The company’s orthopedic revenues for its fiscal fourth quarter fell -35% as it endured an additional month of COVID-related impact in April compared to competitors.
The underlying fundamentals of the orthopedic industry remain unchanged due to COVID-19. However, we should prepare for significant alterations in the market landscape as well as the ways that we interact with colleagues and customers.
The company was able to offset deeper COVID-related declines on the strength of its advanced DBM portfolio and plans to pursue several alpha launches of new products in 2020.
Geographic factors and a highly elective portfolio exposed the company to a severe downturn due to COVID-19, with 1Q20 revenue down 20% and April revenues down 95%.
While the company’s orthopedic revenues declined in the high single-digits in 1Q20, Zimmer Biomet’s balance sheet and cost containment measures will allow it to aggressively pursue key R&D initiatives.
The company’s orthopedic business declined in mid-single digits for 1Q20, with a precipitous -80% decline in April. However, Integra expects the market to right itself by year-end.
The company’s late-2019 growth momentum continued for most of 1Q20, resulting in nearly 22.6% growth. ATEC is confident the spine market will be one of the first to rebound from COVID-19.