Enovis Makes Binding Offer to Acquire eCential Robotics

Enovis Corporation has entered a binding offer to acquire eCential Robotics, a French developer of surgical navigation and robotic-assistance systems, at an upfront enterprise value of €155 million, the companies announced on September 1, 2026. The transaction is expected to close by year-end 2026, subject to regulatory approvals.

Under the terms described in the announcement, the €155 million enterprise value corresponds to cash consideration of approximately €176 million to be paid to eCential Robotics’ shareholders at closing, plus up to €35 million in contingent consideration payable if certain milestones are achieved. Enovis plans to fund the proposed transaction through a combination of cash on its balance sheet and availability under its existing revolving credit facility.

The binding offer was entered into on August 31, 2026, according to a current report Enovis filed with the U.S. Securities and Exchange Commission. Because eCential Robotics is a French company, the parties must first complete an information and consultation process with eCential Robotics’ works council in accordance with French law. Following that process, the parties expect to enter into a definitive acquisition agreement.

A Robotic Platform Built for the Operating Room

Founded on more than 15 years of work in computer-assisted surgery and orthopedic robotics, eCential Robotics has developed a modular platform that combines surgical navigation and active robotics in a single architecture. According to the company’s own description, the Op.n platform is an open, modular, and scalable system that integrates real-time spine navigation, robotic guidance, and operating room 3D imaging, and it is designed to support both open and minimally invasive spinal fusion procedures.

The platform’s regulatory foundation is established. The Op.n platform holds FDA 510(k) clearance for spine surgery in the United States, and eCential Robotics received a further 510(k) clearance for the latest generation of the platform in March 2025, according to the company. Its system first obtained FDA certification covering imaging, navigation, and the robotic arm in 2022, and the company performed its first robotic surgery in 2024.

eCential Robotics is headquartered in Gières, France, with U.S. commercial operations in Franklin, Tennessee. The company opened its U.S. headquarters in Franklin in 2025. Its origins trace to 2009, when founder Stéphane Lavallée created the company then known as Surgivisio in Grenoble; the business adopted the eCential Robotics name in 2021. In 2024, the company gained industry visibility through a collaboration with DePuy Synthes on the Velys Spine robotic system, and in 2026 its partner Amplitude Surgical performed a first robotic knee surgery powered by eCential Robotics technology.

Where eCential Fits Inside Enovis

Enovis said the acquisition will expand its ASTRA enabling technology platform with robotic automation capabilities. The company described eCential Robotics’ robotics platform as a natural complement to its ARVIS Augmented Reality System, and said the combination is intended to give surgeons a broader set of robotic solutions.

“This acquisition is a significant milestone and reflects our disciplined approach to bringing externally developed innovation into Enovis,” said Damien McDonald, Chief Executive Officer of Enovis. “Their expertise will serve as the bedrock of our robotics strategy and enable Enovis to win in surgical enabling technology.”

Clément Vidal, Chief Executive Officer of eCential Robotics, said the company’s strategy has centered on offering surgeons easy-to-use technology to improve surgical workflows and patient outcomes. “As part of Enovis, we will be able to grow through a shared mission to support surgeons with greater operating room efficiency, and help patients live more full, active lives,” he said.

Stéphane Lavallée, Founder and Chair of eCential Robotics, said the combined companies will continue to support existing partnerships and build a center of excellence for robotics in Grenoble focused on advancing the shared innovation roadmap. Enovis highlighted that planned Grenoble robotics center of excellence in its announcement, describing the city as a talent-rich medical technology hub. eCential Robotics said it remains committed to supporting collaboration with spine implant partners in the deployment of its newly FDA-cleared Op.n Spine Navigation and Robotic Guidance Platform.

Financial Expectations and Next Steps

Enovis said it expects approximately 150 basis points of deal-related dilution to its adjusted EBITDA margin in 2027, offset by approximately 50 basis points of underlying improvement, which the company described as a 100-basis-point headwind in 2027. The company said it expects to return to year-over-year margin improvement in 2028, and that it expects free cash flow conversion to increase to 50 percent in 2027, to over $100 million, with further improvement in 2028 and 2029.

Enovis hosted an investor conference call and webcast at 8:30 a.m. Eastern time on September 1, 2026, to discuss the transaction, according to the SEC filing. Latham & Watkins LLP is serving as legal counsel to Enovis in connection with the transaction. Apparius is acting as exclusive financial advisor to eCential Robotics, with Goodwin France and Cabinet Franck Robert serving as legal counsel.

The companies expect the transaction to close by the end of 2026, subject to regulatory approvals and completion of the works council consultation process.