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ConMed reported 4Q21 orthopedic sales of $117.6 million, +4.3% vs. 4Q20. For the full year, orthopedic sales totaled $438.4 million, +17% vs. 2020. Compared to 2019, ConMed’s orthopedic business declined -5.4% in 2021.
The company called 2021 a transition year, and is well-positioned for 2022 with an expanded salesforce and new products. However, ConMed also cautioned that 2022 is off to an inauspicious start. Company CFO Todd Garner said, “Our customers are actually starting 2022 in a worse place than they were in 2021. So, January has not been a good start.”
ConMed’s leaders have taken a conservative view of the market’s recovery timeline throughout the pandemic. The company foresees a “recovery after the recovery” as healthcare worker fatigue requires a ramp back to full capacity.
ConMed CEO Curt Hartman said, “They’re short-staffed, they’re fatigued; this most recent wave has just added to that condition. And they’re not gonna say ‘if COVID is over on Friday, let’s get back to 100% on Monday.’ There’s going to be a ramp-up in the health care facility and in the health care delivery setting.”
The company’s 2022 total revenue guidance implies orthopedic sales in the range of $462 million to $484 million, growth between +5.4% and +10.3% vs. 2021.
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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $117.6 | $112.7 | $4.9 | 4.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $438.4 | $374.7 | $63.7 | 17% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $42.3 | $42.4 | ($0.1) | (0.2%) |
| OUS | $75.3 | $70.4 | $4.9 | 7% |
| EMEA | $28.2 | $28.3 | ($0.0) | (0.2%) |
| Asia Pacific | $29.6 | $26.9 | $2.7 | 10.2% |
| Rest of World | $17.4 | $15.2 | $2.2 | 14.7% |
| Total | $117.6 | $112.8 | $4.8 | 4.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $158.2 | $139.7 | $18.5 | 13.2% |
| OUS | $280.2 | $235.0 | $45.3 | 19.3% |
| EMEA | $105.6 | $91.0 | $14.6 | 16% |
| Asia Pacific | $110.0 | $93.6 | $16.4 | 17.5% |
| Rest of World | $64.7 | $50.4 | $14.3 | 28.4% |
| Total | $438.4 | $374.7 | $63.7 | 17% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $274.0 | |
| Cost of Sales | $118.1 | 43.1% |
| Selling and Admin | $107.3 | 39.2% |
| R&D | $11.4 | 4.1% |
| Other | $12.8 | 4.7% |
| Net Earnings | $24.4 | 8.9% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 4Q21 orthopedic sales of $117.6 million, +4.3% vs. 4Q20. For the full year, orthopedic sales totaled $438.4 million, +17% vs. 2020. Compared to 2019, ConMed's orthopedic business declined -5.4% in 2021.
The company called 2021 a transition year, and is well-positioned for 2022 with an expanded salesforce and new products....
ConMed reported 4Q21 orthopedic sales of $117.6 million, +4.3% vs. 4Q20. For the full year, orthopedic sales totaled $438.4 million, +17% vs. 2020. Compared to 2019, ConMed’s orthopedic business declined -5.4% in 2021.
The company called 2021 a transition year, and is well-positioned for 2022 with an expanded salesforce and new products. However, ConMed also cautioned that 2022 is off to an inauspicious start. Company CFO Todd Garner said, “Our customers are actually starting 2022 in a worse place than they were in 2021. So, January has not been a good start.”
ConMed’s leaders have taken a conservative view of the market’s recovery timeline throughout the pandemic. The company foresees a “recovery after the recovery” as healthcare worker fatigue requires a ramp back to full capacity.
ConMed CEO Curt Hartman said, “They’re short-staffed, they’re fatigued; this most recent wave has just added to that condition. And they’re not gonna say ‘if COVID is over on Friday, let’s get back to 100% on Monday.’ There’s going to be a ramp-up in the health care facility and in the health care delivery setting.”
The company’s 2022 total revenue guidance implies orthopedic sales in the range of $462 million to $484 million, growth between +5.4% and +10.3% vs. 2021.
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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $117.6 | $112.7 | $4.9 | 4.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $438.4 | $374.7 | $63.7 | 17% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $42.3 | $42.4 | ($0.1) | (0.2%) |
| OUS | $75.3 | $70.4 | $4.9 | 7% |
| EMEA | $28.2 | $28.3 | ($0.0) | (0.2%) |
| Asia Pacific | $29.6 | $26.9 | $2.7 | 10.2% |
| Rest of World | $17.4 | $15.2 | $2.2 | 14.7% |
| Total | $117.6 | $112.8 | $4.8 | 4.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $158.2 | $139.7 | $18.5 | 13.2% |
| OUS | $280.2 | $235.0 | $45.3 | 19.3% |
| EMEA | $105.6 | $91.0 | $14.6 | 16% |
| Asia Pacific | $110.0 | $93.6 | $16.4 | 17.5% |
| Rest of World | $64.7 | $50.4 | $14.3 | 28.4% |
| Total | $438.4 | $374.7 | $63.7 | 17% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $274.0 | |
| Cost of Sales | $118.1 | 43.1% |
| Selling and Admin | $107.3 | 39.2% |
| R&D | $11.4 | 4.1% |
| Other | $12.8 | 4.7% |
| Net Earnings | $24.4 | 8.9% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
