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Enovis is an awful business, but that’s not really the point. In this short thesis, we focus heavily on accounting irregularities at ENOV, and there are a lot. Some of them are simple and some of them are complex. We review each in painstaking detail, and then make measured, common-sense adjustments to ENOV’s reported numbers to represent what is really happening in the financials of this business. Most of these adjustments are self- evident once you understand what ENOV did to necessitate them; only a few require much discretion as to magnitude. We expect that after reading this analysis you will agree with our view that ENOV has been making a concerted effort for many years to inflate its organic revenue growth and profits, and that a decade of aggressive M&A was the primary vector for most of this puffery. But a huge deal has loaded ENOV with massive debt,i and its long, fun decade of hyperactive M&A has ended. If this story were a movie, we’d call it Last of the Acquisitions, and we’d have seen it many times.