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Our recap highlights 3Q18 developments and ORTHOWORLD’s projection of 2018 full-year revenue for the first publicly traded orthopaedic companies to report. Exhibits 1 and 2 below show year over year company performance for 3Q18 and nine months ending September 30, 2018, respectively, while Exhibit 3 shows our 2018 projections.
Several companies noted increased case volume in the third quarter, likely driven by a strong U.S. economy leading to more widespread insurance coverage and patients able to pay for elective procedures. Sales results were mixed outside of the U.S., particularly in the EMEA region where reimbursement issues continue to be a challenge in the U.K. and Germany. Companies generally performed well, however, in emerging markets.
Robotics was a common theme for the quarter. While overall market penetration for robots is still relatively low, most corporate leaders are recognizing the need to position themselves for the future. Stryker’s Mako unit has helped drive their knee segment sales and is primed for further growth. Zimmer Biomet has made progress on their total knee application for the ROSA robot, completing the first five cases in Australia during the quarter. NuVasive hasn’t given many hints about their plans on the topic, but continues to gather robotics expertise by naming J. Christopher Barry as CEO and adding Scott Huennekens of Verb Surgical to the board.
In general, companies are facing tougher comps in 4Q18 and might experience a nominal dip in sequential growth rate. However, some like Stryker are primed to ride momentum created in the third quarter to a strong finish for the year. With Zimmer Biomet continuing to work through a recovery and largely looking to 2020, we are projecting Stryker to edge them out in total 2018 orthopaedic revenue.
Click each linked company in Exhibit 1 to revisit their revenue profile.
Exhibit 1: Orthopaedic Sales for Public Companies: 3Q18 vs. 3Q17 ($MM)
| Company | 3Q18 | 3Q17 | $ Change | % Change |
| Anika | $24.1 | $24.0 | $0.1 | 0.4% |
| ConforMIS | $29.0 | $18.4 | $10.6 | 57.3% |
| ConMed | $102.9 | $98.6 | $4.3 | 4.4% |
| DePuy Synthes | $2,111.3 | $2,204.0 | -$92.7 | -4.2% |
| Integra | $22.7 | $22.9 | -$0.2 | -0.9% |
| NuVasive | $271.3 | $247.5 | $23.8 | 9.6% |
| Orthofix | $111.7 | $105.2 | $6.5 | 6.1% |
| OrthoPediatrics | $15.8 | $12.4 | $3.4 | 27.8% |
| Sanofi | $88.7 | $117.0 | -$28.3 | -24.2% |
| Seikagaku | $66.0 | $75.0 | -$9.0 | -12.0% |
| Smith & Nephew | $808.7 | $793.2 | $15.5 | 2.0% |
| Stryker | $1,689.7 | $1,622.4 | $67.3 | 4.2% |
| Vericel | $16.4 | $9.9 | $6.5 | 65.7% |
| Zimmer Biomet | $1,637.4 | $1,617.5 | $19.9 | 1.2% |
Exhibit 2: Orthopaedic Sales for Public Companies: 9Mo18 vs. 9Mo17 (to Sep. 30, $MM)
| Company | 9Mo18 | 9Mo17 | $ Change | % Change |
| Anika | $69.8 | $68.7 | $1.1 | 1.6% |
| ConforMIS | $67.7 | $57.4 | $10.4 | 18.1% |
| ConMed | $321.9 | $308.0 | $13.9 | 4.5% |
| DePuy Synthes | $6,622.4 | $6,771.9 | -$149.6 | -2.2% |
| Integra LifeSciences | $71.2 | $73.3 | -$2.0 | -2.8% |
| NuVasive | $813.5 | $756.0 | $57.5 | 7.6% |
| Orthofix | $332.0 | $316.9 | $15.0 | 4.7% |
| OrthoPediatrics | $43.0 | $33.9 | $9.1 | 26.7% |
| Sanofi | $285.8 | $370.9 | -$85.0 | -22.9% |
| Seikagaku | $197.6 | $215.7 | -$18.1 | -8.4% |
| Smith & Nephew | $2,544.8 | $2,454.1 | $90.7 | 3.7% |
| Stryker | $5,159.7 | $4,853.3 | $306.4 | 6.3% |
| Vericel | $42.6 | $27.8 | $14.8 | 53.2% |
| Zimmer Biomet | $5,232.0 | $5,112.9 | $119.2 | 2.3% |
Exhibit 3: 2018 Projected 2018 Orthopaedic Sales ($MM)
| Company | 2018 Proj | 2017 | $ Change | % Change |
| Anika | $94.4 | $93.8 | $0.6 | 0.6% |
| ConforMIS | $88.7 | $78.1 | $10.6 | 13.6% |
| ConMed | $446.4 | $429.0 | $17.4 | 4.1% |
| DePuy Synthes | $8,829.5 | $9,017.7 | -$188.2 | -2.1% |
| Integra | $103.2 | $105.6 | -$2.3 | -2.2% |
| NuVasive | $1,105.8 | $1,027.7 | $78.1 | 7.6% |
| Orthofix | $452.5 | $433.8 | $18.7 | 4.3% |
| OrthoPediatrics | $57.2 | $45.6 | $11.6 | 25.4% |
| Sanofi | $379.1 | $476.8 | -$97.7 | -20.5% |
| Seikagaku | $262.9 | $289.9 | -$27.1 | -9.3% |
| Smith & Nephew | $3,449.8 | $3,353.4 | $96.4 | 2.9% |
| Stryker | $7,119.2 | $6,667.6 | $451.6 | 6.8% |
| Vericel | $65.6 | $43.9 | $21.7 | 49.4% |
| Zimmer Biomet | $7,088.2 | $6,964.4 | $123.8 | 1.8% |
Sources: Company press releases, websites, the U.S. Securities and Exchange Commission
Mike Evers is ORTHOWORLD’s Market Analyst. Reach him via email.
Our recap highlights 3Q18 developments and ORTHOWORLD's projection of 2018 full-year revenue for the first publicly traded orthopaedic companies to report. Exhibits 1 and 2 below show year over year company performance for 3Q18 and nine months ending September 30, 2018, respectively, while Exhibit 3 shows our 2018 projections.
Several...
Our recap highlights 3Q18 developments and ORTHOWORLD’s projection of 2018 full-year revenue for the first publicly traded orthopaedic companies to report. Exhibits 1 and 2 below show year over year company performance for 3Q18 and nine months ending September 30, 2018, respectively, while Exhibit 3 shows our 2018 projections.
Several companies noted increased case volume in the third quarter, likely driven by a strong U.S. economy leading to more widespread insurance coverage and patients able to pay for elective procedures. Sales results were mixed outside of the U.S., particularly in the EMEA region where reimbursement issues continue to be a challenge in the U.K. and Germany. Companies generally performed well, however, in emerging markets.
Robotics was a common theme for the quarter. While overall market penetration for robots is still relatively low, most corporate leaders are recognizing the need to position themselves for the future. Stryker’s Mako unit has helped drive their knee segment sales and is primed for further growth. Zimmer Biomet has made progress on their total knee application for the ROSA robot, completing the first five cases in Australia during the quarter. NuVasive hasn’t given many hints about their plans on the topic, but continues to gather robotics expertise by naming J. Christopher Barry as CEO and adding Scott Huennekens of Verb Surgical to the board.
In general, companies are facing tougher comps in 4Q18 and might experience a nominal dip in sequential growth rate. However, some like Stryker are primed to ride momentum created in the third quarter to a strong finish for the year. With Zimmer Biomet continuing to work through a recovery and largely looking to 2020, we are projecting Stryker to edge them out in total 2018 orthopaedic revenue.
Click each linked company in Exhibit 1 to revisit their revenue profile.
Exhibit 1: Orthopaedic Sales for Public Companies: 3Q18 vs. 3Q17 ($MM)
| Company | 3Q18 | 3Q17 | $ Change | % Change |
| Anika | $24.1 | $24.0 | $0.1 | 0.4% |
| ConforMIS | $29.0 | $18.4 | $10.6 | 57.3% |
| ConMed | $102.9 | $98.6 | $4.3 | 4.4% |
| DePuy Synthes | $2,111.3 | $2,204.0 | -$92.7 | -4.2% |
| Integra | $22.7 | $22.9 | -$0.2 | -0.9% |
| NuVasive | $271.3 | $247.5 | $23.8 | 9.6% |
| Orthofix | $111.7 | $105.2 | $6.5 | 6.1% |
| OrthoPediatrics | $15.8 | $12.4 | $3.4 | 27.8% |
| Sanofi | $88.7 | $117.0 | -$28.3 | -24.2% |
| Seikagaku | $66.0 | $75.0 | -$9.0 | -12.0% |
| Smith & Nephew | $808.7 | $793.2 | $15.5 | 2.0% |
| Stryker | $1,689.7 | $1,622.4 | $67.3 | 4.2% |
| Vericel | $16.4 | $9.9 | $6.5 | 65.7% |
| Zimmer Biomet | $1,637.4 | $1,617.5 | $19.9 | 1.2% |
Exhibit 2: Orthopaedic Sales for Public Companies: 9Mo18 vs. 9Mo17 (to Sep. 30, $MM)
| Company | 9Mo18 | 9Mo17 | $ Change | % Change |
| Anika | $69.8 | $68.7 | $1.1 | 1.6% |
| ConforMIS | $67.7 | $57.4 | $10.4 | 18.1% |
| ConMed | $321.9 | $308.0 | $13.9 | 4.5% |
| DePuy Synthes | $6,622.4 | $6,771.9 | -$149.6 | -2.2% |
| Integra LifeSciences | $71.2 | $73.3 | -$2.0 | -2.8% |
| NuVasive | $813.5 | $756.0 | $57.5 | 7.6% |
| Orthofix | $332.0 | $316.9 | $15.0 | 4.7% |
| OrthoPediatrics | $43.0 | $33.9 | $9.1 | 26.7% |
| Sanofi | $285.8 | $370.9 | -$85.0 | -22.9% |
| Seikagaku | $197.6 | $215.7 | -$18.1 | -8.4% |
| Smith & Nephew | $2,544.8 | $2,454.1 | $90.7 | 3.7% |
| Stryker | $5,159.7 | $4,853.3 | $306.4 | 6.3% |
| Vericel | $42.6 | $27.8 | $14.8 | 53.2% |
| Zimmer Biomet | $5,232.0 | $5,112.9 | $119.2 | 2.3% |
Exhibit 3: 2018 Projected 2018 Orthopaedic Sales ($MM)
| Company | 2018 Proj | 2017 | $ Change | % Change |
| Anika | $94.4 | $93.8 | $0.6 | 0.6% |
| ConforMIS | $88.7 | $78.1 | $10.6 | 13.6% |
| ConMed | $446.4 | $429.0 | $17.4 | 4.1% |
| DePuy Synthes | $8,829.5 | $9,017.7 | -$188.2 | -2.1% |
| Integra | $103.2 | $105.6 | -$2.3 | -2.2% |
| NuVasive | $1,105.8 | $1,027.7 | $78.1 | 7.6% |
| Orthofix | $452.5 | $433.8 | $18.7 | 4.3% |
| OrthoPediatrics | $57.2 | $45.6 | $11.6 | 25.4% |
| Sanofi | $379.1 | $476.8 | -$97.7 | -20.5% |
| Seikagaku | $262.9 | $289.9 | -$27.1 | -9.3% |
| Smith & Nephew | $3,449.8 | $3,353.4 | $96.4 | 2.9% |
| Stryker | $7,119.2 | $6,667.6 | $451.6 | 6.8% |
| Vericel | $65.6 | $43.9 | $21.7 | 49.4% |
| Zimmer Biomet | $7,088.2 | $6,964.4 | $123.8 | 1.8% |
Sources: Company press releases, websites, the U.S. Securities and Exchange Commission
Mike Evers is ORTHOWORLD’s Market Analyst. Reach him via email.
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Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
