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ConMed reported 3Q21 orthopedic revenue of $105.8 million, +3.5% vs. 3Q19. The company saw the negative impact of COVID-19’s Delta variant grow throughout the third quarter and peak in late September. Like its peers, ConMed experienced worse procedure declines in the U.S. compared to international markets, though the company’s international orthopedic sales have long been a strength.
Looking ahead, ConMed expects a gradual recovery from Delta-driven declines with volumes approaching normalized levels by year-end. Despite the slower than anticipated start to the fourth quarter, the company believes the lower end of its guidance range ($1.015 billion) is still achievable.
“The biggest wildcard to me is hospital staffing, healthcare workers, fatigue, which is very evident and what that may mean for surgery schedules and overall hospital operations. If COVID cases drop and people can return to their normal kind of healthcare venue and alignment of work, maybe that pressure will lessen, but we all need to see that. That’s how I would frame the challenges we were looking at as we look out into the future here, whether it’s this quarter or even stepping into 2022.” – ConMed CEO Curt Hartman
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $105.8 | $102.2 | $3.6 | 3.5% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $320.8 | $262.0 | $58.9 | 22.5% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.0 | $38.9 | ($1.0) | (2.5%) |
| OUS | $67.8 | $63.3 | $4.5 | 7.1% |
| EMEA | $24.2 | $23.1 | $1.1 | 4.5% |
| Asia Pacific | $27.5 | $26.4 | $1.1 | 4.2% |
| Rest of World | $16.1 | $13.8 | $2.4 | 17.1% |
| Total | $105.8 | $102.2 | $3.6 | 3.5% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $115.9 | $97.3 | $18.5 | 19% |
| OUS | $204.9 | $164.6 | $40.3 | 24.5% |
| EMEA | $77.3 | $62.7 | $14.6 | 23.3% |
| Asia Pacific | $80.4 | $66.7 | $13.7 | 20.5% |
| Rest of World | $47.2 | $35.2 | $12.1 | 34.3% |
| Total | $320.8 | $262.0 | $58.9 | 22.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $248.8 | |
| Cost of Sales | $106.5 | 42.8% |
| Selling and Admin | $104.7 | 42.1% |
| R&D | $10.9 | 4.4% |
| Other | $13.0 | 5.2% |
| Net Earnings | $13.8 | 5.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 3Q21 orthopedic revenue of $105.8 million, +3.5% vs. 3Q19. The company saw the negative impact of COVID-19's Delta variant grow throughout the third quarter and peak in late September. Like its peers, ConMed experienced worse procedure declines in the U.S. compared to international markets, though the company's international...
ConMed reported 3Q21 orthopedic revenue of $105.8 million, +3.5% vs. 3Q19. The company saw the negative impact of COVID-19’s Delta variant grow throughout the third quarter and peak in late September. Like its peers, ConMed experienced worse procedure declines in the U.S. compared to international markets, though the company’s international orthopedic sales have long been a strength.
Looking ahead, ConMed expects a gradual recovery from Delta-driven declines with volumes approaching normalized levels by year-end. Despite the slower than anticipated start to the fourth quarter, the company believes the lower end of its guidance range ($1.015 billion) is still achievable.
“The biggest wildcard to me is hospital staffing, healthcare workers, fatigue, which is very evident and what that may mean for surgery schedules and overall hospital operations. If COVID cases drop and people can return to their normal kind of healthcare venue and alignment of work, maybe that pressure will lessen, but we all need to see that. That’s how I would frame the challenges we were looking at as we look out into the future here, whether it’s this quarter or even stepping into 2022.” – ConMed CEO Curt Hartman
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $105.8 | $102.2 | $3.6 | 3.5% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $320.8 | $262.0 | $58.9 | 22.5% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.0 | $38.9 | ($1.0) | (2.5%) |
| OUS | $67.8 | $63.3 | $4.5 | 7.1% |
| EMEA | $24.2 | $23.1 | $1.1 | 4.5% |
| Asia Pacific | $27.5 | $26.4 | $1.1 | 4.2% |
| Rest of World | $16.1 | $13.8 | $2.4 | 17.1% |
| Total | $105.8 | $102.2 | $3.6 | 3.5% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $115.9 | $97.3 | $18.5 | 19% |
| OUS | $204.9 | $164.6 | $40.3 | 24.5% |
| EMEA | $77.3 | $62.7 | $14.6 | 23.3% |
| Asia Pacific | $80.4 | $66.7 | $13.7 | 20.5% |
| Rest of World | $47.2 | $35.2 | $12.1 | 34.3% |
| Total | $320.8 | $262.0 | $58.9 | 22.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $248.8 | |
| Cost of Sales | $106.5 | 42.8% |
| Selling and Admin | $104.7 | 42.1% |
| R&D | $10.9 | 4.4% |
| Other | $13.0 | 5.2% |
| Net Earnings | $13.8 | 5.5% |
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.
