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CONMED reported 1Q24 orthopedic sales of $134.9 million, +2.8% compared to the first quarter of 2023.
In the fourth quarter of 2022, the company closed its warehouse for the last three days of the year to complete a physical inventory after software implementation problems. A bounce back in the next quarter significantly elevated comparisons for 1Q23. CONMED encountered more supply problems in 2023 as it progressed with its integration of In2Bones.
“The real drag on that business is we ran into some supply challenges in the second half of last year,” said CONMED CEO Curt Hartman. “We said as we came into 2024, we would be working through those in the first quarter. It takes a little bit of time to get back to where it was. As we get into the second half of 2024, we think our orthopedics platforms will be right back on stride and at the growth rates that we expect.”
The company said that surgical volumes and capital demand were “steady” in the first quarter of 2024. However, currency headwinds caused CONMED to reduce its 2024 total revenue guidance by $10 million to a revised range of $1.33 billion to $1.35 billion.
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
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.9 | $11.8 | $0.1 | 1.2% |
| Sports Medicine | $122.9 | $119.4 | $3.5 | 3% |
| Total | $134.9 | $131.2 | $3.7 | 2.8% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $54.1 | $48.9 | $5.2 | 10.6% |
| OUS | $80.8 | $82.2 | ($1.5) | (1.8%) |
| EMEA | $33.5 | $33.1 | $0.4 | 1.2% |
| APAC | $28.3 | $30.1 | ($1.9) | (6.2%) |
| ROW | $19.0 | $19.0 | ($0.0) | (0.1%) |
| Total | $134.9 | $131.2 | $3.7 | 2.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $312.3 | |
| Cost of Sales | $140.3 | 44.9% |
| Selling and Admin | $123.4 | 39.5% |
| R&D | $13.6 | 4.4% |
| Other | $15.3 | 4.9% |
| Net Earnings | $19.7 | 6.3% |
CONMED reported 1Q24 orthopedic sales of $134.9 million, +2.8% compared to the first quarter of 2023.
In the fourth quarter of 2022, the company closed its warehouse for the last three days of the year to complete a physical inventory after software implementation problems. A bounce back in the next quarter significantly elevated...
CONMED reported 1Q24 orthopedic sales of $134.9 million, +2.8% compared to the first quarter of 2023.
In the fourth quarter of 2022, the company closed its warehouse for the last three days of the year to complete a physical inventory after software implementation problems. A bounce back in the next quarter significantly elevated comparisons for 1Q23. CONMED encountered more supply problems in 2023 as it progressed with its integration of In2Bones.
“The real drag on that business is we ran into some supply challenges in the second half of last year,” said CONMED CEO Curt Hartman. “We said as we came into 2024, we would be working through those in the first quarter. It takes a little bit of time to get back to where it was. As we get into the second half of 2024, we think our orthopedics platforms will be right back on stride and at the growth rates that we expect.”
The company said that surgical volumes and capital demand were “steady” in the first quarter of 2024. However, currency headwinds caused CONMED to reduce its 2024 total revenue guidance by $10 million to a revised range of $1.33 billion to $1.35 billion.
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
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.9 | $11.8 | $0.1 | 1.2% |
| Sports Medicine | $122.9 | $119.4 | $3.5 | 3% |
| Total | $134.9 | $131.2 | $3.7 | 2.8% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $54.1 | $48.9 | $5.2 | 10.6% |
| OUS | $80.8 | $82.2 | ($1.5) | (1.8%) |
| EMEA | $33.5 | $33.1 | $0.4 | 1.2% |
| APAC | $28.3 | $30.1 | ($1.9) | (6.2%) |
| ROW | $19.0 | $19.0 | ($0.0) | (0.1%) |
| Total | $134.9 | $131.2 | $3.7 | 2.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $312.3 | |
| Cost of Sales | $140.3 | 44.9% |
| Selling and Admin | $123.4 | 39.5% |
| R&D | $13.6 | 4.4% |
| Other | $15.3 | 4.9% |
| Net Earnings | $19.7 | 6.3% |
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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.
