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ATEC reported 3Q22 orthopedic sales of $89.8 million, +42.9% compared to the third quarter of 2021.
The company marked its 14th consecutive quarter of more than 20% U.S. growth, with the exception of the Q2 2020 pandemic low point. ATEC’s surgical volumes increased 32% year-over-year as surgeon adoption accelerated while the number of surgeon users increased by 22%. The average revenue per case expanded by 15%.
Lateral surgery is a key growth driver for ATEC. Company CEO Patrick Miles said, “Our intention is to dominate lateral surgery. Our belief is that it’s better. The literature is profoundly compelling. Less blood loss, shorter hospital stays, shorter return to normal activity. It truly is the most coveted market in spine and the one that continues to grow.”
The third quarter marked ATEC’s first full year owning EOS. The system is expected to generate about $46 million in 2022, but there have been some growing pains along the way. The company is learning from experience how to better manage the complexities of unit deliveries and installation. ATEC also plans to exit certain non-strategic countries while focusing more on driving U.S. sales of EOS.
The company expects 2022 total orthopedic sales of $340 million, representing 40% 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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $81.6 | $57.6 | $24.0 | 41.6% |
| Orthobiologics | $8.3 | $5.3 | $3.0 | 56.5% |
| Total | $89.8 | $62.9 | $27.0 | 42.9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $223.0 | $155.0 | $68.0 | 43.9% |
| Orthobiologics | $21.9 | $14.2 | $7.7 | 54% |
| Total | $244.9 | $169.3 | $75.7 | 44.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $89.8 | $62.7 | $27.1 | 43.2% |
| OUS | $0.0 | $0.1 | ($0.1) | (100%) |
| Total | $89.8 | $62.9 | $27.0 | 42.9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $234.8 | $165.7 | $69.0 | 41.6% |
| OUS | $10.2 | $3.5 | $6.7 | 190% |
| Total | $244.9 | $169.3 | $75.7 | 44.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $89.8 | |
| Cost of Sales | $30.3 | 33.8% |
| Selling and Admin | $76.0 | 84.5% |
| R & D | $12.1 | 13.5% |
| Other | $8.5 | 9.4% |
| Net Earnings | ($37.0) | (41.2%) |
ATEC reported 3Q22 orthopedic sales of $89.8 million, +42.9% compared to the third quarter of 2021.
The company marked its 14th consecutive quarter of more than 20% U.S. growth, with the exception of the Q2 2020 pandemic low point. ATEC's surgical volumes increased 32% year-over-year as surgeon adoption accelerated while the number of...
ATEC reported 3Q22 orthopedic sales of $89.8 million, +42.9% compared to the third quarter of 2021.
The company marked its 14th consecutive quarter of more than 20% U.S. growth, with the exception of the Q2 2020 pandemic low point. ATEC’s surgical volumes increased 32% year-over-year as surgeon adoption accelerated while the number of surgeon users increased by 22%. The average revenue per case expanded by 15%.
Lateral surgery is a key growth driver for ATEC. Company CEO Patrick Miles said, “Our intention is to dominate lateral surgery. Our belief is that it’s better. The literature is profoundly compelling. Less blood loss, shorter hospital stays, shorter return to normal activity. It truly is the most coveted market in spine and the one that continues to grow.”
The third quarter marked ATEC’s first full year owning EOS. The system is expected to generate about $46 million in 2022, but there have been some growing pains along the way. The company is learning from experience how to better manage the complexities of unit deliveries and installation. ATEC also plans to exit certain non-strategic countries while focusing more on driving U.S. sales of EOS.
The company expects 2022 total orthopedic sales of $340 million, representing 40% 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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $81.6 | $57.6 | $24.0 | 41.6% |
| Orthobiologics | $8.3 | $5.3 | $3.0 | 56.5% |
| Total | $89.8 | $62.9 | $27.0 | 42.9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $223.0 | $155.0 | $68.0 | 43.9% |
| Orthobiologics | $21.9 | $14.2 | $7.7 | 54% |
| Total | $244.9 | $169.3 | $75.7 | 44.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $89.8 | $62.7 | $27.1 | 43.2% |
| OUS | $0.0 | $0.1 | ($0.1) | (100%) |
| Total | $89.8 | $62.9 | $27.0 | 42.9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $234.8 | $165.7 | $69.0 | 41.6% |
| OUS | $10.2 | $3.5 | $6.7 | 190% |
| Total | $244.9 | $169.3 | $75.7 | 44.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $89.8 | |
| Cost of Sales | $30.3 | 33.8% |
| Selling and Admin | $76.0 | 84.5% |
| R & D | $12.1 | 13.5% |
| Other | $8.5 | 9.4% |
| Net Earnings | ($37.0) | (41.2%) |
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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.
