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CONMED reported 1Q23 orthopedic sales of $131.2 million, +22% compared to the first quarter of 2021.
“Better markets, better performance,” said company CEO Curt Hartman in summarizing the first quarter. “The markets are better, the procedure volumes better, the staffing levels continue to incrementally improve, but they’re not back where they were pre-COVID. And better performance. As the quarter progressed and as we caught up with our backlog, it put our teams on to offense.”
The company suffered a three-day warehouse shutdown in the fourth quarter due to problematic software implementation, leading to a substantial backlog of consumable products. CONMED estimates that it has recaptured approximately 50% of customers who switched to competitive products during the warehouse issue and expects to capture most of the remainder over the next few quarters.
CONMED made two acquisitions in the second half of 2022, bringing both In2Bones and Biorez into the fold. Both acquisitions have exceeded expectations so far, according to Mr. Hartman, and figure heavily into CONMED’s plan for revenue and margin expansion.
The solid start to 2023 led to the company increasing its full-year total revenue guidance to the range of $1.205 billion to $1.250 billion.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.8 | n/a | n/a | |
| Sports Medicine | $119.4 | $107.5 | $11.9 | 11.1% |
| Total | $131.2 | $107.5 | $23.7 | 22% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $48.9 | $37.9 | $11.0 | 29% |
| OUS | $82.3 | $69.6 | $12.7 | 18.2% |
| EMEA | $33.1 | $30.0 | $3.1 | 10.5% |
| Asia Pacific | $30.1 | $23.4 | $6.7 | 28.6% |
| Rest of World | $19.0 | $16.2 | $2.8 | 17.4% |
| Total | $131.2 | $107.5 | $23.7 | 22% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $295.5 | |
| Cost of Sales | $140.1 | 47.4% |
| Selling and Admin | $130.1 | 44% |
| R&D | $12.5 | 4.2% |
| Other | $10.9 | 3.7% |
| Net Earnings | $1.8 | 0.6% |
CONMED reported 1Q23 orthopedic sales of $131.2 million, +22% compared to the first quarter of 2021.
“Better markets, better performance,” said company CEO Curt Hartman in summarizing the first quarter. "The markets are better, the procedure volumes better, the staffing levels continue to incrementally improve, but they’re not back where...
CONMED reported 1Q23 orthopedic sales of $131.2 million, +22% compared to the first quarter of 2021.
“Better markets, better performance,” said company CEO Curt Hartman in summarizing the first quarter. “The markets are better, the procedure volumes better, the staffing levels continue to incrementally improve, but they’re not back where they were pre-COVID. And better performance. As the quarter progressed and as we caught up with our backlog, it put our teams on to offense.”
The company suffered a three-day warehouse shutdown in the fourth quarter due to problematic software implementation, leading to a substantial backlog of consumable products. CONMED estimates that it has recaptured approximately 50% of customers who switched to competitive products during the warehouse issue and expects to capture most of the remainder over the next few quarters.
CONMED made two acquisitions in the second half of 2022, bringing both In2Bones and Biorez into the fold. Both acquisitions have exceeded expectations so far, according to Mr. Hartman, and figure heavily into CONMED’s plan for revenue and margin expansion.
The solid start to 2023 led to the company increasing its full-year total revenue guidance to the range of $1.205 billion to $1.250 billion.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.8 | n/a | n/a | |
| Sports Medicine | $119.4 | $107.5 | $11.9 | 11.1% |
| Total | $131.2 | $107.5 | $23.7 | 22% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $48.9 | $37.9 | $11.0 | 29% |
| OUS | $82.3 | $69.6 | $12.7 | 18.2% |
| EMEA | $33.1 | $30.0 | $3.1 | 10.5% |
| Asia Pacific | $30.1 | $23.4 | $6.7 | 28.6% |
| Rest of World | $19.0 | $16.2 | $2.8 | 17.4% |
| Total | $131.2 | $107.5 | $23.7 | 22% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $295.5 | |
| Cost of Sales | $140.1 | 47.4% |
| Selling and Admin | $130.1 | 44% |
| R&D | $12.5 | 4.2% |
| Other | $10.9 | 3.7% |
| Net Earnings | $1.8 | 0.6% |
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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.
