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ATEC reported 2Q22 orthopedic sales of $84.2 million, +35.2% compared to 2Q21.
The company exceeded +20% revenue growth for the 12th time in the last 13 quarters, missing only the pandemic low point in 2Q20. This quarter, ATEC saw +17% growth in procedure volume. Its surgeon users grew +23%, while average revenue per case grew +10%. The company averages 2.2 products sold per case, indicating that ATEC is participating in more complex cases.
ATEC’s CEO Pat Miles attributed the success to the company’s procedural investment thesis. He said, “We try to align with surgeons. They don’t think in terms of implants or widgets. Since implants and widgets are the currency of the business, oftentimes they are the industry’s priorities. When surgeons think of treating patients, they think of procedures, and what procedural intervention will work best on a specific patient in their respective pathology.”
EOS gives the company a differentiated surgical planning tool, and contributed $12 million in revenue for the second quarter. There are approximately 450 EOS units placed, and leadership said that the order pipeline has grown 40% since the acquisition closed.
Given the company’s excellent first half, ATEC increased its 2022 revenue guidance to $325 million, representing growth of 34%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $76.2 | $57.1 | $19.2 | 33.6% |
| Orthobiologics | $7.9 | $5.2 | $2.7 | 52.2% |
| Total | $84.2 | $62.2 | $21.9 | 35.2% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $141.4 | $97.4 | $44.0 | 45.2% |
| Orthobiologics | $13.7 | $8.9 | $4.7 | 52.6% |
| Total | $155.1 | $106.4 | $48.7 | 45.8% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $77.9 | $59.3 | $18.6 | 31.4% |
| OUS | $6.3 | $3.0 | $3.3 | 112.1% |
| Total | $84.2 | $62.2 | $21.9 | 35.2% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $144.9 | $103.0 | $41.9 | 40.7% |
| OUS | $10.2 | $3.4 | $6.8 | 202.6% |
| Total | $155.1 | $106.4 | $48.7 | 45.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $84.2 | |
| Cost of Sales | $28.7 | 34.1% |
| Selling and Admin | $72.7 | 86.4% |
| R & D | $10.6 | 12.6% |
| Other | $9.3 | 11.1% |
| Net Earnings | ($37.1) | (44.1%) |
ATEC reported 2Q22 orthopedic sales of $84.2 million, +35.2% compared to 2Q21.
The company exceeded +20% revenue growth for the 12th time in the last 13 quarters, missing only the pandemic low point in 2Q20. This quarter, ATEC saw +17% growth in procedure volume. Its surgeon users grew +23%, while average revenue per case grew +10%. The...
ATEC reported 2Q22 orthopedic sales of $84.2 million, +35.2% compared to 2Q21.
The company exceeded +20% revenue growth for the 12th time in the last 13 quarters, missing only the pandemic low point in 2Q20. This quarter, ATEC saw +17% growth in procedure volume. Its surgeon users grew +23%, while average revenue per case grew +10%. The company averages 2.2 products sold per case, indicating that ATEC is participating in more complex cases.
ATEC’s CEO Pat Miles attributed the success to the company’s procedural investment thesis. He said, “We try to align with surgeons. They don’t think in terms of implants or widgets. Since implants and widgets are the currency of the business, oftentimes they are the industry’s priorities. When surgeons think of treating patients, they think of procedures, and what procedural intervention will work best on a specific patient in their respective pathology.”
EOS gives the company a differentiated surgical planning tool, and contributed $12 million in revenue for the second quarter. There are approximately 450 EOS units placed, and leadership said that the order pipeline has grown 40% since the acquisition closed.
Given the company’s excellent first half, ATEC increased its 2022 revenue guidance to $325 million, representing growth of 34%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $76.2 | $57.1 | $19.2 | 33.6% |
| Orthobiologics | $7.9 | $5.2 | $2.7 | 52.2% |
| Total | $84.2 | $62.2 | $21.9 | 35.2% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $141.4 | $97.4 | $44.0 | 45.2% |
| Orthobiologics | $13.7 | $8.9 | $4.7 | 52.6% |
| Total | $155.1 | $106.4 | $48.7 | 45.8% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $77.9 | $59.3 | $18.6 | 31.4% |
| OUS | $6.3 | $3.0 | $3.3 | 112.1% |
| Total | $84.2 | $62.2 | $21.9 | 35.2% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $144.9 | $103.0 | $41.9 | 40.7% |
| OUS | $10.2 | $3.4 | $6.8 | 202.6% |
| Total | $155.1 | $106.4 | $48.7 | 45.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $84.2 | |
| Cost of Sales | $28.7 | 34.1% |
| Selling and Admin | $72.7 | 86.4% |
| R & D | $10.6 | 12.6% |
| Other | $9.3 | 11.1% |
| Net Earnings | ($37.1) | (44.1%) |
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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.
