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CONMED reported 2Q23 orthopedic sales of $140.8 million, +17.2% compared to 2Q22. For the first half of 2023, the company generated $272 million in orthopedic sales, +19.5% compared to the prior year.
Improved commercial execution, a porfolio more focused on high-growth products and healthy end markets drove CONMED’s terrific start to 2023. The capital equipment environment also seemed stable. The company called its orthopedic capital sales “solid” for the quarter.
“At a macro level, the underlying surgical markets that we serve are healthy, and healthcare staffing levels continue to improve,” said CONMED CEO Curt Hartman. “Conversely, inflationary pressure on the material side has been slower to dissipate, and supply chains are not yet fully recovered. Overall, we see all these dynamics as stable to improving in the second half of 2023.”
Mid-June brought the one-year anniversary for CONMED’s acquisition of In2Bones, with BioBrace soon to follow. The company remains pleased with the performance and growth of both acquisitions.
CONMED now expects between $1.23 billion and $1.26 billion in total sales for 2023, compared to its previous guidance range of $1.205 billion to $1.25 billion.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $10.9 | $2.1 | $8.8 | 419% |
| Sports Medicine | $129.9 | $118.1 | $11.8 | 10% |
| Total | $140.8 | $120.2 | $20.6 | 17.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $22.7 | $2.1 | $20.6 | 981% |
| Sports Medicine | $249.3 | $225.6 | $23.7 | 10.5% |
| Total | $272.0 | $227.7 | $44.3 | 19.5% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $52.3 | $40.5 | $11.8 | 29.3% |
| OUS | $88.5 | $79.7 | $8.8 | 11% |
| EMEA | $35.2 | $32.1 | $3.1 | 9.8% |
| Asia Pacific | $31.0 | $27.7 | $3.3 | 11.9% |
| Rest of World | $22.3 | $20.0 | $2.3 | 11.7% |
| Total | $140.8 | $120.2 | $20.6 | 17.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $101.3 | $78.4 | $22.8 | 29.1% |
| OUS | $170.7 | $149.3 | $21.4 | 14.4% |
| EMEA | $68.3 | $62.0 | $6.3 | 10.1% |
| Asia Pacific | $61.1 | $51.1 | $10.0 | 19.6% |
| Rest of World | $41.3 | $36.2 | $5.1 | 14.2% |
| Total | $272.0 | $227.7 | $44.3 | 19.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $317.7 | |
| Cost of Sales | $147.0 | 46.3% |
| Selling and Admin | $129.7 | 40.8% |
| R&D | $13.6 | 4.3% |
| Other | $13.7 | 4.3% |
| Net Earnings | $13.7 | 4.3% |
CONMED reported 2Q23 orthopedic sales of $140.8 million, +17.2% compared to 2Q22. For the first half of 2023, the company generated $272 million in orthopedic sales, +19.5% compared to the prior year.
Improved commercial execution, a porfolio more focused on high-growth products and healthy end markets drove CONMED's terrific start to...
CONMED reported 2Q23 orthopedic sales of $140.8 million, +17.2% compared to 2Q22. For the first half of 2023, the company generated $272 million in orthopedic sales, +19.5% compared to the prior year.
Improved commercial execution, a porfolio more focused on high-growth products and healthy end markets drove CONMED’s terrific start to 2023. The capital equipment environment also seemed stable. The company called its orthopedic capital sales “solid” for the quarter.
“At a macro level, the underlying surgical markets that we serve are healthy, and healthcare staffing levels continue to improve,” said CONMED CEO Curt Hartman. “Conversely, inflationary pressure on the material side has been slower to dissipate, and supply chains are not yet fully recovered. Overall, we see all these dynamics as stable to improving in the second half of 2023.”
Mid-June brought the one-year anniversary for CONMED’s acquisition of In2Bones, with BioBrace soon to follow. The company remains pleased with the performance and growth of both acquisitions.
CONMED now expects between $1.23 billion and $1.26 billion in total sales for 2023, compared to its previous guidance range of $1.205 billion to $1.25 billion.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $10.9 | $2.1 | $8.8 | 419% |
| Sports Medicine | $129.9 | $118.1 | $11.8 | 10% |
| Total | $140.8 | $120.2 | $20.6 | 17.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $22.7 | $2.1 | $20.6 | 981% |
| Sports Medicine | $249.3 | $225.6 | $23.7 | 10.5% |
| Total | $272.0 | $227.7 | $44.3 | 19.5% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $52.3 | $40.5 | $11.8 | 29.3% |
| OUS | $88.5 | $79.7 | $8.8 | 11% |
| EMEA | $35.2 | $32.1 | $3.1 | 9.8% |
| Asia Pacific | $31.0 | $27.7 | $3.3 | 11.9% |
| Rest of World | $22.3 | $20.0 | $2.3 | 11.7% |
| Total | $140.8 | $120.2 | $20.6 | 17.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $101.3 | $78.4 | $22.8 | 29.1% |
| OUS | $170.7 | $149.3 | $21.4 | 14.4% |
| EMEA | $68.3 | $62.0 | $6.3 | 10.1% |
| Asia Pacific | $61.1 | $51.1 | $10.0 | 19.6% |
| Rest of World | $41.3 | $36.2 | $5.1 | 14.2% |
| Total | $272.0 | $227.7 | $44.3 | 19.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $317.7 | |
| Cost of Sales | $147.0 | 46.3% |
| Selling and Admin | $129.7 | 40.8% |
| R&D | $13.6 | 4.3% |
| Other | $13.7 | 4.3% |
| Net Earnings | $13.7 | 4.3% |
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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.
