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Orthofix reported 4Q22 orthopedic sales of $122.2 million, -2.3% compared to 4Q21. For the full year, the company generated $460.7 million in orthopedic sales, -0.8% compared to 2021. Excluding the impact of currency translation, Orthofix grew +1.5% in 2022.
Competitive pressures in spinal implants and biologics combined with decreased procedural average selling prices to mute gains from new bone growth therapy products and continued trauma momentum. Orthofix’s management highlighted its global trauma segment which grew 11% on a constant currency basis for 2022, driven by strategic investments in the commercial channel and new product development.
The combined Orthofix is in an interesting position internationally. SeaSpine left the European spinal hardware market, while Orthofix is investing in that market.
“Europe is a complicated challenge right now, to be frank,” said Orthofix CEO Keith Valentine. “There’s a lot of regulation. Some of it’s getting pushed down the road, but still creates a dramatic expense to how you’re going to promote and be able to market a product and sell a product in Europe. I think we’re very fortunate that the traditional orthopedic business has been in place for a very long time. They’re in a different situation than what spinal implants, specifically, have to deal with.”
The combined organization expects total orthopedic sales between $743 million and $753 million for 2023, representing growth between 6% and 8%. Orthofix guided toward the low end of its range until it better understands potential revenue disynergies from the merger.
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 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.9 | $31.2 | ($2.3) | (7.4%) |
| Trauma | $28.7 | $29.2 | ($0.5) | (1.8%) |
| Orthobiologics | $13.7 | $15.1 | ($1.4) | (9.1%) |
| Other (Bone Growth Therapies) | $51.0 | $49.6 | $1.4 | 2.8% |
| Total | $122.2 | $125.1 | ($2.8) | (2.3%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $109.5 | $115.1 | ($5.5) | (4.8%) |
| Trauma | $107.5 | $105.5 | $2.0 | 1.9% |
| Orthobiologics | $56.4 | $56.4 | ($0.0) | (0.1%) |
| Other (Bone Growth Therapies) | $187.2 | $187.4 | ($0.2) | (0.1%) |
| Total | $460.7 | $464.5 | ($3.8) | (0.8%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.6 | $97.4 | ($1.7) | (1.8%) |
| OUS | $26.6 | $27.7 | ($1.1) | (4%) |
| EMEA | $13.4 | $14.8 | ($1.5) | (10%) |
| APAC | $11.7 | $10.5 | $1.2 | 11.6% |
| ROW | $1.5 | $2.3 | ($0.8) | (36.4%) |
| Total | $122.2 | $125.1 | ($2.8) | (2.3%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $358.8 | $361.9 | ($3.1) | (0.9%) |
| OUS | $101.9 | $102.5 | ($0.7) | (0.6%) |
| EMEA | $54.0 | $54.7 | ($0.7) | (1.3%) |
| APAC | $40.2 | $39.2 | $1.1 | 2.7% |
| ROW | $7.7 | $8.7 | ($1.0) | (11.4%) |
| Total | $460.7 | $464.5 | ($3.8) | (0.8%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $122.2 | |
| Cost of Sales | $33.1 | 27% |
| General and Admin | $59.3 | 48.5% |
| Selling and Marketing | $25.5 | 20.8% |
| R & D | $13.2 | 10.8% |
| Other | ($1.7) | 1.4% |
| Net Earnings | ($7.1) | (5.8%) |
Orthofix reported 4Q22 orthopedic sales of $122.2 million, -2.3% compared to 4Q21. For the full year, the company generated $460.7 million in orthopedic sales, -0.8% compared to 2021. Excluding the impact of currency translation, Orthofix grew +1.5% in 2022.
Competitive pressures in spinal implants and biologics combined with decreased...
Orthofix reported 4Q22 orthopedic sales of $122.2 million, -2.3% compared to 4Q21. For the full year, the company generated $460.7 million in orthopedic sales, -0.8% compared to 2021. Excluding the impact of currency translation, Orthofix grew +1.5% in 2022.
Competitive pressures in spinal implants and biologics combined with decreased procedural average selling prices to mute gains from new bone growth therapy products and continued trauma momentum. Orthofix’s management highlighted its global trauma segment which grew 11% on a constant currency basis for 2022, driven by strategic investments in the commercial channel and new product development.
The combined Orthofix is in an interesting position internationally. SeaSpine left the European spinal hardware market, while Orthofix is investing in that market.
“Europe is a complicated challenge right now, to be frank,” said Orthofix CEO Keith Valentine. “There’s a lot of regulation. Some of it’s getting pushed down the road, but still creates a dramatic expense to how you’re going to promote and be able to market a product and sell a product in Europe. I think we’re very fortunate that the traditional orthopedic business has been in place for a very long time. They’re in a different situation than what spinal implants, specifically, have to deal with.”
The combined organization expects total orthopedic sales between $743 million and $753 million for 2023, representing growth between 6% and 8%. Orthofix guided toward the low end of its range until it better understands potential revenue disynergies from the merger.
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 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.9 | $31.2 | ($2.3) | (7.4%) |
| Trauma | $28.7 | $29.2 | ($0.5) | (1.8%) |
| Orthobiologics | $13.7 | $15.1 | ($1.4) | (9.1%) |
| Other (Bone Growth Therapies) | $51.0 | $49.6 | $1.4 | 2.8% |
| Total | $122.2 | $125.1 | ($2.8) | (2.3%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $109.5 | $115.1 | ($5.5) | (4.8%) |
| Trauma | $107.5 | $105.5 | $2.0 | 1.9% |
| Orthobiologics | $56.4 | $56.4 | ($0.0) | (0.1%) |
| Other (Bone Growth Therapies) | $187.2 | $187.4 | ($0.2) | (0.1%) |
| Total | $460.7 | $464.5 | ($3.8) | (0.8%) |
Orthopedic Sales by Geography
| 4Q22 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.6 | $97.4 | ($1.7) | (1.8%) |
| OUS | $26.6 | $27.7 | ($1.1) | (4%) |
| EMEA | $13.4 | $14.8 | ($1.5) | (10%) |
| APAC | $11.7 | $10.5 | $1.2 | 11.6% |
| ROW | $1.5 | $2.3 | ($0.8) | (36.4%) |
| Total | $122.2 | $125.1 | ($2.8) | (2.3%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $358.8 | $361.9 | ($3.1) | (0.9%) |
| OUS | $101.9 | $102.5 | ($0.7) | (0.6%) |
| EMEA | $54.0 | $54.7 | ($0.7) | (1.3%) |
| APAC | $40.2 | $39.2 | $1.1 | 2.7% |
| ROW | $7.7 | $8.7 | ($1.0) | (11.4%) |
| Total | $460.7 | $464.5 | ($3.8) | (0.8%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $122.2 | |
| Cost of Sales | $33.1 | 27% |
| General and Admin | $59.3 | 48.5% |
| Selling and Marketing | $25.5 | 20.8% |
| R & D | $13.2 | 10.8% |
| Other | ($1.7) | 1.4% |
| Net Earnings | ($7.1) | (5.8%) |
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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.
