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Smith+Nephew reported 3Q24 orthopedic sales of $934.4 million, up 3.6% compared to the third quarter of 2023. Year to date, the company generated $2,871 million in orthopedic sales, up 4.2% compared to the prior year.
The company reached an important process improvement milestone during the quarter as its U.S. recon business saw positive growth due to better supply and commercial execution. Supporting that turnaround was the continued adoption of the CORI robotic system, which now places about a third of Smith+Nephew’s U.S. knee implants.
The EVOS plating system and REGENTEN were standout drivers for trauma and sports medicine, respectively.
However, complex headwinds in China acted as an anchor on the company’s growth and will continue to do so into 2025.
Recon sales in the portion of the Chinese market not under volume-based procurement were much weaker than expected in the third quarter. The company also said robotic adoption in China is “muted” at best. The third quarter was the first to fully experience the impact of VBP within sports medicine. Smith+Nephew endured the resulting price cuts to sports medicine joint repair products, but did not enjoy the concurrent volume bump.
“In joint repair, we see the impact of price but not the increased demand for our products,” said Smith+Nephew CEO Deepak Nath. “We anticipated more patients would be treated with these procedures, and we’re not seeing evidence of that. The big effect is market, but we are seeing some level of local companies coming into the space that we previously occupied.”
Given ongoing headwinds, the company now expects total revenue underlying growth of 4.5% 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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $389.8 | $385.7 | $4.1 | 1.1% |
| Knees | $224.2 | $226.0 | ($1.8) | (0.8%) |
| Hips | $146.4 | $140.8 | $5.6 | 4% |
| Extremities | $19.2 | $18.9 | $0.3 | 1.5% |
| Trauma | $128.6 | $123.9 | $4.7 | 3.8% |
| Sports Medicine | $386.1 | $366.5 | $19.6 | 5.4% |
| Enabling Technology | $30.0 | $26.1 | $3.9 | 15.1% |
| Total | $934.4 | $902.1 | $32.3 | 3.6% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,225.0 | $1,205.2 | $19.8 | 1.6% |
| Knees | $708.7 | $705.0 | $3.7 | 0.5% |
| Hips | $458.1 | $445.0 | $13.2 | 3% |
| Extremities | $58.2 | $55.2 | $3.0 | 5.4% |
| Trauma | $388.9 | $361.3 | $27.6 | 7.6% |
| Sports Medicine | $1,174.0 | $1,117.5 | $56.5 | 5.1% |
| Enabling Technology | $83.1 | $71.4 | $11.7 | 16.4% |
| Total | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $495.0 | $478.0 | $17.0 | 3.6% |
| OUS | $439.4 | $424.1 | $15.3 | 3.6% |
| EMEA | $238.4 | $222.7 | $15.7 | 7% |
| Asia Pacific | $93.6 | $93.6 | $0.0 | 0% |
| Rest of World | $107.4 | $107.9 | ($0.4) | (0.4%) |
| Total | $934.4 | $902.1 | $32.3 | 3.6% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,509.3 | $1,474.8 | $34.5 | 2.3% |
| OUS | $1,361.8 | $1,280.6 | $81.2 | 6.3% |
| EMEA | $732.6 | $690.2 | $42.4 | 6.1% |
| Asia Pacific | $294.8 | $276.7 | $18.1 | 6.5% |
| Rest of World | $334.4 | $313.7 | $20.7 | 6.6% |
| Total | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
Smith+Nephew reported 3Q24 orthopedic sales of $934.4 million, up 3.6% compared to the third quarter of 2023. Year to date, the company generated $2,871 million in orthopedic sales, up 4.2% compared to the prior year.
The company reached an important process improvement milestone during the quarter as its U.S. recon business saw positive...
Smith+Nephew reported 3Q24 orthopedic sales of $934.4 million, up 3.6% compared to the third quarter of 2023. Year to date, the company generated $2,871 million in orthopedic sales, up 4.2% compared to the prior year.
The company reached an important process improvement milestone during the quarter as its U.S. recon business saw positive growth due to better supply and commercial execution. Supporting that turnaround was the continued adoption of the CORI robotic system, which now places about a third of Smith+Nephew’s U.S. knee implants.
The EVOS plating system and REGENTEN were standout drivers for trauma and sports medicine, respectively.
However, complex headwinds in China acted as an anchor on the company’s growth and will continue to do so into 2025.
Recon sales in the portion of the Chinese market not under volume-based procurement were much weaker than expected in the third quarter. The company also said robotic adoption in China is “muted” at best. The third quarter was the first to fully experience the impact of VBP within sports medicine. Smith+Nephew endured the resulting price cuts to sports medicine joint repair products, but did not enjoy the concurrent volume bump.
“In joint repair, we see the impact of price but not the increased demand for our products,” said Smith+Nephew CEO Deepak Nath. “We anticipated more patients would be treated with these procedures, and we’re not seeing evidence of that. The big effect is market, but we are seeing some level of local companies coming into the space that we previously occupied.”
Given ongoing headwinds, the company now expects total revenue underlying growth of 4.5% 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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $389.8 | $385.7 | $4.1 | 1.1% |
| Knees | $224.2 | $226.0 | ($1.8) | (0.8%) |
| Hips | $146.4 | $140.8 | $5.6 | 4% |
| Extremities | $19.2 | $18.9 | $0.3 | 1.5% |
| Trauma | $128.6 | $123.9 | $4.7 | 3.8% |
| Sports Medicine | $386.1 | $366.5 | $19.6 | 5.4% |
| Enabling Technology | $30.0 | $26.1 | $3.9 | 15.1% |
| Total | $934.4 | $902.1 | $32.3 | 3.6% |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,225.0 | $1,205.2 | $19.8 | 1.6% |
| Knees | $708.7 | $705.0 | $3.7 | 0.5% |
| Hips | $458.1 | $445.0 | $13.2 | 3% |
| Extremities | $58.2 | $55.2 | $3.0 | 5.4% |
| Trauma | $388.9 | $361.3 | $27.6 | 7.6% |
| Sports Medicine | $1,174.0 | $1,117.5 | $56.5 | 5.1% |
| Enabling Technology | $83.1 | $71.4 | $11.7 | 16.4% |
| Total | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $495.0 | $478.0 | $17.0 | 3.6% |
| OUS | $439.4 | $424.1 | $15.3 | 3.6% |
| EMEA | $238.4 | $222.7 | $15.7 | 7% |
| Asia Pacific | $93.6 | $93.6 | $0.0 | 0% |
| Rest of World | $107.4 | $107.9 | ($0.4) | (0.4%) |
| Total | $934.4 | $902.1 | $32.3 | 3.6% |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,509.3 | $1,474.8 | $34.5 | 2.3% |
| OUS | $1,361.8 | $1,280.6 | $81.2 | 6.3% |
| EMEA | $732.6 | $690.2 | $42.4 | 6.1% |
| Asia Pacific | $294.8 | $276.7 | $18.1 | 6.5% |
| Rest of World | $334.4 | $313.7 | $20.7 | 6.6% |
| Total | $2,871.0 | $2,755.4 | $115.7 | 4.2% |
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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.
