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Zimmer Biomet reported 3Q24 orthopedic sales of $1,824.1 million, up 4% compared to the third quarter of 2023. For the first nine months of the year, the company generated $5,655.3 million in orthopedic sales, up 3.7% compared to the prior period.
In September, the company disclosed issues with its new ERP system for North America distribution that resulted in slower shipping times. The impact is about $54 million split evenly over the third and fourth quarters. Zimmer Biomet expects to resume normal shipping levels by the end of 2024.
The company has invested significantly in developing an innovative product pipeline, with multiple projects active in robotics alone. Its most recent launch, ROSA Shoulder, remains in limited market release while the company gathers feedback from surgeons. Early results are encouraging, though.
“This is a product that can change the standard of care in shoulder arthroplasty,” said Zimmer Biomet CEO Ivan Tornos. “The robot has offered the optionality of doing anatomic or reverse shoulder cases. It is extremely accurate. It is efficient. Some of the early feedback is that you can cut your operating time meaningfully. It leverages the data we collect before and during surgery, which enables better post-surgery recovery. So again, first-to-the-world technology; we knew we’re going to take our time. But so far, we like what we see.”
The company sees the overall market as healthy with no signs of slowdown in the immediate future. However, given the ERP issue and various other fourth quarter dynamics, Zimmer Biomet cut its 2024 outlook to reported growth between 3.5% and 4%.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,331.8 | $1,269.4 | $62.4 | 4.9% |
| Knees | $745.0 | $706.3 | $38.7 | 5.5% |
| Hips | $481.5 | $465.3 | $16.2 | 3.5% |
| Extremities | $105.2 | $97.8 | $7.5 | 7.6% |
| Trauma | $167.3 | $160.4 | $6.9 | 4.3% |
| Sports Medicine | $50.5 | $46.6 | $4.0 | 8.5% |
| Orthobiologics | $35.7 | $33.9 | $1.8 | 5.3% |
| Enabling Technology | $20.1 | $22.2 | ($2.2) | (9.7%) |
| Other | $218.8 | $221.2 | ($2.4) | (1.1%) |
| Total | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,140.5 | $4,002.7 | $137.8 | 3.4% |
| Knees | $2,334.2 | $2,240.2 | $94.0 | 4.2% |
| Hips | $1,479.3 | $1,462.4 | $16.9 | 1.2% |
| Extremities | $327.0 | $300.1 | $26.9 | 9% |
| Trauma | $505.8 | $492.4 | $13.4 | 2.7% |
| Sports Medicine | $156.1 | $142.9 | $13.2 | 9.2% |
| Orthobiologics | $106.0 | $103.9 | $2.1 | 2% |
| Enabling Technology | $67.8 | $64.7 | $3.0 | 4.7% |
| Other | $679.1 | $647.4 | $31.7 | 4.9% |
| Total | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,052.3 | $1,031.4 | $20.9 | 2% |
| OUS | $771.8 | $722.2 | $49.6 | 6.9% |
| EMEA | $364.8 | $337.9 | $26.9 | 8% |
| APAC | $321.0 | $302.1 | $18.9 | 6.3% |
| ROW | $85.9 | $82.2 | $3.7 | 4.5% |
| Total | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,258.1 | $3,160.7 | $97.4 | 3.1% |
| OUS | $2,397.1 | $2,293.5 | $103.6 | 4.5% |
| EMEA | $1,242.0 | $1,166.4 | $75.6 | 6.5% |
| APAC | $889.3 | $876.7 | $12.6 | 1.4% |
| ROW | $265.8 | $250.4 | $15.4 | 6.1% |
| Total | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,824.1 | |
| Cost of Sales | $538.6 | 29.5% |
| Selling and Admin | $709.7 | 38.9% |
| R & D | $111.6 | 6.1% |
| Other | $215.1 | 11.8% |
| Net Earnings | $249.1 | 13.7% |
Zimmer Biomet reported 3Q24 orthopedic sales of $1,824.1 million, up 4% compared to the third quarter of 2023. For the first nine months of the year, the company generated $5,655.3 million in orthopedic sales, up 3.7% compared to the prior period.
In September, the company disclosed issues with its new ERP system for North America...
Zimmer Biomet reported 3Q24 orthopedic sales of $1,824.1 million, up 4% compared to the third quarter of 2023. For the first nine months of the year, the company generated $5,655.3 million in orthopedic sales, up 3.7% compared to the prior period.
In September, the company disclosed issues with its new ERP system for North America distribution that resulted in slower shipping times. The impact is about $54 million split evenly over the third and fourth quarters. Zimmer Biomet expects to resume normal shipping levels by the end of 2024.
The company has invested significantly in developing an innovative product pipeline, with multiple projects active in robotics alone. Its most recent launch, ROSA Shoulder, remains in limited market release while the company gathers feedback from surgeons. Early results are encouraging, though.
“This is a product that can change the standard of care in shoulder arthroplasty,” said Zimmer Biomet CEO Ivan Tornos. “The robot has offered the optionality of doing anatomic or reverse shoulder cases. It is extremely accurate. It is efficient. Some of the early feedback is that you can cut your operating time meaningfully. It leverages the data we collect before and during surgery, which enables better post-surgery recovery. So again, first-to-the-world technology; we knew we’re going to take our time. But so far, we like what we see.”
The company sees the overall market as healthy with no signs of slowdown in the immediate future. However, given the ERP issue and various other fourth quarter dynamics, Zimmer Biomet cut its 2024 outlook to reported growth between 3.5% and 4%.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,331.8 | $1,269.4 | $62.4 | 4.9% |
| Knees | $745.0 | $706.3 | $38.7 | 5.5% |
| Hips | $481.5 | $465.3 | $16.2 | 3.5% |
| Extremities | $105.2 | $97.8 | $7.5 | 7.6% |
| Trauma | $167.3 | $160.4 | $6.9 | 4.3% |
| Sports Medicine | $50.5 | $46.6 | $4.0 | 8.5% |
| Orthobiologics | $35.7 | $33.9 | $1.8 | 5.3% |
| Enabling Technology | $20.1 | $22.2 | ($2.2) | (9.7%) |
| Other | $218.8 | $221.2 | ($2.4) | (1.1%) |
| Total | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,140.5 | $4,002.7 | $137.8 | 3.4% |
| Knees | $2,334.2 | $2,240.2 | $94.0 | 4.2% |
| Hips | $1,479.3 | $1,462.4 | $16.9 | 1.2% |
| Extremities | $327.0 | $300.1 | $26.9 | 9% |
| Trauma | $505.8 | $492.4 | $13.4 | 2.7% |
| Sports Medicine | $156.1 | $142.9 | $13.2 | 9.2% |
| Orthobiologics | $106.0 | $103.9 | $2.1 | 2% |
| Enabling Technology | $67.8 | $64.7 | $3.0 | 4.7% |
| Other | $679.1 | $647.4 | $31.7 | 4.9% |
| Total | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,052.3 | $1,031.4 | $20.9 | 2% |
| OUS | $771.8 | $722.2 | $49.6 | 6.9% |
| EMEA | $364.8 | $337.9 | $26.9 | 8% |
| APAC | $321.0 | $302.1 | $18.9 | 6.3% |
| ROW | $85.9 | $82.2 | $3.7 | 4.5% |
| Total | $1,824.1 | $1,753.6 | $70.5 | 4% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,258.1 | $3,160.7 | $97.4 | 3.1% |
| OUS | $2,397.1 | $2,293.5 | $103.6 | 4.5% |
| EMEA | $1,242.0 | $1,166.4 | $75.6 | 6.5% |
| APAC | $889.3 | $876.7 | $12.6 | 1.4% |
| ROW | $265.8 | $250.4 | $15.4 | 6.1% |
| Total | $5,655.3 | $5,454.2 | $201.1 | 3.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,824.1 | |
| Cost of Sales | $538.6 | 29.5% |
| Selling and Admin | $709.7 | 38.9% |
| R & D | $111.6 | 6.1% |
| Other | $215.1 | 11.8% |
| Net Earnings | $249.1 | 13.7% |
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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.
