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Enovis reported 1Q23 orthopedic sales of $170.5 million, +16.7% compared to the first quarter of the prior year.
The outsized growth came from receding market pressure as well as softer comps in the prior year. Envois didn’t see a significant backlog contribution to its U.S. growth.
“What you saw in the U.S. was normal, healthy levels. No staffing pressure, plenty of demand and no COVID pressure. But nobody is saying that they’re running way over normal levels to work down backlog,” said Enovis CEO Matt Trerotola. “Outside the U.S., in addition to an easier comp, there are some countries like Germany that are in overdrive. They’re working off significant backlogs of surgery and running higher than normal levels.”
The company bolstered its foot and ankle offering through the acquisition of Novastep during the first quarter and followed that up by purchasing D.N.E.’s SEAL external fixation line in April. With a strong foundation in the segment, Enovis is likely to focus on building organic growth within foot and ankle.
Future M&A activity will likely focus on attractive geographies or adjacencies in reconstruction through small and medium deals.
Enovis raised its 2023 total organic growth guidance from the range of 5%-6% to the range of 6% to 7%.
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 | |
|---|---|---|---|---|
| Joint Replacement | $138.8 | $116.0 | $22.8 | 19.6% |
| Knees | $28.8 | $23.1 | $5.6 | 24.4% |
| Hips | $53.6 | $45.5 | $8.2 | 18% |
| Extremities | $56.4 | $47.4 | $9.0 | 19% |
| Trauma | $12.0 | $11.0 | $1.0 | 9.1% |
| Other | $19.7 | $19.1 | $0.6 | 3.3% |
| Total | $170.5 | $146.0 | $24.4 | 16.7% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $113.5 | $98.9 | $14.6 | 14.7% |
| OUS | $56.9 | $47.1 | $9.8 | 20.9% |
| EMEA | $46.0 | $38.0 | $8.1 | 21.2% |
| APAC | $6.8 | $5.8 | $1.0 | 16.7% |
| ROW | $4.1 | $3.3 | $0.8 | 24.2% |
| Total | $170.5 | $146.0 | $24.4 | 16.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $406.2 | |
| Cost of Sales | $171.1 | 42.1% |
| Selling and Admin | $207.2 | 51% |
| Other | $51.3 | 12.6% |
| Net Earnings | ($23.4) | (5.7%) |
| $0.0 | 0% |
Enovis reported 1Q23 orthopedic sales of $170.5 million, +16.7% compared to the first quarter of the prior year.
The outsized growth came from receding market pressure as well as softer comps in the prior year. Envois didn't see a significant backlog contribution to its U.S. growth.
"What you saw in the U.S. was normal, healthy levels....
Enovis reported 1Q23 orthopedic sales of $170.5 million, +16.7% compared to the first quarter of the prior year.
The outsized growth came from receding market pressure as well as softer comps in the prior year. Envois didn’t see a significant backlog contribution to its U.S. growth.
“What you saw in the U.S. was normal, healthy levels. No staffing pressure, plenty of demand and no COVID pressure. But nobody is saying that they’re running way over normal levels to work down backlog,” said Enovis CEO Matt Trerotola. “Outside the U.S., in addition to an easier comp, there are some countries like Germany that are in overdrive. They’re working off significant backlogs of surgery and running higher than normal levels.”
The company bolstered its foot and ankle offering through the acquisition of Novastep during the first quarter and followed that up by purchasing D.N.E.’s SEAL external fixation line in April. With a strong foundation in the segment, Enovis is likely to focus on building organic growth within foot and ankle.
Future M&A activity will likely focus on attractive geographies or adjacencies in reconstruction through small and medium deals.
Enovis raised its 2023 total organic growth guidance from the range of 5%-6% to the range of 6% to 7%.
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 | |
|---|---|---|---|---|
| Joint Replacement | $138.8 | $116.0 | $22.8 | 19.6% |
| Knees | $28.8 | $23.1 | $5.6 | 24.4% |
| Hips | $53.6 | $45.5 | $8.2 | 18% |
| Extremities | $56.4 | $47.4 | $9.0 | 19% |
| Trauma | $12.0 | $11.0 | $1.0 | 9.1% |
| Other | $19.7 | $19.1 | $0.6 | 3.3% |
| Total | $170.5 | $146.0 | $24.4 | 16.7% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $113.5 | $98.9 | $14.6 | 14.7% |
| OUS | $56.9 | $47.1 | $9.8 | 20.9% |
| EMEA | $46.0 | $38.0 | $8.1 | 21.2% |
| APAC | $6.8 | $5.8 | $1.0 | 16.7% |
| ROW | $4.1 | $3.3 | $0.8 | 24.2% |
| Total | $170.5 | $146.0 | $24.4 | 16.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $406.2 | |
| Cost of Sales | $171.1 | 42.1% |
| Selling and Admin | $207.2 | 51% |
| Other | $51.3 | 12.6% |
| Net Earnings | ($23.4) | (5.7%) |
| $0.0 | 0% |
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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.
