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Stryker reported 4Q22 orthopedic sales of $2.6 billion, +5.2% compared to 4Q21. For the full year, the company amassed orthopedic sales of $9.4 billion, representing growth of 4.2% over 2021.
During a year with unprecedented inflationary pressures and supply constraints, Stryker leveraged recovering procedure volumes and a strong capital sales order book to drive growth. International markets contributed to the company’s momentum, delivering more than 9% growth in 2022 before the impact of currency translation.
Mako had a record quarter in placements, but changing purchasing models caused a significant decline in revenue recognized upfront. Approximately 55% of Stryker’s knee replacement implants and almost 30% of its hip replacement implants used Mako during the 4th quarter.
Stryker is uncharacteristically behind the technology curve in spine, leading to competitive losses there. The recently launched Q Guidance system offset some losses, but company leadership said Mako Spine will be the real difference maker in that business.
The spine robot is set for initial launch in the second half of 2024. In the interim, Styrker is plugging portfolio gaps through distribution deals and initiated some leadership changes in spine.
During the quarter, Stryker marked its one-millionth cementless knee implant. While its competitors have closed the gap somewhat in cementless products, Stryker isn’t worried.
“I am not at all worried about competitive entrants on cementless. People aren’t going to move away from our cementless for a competitive product when we have 1 million procedures already done and competitors just starting to launch theirs. The synergy between cementless and Mako is really significant,” said Stryker CEO Kevin Lobo.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,146.0 | $1,076.2 | $69.7 | 6.5% |
| Knees | $562.3 | $533.2 | $29.1 | 5.5% |
| Hips | $382.4 | $358.1 | $24.3 | 6.8% |
| Extremities | $201.3 | $184.9 | $16.4 | 8.9% |
| Spine | $310.6 | $312.5 | ($1.9) | (0.6%) |
| Trauma | $593.5 | $545.2 | $48.3 | 8.9% |
| Sports Medicine | $270.0 | $241.4 | $28.6 | 11.8% |
| Orthobiologics | $79.5 | $75.5 | $4.0 | 5.3% |
| Enabling Technology | $88.5 | $101.7 | ($13.2) | (13%) |
| Other | $147.4 | $152.1 | ($4.7) | (3.1%) |
| Total | $2,635.6 | $2,504.8 | $130.8 | 5.2% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4,223.1 | $3,938.8 | $284.3 | 7.2% |
| Knees | $2,033.2 | $1,880.8 | $152.4 | 8.1% |
| Hips | $1,440.5 | $1,366.6 | $73.9 | 5.4% |
| Extremities | $749.4 | $691.3 | $58.1 | 8.4% |
| Spine | $1,191.4 | $1,209.8 | ($18.3) | (1.5%) |
| Trauma | $2,130.4 | $2,040.2 | $90.2 | 4.4% |
| Sports Medicine | $806.0 | $728.0 | $78.0 | 10.7% |
| Orthobiologics | $308.7 | $295.1 | $13.6 | 4.6% |
| Enabling Technology | $275.5 | $315.3 | ($39.8) | (12.6%) |
| Other | $481.0 | $508.7 | ($27.7) | (5.5%) |
| Total | $9,416.2 | $9,035.9 | $380.2 | 4.2% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,900.9 | $1,776.2 | $124.7 | 7% |
| OUS | $734.7 | $728.6 | $6.1 | 0.8% |
| EMEA | $329.4 | $313.1 | $16.3 | 5.2% |
| Asia Pacific | $303.1 | $288.0 | $15.0 | 5.2% |
| Rest of World | $102.1 | $127.5 | ($25.3) | (19.9%) |
| Total | $2,635.6 | $2,504.8 | $130.8 | 5.2% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $6,745.4 | $6,322.7 | $422.7 | 6.7% |
| OUS | $2,670.8 | $2,713.2 | ($42.4) | (1.6%) |
| EMEA | $1,227.0 | $1,183.4 | $43.7 | 3.7% |
| Asia Pacific | $976.1 | $1,049.9 | ($73.8) | (7%) |
| Rest of World | $467.7 | $480.0 | ($12.3) | (2.6%) |
| Total | $9,416.2 | $9,035.9 | $380.2 | 4.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,202.0 | |
| Cost of Sales | $1,966.0 | 37.8% |
| Selling and Admin | $1,751.0 | 33.7% |
| R & D | $326.0 | 6.3% |
| Other | $596.0 | 11.5% |
| Net Earnings | $563.0 | 10.8% |
Stryker reported 4Q22 orthopedic sales of $2.6 billion, +5.2% compared to 4Q21. For the full year, the company amassed orthopedic sales of $9.4 billion, representing growth of 4.2% over 2021.
During a year with unprecedented inflationary pressures and supply constraints, Stryker leveraged recovering procedure volumes and a strong capital...
Stryker reported 4Q22 orthopedic sales of $2.6 billion, +5.2% compared to 4Q21. For the full year, the company amassed orthopedic sales of $9.4 billion, representing growth of 4.2% over 2021.
During a year with unprecedented inflationary pressures and supply constraints, Stryker leveraged recovering procedure volumes and a strong capital sales order book to drive growth. International markets contributed to the company’s momentum, delivering more than 9% growth in 2022 before the impact of currency translation.
Mako had a record quarter in placements, but changing purchasing models caused a significant decline in revenue recognized upfront. Approximately 55% of Stryker’s knee replacement implants and almost 30% of its hip replacement implants used Mako during the 4th quarter.
Stryker is uncharacteristically behind the technology curve in spine, leading to competitive losses there. The recently launched Q Guidance system offset some losses, but company leadership said Mako Spine will be the real difference maker in that business.
The spine robot is set for initial launch in the second half of 2024. In the interim, Styrker is plugging portfolio gaps through distribution deals and initiated some leadership changes in spine.
During the quarter, Stryker marked its one-millionth cementless knee implant. While its competitors have closed the gap somewhat in cementless products, Stryker isn’t worried.
“I am not at all worried about competitive entrants on cementless. People aren’t going to move away from our cementless for a competitive product when we have 1 million procedures already done and competitors just starting to launch theirs. The synergy between cementless and Mako is really significant,” said Stryker CEO Kevin Lobo.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,146.0 | $1,076.2 | $69.7 | 6.5% |
| Knees | $562.3 | $533.2 | $29.1 | 5.5% |
| Hips | $382.4 | $358.1 | $24.3 | 6.8% |
| Extremities | $201.3 | $184.9 | $16.4 | 8.9% |
| Spine | $310.6 | $312.5 | ($1.9) | (0.6%) |
| Trauma | $593.5 | $545.2 | $48.3 | 8.9% |
| Sports Medicine | $270.0 | $241.4 | $28.6 | 11.8% |
| Orthobiologics | $79.5 | $75.5 | $4.0 | 5.3% |
| Enabling Technology | $88.5 | $101.7 | ($13.2) | (13%) |
| Other | $147.4 | $152.1 | ($4.7) | (3.1%) |
| Total | $2,635.6 | $2,504.8 | $130.8 | 5.2% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4,223.1 | $3,938.8 | $284.3 | 7.2% |
| Knees | $2,033.2 | $1,880.8 | $152.4 | 8.1% |
| Hips | $1,440.5 | $1,366.6 | $73.9 | 5.4% |
| Extremities | $749.4 | $691.3 | $58.1 | 8.4% |
| Spine | $1,191.4 | $1,209.8 | ($18.3) | (1.5%) |
| Trauma | $2,130.4 | $2,040.2 | $90.2 | 4.4% |
| Sports Medicine | $806.0 | $728.0 | $78.0 | 10.7% |
| Orthobiologics | $308.7 | $295.1 | $13.6 | 4.6% |
| Enabling Technology | $275.5 | $315.3 | ($39.8) | (12.6%) |
| Other | $481.0 | $508.7 | ($27.7) | (5.5%) |
| Total | $9,416.2 | $9,035.9 | $380.2 | 4.2% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,900.9 | $1,776.2 | $124.7 | 7% |
| OUS | $734.7 | $728.6 | $6.1 | 0.8% |
| EMEA | $329.4 | $313.1 | $16.3 | 5.2% |
| Asia Pacific | $303.1 | $288.0 | $15.0 | 5.2% |
| Rest of World | $102.1 | $127.5 | ($25.3) | (19.9%) |
| Total | $2,635.6 | $2,504.8 | $130.8 | 5.2% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $6,745.4 | $6,322.7 | $422.7 | 6.7% |
| OUS | $2,670.8 | $2,713.2 | ($42.4) | (1.6%) |
| EMEA | $1,227.0 | $1,183.4 | $43.7 | 3.7% |
| Asia Pacific | $976.1 | $1,049.9 | ($73.8) | (7%) |
| Rest of World | $467.7 | $480.0 | ($12.3) | (2.6%) |
| Total | $9,416.2 | $9,035.9 | $380.2 | 4.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,202.0 | |
| Cost of Sales | $1,966.0 | 37.8% |
| Selling and Admin | $1,751.0 | 33.7% |
| R & D | $326.0 | 6.3% |
| Other | $596.0 | 11.5% |
| Net Earnings | $563.0 | 10.8% |
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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.
