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CONMED reported 2Q22 orthopedic sales of $120.2 million, +11.4% compared to 2Q21.
The company said the operating environment remains challenging with obstacles throughout staffing, inflation, freight and supply. Last quarter, CONMED had two days worth of sales in backorder. That doubled to four days this quarter. About 25% of the company’s backorders are driven by competitors who could not fulfill product demands.
The company’s U.S. orthopedic sales declined -0.8% for the quarter but its international sales grew by nearly +19,% with the strongest performances coming from areas in Europe, Canada and Latin America.
Curt Harman, CEO of CONMED, said, “Obviously, still more work to do in the U.S. market. Pat [Beyer] has had that responsibility since October of 2020. He’s brought in a new team that is largely responsible for driving the day-to-day activity and new product cadence. They’re really doing nice work. I’m very confident our U.S. business is going to start moving forward here in the quarters ahead.”
In late June, the company entered the $4.6 billion foot-and-ankle market when CONMED closed its acquisition of In2Bones. Leadership cited In2Bones’ compelling R&D pipeline, robust portfolio and strong sales team as factors in the purchase.
With about two-thirds of its sales coming outside the U.S., CONMED expects currency translation headwinds for the balance of the year. The company lowered its 2022 total revenue guidance by $10 million, with a new range of $1.095 billion to $1.140 billion.
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 | |
|---|---|---|---|---|
| Sports Medicine | $120.2 | $107.9 | $12.3 | 11.4% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $227.7 | $215.1 | $12.6 | 5.9% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.5 | $40.8 | ($0.3) | (0.8%) |
| OUS | $79.7 | $67.1 | $12.6 | 18.8% |
| EMEA | $32.1 | $27.1 | $4.9 | 18.2% |
| Asia Pacific | $27.7 | $26.3 | $1.4 | 5.3% |
| Rest of World | $20.0 | $13.7 | $6.3 | 45.8% |
| Total | $120.2 | $107.9 | $12.3 | 11.4% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $78.4 | $77.9 | $0.5 | 0.6% |
| OUS | $149.3 | $137.2 | $12.1 | 8.9% |
| EMEA | $62.0 | $53.2 | $8.9 | 16.7% |
| Asia Pacific | $51.1 | $52.9 | ($1.8) | (3.4%) |
| Rest of World | $36.2 | $31.1 | $5.1 | 16.3% |
| Total | $227.7 | $215.1 | $12.6 | 5.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $277.2 | |
| Cost of Sales | $125.4 | 45.2% |
| Selling and Admin | $115.8 | 41.8% |
| R&D | $11.5 | 4.1% |
| Other | $192.8 | 69.5% |
| Net Earnings | ($168.3) | (60.7%) |
CONMED reported 2Q22 orthopedic sales of $120.2 million, +11.4% compared to 2Q21.
The company said the operating environment remains challenging with obstacles throughout staffing, inflation, freight and supply. Last quarter, CONMED had two days worth of sales in backorder. That doubled to four days this quarter. About 25% of the company's...
CONMED reported 2Q22 orthopedic sales of $120.2 million, +11.4% compared to 2Q21.
The company said the operating environment remains challenging with obstacles throughout staffing, inflation, freight and supply. Last quarter, CONMED had two days worth of sales in backorder. That doubled to four days this quarter. About 25% of the company’s backorders are driven by competitors who could not fulfill product demands.
The company’s U.S. orthopedic sales declined -0.8% for the quarter but its international sales grew by nearly +19,% with the strongest performances coming from areas in Europe, Canada and Latin America.
Curt Harman, CEO of CONMED, said, “Obviously, still more work to do in the U.S. market. Pat [Beyer] has had that responsibility since October of 2020. He’s brought in a new team that is largely responsible for driving the day-to-day activity and new product cadence. They’re really doing nice work. I’m very confident our U.S. business is going to start moving forward here in the quarters ahead.”
In late June, the company entered the $4.6 billion foot-and-ankle market when CONMED closed its acquisition of In2Bones. Leadership cited In2Bones’ compelling R&D pipeline, robust portfolio and strong sales team as factors in the purchase.
With about two-thirds of its sales coming outside the U.S., CONMED expects currency translation headwinds for the balance of the year. The company lowered its 2022 total revenue guidance by $10 million, with a new range of $1.095 billion to $1.140 billion.
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 | |
|---|---|---|---|---|
| Sports Medicine | $120.2 | $107.9 | $12.3 | 11.4% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $227.7 | $215.1 | $12.6 | 5.9% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.5 | $40.8 | ($0.3) | (0.8%) |
| OUS | $79.7 | $67.1 | $12.6 | 18.8% |
| EMEA | $32.1 | $27.1 | $4.9 | 18.2% |
| Asia Pacific | $27.7 | $26.3 | $1.4 | 5.3% |
| Rest of World | $20.0 | $13.7 | $6.3 | 45.8% |
| Total | $120.2 | $107.9 | $12.3 | 11.4% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $78.4 | $77.9 | $0.5 | 0.6% |
| OUS | $149.3 | $137.2 | $12.1 | 8.9% |
| EMEA | $62.0 | $53.2 | $8.9 | 16.7% |
| Asia Pacific | $51.1 | $52.9 | ($1.8) | (3.4%) |
| Rest of World | $36.2 | $31.1 | $5.1 | 16.3% |
| Total | $227.7 | $215.1 | $12.6 | 5.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $277.2 | |
| Cost of Sales | $125.4 | 45.2% |
| Selling and Admin | $115.8 | 41.8% |
| R&D | $11.5 | 4.1% |
| Other | $192.8 | 69.5% |
| Net Earnings | ($168.3) | (60.7%) |
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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.
