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NuVasive reported 1Q22 orthopedic sales of $290.8 million, +7.2% vs. 1Q21. Portfolio expansion and strong international performances drove company growth.
Company CFO Matt Harbaugh called the first quarter a tale of two halves, as COVID and healthcare staffing shortages severely impacted the beginning of 2022. However, February and March brought procedure recovery and the return of elective surgeries in key markets.
While NuVasive is keeping a close eye on supply chain disruption in the market, it hasn’t yet experienced a material impact from shortages. The company’s entry into new subsegments and geographical areas muted the impact of hospital staffing shortages in the first quarter.
NuVasive’s cervical portfolio grew by more than 20% compared to the first quarter of last year. Company leadership stressed the strategic, integrated nature of this growth but acknowledged that the Simplify disc is an important driver.
“It’s opening doors. I’d say the C360 portfolio is benefiting from the lead-in product, which is our Simplify Artificial Disc. We’re meeting new customers and new surgeons that we didn’t necessarily engage with in the past,” said NuVasive CEO Chris Barry.
NuVasive once again pushed back the timeline of its Pulse robotics project. We previously expected a late-2022 launch with meaningful revenue contributions in 2023. However, Nuvasive has yet to submit for regulator approval and will not complete first-in-human until some time in 2023.
That long smudge on the quarter aside, NuVasive tightened its 2022 guidance by raising the low end of the range. The company now expects full-year revenue growth in the range of 6% to 8%.
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
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $256.6 | $238.1 | $18.5 | 7.8% |
| Trauma | $11.0 | $10.4 | $0.6 | 5.8% |
| Orthobiologics | $23.1 | $22.7 | $0.4 | 1.8% |
| Total | $290.8 | $271.2 | $19.5 | 7.2% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $220.8 | $208.1 | $12.7 | 6.1% |
| OUS | $69.9 | $63.2 | $6.8 | 10.7% |
| EMEA | $45.8 | $41.0 | $4.8 | 11.6% |
| Asia Pacific | $18.2 | $16.4 | $1.8 | 10.7% |
| Rest of World | $5.9 | $5.7 | $0.3 | 4.6% |
| Total | $290.8 | $271.2 | $19.5 | 7.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $290.8 | |
| Cost of Sales | $79.1 | 27.2% |
| R & D | $160.3 | 55.1% |
| Selling and Admin | $23.4 | 8% |
| Other | $8.8 | 3% |
| Net Earnings | $19.2 | 6.6% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
NuVasive reported 1Q22 orthopedic sales of $290.8 million, +7.2% vs. 1Q21. Portfolio expansion and strong international performances drove company growth.
Company CFO Matt Harbaugh called the first quarter a tale of two halves, as COVID and healthcare staffing shortages severely impacted the beginning of 2022. However, February and March...
NuVasive reported 1Q22 orthopedic sales of $290.8 million, +7.2% vs. 1Q21. Portfolio expansion and strong international performances drove company growth.
Company CFO Matt Harbaugh called the first quarter a tale of two halves, as COVID and healthcare staffing shortages severely impacted the beginning of 2022. However, February and March brought procedure recovery and the return of elective surgeries in key markets.
While NuVasive is keeping a close eye on supply chain disruption in the market, it hasn’t yet experienced a material impact from shortages. The company’s entry into new subsegments and geographical areas muted the impact of hospital staffing shortages in the first quarter.
NuVasive’s cervical portfolio grew by more than 20% compared to the first quarter of last year. Company leadership stressed the strategic, integrated nature of this growth but acknowledged that the Simplify disc is an important driver.
“It’s opening doors. I’d say the C360 portfolio is benefiting from the lead-in product, which is our Simplify Artificial Disc. We’re meeting new customers and new surgeons that we didn’t necessarily engage with in the past,” said NuVasive CEO Chris Barry.
NuVasive once again pushed back the timeline of its Pulse robotics project. We previously expected a late-2022 launch with meaningful revenue contributions in 2023. However, Nuvasive has yet to submit for regulator approval and will not complete first-in-human until some time in 2023.
That long smudge on the quarter aside, NuVasive tightened its 2022 guidance by raising the low end of the range. The company now expects full-year revenue growth in the range of 6% to 8%.
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
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $256.6 | $238.1 | $18.5 | 7.8% |
| Trauma | $11.0 | $10.4 | $0.6 | 5.8% |
| Orthobiologics | $23.1 | $22.7 | $0.4 | 1.8% |
| Total | $290.8 | $271.2 | $19.5 | 7.2% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $220.8 | $208.1 | $12.7 | 6.1% |
| OUS | $69.9 | $63.2 | $6.8 | 10.7% |
| EMEA | $45.8 | $41.0 | $4.8 | 11.6% |
| Asia Pacific | $18.2 | $16.4 | $1.8 | 10.7% |
| Rest of World | $5.9 | $5.7 | $0.3 | 4.6% |
| Total | $290.8 | $271.2 | $19.5 | 7.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $290.8 | |
| Cost of Sales | $79.1 | 27.2% |
| R & D | $160.3 | 55.1% |
| Selling and Admin | $23.4 | 8% |
| Other | $8.8 | 3% |
| Net Earnings | $19.2 | 6.6% |
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.
