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ConMed reported 4Q20 orthopedic revenue of USD $112.7 million, -8.9% vs. 4Q19 with full-year 2020 revenue of $374.7 million, -19.1% vs. 2019. The company’s sales trended close to prior year levels in October and November, but COVID’s surge left December well short.
ConMed’s sports medicine business is likely to struggle for the near future. Organized sports are canceled in many areas, compounded by the lag time between a sports-related injury and surgery. Additionally, the company strategically backed off capital sales with their financially constrained customers. However, ConMed’s sports medicine franchise is heavily weighted toward capital products, which led to steeper declines.
ConMed views 2021 as a transitional year with ongoing COVID challenges in the first half, followed by recovery in the second half. The company expects up to 54% of its total 2021 revenue to be recognized in the back half of the year. ConMed provided 2021 total revenue guidance in the range of $975 million to $1.02 billion, or +2.1% to +4.9% vs. 2019.
“Given that many sport activities are still suspended and that it typically takes months for an athlete to go from injury all the way to surgery, we do not anticipate sports medicine procedural growth to return to pre-pandemic levels until a couple of quarters after team sports resume globally.” – Todd Garner, ConMed CFO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $112.7 | $123.8 | ($11.1) | (8.9%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $374.7 | $463.3 | ($88.6) | (19.1%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $41.8 | $48.3 | ($6.5) | (13.5%) |
| OUS | $71.0 | $75.5 | ($4.5) | (6%) |
| EMEA | $26.2 | $32.1 | ($5.9) | (18.5%) |
| Asia Pacific | $30.8 | $27.0 | $3.7 | 13.8% |
| Rest of World | $14.1 | $16.4 | ($2.3) | (14.2%) |
| Total | $112.7 | $123.8 | ($11.1) | (8.9%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $139.1 | $179.4 | ($40.3) | (22.5%) |
| OUS | $235.6 | $283.9 | ($48.3) | (17%) |
| EMEA | $88.9 | $118.3 | ($29.4) | (24.9%) |
| Asia Pacific | $97.5 | $101.3 | ($3.8) | (3.8%) |
| Rest of World | $49.2 | $64.3 | ($15.1) | (23.4%) |
| Total | $374.7 | $463.3 | ($88.6) | (19.1%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $252.8 | |
| Cost of Sales | $117.3 | 46.4% |
| Selling and Admin | $99.1 | 39.2% |
| R&D | $11.7 | 4.6% |
| Other | $0.6 | 0.2% |
| Net Earnings | $24.1 | 9.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 4Q20 orthopedic revenue of USD $112.7 million, -8.9% vs. 4Q19 with full-year 2020 revenue of $374.7 million, -19.1% vs. 2019. The company’s sales trended close to prior year levels in October and November, but COVID’s surge left December well short.
ConMed’s sports medicine business is likely to struggle for the near...
ConMed reported 4Q20 orthopedic revenue of USD $112.7 million, -8.9% vs. 4Q19 with full-year 2020 revenue of $374.7 million, -19.1% vs. 2019. The company’s sales trended close to prior year levels in October and November, but COVID’s surge left December well short.
ConMed’s sports medicine business is likely to struggle for the near future. Organized sports are canceled in many areas, compounded by the lag time between a sports-related injury and surgery. Additionally, the company strategically backed off capital sales with their financially constrained customers. However, ConMed’s sports medicine franchise is heavily weighted toward capital products, which led to steeper declines.
ConMed views 2021 as a transitional year with ongoing COVID challenges in the first half, followed by recovery in the second half. The company expects up to 54% of its total 2021 revenue to be recognized in the back half of the year. ConMed provided 2021 total revenue guidance in the range of $975 million to $1.02 billion, or +2.1% to +4.9% vs. 2019.
“Given that many sport activities are still suspended and that it typically takes months for an athlete to go from injury all the way to surgery, we do not anticipate sports medicine procedural growth to return to pre-pandemic levels until a couple of quarters after team sports resume globally.” – Todd Garner, ConMed CFO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $112.7 | $123.8 | ($11.1) | (8.9%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $374.7 | $463.3 | ($88.6) | (19.1%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $41.8 | $48.3 | ($6.5) | (13.5%) |
| OUS | $71.0 | $75.5 | ($4.5) | (6%) |
| EMEA | $26.2 | $32.1 | ($5.9) | (18.5%) |
| Asia Pacific | $30.8 | $27.0 | $3.7 | 13.8% |
| Rest of World | $14.1 | $16.4 | ($2.3) | (14.2%) |
| Total | $112.7 | $123.8 | ($11.1) | (8.9%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $139.1 | $179.4 | ($40.3) | (22.5%) |
| OUS | $235.6 | $283.9 | ($48.3) | (17%) |
| EMEA | $88.9 | $118.3 | ($29.4) | (24.9%) |
| Asia Pacific | $97.5 | $101.3 | ($3.8) | (3.8%) |
| Rest of World | $49.2 | $64.3 | ($15.1) | (23.4%) |
| Total | $374.7 | $463.3 | ($88.6) | (19.1%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $252.8 | |
| Cost of Sales | $117.3 | 46.4% |
| Selling and Admin | $99.1 | 39.2% |
| R&D | $11.7 | 4.6% |
| Other | $0.6 | 0.2% |
| Net Earnings | $24.1 | 9.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers Mike Evers is an 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.
