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DJO reported 3Q21 orthopedic sales of $140.2 million, +7.2% vs. 3Q20. The company expects its medtech business to finish 2021 with reported growth in the range of +26% to +28%, with about half of that growth coming from recent acquisitions. We expect reported growth for DJO’s reconstructive business unit to be closer to +20% for the year, given the outsized impact of the pandemic on elective orthopedic surgeries.
DJO’s parent company, Colfax Corp., continues to prepare for a 1Q22 split between its medtech and fabrication business. The medtech-focused company will be known as Enovis and, according to leadership, has a line of sight to $3 billion in sales within a few years. One of the first steps in that journey is the integration of recently-acquired Mathys. In the first half of 2022, Mathys will launch DJO’s AltiVate Reverse Shoulder and EMPOWR 3D knee, which already have the required regulatory approvals outside the U.S. Mathys is expected to contribute $150 million in revenue for 2022 and $15 million in deduced costs within three years.
Like other players, DJO experienced pressure on elective orthopedic surgery volumes and estimated the growth impact at -5% for the quarter. While the fourth quarter should bring a gradual improvement in surgical volumes, the impact of ongoing staffing shortages and global supply chain issues could complicate the recovery.
“The recovery is being limited by space in hospitals and operating rooms. Staffing is a new issue that’s been talked about a lot. We are seeing an improvement of elective surgery, as we work through the fourth quarter so that as we roll into next year, we can be near normal levels. As we move through next year, we certainly feel like there is ground to be made up. There’s a lot of surgeries that were not done in 2020 and 2021, and need to be done, and so the whole industry has some extra opportunity. Most of the conventional wisdom out there suggests that it’s going to take a couple of years for that to be made up given how much space and time, et cetera, would be needed.” – Colfax Corp CEO Matt Trerotola
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $92.9 | $94.0 | ($1.0) | (1.1%) |
| Knees | $22.0 | $23.5 | ($1.5) | (6.4%) |
| Hips | $20.0 | $21.6 | ($1.6) | (7.5%) |
| Extremities | $51.0 | $48.9 | $2.1 | 4.3% |
| Trauma | $7.0 | |||
| Other (Recovery Sciences) | $40.3 | $36.8 | $3.5 | 9.5% |
| Total | $140.2 | $130.8 | $9.4 | 7.2% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $243.6 | $222.0 | $21.6 | 9.7% |
| Knees | $59.2 | $55.6 | $3.7 | 6.6% |
| Hips | $52.4 | $51.1 | $1.3 | 2.6% |
| Extremities | $132.0 | $115.4 | $16.6 | 14.4% |
| Trauma | $18.3 | |||
| Other (Recovery Sciences) | $124.7 | $98.9 | $25.8 | 26.1% |
| Total | $386.6 | $320.8 | $65.8 | 20.5% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $104.5 | $97.2 | $7.3 | 7.5% |
| OUS | $35.8 | $33.6 | $2.1 | 6.4% |
| EMEA | $26.6 | $24.5 | $2.2 | 8.9% |
| Asia Pacific | $6.7 | $6.5 | $0.1 | 1.9% |
| Rest of World | $2.5 | $2.6 | ($0.2) | (6.2%) |
| Total | $140.2 | $130.8 | $9.4 | 7.2% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $289.2 | $238.8 | $50.5 | 21.1% |
| OUS | $97.3 | $82.1 | $15.3 | 18.6% |
| EMEA | $71.0 | $60.6 | $10.4 | 17.2% |
| Asia Pacific | $16.5 | $14.6 | $1.9 | 12.9% |
| Rest of World | $9.8 | $6.9 | $3.0 | 42.9% |
| Total | $386.6 | $320.8 | $65.8 | 20.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $956.9 | |
| Cost of Sales | $561.0 | 58.6% |
| Selling and Admin | $334.4 | 34.9% |
| Other | $35.7 | 3.7% |
| Net Earnings | $25.8 | 2.7% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
DJO reported 3Q21 orthopedic sales of $140.2 million, +7.2% vs. 3Q20. The company expects its medtech business to finish 2021 with reported growth in the range of +26% to +28%, with about half of that growth coming from recent acquisitions. We expect reported growth for DJO's reconstructive business unit to be closer to +20% for the year,...
DJO reported 3Q21 orthopedic sales of $140.2 million, +7.2% vs. 3Q20. The company expects its medtech business to finish 2021 with reported growth in the range of +26% to +28%, with about half of that growth coming from recent acquisitions. We expect reported growth for DJO’s reconstructive business unit to be closer to +20% for the year, given the outsized impact of the pandemic on elective orthopedic surgeries.
DJO’s parent company, Colfax Corp., continues to prepare for a 1Q22 split between its medtech and fabrication business. The medtech-focused company will be known as Enovis and, according to leadership, has a line of sight to $3 billion in sales within a few years. One of the first steps in that journey is the integration of recently-acquired Mathys. In the first half of 2022, Mathys will launch DJO’s AltiVate Reverse Shoulder and EMPOWR 3D knee, which already have the required regulatory approvals outside the U.S. Mathys is expected to contribute $150 million in revenue for 2022 and $15 million in deduced costs within three years.
Like other players, DJO experienced pressure on elective orthopedic surgery volumes and estimated the growth impact at -5% for the quarter. While the fourth quarter should bring a gradual improvement in surgical volumes, the impact of ongoing staffing shortages and global supply chain issues could complicate the recovery.
“The recovery is being limited by space in hospitals and operating rooms. Staffing is a new issue that’s been talked about a lot. We are seeing an improvement of elective surgery, as we work through the fourth quarter so that as we roll into next year, we can be near normal levels. As we move through next year, we certainly feel like there is ground to be made up. There’s a lot of surgeries that were not done in 2020 and 2021, and need to be done, and so the whole industry has some extra opportunity. Most of the conventional wisdom out there suggests that it’s going to take a couple of years for that to be made up given how much space and time, et cetera, would be needed.” – Colfax Corp CEO Matt Trerotola
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $92.9 | $94.0 | ($1.0) | (1.1%) |
| Knees | $22.0 | $23.5 | ($1.5) | (6.4%) |
| Hips | $20.0 | $21.6 | ($1.6) | (7.5%) |
| Extremities | $51.0 | $48.9 | $2.1 | 4.3% |
| Trauma | $7.0 | |||
| Other (Recovery Sciences) | $40.3 | $36.8 | $3.5 | 9.5% |
| Total | $140.2 | $130.8 | $9.4 | 7.2% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $243.6 | $222.0 | $21.6 | 9.7% |
| Knees | $59.2 | $55.6 | $3.7 | 6.6% |
| Hips | $52.4 | $51.1 | $1.3 | 2.6% |
| Extremities | $132.0 | $115.4 | $16.6 | 14.4% |
| Trauma | $18.3 | |||
| Other (Recovery Sciences) | $124.7 | $98.9 | $25.8 | 26.1% |
| Total | $386.6 | $320.8 | $65.8 | 20.5% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $104.5 | $97.2 | $7.3 | 7.5% |
| OUS | $35.8 | $33.6 | $2.1 | 6.4% |
| EMEA | $26.6 | $24.5 | $2.2 | 8.9% |
| Asia Pacific | $6.7 | $6.5 | $0.1 | 1.9% |
| Rest of World | $2.5 | $2.6 | ($0.2) | (6.2%) |
| Total | $140.2 | $130.8 | $9.4 | 7.2% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $289.2 | $238.8 | $50.5 | 21.1% |
| OUS | $97.3 | $82.1 | $15.3 | 18.6% |
| EMEA | $71.0 | $60.6 | $10.4 | 17.2% |
| Asia Pacific | $16.5 | $14.6 | $1.9 | 12.9% |
| Rest of World | $9.8 | $6.9 | $3.0 | 42.9% |
| Total | $386.6 | $320.8 | $65.8 | 20.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $956.9 | |
| Cost of Sales | $561.0 | 58.6% |
| Selling and Admin | $334.4 | 34.9% |
| Other | $35.7 | 3.7% |
| Net Earnings | $25.8 | 2.7% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
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.
