Before we get into the action from the past week we have a big update from the Activ8 Team.

We’re excited to share that we have rebranded to Activ8Insights. This change reflects more than just a new name. It represents a deeper commitment to our mission. After listening to our community and reflecting on our purpose, it became clear that our goal isn’t just to track the world of activist short selling. It’s to bring you real insight. In the coming weeks and months, you’ll see new tools, sharper content, and expanded coverage, all designed to give you a clearer, smarter view of the space. The name Activ8Insights captures that focus. Different name. Same dedication to helping you see what others miss.

Jehoshaphat Research Report on NYSE: ENOV
Report Date: Thursday, July 17th, 2025

Market Impact

Jehoshaphat Research’s short call on Enovis sent the stock sliding. Shares closed at $30.54 the day before publication, briefly rallied on the day of the report to close at $30.86, but then dropped sharply to end the week at $26.28. The 14% weekly decline suggests the market is digesting the concerns with growing skepticism.

Who is Enovis Corporation?

Enovis, formerly Colfax Corporation, evolved from a modest industrial outfit into a healthcare roll-up under CEO Matt Trerotola. Through aggressive acquisitions—like LimaCorporate and DJO Global—it has tried to establish itself in orthopedic and medtech markets. The company leans heavily on M&A to drive its top line, raising questions about its organic growth engine.

Key Points from the Report

• Growth Mirage: Organic revenue growth is allegedly closer to 2%, and effectively zero when adjusted for inflation, despite management’s claims of 6–10%.

• Questionable Accounting: Adjusted EBITDA may be overstated by up to 100% through capitalized expenses, regulatory cost addbacks, and amortized royalty deals.

• Acquisition Dependency: A decade of deal-driven expansion has concealed a lack of sustainable organic performance.

• Leverage and Limits: The latest Lima acquisition and leadership turnover suggest Enovis may be out of M&A runway.

• Analyst Disconnect: The stock enjoys widespread Buy ratings, but Jehoshaphat argues FY25 guidance is stretched and FY26 estimates are detached from reality.

  Read our full summary here

• News-powered hedge fund Hunterbrook Capital secures a $100 million valuation, spotlighting investor appetite for data-driven investment strategies.

• Zerodha CEO Backs Short Selling: Calls for Broader Access to Level the Playing Field: India’s top retail brokerage leader, Nithin Kamath, pushes regulators to normalize short selling, arguing it’s essential for market efficiency and fairness.

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