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Orthofix reported 4Q23 orthopedic sales of $200.4 million, +64% compared to the fourth quarter of 2023. The company generated $746.6 million in orthopedic sales in 2023 and grew 62.1% compared to the prior year. On a pro forma basis, Orthofix grew +6.5% for both the fourth quarter and full year.
After a period of disruption, including the merger between Orthofix and SeaSpine as well as a sudden change in leadership, the combined organization emerged from 2023 with a unique portfolio and a focus on leveraging the 7D system.
Incoming CEO Massimo Calafiore laid out three strategic priorities for Orthofix: profitable growth, leveraging its existing technologies and sales channels across all segments and focusing on innovation. The company envisions 7D as a key growth driver and the lynchpin in Orthofix becoming a “formidable contender” in the spinal deformity market.
“As spine surgery progresses towards data-driven solutions, a gap remains in detecting changes in the operating room,” said Orthofix CEO Massimo Calafiore. “Translating a surgical plan to reality requires real-time information with the flexibility and tools to adapt. Orthofix is a leader in this space, and we plan to fully leverage the 7D flash navigation system. All of our competitors have been successful in leveraging enabling technology. You will see us really focus on a platform that is unique in the marketplace.”
Mr. Calafiore also pushed back on the notion that Orthofix lost valuable distributors. Instead, the company sees the spine market’s period of consolidation and disruption as an opportunity to further build its network. In the fourth quarter, the company’s U.S. spine fixation sales grew 13.5% driven by exclusive distributor partnerships and an increased focus on cross-selling.
For 2024, the company expects total sales between $785 million and $795 million, representing constant currency growth between 5% and 7%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $68.3 | $25.6 | $42.7 | 167.3% |
| Trauma | $30.6 | $28.7 | $2.0 | 6.8% |
| Orthobiologics | $38.3 | $13.7 | $24.6 | 179.6% |
| Enabling Technology | $4.4 | $3.3 | $1.1 | 33.3% |
| Other (Bone Growth Therapies) | $58.8 | $51.0 | $7.8 | 15.3% |
| Total | $200.4 | $122.2 | $78.2 | 64% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $266.3 | $101.1 | $165.2 | 163.4% |
| Trauma | $115.3 | $107.5 | $7.8 | 7.2% |
| Orthobiologics | $141.1 | $56.4 | $84.7 | 150.3% |
| Enabling Technology | $11.3 | $8.4 | $2.9 | 34.8% |
| Other (Bone Growth Therapies) | $212.5 | $187.2 | $25.3 | 13.5% |
| Total | $746.6 | $460.7 | $285.9 | 62.1% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.9 | $95.6 | $71.3 | 74.5% |
| OUS | $33.5 | $26.6 | $6.9 | 26.1% |
| EMEA | $16.8 | $13.4 | $3.4 | 25.4% |
| APAC | $12.7 | $10.1 | $2.6 | 26.1% |
| ROW | $4.0 | $3.1 | $0.9 | 29% |
| Total | $200.4 | $122.2 | $78.2 | 64% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $620.8 | $358.8 | $262.0 | 73% |
| OUS | $125.8 | $101.9 | $23.9 | 23.5% |
| EMEA | $62.9 | $54.0 | $8.9 | 16.6% |
| APAC | $47.8 | $38.7 | $9.1 | 23.5% |
| ROW | $15.1 | $9.2 | $5.9 | 64.1% |
| Total | $746.6 | $460.7 | $285.9 | 62.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $746.6 | |
| Cost of Sales | $260.4 | 34.9% |
| General and Admin | $385.7 | 51.7% |
| Selling and Marketing | $144.7 | 19.4% |
| R & D | $80.2 | 10.7% |
| Other | $27.0 | 3.6% |
| Net Earnings | ($151.4) | (20.3%) |
Orthofix reported 4Q23 orthopedic sales of $200.4 million, +64% compared to the fourth quarter of 2023. The company generated $746.6 million in orthopedic sales in 2023 and grew 62.1% compared to the prior year. On a pro forma basis, Orthofix grew +6.5% for both the fourth quarter and full year.
After a period of disruption, including the...
Orthofix reported 4Q23 orthopedic sales of $200.4 million, +64% compared to the fourth quarter of 2023. The company generated $746.6 million in orthopedic sales in 2023 and grew 62.1% compared to the prior year. On a pro forma basis, Orthofix grew +6.5% for both the fourth quarter and full year.
After a period of disruption, including the merger between Orthofix and SeaSpine as well as a sudden change in leadership, the combined organization emerged from 2023 with a unique portfolio and a focus on leveraging the 7D system.
Incoming CEO Massimo Calafiore laid out three strategic priorities for Orthofix: profitable growth, leveraging its existing technologies and sales channels across all segments and focusing on innovation. The company envisions 7D as a key growth driver and the lynchpin in Orthofix becoming a “formidable contender” in the spinal deformity market.
“As spine surgery progresses towards data-driven solutions, a gap remains in detecting changes in the operating room,” said Orthofix CEO Massimo Calafiore. “Translating a surgical plan to reality requires real-time information with the flexibility and tools to adapt. Orthofix is a leader in this space, and we plan to fully leverage the 7D flash navigation system. All of our competitors have been successful in leveraging enabling technology. You will see us really focus on a platform that is unique in the marketplace.”
Mr. Calafiore also pushed back on the notion that Orthofix lost valuable distributors. Instead, the company sees the spine market’s period of consolidation and disruption as an opportunity to further build its network. In the fourth quarter, the company’s U.S. spine fixation sales grew 13.5% driven by exclusive distributor partnerships and an increased focus on cross-selling.
For 2024, the company expects total sales between $785 million and $795 million, representing constant currency growth between 5% and 7%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $68.3 | $25.6 | $42.7 | 167.3% |
| Trauma | $30.6 | $28.7 | $2.0 | 6.8% |
| Orthobiologics | $38.3 | $13.7 | $24.6 | 179.6% |
| Enabling Technology | $4.4 | $3.3 | $1.1 | 33.3% |
| Other (Bone Growth Therapies) | $58.8 | $51.0 | $7.8 | 15.3% |
| Total | $200.4 | $122.2 | $78.2 | 64% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $266.3 | $101.1 | $165.2 | 163.4% |
| Trauma | $115.3 | $107.5 | $7.8 | 7.2% |
| Orthobiologics | $141.1 | $56.4 | $84.7 | 150.3% |
| Enabling Technology | $11.3 | $8.4 | $2.9 | 34.8% |
| Other (Bone Growth Therapies) | $212.5 | $187.2 | $25.3 | 13.5% |
| Total | $746.6 | $460.7 | $285.9 | 62.1% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.9 | $95.6 | $71.3 | 74.5% |
| OUS | $33.5 | $26.6 | $6.9 | 26.1% |
| EMEA | $16.8 | $13.4 | $3.4 | 25.4% |
| APAC | $12.7 | $10.1 | $2.6 | 26.1% |
| ROW | $4.0 | $3.1 | $0.9 | 29% |
| Total | $200.4 | $122.2 | $78.2 | 64% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $620.8 | $358.8 | $262.0 | 73% |
| OUS | $125.8 | $101.9 | $23.9 | 23.5% |
| EMEA | $62.9 | $54.0 | $8.9 | 16.6% |
| APAC | $47.8 | $38.7 | $9.1 | 23.5% |
| ROW | $15.1 | $9.2 | $5.9 | 64.1% |
| Total | $746.6 | $460.7 | $285.9 | 62.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $746.6 | |
| Cost of Sales | $260.4 | 34.9% |
| General and Admin | $385.7 | 51.7% |
| Selling and Marketing | $144.7 | 19.4% |
| R & D | $80.2 | 10.7% |
| Other | $27.0 | 3.6% |
| Net Earnings | ($151.4) | (20.3%) |
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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.
