Enovis Corporation reported a net loss of $1.18 billion for the fiscal year ended December 31, 2025, a substantial increase from the $824.8 million net loss in 2024. The net loss was primarily due to goodwill impairment charges totaling $1.05 billion in 2025, following a $645.0 million charge in 2024. Net sales increased by 6.7% to $2.25 billion in 2025, up from $2.11 billion in 2024, driven by existing business growth and favorable foreign currency translation. Adjusted EBITDA, a non-GAAP measure, increased to $403.0 million in 2025 from $376.5 million in 2024, with the Adjusted EBITDA margin remaining stable at 17.9%. The company completed five business combinations and two intellectual property asset acquisitions in 2025 for a total consideration of $36.9 million, expanding product offerings and distribution. A divestiture of the Dr Comfort Footcare Solutions product line in October 2025 resulted in $43.3 million in cash proceeds and a $7.9 million goodwill impairment. Research and development expenses increased to $120.3 million in 2025 from $91.3 million in 2024, reflecting investments in surgical productivity solutions and computer-assisted surgery technologies. Interest expense, net, decreased by $22.3 million in 2025 due to increased interest income on cross-currency swap derivatives. The company amended its Credit Agreement in December 2025, increasing the revolving credit facility to $1.1 billion and the term loan facility to $700 million, extending maturities to December 8, 2030. Enovis accrued a $45.8 million charge for the net present value of strategic purchases to buyout economic interest in future royalty payments related to U.S. reconstructive products.