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Medtronic reported FY 3Q23 orthopedic sales of $807.3 million, +3.7% compared to the prior year.
The company is in the midst of a transformation designed to simplify its structure, devote more resources to high-growth opportunities and divest non-core assets to attain durable growth.
Like many of its peers, Medtronic expects to significantly reduce costs and spending to mitigate the inflationary environment.
Medtronic’s core spine sales in the U.S. remained strong for the second straight quarter, with contributions from Catalyft and ModuleX. Biologics sales struggled due to supply constraints and difficult comps from the prior year.
Company leadership pointed to the Aible ecosystem of technologies as the primary driver of growth in the spine segment.
“Our U.S. implant growth rates have been very strong, especially for our level of market share,” said Medtronic CEO Geoffrey Martha. “What’s driving that is the enabling technology ecosystem. We are winning over the hearts and minds of physicians as they see where we are going and our real commitment to changing spine surgery with this arsenal of technology.”
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
| FY 3Q23 | FY 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $583.2 | $540.0 | $43.2 | 8% |
| Orthobiologics | $119.1 | $135.3 | ($16.2) | (12%) |
| Enabling Technology | $24.0 | $20.2 | $3.8 | 19% |
| Other | $81.0 | $82.7 | ($1.7) | (2%) |
| Total | $807.3 | $778.2 | $29.1 | 3.7% |
| FY 9m23 | FY 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $1,674.2 | $1,640.0 | $34.2 | 2.1% |
| Orthobiologics | $363.1 | $396.7 | ($33.6) | (8.5%) |
| Enabling Technology | $103.4 | $97.3 | $6.1 | 6.3% |
| Other | $241.7 | $256.3 | ($14.7) | (5.7%) |
| Total | $2,382.4 | $2,390.3 | ($7.9) | (0.3%) |
Orthopedic Sales by Geography
| FY 3Q23 | FY 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $597.4 | $556.4 | $41.0 | 7.4% |
| OUS | $209.9 | $221.7 | ($11.8) | (5.3%) |
| EMEA | $107.0 | $101.2 | $5.8 | 5.7% |
| Asia Pacific | $80.7 | $93.4 | ($12.6) | (13.5%) |
| Rest of World | $22.2 | $27.2 | ($5.0) | (18.4%) |
| Total | $807.3 | $778.2 | $29.1 | 3.7% |
| FY 9m23 | FY 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,767.4 | $1,696.9 | $70.5 | 4.2% |
| OUS | $615.0 | $693.4 | ($78.4) | (11.3%) |
| EMEA | $287.9 | $318.8 | ($30.9) | (9.7%) |
| Asia Pacific | $249.8 | $286.8 | ($37.1) | (12.9%) |
| Rest of World | $77.3 | $87.8 | ($10.4) | (11.9%) |
| Total | $2,382.4 | $2,390.3 | ($7.9) | (0.3%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,727.0 | |
| Cost of Sales | $2,689.0 | 34.8% |
| Selling and Admin | $2,615.0 | 33.8% |
| R & D | $688.0 | 8.9% |
| Other | $513.0 | 6.6% |
| Net Earnings | $1,222.0 | 15.8% |
Medtronic reported FY 3Q23 orthopedic sales of $807.3 million, +3.7% compared to the prior year.
The company is in the midst of a transformation designed to simplify its structure, devote more resources to high-growth opportunities and divest non-core assets to attain durable growth.
Like many of its peers, Medtronic expects to...
Medtronic reported FY 3Q23 orthopedic sales of $807.3 million, +3.7% compared to the prior year.
The company is in the midst of a transformation designed to simplify its structure, devote more resources to high-growth opportunities and divest non-core assets to attain durable growth.
Like many of its peers, Medtronic expects to significantly reduce costs and spending to mitigate the inflationary environment.
Medtronic’s core spine sales in the U.S. remained strong for the second straight quarter, with contributions from Catalyft and ModuleX. Biologics sales struggled due to supply constraints and difficult comps from the prior year.
Company leadership pointed to the Aible ecosystem of technologies as the primary driver of growth in the spine segment.
“Our U.S. implant growth rates have been very strong, especially for our level of market share,” said Medtronic CEO Geoffrey Martha. “What’s driving that is the enabling technology ecosystem. We are winning over the hearts and minds of physicians as they see where we are going and our real commitment to changing spine surgery with this arsenal of technology.”
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
| FY 3Q23 | FY 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $583.2 | $540.0 | $43.2 | 8% |
| Orthobiologics | $119.1 | $135.3 | ($16.2) | (12%) |
| Enabling Technology | $24.0 | $20.2 | $3.8 | 19% |
| Other | $81.0 | $82.7 | ($1.7) | (2%) |
| Total | $807.3 | $778.2 | $29.1 | 3.7% |
| FY 9m23 | FY 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $1,674.2 | $1,640.0 | $34.2 | 2.1% |
| Orthobiologics | $363.1 | $396.7 | ($33.6) | (8.5%) |
| Enabling Technology | $103.4 | $97.3 | $6.1 | 6.3% |
| Other | $241.7 | $256.3 | ($14.7) | (5.7%) |
| Total | $2,382.4 | $2,390.3 | ($7.9) | (0.3%) |
Orthopedic Sales by Geography
| FY 3Q23 | FY 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $597.4 | $556.4 | $41.0 | 7.4% |
| OUS | $209.9 | $221.7 | ($11.8) | (5.3%) |
| EMEA | $107.0 | $101.2 | $5.8 | 5.7% |
| Asia Pacific | $80.7 | $93.4 | ($12.6) | (13.5%) |
| Rest of World | $22.2 | $27.2 | ($5.0) | (18.4%) |
| Total | $807.3 | $778.2 | $29.1 | 3.7% |
| FY 9m23 | FY 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,767.4 | $1,696.9 | $70.5 | 4.2% |
| OUS | $615.0 | $693.4 | ($78.4) | (11.3%) |
| EMEA | $287.9 | $318.8 | ($30.9) | (9.7%) |
| Asia Pacific | $249.8 | $286.8 | ($37.1) | (12.9%) |
| Rest of World | $77.3 | $87.8 | ($10.4) | (11.9%) |
| Total | $2,382.4 | $2,390.3 | ($7.9) | (0.3%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $7,727.0 | |
| Cost of Sales | $2,689.0 | 34.8% |
| Selling and Admin | $2,615.0 | 33.8% |
| R & D | $688.0 | 8.9% |
| Other | $513.0 | 6.6% |
| Net Earnings | $1,222.0 | 15.8% |
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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.
