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    Dane Reinhardt • Robert W. Baird & Co.

    Dane Reinhardt's questions to Enovis Corp (ENOV) leadership

    Dane Reinhardt's questions to Enovis Corp (ENOV) leadership • Q2 2025

    Question

    Dane Reinhardt of Baird asked for an update on orthopedic end-market trends, noting the lighter U.S. Hip & Knee growth. He also questioned the updated financial impact of tariffs and whether the new CEO's focus on R&D would alter the company's long-term margin expansion targets.

    Answer

    CFO Ben Berry characterized the market as a 'post-COVID norm' with some vacation-related softness, but expects acceleration in the second half. On tariffs, he noted the 90-day China pause was helpful, but uncertainty remains. CEO Damien McDonald clarified that his focus on R&D is about reallocating resources to more effective programs, not increasing overall spend, and it should not change the company's margin expansion goals.

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    Dane Reinhardt's questions to Enovis Corp (ENOV) leadership • Q1 2025

    Question

    Dane Reinhardt asked for details on the CapEx outlook for this year and beyond, the timeline for reaching the long-term free cash flow conversion target, and a growth breakdown within extremities between shoulder and foot & ankle.

    Answer

    CFO Phillip Berry explained that CapEx is temporarily elevated for 1-2 years to support growth and integration synergies, after which it will normalize. He stated the company is on a clear path to its free cash flow conversion goals as one-time spending recedes. CEO Matthew Trerotola clarified that in Q1, shoulder drove extremities growth, while foot & ankle also grew above its market.

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    Dane Reinhardt's questions to Inmode Ltd (INMD) leadership

    Dane Reinhardt's questions to Inmode Ltd (INMD) leadership • Q1 2025

    Question

    Dane Reinhardt from Baird asked for clarification on pricing, noting that ASPs appear to have increased with new platforms like OptimasMax. He also inquired about the sales cadence within Q1 in relation to weakening consumer confidence and asked about the tax implications of a potential dividend.

    Answer

    CEO Moshe Mizrahy clarified that new platforms like OptimasMax are priced higher than the older models they replace as part of a launch strategy, not a recent price hike due to tariffs. CFO Yair Malca explained that intra-quarter sales cadence is not a good indicator as most revenue is booked in the final month. Regarding dividends, Moshe Mizrahy stated that under Israeli law, a 20% tax is withheld by the company before distribution to shareholders.

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