Copy to clipboard 
CONMED reported 3Q23 orthopedic sales of $124.7 million, +5.1% compared to the third quarter of 2022. For the first nine months of the year, the company totaled $396.7 million in orthopedic sales, +14.5% compared to the prior year.
The company reached its one-year anniversary of the Biorez acquisition in early August 2023. CONMED said that it remains encouraged by market acceptance of BioBrace. MIS rotator cuff repair, international regulatory and channel expansion and clinical studies are priorities moving forward.
In addition to lingering constraints on its legacy orthopedic products, the company experienced acute, industry-wide shortages of a reagent used in sterile tissue processing. The shortage is expected to persist through the first quarter of 2024.
CONMED indicated that its orthopedic performance in the third quarter was better than the numbers may indicate. The company weathered geopolitical instability, a noisy medtech environment and supply constraints during the quarter while still driving mid-single-digit growth. At times in the past, those factors might have overwhelmed the company.
“We’re in a position today to absorb some of those ups and downs,” said CONMED CEO Curt Hartman. “There was a period in time where we couldn’t absorb them. In fact, any water that came over the side of the boat would sink us in a quarter. I’m just thrilled with the ability of the organization to absorb those types of things, including supply chain challenges.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.5 | $10.1 | $1.4 | 13.9% |
| Sports Medicine | $113.2 | $108.5 | $4.7 | 4.3% |
| Total | $124.7 | $118.6 | $6.1 | 5.1% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $34.2 | $12.2 | $22.0 | 180.3% |
| Sports Medicine | $362.5 | $334.1 | $28.4 | 8.5% |
| Total | $396.7 | $346.3 | $50.4 | 14.5% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $46.3 | $45.7 | $0.6 | 1.3% |
| OUS | $78.4 | $72.9 | $5.5 | 7.6% |
| EMEA | $28.1 | $26.9 | $1.1 | 4.2% |
| Asia Pacific | $29.9 | $28.2 | $1.7 | 6% |
| Rest of World | $20.5 | $17.8 | $2.7 | 15.1% |
| Total | $124.7 | $118.6 | $6.1 | 5.1% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $147.5 | $124.1 | $23.4 | 18.9% |
| OUS | $249.2 | $222.2 | $26.9 | 12.1% |
| EMEA | $96.4 | $89.0 | $7.4 | 8.3% |
| Asia Pacific | $91.0 | $79.3 | $11.7 | 14.7% |
| Rest of World | $61.8 | $53.9 | $7.8 | 14.5% |
| Total | $396.7 | $346.3 | $50.4 | 14.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $304.6 | |
| Cost of Sales | $136.5 | 44.8% |
| Selling and Admin | $125.3 | 41.1% |
| R&D | $12.5 | 4.1% |
| Other | $14.5 | 4.7% |
| Net Earnings | $15.8 | 5.2% |
CONMED reported 3Q23 orthopedic sales of $124.7 million, +5.1% compared to the third quarter of 2022. For the first nine months of the year, the company totaled $396.7 million in orthopedic sales, +14.5% compared to the prior year.
The company reached its one-year anniversary of the Biorez acquisition in early August 2023. CONMED said...
CONMED reported 3Q23 orthopedic sales of $124.7 million, +5.1% compared to the third quarter of 2022. For the first nine months of the year, the company totaled $396.7 million in orthopedic sales, +14.5% compared to the prior year.
The company reached its one-year anniversary of the Biorez acquisition in early August 2023. CONMED said that it remains encouraged by market acceptance of BioBrace. MIS rotator cuff repair, international regulatory and channel expansion and clinical studies are priorities moving forward.
In addition to lingering constraints on its legacy orthopedic products, the company experienced acute, industry-wide shortages of a reagent used in sterile tissue processing. The shortage is expected to persist through the first quarter of 2024.
CONMED indicated that its orthopedic performance in the third quarter was better than the numbers may indicate. The company weathered geopolitical instability, a noisy medtech environment and supply constraints during the quarter while still driving mid-single-digit growth. At times in the past, those factors might have overwhelmed the company.
“We’re in a position today to absorb some of those ups and downs,” said CONMED CEO Curt Hartman. “There was a period in time where we couldn’t absorb them. In fact, any water that came over the side of the boat would sink us in a quarter. I’m just thrilled with the ability of the organization to absorb those types of things, including supply chain challenges.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $11.5 | $10.1 | $1.4 | 13.9% |
| Sports Medicine | $113.2 | $108.5 | $4.7 | 4.3% |
| Total | $124.7 | $118.6 | $6.1 | 5.1% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $34.2 | $12.2 | $22.0 | 180.3% |
| Sports Medicine | $362.5 | $334.1 | $28.4 | 8.5% |
| Total | $396.7 | $346.3 | $50.4 | 14.5% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $46.3 | $45.7 | $0.6 | 1.3% |
| OUS | $78.4 | $72.9 | $5.5 | 7.6% |
| EMEA | $28.1 | $26.9 | $1.1 | 4.2% |
| Asia Pacific | $29.9 | $28.2 | $1.7 | 6% |
| Rest of World | $20.5 | $17.8 | $2.7 | 15.1% |
| Total | $124.7 | $118.6 | $6.1 | 5.1% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $147.5 | $124.1 | $23.4 | 18.9% |
| OUS | $249.2 | $222.2 | $26.9 | 12.1% |
| EMEA | $96.4 | $89.0 | $7.4 | 8.3% |
| Asia Pacific | $91.0 | $79.3 | $11.7 | 14.7% |
| Rest of World | $61.8 | $53.9 | $7.8 | 14.5% |
| Total | $396.7 | $346.3 | $50.4 | 14.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $304.6 | |
| Cost of Sales | $136.5 | 44.8% |
| Selling and Admin | $125.3 | 41.1% |
| R&D | $12.5 | 4.1% |
| Other | $14.5 | 4.7% |
| Net Earnings | $15.8 | 5.2% |
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
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.
