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CONMED reported 3Q22 orthopedic sales of $118.6 million, +12.2% compared to the third quarter of 2021. The company lowered its 2022 outlook due to currency headwinds and hospital staffing shortages. Those shortages could last well into 2024. CONMED now expects total sales in the range of $1.1 billion to $1.115 billion, representing high single-digit growth over 2021.
The company’s capital sales declined by almost -9% in the third quarter. While burdened with an aging capital portfolio, CONMED doesn’t see a slowdown in the market.
“Some of our capital is a little bit dated and we need to refresh that and get that into the marketplace. I’ve got to be honest with you; I don’t think we have seen any drop in appetite for capital from our customers. People are buying the capital that they need to do the procedures, and every capital item we sell has to be in the room to do the procedure. So I don’t think we’ve yet felt a slowdown by our customer base on capital acquisition interests,” said CONMED CEO Curt Hartman.
Recent acquisitions of In2Bones and Biorez contributed $10.3 million in sales for the quarter. For 2023, In2Bones’ sales will approach $50 million while Biorez will likely reach double-digit millions.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $8.5 | |||
| Sports Medicine | $108.3 | $105.8 | $2.6 | 2.4% |
| Orthobiologics | $1.8 | |||
| Total | $118.6 | $105.8 | $12.9 | 12.2% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $8.5 | |||
| Sports Medicine | $336.0 | $320.8 | $15.2 | 4.7% |
| Orthobiologics | $1.8 | |||
| Total | $346.3 | $320.8 | $25.5 | 8% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $45.7 | $38.0 | $7.7 | 20.4% |
| OUS | $72.9 | $67.8 | $5.1 | 7.6% |
| EMEA | $26.9 | $24.2 | $2.8 | 11.4% |
| Asia Pacific | $28.2 | $27.5 | $0.7 | 2.6% |
| Rest of World | $17.8 | $16.1 | $1.7 | 10.2% |
| Total | $118.6 | $105.8 | $12.9 | 12.2% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $124.1 | $115.9 | $8.2 | 7.1% |
| OUS | $222.2 | $204.9 | $17.3 | 8.4% |
| EMEA | $89.0 | $77.3 | $11.6 | 15% |
| Asia Pacific | $79.3 | $80.4 | ($1.1) | (1.3%) |
| Rest of World | $53.9 | $47.2 | $6.7 | 14.2% |
| Total | $346.3 | $320.8 | $25.5 | 8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $275.1 | |
| Cost of Sales | $123.5 | 44.9% |
| Selling and Admin | $114.6 | 41.7% |
| R&D | $12.8 | 4.6% |
| Other | ($18.9) | (6.9%) |
| Net Earnings | $43.1 | 15.7% |
CONMED reported 3Q22 orthopedic sales of $118.6 million, +12.2% compared to the third quarter of 2021. The company lowered its 2022 outlook due to currency headwinds and hospital staffing shortages. Those shortages could last well into 2024. CONMED now expects total sales in the range of $1.1 billion to $1.115 billion, representing high...
CONMED reported 3Q22 orthopedic sales of $118.6 million, +12.2% compared to the third quarter of 2021. The company lowered its 2022 outlook due to currency headwinds and hospital staffing shortages. Those shortages could last well into 2024. CONMED now expects total sales in the range of $1.1 billion to $1.115 billion, representing high single-digit growth over 2021.
The company’s capital sales declined by almost -9% in the third quarter. While burdened with an aging capital portfolio, CONMED doesn’t see a slowdown in the market.
“Some of our capital is a little bit dated and we need to refresh that and get that into the marketplace. I’ve got to be honest with you; I don’t think we have seen any drop in appetite for capital from our customers. People are buying the capital that they need to do the procedures, and every capital item we sell has to be in the room to do the procedure. So I don’t think we’ve yet felt a slowdown by our customer base on capital acquisition interests,” said CONMED CEO Curt Hartman.
Recent acquisitions of In2Bones and Biorez contributed $10.3 million in sales for the quarter. For 2023, In2Bones’ sales will approach $50 million while Biorez will likely reach double-digit millions.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $8.5 | |||
| Sports Medicine | $108.3 | $105.8 | $2.6 | 2.4% |
| Orthobiologics | $1.8 | |||
| Total | $118.6 | $105.8 | $12.9 | 12.2% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $8.5 | |||
| Sports Medicine | $336.0 | $320.8 | $15.2 | 4.7% |
| Orthobiologics | $1.8 | |||
| Total | $346.3 | $320.8 | $25.5 | 8% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $45.7 | $38.0 | $7.7 | 20.4% |
| OUS | $72.9 | $67.8 | $5.1 | 7.6% |
| EMEA | $26.9 | $24.2 | $2.8 | 11.4% |
| Asia Pacific | $28.2 | $27.5 | $0.7 | 2.6% |
| Rest of World | $17.8 | $16.1 | $1.7 | 10.2% |
| Total | $118.6 | $105.8 | $12.9 | 12.2% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $124.1 | $115.9 | $8.2 | 7.1% |
| OUS | $222.2 | $204.9 | $17.3 | 8.4% |
| EMEA | $89.0 | $77.3 | $11.6 | 15% |
| Asia Pacific | $79.3 | $80.4 | ($1.1) | (1.3%) |
| Rest of World | $53.9 | $47.2 | $6.7 | 14.2% |
| Total | $346.3 | $320.8 | $25.5 | 8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $275.1 | |
| Cost of Sales | $123.5 | 44.9% |
| Selling and Admin | $114.6 | 41.7% |
| R&D | $12.8 | 4.6% |
| Other | ($18.9) | (6.9%) |
| Net Earnings | $43.1 | 15.7% |
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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.
