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ATEC reported 3Q23 orthopedic sales of $118.3 million, +31.6% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $344.3 million in orthopedic sales, +40.6% compared to the prior year.
During the quarter, ATEC’s procedural volume grew 24% while revenue per procedure grew 6%. The company also launched its Calibrate LTX lateral expandable implant and raised $150 million through a public stock offering.
Despite ATEC’s incredible growth since 2018, it remains a single-digit market share player with significant geographic white space. However, the Orthofix/SeaSpine and Globus/NuVasive deals created a unique opportunity for ATEC to expand its footprint.
“Where we have committed, we have grown, and we have demanded a significant market share,” said ATEC CEO Pat Miles. “We believe that we can do that across the country. Some major markets still are green field opportunities. The spine industry has served us up a heck of an opportunity and we are positioned to capitalize on the market disruption.”
Since January 2023, ATEC has onboarded more than 30 spine professionals, including some entire teams from other companies. The $150 million raised will fund investment in the transition of those reps with sets and inventory.
For 2023, ATEC expects total sales of $472 million, +34.6% compared to 2022.
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 | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $93.0 | $70.6 | $22.5 | 31.8% |
| Orthobiologics | $11.2 | $8.3 | $3.0 | 35.9% |
| Enabling Technology | $14.0 | $11.0 | $3.0 | 27.3% |
| Total | $118.3 | $89.8 | $28.4 | 31.6% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $267.8 | $189.7 | $78.1 | 41.2% |
| Orthobiologics | $32.5 | $21.9 | $10.6 | 48.1% |
| Enabling Technology | $44.0 | $33.3 | $10.7 | 32.1% |
| Total | $344.3 | $244.9 | $99.4 | 40.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $118.3 | |
| Cost of Sales | $38.2 | 32.3% |
| Selling and Admin | $91.4 | 77.3% |
| R & D | $20.0 | 16.9% |
| Other | $11.3 | 9.5% |
| Net Earnings | ($42.7) | (36.1%) |
ATEC reported 3Q23 orthopedic sales of $118.3 million, +31.6% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $344.3 million in orthopedic sales, +40.6% compared to the prior year.
During the quarter, ATEC's procedural volume grew 24% while revenue per procedure grew 6%. The company also...
ATEC reported 3Q23 orthopedic sales of $118.3 million, +31.6% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $344.3 million in orthopedic sales, +40.6% compared to the prior year.
During the quarter, ATEC’s procedural volume grew 24% while revenue per procedure grew 6%. The company also launched its Calibrate LTX lateral expandable implant and raised $150 million through a public stock offering.
Despite ATEC’s incredible growth since 2018, it remains a single-digit market share player with significant geographic white space. However, the Orthofix/SeaSpine and Globus/NuVasive deals created a unique opportunity for ATEC to expand its footprint.
“Where we have committed, we have grown, and we have demanded a significant market share,” said ATEC CEO Pat Miles. “We believe that we can do that across the country. Some major markets still are green field opportunities. The spine industry has served us up a heck of an opportunity and we are positioned to capitalize on the market disruption.”
Since January 2023, ATEC has onboarded more than 30 spine professionals, including some entire teams from other companies. The $150 million raised will fund investment in the transition of those reps with sets and inventory.
For 2023, ATEC expects total sales of $472 million, +34.6% compared to 2022.
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 | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $93.0 | $70.6 | $22.5 | 31.8% |
| Orthobiologics | $11.2 | $8.3 | $3.0 | 35.9% |
| Enabling Technology | $14.0 | $11.0 | $3.0 | 27.3% |
| Total | $118.3 | $89.8 | $28.4 | 31.6% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $267.8 | $189.7 | $78.1 | 41.2% |
| Orthobiologics | $32.5 | $21.9 | $10.6 | 48.1% |
| Enabling Technology | $44.0 | $33.3 | $10.7 | 32.1% |
| Total | $344.3 | $244.9 | $99.4 | 40.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $118.3 | |
| Cost of Sales | $38.2 | 32.3% |
| Selling and Admin | $91.4 | 77.3% |
| R & D | $20.0 | 16.9% |
| Other | $11.3 | 9.5% |
| Net Earnings | ($42.7) | (36.1%) |
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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.
