Enovis Corporation

Good morning, my name is Carrie and I will be your conference operator today. At this time, I would like to welcome everyone to the NOVI's third quarter 2025 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star then the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. As a courtesy to all participants, we ask that you limit yourself to one question and one follow-up. I would now like to turn the call over to Kyle Rose, Vice President of Investor Relations. Please go ahead.

Good morning, everyone, and thank you for joining us today for our third quarter 2025 results conference call. I'm Kyle Rose, Vice President of Investor Relations. Joining me on the call today are Damian McDonald, Chief Executive Officer, and Ben Barry, Chief Financial Officer. Our earnings release was issued earlier this morning and is available in the investor section of our website, inovus.com. We have also posted a slide presentation in relation to today's call, which can also be found on our website. Both the audio and the slide presentation of this call will be archived on the website later today. During this call, we'll be making some forward-looking statements about our beliefs and estimates regarding future events and results. These forward-looking statements are subject to risks and uncertainties, including those set forth in the Safe Harbor language in today's earnings release and in our filings with the SEC. Actual results might differ materially from any forward-looking statements that we make today. The forward-looking statements speak only as of today, and we do not assume any obligation or intend to update them, except as required by law. For further details regarding any non-GAAP financial measures referenced during the call today, the accompanying reconciliation information relating to those measures can be found in our earnings press release and in the appendix of today's slide presentation. With that, let me turn it over to Damian. Damian? Hey, thanks, Kyle.

Good morning, everyone, and thank you for joining us today for our third quarter earnings call. Since our last call, I've had the opportunity to meet more of our customers and team members and I see a company with extraordinary talent and a unique portfolio spanning orthopedic implants, bracing, rehabilitation and enabling technologies, which empower surgeons, clinicians, hospital leaders and distribution partners to improve patients' lives across the entire orthopedic continuum of care. Our solid third quarter results reflect strong performance broadly across the portfolio as we increasingly focus on commercial execution, operational excellence, and capital allocation. Third quarter revenue grew 9% on a reported basis and 7% organically. On an organic basis, recon grew 9%, prevention and recovery grew 4%, and we generated nearly $30 million in free cash flow. Our recon business delivered another quarter of strong, balanced growth. In US recon, we grew 7%, led by double-digit growth in extremities. Our augmented reverse glenoid system, ARG, continues to gain traction. What's exciting here is that we're still very early in the launch cycle, and there are additional products in the pipeline to support a multi-year cadence of innovation in extremities. In hips and knees, we grew 6% in implants, adjusting for the prior year sales of enabling technology, and we continue to reinforce our portfolio to compete across hospital and ASC settings. The new products we've launched, Nebula Stem and OrthoDrive Impactor, are performing well, and surge in feedback continues to be excellent. Internationally, we grew 12%, and this is where the Lima integration is driving value and producing benefits. We're executing across the cross-selling synergies we targeted in all anatomies. These are deliberate, strategic wins that position us for sustained international growth against strong competitors. We showcased the next generation Arvis at ASES in August last month. Surgeon response to Arvis Ultra was outstanding. It's lighter, faster, and adds capabilities like soft tissue balancing for knees and advanced shoulder applications. Arvis continues to track for a broader launch in the first half of 2026. Now, moving to PNR. We delivered 4% organic growth with strength in bone stem, revenue cycle management, and our spine bracing products. Adjusted gross margins increased 110 basis points year over year, driven by product and geographic mix, as well as EGX-driven initiatives across both our manufacturing and supply chain. We completed the divestiture of Dr. Comfort in early October. This was an important transaction in support of our purposefully shaping our business. I very much want to thank the entire Dr Comfort team for their contributions as part of the Inovus family. We're confident that as part of the PROMIS equity partner portfolio, Dr Comfort has found an ideal environment to achieve its full potential. This transaction, coupled with our focused investment in innovation and growth, has resulted in over 50% of our P&R portfolio now growing mid-single digits or better. I'll now turn it over to Ben to walk through the financial details.