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Enovis Corporation, formerly Colfax Corporation, separated from its parent company in 2022 to position itself as a leader in the medical technology industry. The rebranding efforts and successful transition allowed Enovis’s business model to cater exclusively to innovative medical solutions, a significant shift from its former company’s diverse portfolio.
“As we strategically pivot to a specialty medtech company focused on creating solutions that improve lives, the Envois brand emphasizes the differentiated value and accretive foresight we will bring to healthcare professionals and their patients around the world,” said Enovis CEO Matt Trerotola in a November 2021 earnings call.
Colfax Corporation was created by brothers Steven and Mitchell Rales in 1995. Through their mission to acquire, improve, and expand businesses, the brothers acquired approximately 93 percent of stock from IMO Industries Inc., a company that, at the time, made $469 million in annual revenue from its five primary business segments.
While the corporation may have begun in the fluid handling segment, its eventual expansion to fabrication technologies, air and gas handling, and welding demonstrates the success of the brothers’ vision to transform companies. In 2019, Colfax Corporation acquired DJO Global, an orthopedic medical device provider, marking its entry into the medical technology arena.
Following the acquisition of DJO Global, Colfax Corporation reviewed its strategic business operations and decided to separate its medical division from its industrial business. This separation led to the creation of Enovis Corporation—a company entirely devoted to advancing medical technology.
“Enovis symbolizes the powerful combination of innovation and vision fueled by our passion for continuous improvement and reinforced by our drive to deliver superior clinical outcomes,” Trerotola noted in the 2021 earnings call.
The new company invests in bringing innovative solutions that address unmet medical needs to the table, with an overarching goal to enhance patient outcomes and reduce the cost of healthcare. Its extensive portfolio features orthopedic implants, robotic-assisted surgical equipment, and sports medicine and rehabilitation devices.
For example, the Exos line offers removable, adjustable, and waterproof bracing, while Envois Surgical products provide adult reconstructive implants. True to its roots, Envois Corporation manufactures the DonJoy brand, a continuation of DJO Global’s knee braces that the company has provided for over thirty years.
The company’s financial performance further exemplifies its success in entering the medical technology market and affirms the decision to separate from Colfax Corporation. Envois Corporation reported its third quarter 2022 net sales to be $384 million, a 7 percent increase from the prior year.
“Our strong Recon growth this quarter included double-digit increases across hips, knees and extremities,” Trerotola noted in a press release. “For the total company, we are making significant progress towards our goal of sustainable high-single-digit organic growth, fueled by our successful positioning in faster-growing market sectors and impactful innovation.”
The senior leadership at Enovis Corporation holds over eighty years of combined medtech experience, demonstrating the company’s powerhouse of executives leading the company toward financial success, innovation, and the future at large. Carlos Carvalho, Enovis’ former vice president of finance and treasurer, shared on LinkedIn that “often successful people have to be reminded how successful they are because they are so focused on their future goals, it becomes difficult to see the road behind them.”
For Carvalho, he maintained his focus on transforming Colfax Corporation—and Enovis, by extension— through their diverse portfolio and leading the treasury department with a continuous improvement mindset.
Looking ahead, Enovis Corporation is pursuing an ambitious acquisition and innovation agenda with the end goal of substantial growth in the coming years. Their orthopedic foundation and mission for improvement drive the company towards well-positioned success within the medical technology industry, aiming “to create a high-value, high-growth medtech business that extends in and beyond orthopedics,” Trerotola said in a statement on Enovis’ website.
