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Stryker reported 1Q24 orthopedic sales of $2.6 billion, +6.7% compared to the first quarter of 2023.
Procedural volumes remained strong in the first quarter and supply was stable despite pockets of constraints.
The results came against substantial comparisons from 1Q23, when Stryker drove joint replacement growth of nearly 20% and notched low double-digit growth from both trauma and sports medicine.
Mako recorded a second consecutive quarter of record installations both in the U.S. and internationally. Stryker praised the contributions of its direct-to-patient campaign for the robot.
The company expects to complete its spine enabling technology ecosystem in the fourth quarter with the launch of Mako Spine and CoPilot. Mako Shoulder will follow by the end of 2024.
Stryker also expects to be active in M&A during 2024. “Our deal pipeline is strong, and we expect to be active over the course of the year,” said company CEO Kevin Lobo. “They are mostly of the tuck-in variety. You’re going to see most of those occur over the next couple of quarters.”
The company expects total organic growth between 8.5% and 9.5% in 2024.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,199.7 | $1,140.4 | $59.3 | 5.2% |
| Knees | $588.2 | $565.7 | $22.5 | 4% |
| Hips | $393.6 | $374.7 | $18.9 | 5.1% |
| Extremities | $217.9 | $200.1 | $17.9 | 8.9% |
| Spine | $299.5 | $283.8 | $15.7 | 5.5% |
| Trauma | $612.3 | $569.4 | $42.9 | 7.5% |
| Sports Medicine | $198.5 | $185.0 | $13.5 | 7.3% |
| Orthobiologics | $76.9 | $74.6 | $2.3 | 3.1% |
| Enabling Technology | $82.2 | $56.3 | $25.9 | 46% |
| Other | $158.6 | $152.6 | $5.9 | 3.9% |
| Total | $2,627.7 | $2,462.1 | $165.6 | 6.7% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,876.7 | $1,745.6 | $131.1 | 7.5% |
| OUS | $751.0 | $716.5 | $34.5 | 4.8% |
| EMEA | $361.3 | $332.4 | $28.9 | 8.7% |
| Asia Pacific | $262.8 | $258.5 | $4.2 | 1.6% |
| Rest of World | $126.9 | $125.6 | $1.4 | 1.1% |
| Total | $2,627.7 | $2,462.1 | $165.6 | 6.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,243.0 | |
| Cost of Sales | $1,910.0 | 36.4% |
| Selling and Admin | $1,840.0 | 35.1% |
| R & D | $368.0 | 7% |
| Other | $337.0 | 6.4% |
| Net Earnings | $788.0 | 15% |
Stryker reported 1Q24 orthopedic sales of $2.6 billion, +6.7% compared to the first quarter of 2023.
Procedural volumes remained strong in the first quarter and supply was stable despite pockets of constraints.
The results came against substantial comparisons from 1Q23, when Stryker drove joint replacement growth of nearly 20% and...
Stryker reported 1Q24 orthopedic sales of $2.6 billion, +6.7% compared to the first quarter of 2023.
Procedural volumes remained strong in the first quarter and supply was stable despite pockets of constraints.
The results came against substantial comparisons from 1Q23, when Stryker drove joint replacement growth of nearly 20% and notched low double-digit growth from both trauma and sports medicine.
Mako recorded a second consecutive quarter of record installations both in the U.S. and internationally. Stryker praised the contributions of its direct-to-patient campaign for the robot.
The company expects to complete its spine enabling technology ecosystem in the fourth quarter with the launch of Mako Spine and CoPilot. Mako Shoulder will follow by the end of 2024.
Stryker also expects to be active in M&A during 2024. “Our deal pipeline is strong, and we expect to be active over the course of the year,” said company CEO Kevin Lobo. “They are mostly of the tuck-in variety. You’re going to see most of those occur over the next couple of quarters.”
The company expects total organic growth between 8.5% and 9.5% in 2024.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,199.7 | $1,140.4 | $59.3 | 5.2% |
| Knees | $588.2 | $565.7 | $22.5 | 4% |
| Hips | $393.6 | $374.7 | $18.9 | 5.1% |
| Extremities | $217.9 | $200.1 | $17.9 | 8.9% |
| Spine | $299.5 | $283.8 | $15.7 | 5.5% |
| Trauma | $612.3 | $569.4 | $42.9 | 7.5% |
| Sports Medicine | $198.5 | $185.0 | $13.5 | 7.3% |
| Orthobiologics | $76.9 | $74.6 | $2.3 | 3.1% |
| Enabling Technology | $82.2 | $56.3 | $25.9 | 46% |
| Other | $158.6 | $152.6 | $5.9 | 3.9% |
| Total | $2,627.7 | $2,462.1 | $165.6 | 6.7% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,876.7 | $1,745.6 | $131.1 | 7.5% |
| OUS | $751.0 | $716.5 | $34.5 | 4.8% |
| EMEA | $361.3 | $332.4 | $28.9 | 8.7% |
| Asia Pacific | $262.8 | $258.5 | $4.2 | 1.6% |
| Rest of World | $126.9 | $125.6 | $1.4 | 1.1% |
| Total | $2,627.7 | $2,462.1 | $165.6 | 6.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,243.0 | |
| Cost of Sales | $1,910.0 | 36.4% |
| Selling and Admin | $1,840.0 | 35.1% |
| R & D | $368.0 | 7% |
| Other | $337.0 | 6.4% |
| Net Earnings | $788.0 | 15% |
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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.
