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ConMed reported 2Q21 orthopedic revenue of $107.9 million, +78.4% vs. 2Q20. Compared to the second quarter of 2019, the company’s sales declined -6.8%. The softness compared to 2019 comes as little surprise to ConMed leadership, who have declared 2021 a transition year from the outset given the expected slower-than-average recovery of the sports medicine segment.
The company also has greater exposure to international markets compared to peers, with about two-thirds of its orthopedic sales coming outside the U.S. where markets have been slower to recover and face more stringent COVID restrictions. ConMed’s “export markets,” in particular, tend to be less equipped to deal with COVID than its more developed Western European direct markets.
Despite these challenges, ConMed sees ample opportunity ahead. The company is expanding its orthopedic sales force both in the U.S. and internationally. Asked whether its orthopedics business required a larger acquisition to consistently grow above market, ConMed leadership said M&A is always on the table, but it is difficult to find the right fit with the company’s profile so weighted toward international markets.
Because ConMed outperformed its initial 1H21 guidance, it raised its full-year guidance to a range of $1.015 billion to $1.035 billion, inclusive of all company revenue.
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $107.9 | $60.5 | $47.4 | 78.4% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $215.1 | $159.8 | $55.3 | 34.6% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.8 | $21.4 | $19.4 | 90.7% |
| OUS | $67.1 | $39.1 | $28.0 | 71.7% |
| EMEA | $27.1 | $13.7 | $13.4 | 97.7% |
| Asia Pacific | $26.3 | $19.8 | $6.5 | 32.8% |
| Rest of World | $13.7 | $5.6 | $8.1 | 145.6% |
| Total | $107.9 | $60.5 | $47.4 | 78.4% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $77.9 | $58.4 | $19.5 | 33.3% |
| OUS | $137.2 | $101.3 | $35.8 | 35.3% |
| EMEA | $53.2 | $39.6 | $13.6 | 34.2% |
| Asia Pacific | $52.9 | $40.3 | $12.6 | 31.1% |
| Rest of World | $31.1 | $21.4 | $9.7 | 45.4% |
| Total | $215.1 | $159.8 | $55.3 | 34.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $255.2 | |
| Cost of Sales | $113.7 | 44.6% |
| Selling and Admin | $104.4 | 40.9% |
| R&D | $11.3 | 4.4% |
| Other | $8.0 | 3.1% |
| Net Earnings | $17.7 | 7% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 2Q21 orthopedic revenue of $107.9 million, +78.4% vs. 2Q20. Compared to the second quarter of 2019, the company's sales declined -6.8%. The softness compared to 2019 comes as little surprise to ConMed leadership, who have declared 2021 a transition year from the outset given the expected slower-than-average recovery of the...
ConMed reported 2Q21 orthopedic revenue of $107.9 million, +78.4% vs. 2Q20. Compared to the second quarter of 2019, the company’s sales declined -6.8%. The softness compared to 2019 comes as little surprise to ConMed leadership, who have declared 2021 a transition year from the outset given the expected slower-than-average recovery of the sports medicine segment.
The company also has greater exposure to international markets compared to peers, with about two-thirds of its orthopedic sales coming outside the U.S. where markets have been slower to recover and face more stringent COVID restrictions. ConMed’s “export markets,” in particular, tend to be less equipped to deal with COVID than its more developed Western European direct markets.
Despite these challenges, ConMed sees ample opportunity ahead. The company is expanding its orthopedic sales force both in the U.S. and internationally. Asked whether its orthopedics business required a larger acquisition to consistently grow above market, ConMed leadership said M&A is always on the table, but it is difficult to find the right fit with the company’s profile so weighted toward international markets.
Because ConMed outperformed its initial 1H21 guidance, it raised its full-year guidance to a range of $1.015 billion to $1.035 billion, inclusive of all company revenue.
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $107.9 | $60.5 | $47.4 | 78.4% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $215.1 | $159.8 | $55.3 | 34.6% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $40.8 | $21.4 | $19.4 | 90.7% |
| OUS | $67.1 | $39.1 | $28.0 | 71.7% |
| EMEA | $27.1 | $13.7 | $13.4 | 97.7% |
| Asia Pacific | $26.3 | $19.8 | $6.5 | 32.8% |
| Rest of World | $13.7 | $5.6 | $8.1 | 145.6% |
| Total | $107.9 | $60.5 | $47.4 | 78.4% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $77.9 | $58.4 | $19.5 | 33.3% |
| OUS | $137.2 | $101.3 | $35.8 | 35.3% |
| EMEA | $53.2 | $39.6 | $13.6 | 34.2% |
| Asia Pacific | $52.9 | $40.3 | $12.6 | 31.1% |
| Rest of World | $31.1 | $21.4 | $9.7 | 45.4% |
| Total | $215.1 | $159.8 | $55.3 | 34.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $255.2 | |
| Cost of Sales | $113.7 | 44.6% |
| Selling and Admin | $104.4 | 40.9% |
| R&D | $11.3 | 4.4% |
| Other | $8.0 | 3.1% |
| Net Earnings | $17.7 | 7% |
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.
