering historical write-offs over a defined lookback period in deriving a historical loss rate. The expected credit loss model considers current conditions and reasonable and supportable forecasts for current and projected macroeconomic factors.

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:


	Nine Months Ended September 29, 2023
	Balance at Beginning of Period		Charged to Expense, net		Write-Offs, Deductions and Other, net		Foreign Currency Translation		Balance at End of Period
	(In thousands)
Allowance for credit losses	$	7,965	$	3,269	$	(2,499)	$	(24)	$	8,711

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 29, 2023

Financial Instruments and Fair Value Measurements [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration


	Total Contingent Consideration Rollforward
	Beginning Balance	Charges	Interest	Payments	Foreign Exchange	Ending Balance
	(In thousands)
Contingent Consideration	$27,809	$(832)	$1,133	$(868)	$(741)	$26,500

Schedule of Effect of Designated Hedges Instruments on Accumulated Other Comprehensive Income (Loss)


	Three Months Ended				Nine Months Ended
	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
	(In thousands)
Gain (loss) on cross-currency swaps	$	5,991	$	—	$	(1,199)	$	—
Gain (loss) on forward currency contracts	(1,654)		—		(1,654)		—
	$	4,337	$	—	$	(2,853)	$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


(In thousands)	Location on Unaudited Consolidated Balance Sheets (1)	September 29, 2023		December 31, 2022
Derivative Assets
Forward currency contracts	Other current assets	12		—
Cross-currency swaps	Other current assets	7,524		—


Total Derivative Assets		$	7,536	$	—

Derivative Liabilities
Forward currency contracts	Other current liabilities	1,150		—

Forward currency contracts	Other long-term liabilities	684		—
Cross-currency swaps	Other long-term liabilities	8,723		—
Total Derivative Liabilities		$	10,557	$	—

(1) The Company classifies derivative assets and liabilities as current when the settlement date of the contract is one year or less.

Accrued Liabilities -Restructuring Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period			$ 1,090
Provisions before non-cash charges			11,782
Non cash impairment restructuring provisions			301
Restructuring, Settlement and Impairment Provisions			12,083
Payments			(10,713)
Balance at End of Period	$ 2,159		2,159
Restructuring and other related charges	5,341	$ 2,989	12,083	$ 8,497
Cost of Sales
Restructuring Reserve [Roll Forward]
Restructuring and other related charges	0	$ 0	300	$ 800
Prevention and Recovery
Restructuring Reserve [Roll Forward]
Restructuring, Settlement and Impairment Provisions			6,200
Reconstructive Segment
Restructuring Reserve [Roll Forward]
Restructuring, Settlement and Impairment Provisions			5,900
Termination benefits
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period			972
Provisions before non-cash charges			4,930
Payments			(3,824)
Balance at End of Period	2,078		2,078
Facility closure costs
Restructuring Reserve [Roll Forward]
Balance at Beginning of Period			118
Provisions before non-cash charges			6,852
Payments			(6,889)
Balance at End of Period	$ 81		$ 81