Shares of medical device maker Enovis Corporation (ENOV) tumbled 8% in pre-market trading on Thursday following the company's announcement of a reduced profit forecast for 2025 and concerns over tariff impacts. The stock movement comes after Enovis reported its first-quarter results and provided an updated outlook for the year.

Despite reporting better-than-expected first-quarter earnings of $0.81 per share, surpassing analysts' estimates of $0.74, Enovis has cut its annual profit forecast. The company now projects adjusted earnings per share in the range of $2.95 to $3.10, down from its previous guidance of $3.10 to $3.25. This reduction is primarily attributed to an anticipated $20 million impact related to tariffs.

While Enovis raised its 2025 revenue forecast to a range of $2.22 billion to $2.25 billion, up from the prior projection of $2.19 billion to $2.22 billion, investors seemed more focused on the profit outlook. The company's adjusted EBITDA forecast was also lowered to $385-395 million from the previous $405-415 million. Enovis CEO Matt Trerotola emphasized the company's strong start to 2025, with first-quarter revenues and margins exceeding expectations, but the revised profit guidance has clearly overshadowed these positive aspects in investors' minds.