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ATEC reported 1Q23 orthopedic sales of $109.1 million, +53.8% compared to the first quarter of 2022.
The PTP procedure drove most of the company’s growth during the quarter, aided by a $15 million contribution from EOS sales. ATEC also purchased the Remi navigated robotics system from Accelus. Combining that system with SafeOp and EOS provides a strong information-based ecosystem that ATEC believes will be crucial to spine surgery.
“Degenerative surgery revision rates are 10% to 15% in one year to three years, and in adult deformity it could be up to 25% to 30% in two years to five years,” said ATEC CEO Pat Miles. “So, it’s fascinating to us that people think spine is a commoditized environment. There’s still a ton to do to make this stuff better. Our view is that it’s about how you start to mitigate variables. That doesn’t mean more screws. What it means is more information.”
ATEC’s thesis continues to drive wins across the company’s scorecard. Procedural volume grew 40% in the first quarter, with average revenue per case expanding 11%. Average sales per territory grew 48% compared to the prior year.
The company expects 2023 total sales growth of 28% to approximately $450 million, inclusive of a $57 million contribution from EOS.
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 | |
|---|---|---|---|---|
| Spine | $83.7 | $54.9 | $28.9 | 52.6% |
| Orthobiologics | $10.4 | $5.7 | $4.6 | 80.4% |
| Enabling Technology | $15.0 | $10.3 | $4.7 | 45.6% |
| Total | $109.1 | $70.9 | $38.2 | 53.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $109.1 | |
| Cost of Sales | $38.7 | 35.5% |
| Selling and Admin | $91.3 | 83.6% |
| R & D | $13.3 | 12.2% |
| Other | $9.4 | 8.6% |
| Net Earnings | ($43.5) | (39.9%) |
ATEC reported 1Q23 orthopedic sales of $109.1 million, +53.8% compared to the first quarter of 2022.
The PTP procedure drove most of the company's growth during the quarter, aided by a $15 million contribution from EOS sales. ATEC also purchased the Remi navigated robotics system from Accelus. Combining that system with SafeOp and EOS...
ATEC reported 1Q23 orthopedic sales of $109.1 million, +53.8% compared to the first quarter of 2022.
The PTP procedure drove most of the company’s growth during the quarter, aided by a $15 million contribution from EOS sales. ATEC also purchased the Remi navigated robotics system from Accelus. Combining that system with SafeOp and EOS provides a strong information-based ecosystem that ATEC believes will be crucial to spine surgery.
“Degenerative surgery revision rates are 10% to 15% in one year to three years, and in adult deformity it could be up to 25% to 30% in two years to five years,” said ATEC CEO Pat Miles. “So, it’s fascinating to us that people think spine is a commoditized environment. There’s still a ton to do to make this stuff better. Our view is that it’s about how you start to mitigate variables. That doesn’t mean more screws. What it means is more information.”
ATEC’s thesis continues to drive wins across the company’s scorecard. Procedural volume grew 40% in the first quarter, with average revenue per case expanding 11%. Average sales per territory grew 48% compared to the prior year.
The company expects 2023 total sales growth of 28% to approximately $450 million, inclusive of a $57 million contribution from EOS.
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 | |
|---|---|---|---|---|
| Spine | $83.7 | $54.9 | $28.9 | 52.6% |
| Orthobiologics | $10.4 | $5.7 | $4.6 | 80.4% |
| Enabling Technology | $15.0 | $10.3 | $4.7 | 45.6% |
| Total | $109.1 | $70.9 | $38.2 | 53.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $109.1 | |
| Cost of Sales | $38.7 | 35.5% |
| Selling and Admin | $91.3 | 83.6% |
| R & D | $13.3 | 12.2% |
| Other | $9.4 | 8.6% |
| Net Earnings | ($43.5) | (39.9%) |
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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.
