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DePuy Synthes reported 2Q22 orthopedic sales of $2,156.3 million, -3.1% vs. 2Q21. For the first half of 2022, the company generated $4,343.3 million, +0.1% compared to the year prior.
The company faced a steep comparison going against 2Q21, its second-highest total revenue quarter in the last three and a half years. COVID restrictions, particularly in China, also hurt DePuy Synthes’ second quarter results. OUS sales declined in the high single digits.
Johnson & Johnson CFO Joe Wolk said, “It gets really difficult to draw comparisons around procedure volume because we still are dealing with the impact of COVID in the second quarter alone in China. That impacted growth and procedures were down roughly 25% with a little bit of improvement towards the last month from what we saw in April and May.”
Company leadership mentioned orthopedics as an area of focus for M&A, with an aim of strengthening current strongholds or accessing higher growth segments. In general, DePuy Synthes has enjoyed improved execution and new product cadence but the volatile macro environment makes it difficult to judge how effective these measures have been.
The company’s second-quarter sales declined in the low single digits versus both 2Q19 and 2Q21, as well as sequentially versus 1Q22. As always, the second half of the year is expected to bring accelerated growth.
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $848.1 | $854.4 | ($6.2) | (0.7%) |
| Knees | $349.5 | $349.8 | ($0.4) | (0.1%) |
| Hips | $388.0 | $390.6 | ($2.5) | (0.6%) |
| Extremities | $110.6 | $114.0 | ($3.4) | (2.9%) |
| Spine | $315.9 | $348.1 | ($32.2) | (9.2%) |
| Trauma | $668.1 | $681.2 | ($13.1) | (1.9%) |
| Sports Medicine | $153.2 | $159.7 | ($6.4) | (4%) |
| Orthobiologics | $91.1 | $97.7 | ($6.6) | (6.8%) |
| Other (CMF) | $79.9 | $84.2 | ($4.3) | (5.1%) |
| Total | $2,156.3 | $2,225.2 | ($68.8) | (3.1%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,682.1 | $1,630.2 | $51.9 | 3.2% |
| Knees | $688.5 | $667.4 | $21.0 | 3.2% |
| Hips | $777.0 | $746.4 | $30.7 | 4.1% |
| Extremities | $216.5 | $216.4 | $0.2 | 0.1% |
| Spine | $630.9 | $668.7 | ($37.9) | (5.7%) |
| Trauma | $1,386.2 | $1,384.7 | $1.5 | 0.1% |
| Sports Medicine | $302.6 | $303.8 | ($1.2) | (0.4%) |
| Orthobiologics | $180.0 | $186.0 | ($6.0) | (3.2%) |
| Other (CMF) | $161.7 | $164.4 | ($2.7) | (1.6%) |
| Total | $4,343.3 | $4,337.7 | $5.7 | 0.1% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,336.8 | $1,321.4 | $15.4 | 1.2% |
| OUS | $819.5 | $903.8 | ($84.2) | (9.3%) |
| EMEA | $363.1 | $397.7 | ($34.6) | (8.7%) |
| Asia Pacific | $290.9 | $332.6 | ($41.7) | (12.5%) |
| Rest of World | $165.5 | $173.5 | ($8.0) | (4.6%) |
| Total | $2,156.3 | $2,225.2 | ($68.8) | (3.1%) |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $2,624.8 | $2,569.3 | $55.5 | 2.2% |
| OUS | $1,718.5 | $1,768.4 | ($49.8) | (2.8%) |
| EMEA | $758.6 | $772.9 | ($14.3) | (1.8%) |
| Asia Pacific | $632.6 | $650.8 | ($18.2) | (2.8%) |
| Rest of World | $327.4 | $344.7 | ($17.3) | (5%) |
| Total | $4,343.3 | $4,337.7 | $5.7 | 0.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $24,020.0 | |
| Cost of Sales | $7,919.0 | 33% |
| Selling and Admin | $6,226.0 | 25.9% |
| R & D | $3,703.0 | 15.4% |
| Other | $1,358.0 | 5.7% |
| Net Earnings | $4,814.0 | 20% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
DePuy Synthes reported 2Q22 orthopedic sales of $2,156.3 million, -3.1% vs. 2Q21. For the first half of 2022, the company generated $4,343.3 million, +0.1% compared to the year prior.
The company faced a steep comparison going against 2Q21, its second-highest total revenue quarter in the last three and a half years. COVID restrictions,...
DePuy Synthes reported 2Q22 orthopedic sales of $2,156.3 million, -3.1% vs. 2Q21. For the first half of 2022, the company generated $4,343.3 million, +0.1% compared to the year prior.
The company faced a steep comparison going against 2Q21, its second-highest total revenue quarter in the last three and a half years. COVID restrictions, particularly in China, also hurt DePuy Synthes’ second quarter results. OUS sales declined in the high single digits.
Johnson & Johnson CFO Joe Wolk said, “It gets really difficult to draw comparisons around procedure volume because we still are dealing with the impact of COVID in the second quarter alone in China. That impacted growth and procedures were down roughly 25% with a little bit of improvement towards the last month from what we saw in April and May.”
Company leadership mentioned orthopedics as an area of focus for M&A, with an aim of strengthening current strongholds or accessing higher growth segments. In general, DePuy Synthes has enjoyed improved execution and new product cadence but the volatile macro environment makes it difficult to judge how effective these measures have been.
The company’s second-quarter sales declined in the low single digits versus both 2Q19 and 2Q21, as well as sequentially versus 1Q22. As always, the second half of the year is expected to bring accelerated growth.
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $848.1 | $854.4 | ($6.2) | (0.7%) |
| Knees | $349.5 | $349.8 | ($0.4) | (0.1%) |
| Hips | $388.0 | $390.6 | ($2.5) | (0.6%) |
| Extremities | $110.6 | $114.0 | ($3.4) | (2.9%) |
| Spine | $315.9 | $348.1 | ($32.2) | (9.2%) |
| Trauma | $668.1 | $681.2 | ($13.1) | (1.9%) |
| Sports Medicine | $153.2 | $159.7 | ($6.4) | (4%) |
| Orthobiologics | $91.1 | $97.7 | ($6.6) | (6.8%) |
| Other (CMF) | $79.9 | $84.2 | ($4.3) | (5.1%) |
| Total | $2,156.3 | $2,225.2 | ($68.8) | (3.1%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,682.1 | $1,630.2 | $51.9 | 3.2% |
| Knees | $688.5 | $667.4 | $21.0 | 3.2% |
| Hips | $777.0 | $746.4 | $30.7 | 4.1% |
| Extremities | $216.5 | $216.4 | $0.2 | 0.1% |
| Spine | $630.9 | $668.7 | ($37.9) | (5.7%) |
| Trauma | $1,386.2 | $1,384.7 | $1.5 | 0.1% |
| Sports Medicine | $302.6 | $303.8 | ($1.2) | (0.4%) |
| Orthobiologics | $180.0 | $186.0 | ($6.0) | (3.2%) |
| Other (CMF) | $161.7 | $164.4 | ($2.7) | (1.6%) |
| Total | $4,343.3 | $4,337.7 | $5.7 | 0.1% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,336.8 | $1,321.4 | $15.4 | 1.2% |
| OUS | $819.5 | $903.8 | ($84.2) | (9.3%) |
| EMEA | $363.1 | $397.7 | ($34.6) | (8.7%) |
| Asia Pacific | $290.9 | $332.6 | ($41.7) | (12.5%) |
| Rest of World | $165.5 | $173.5 | ($8.0) | (4.6%) |
| Total | $2,156.3 | $2,225.2 | ($68.8) | (3.1%) |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $2,624.8 | $2,569.3 | $55.5 | 2.2% |
| OUS | $1,718.5 | $1,768.4 | ($49.8) | (2.8%) |
| EMEA | $758.6 | $772.9 | ($14.3) | (1.8%) |
| Asia Pacific | $632.6 | $650.8 | ($18.2) | (2.8%) |
| Rest of World | $327.4 | $344.7 | ($17.3) | (5%) |
| Total | $4,343.3 | $4,337.7 | $5.7 | 0.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $24,020.0 | |
| Cost of Sales | $7,919.0 | 33% |
| Selling and Admin | $6,226.0 | 25.9% |
| R & D | $3,703.0 | 15.4% |
| Other | $1,358.0 | 5.7% |
| Net Earnings | $4,814.0 | 20% |
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.
