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CONMED reported 4Q22 orthopedic sales of $115.2 million, -2% compared to the fourth-quarter of 2021. For the full year, the company attained orthopedic sales of $461.6 million, +5.3% compared to 2021.
Recently-acquired In2Bones and BioRez contributed nearly $25 million in sales for 2022.
In October, CONMED implemented a new warehouse management software system. A problematic implementation and protracted remediation period led to an estimated $65 million revenue shortfall in the fourth quarter across the entire legacy portfolio. The company exited 2022 with a procedure backlog of $30 million due to software-related supply constraints.
CONMED closed its warehouse for the last three days of 2022 to do a complete physical inventory. However, January reduced the company’s backlog to $10 million. Company CFO Todd Garner believes that CONMED will win back most of its customers.
“History has shown that when supply disruptions in our industry are resolved, the original supplier wins back the vast majority of business lost during the temporary disruption. We know that our customers were well aware of the substitute products prior to our delivery problems and they choose CONMED for a specific reason. Those reasons still exist today and we are even more energized to be excellent partners to our customers,” he said.
CONMED expects “status quo” in the overall market environment for 2023. The company provided total sales guidance in the the range of $1.17 billion to $1.22 billion, reflecting growth between 11.9% and 16.7%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $10.3 | |||
| Sports Medicine | $102.7 | $117.6 | ($14.9) | (12.6%) |
| Orthobiologics | $2.3 | |||
| Total | $115.2 | $117.6 | ($2.4) | (2%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $20.3 | |||
| Sports Medicine | $436.8 | $438.4 | ($1.6) | (0.4%) |
| Orthobiologics | $4.6 | |||
| Total | $461.6 | $438.4 | $23.2 | 5.3% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $47.3 | $42.3 | $5.0 | 11.7% |
| OUS | $68.0 | $75.3 | ($7.3) | (9.7%) |
| EMEA | $26.5 | $28.2 | ($1.7) | (6.1%) |
| Asia Pacific | $25.4 | $29.6 | ($4.3) | (14.4%) |
| Rest of World | $16.1 | $17.4 | ($1.3) | (7.5%) |
| Total | $115.2 | $117.6 | ($2.4) | (2%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $171.3 | $158.2 | $13.2 | 8.3% |
| OUS | $290.2 | $280.2 | $10.0 | 3.6% |
| EMEA | $115.5 | $105.6 | $9.9 | 9.4% |
| Asia Pacific | $104.7 | $110.0 | ($5.3) | (4.9%) |
| Rest of World | $70.1 | $64.7 | $5.4 | 8.4% |
| Total | $461.6 | $438.4 | $23.2 | 5.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $250.9 | |
| Cost of Sales | $119.0 | 47.4% |
| Selling and Admin | $120.7 | 48.1% |
| R&D | $12.2 | 4.9% |
| Other | ($26.6) | (10.6%) |
| Net Earnings | $25.6 | 10.2% |
CONMED reported 4Q22 orthopedic sales of $115.2 million, -2% compared to the fourth-quarter of 2021. For the full year, the company attained orthopedic sales of $461.6 million, +5.3% compared to 2021.
Recently-acquired In2Bones and BioRez contributed nearly $25 million in sales for 2022.
In October, CONMED implemented a new warehouse...
CONMED reported 4Q22 orthopedic sales of $115.2 million, -2% compared to the fourth-quarter of 2021. For the full year, the company attained orthopedic sales of $461.6 million, +5.3% compared to 2021.
Recently-acquired In2Bones and BioRez contributed nearly $25 million in sales for 2022.
In October, CONMED implemented a new warehouse management software system. A problematic implementation and protracted remediation period led to an estimated $65 million revenue shortfall in the fourth quarter across the entire legacy portfolio. The company exited 2022 with a procedure backlog of $30 million due to software-related supply constraints.
CONMED closed its warehouse for the last three days of 2022 to do a complete physical inventory. However, January reduced the company’s backlog to $10 million. Company CFO Todd Garner believes that CONMED will win back most of its customers.
“History has shown that when supply disruptions in our industry are resolved, the original supplier wins back the vast majority of business lost during the temporary disruption. We know that our customers were well aware of the substitute products prior to our delivery problems and they choose CONMED for a specific reason. Those reasons still exist today and we are even more energized to be excellent partners to our customers,” he said.
CONMED expects “status quo” in the overall market environment for 2023. The company provided total sales guidance in the the range of $1.17 billion to $1.22 billion, reflecting growth between 11.9% and 16.7%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $10.3 | |||
| Sports Medicine | $102.7 | $117.6 | ($14.9) | (12.6%) |
| Orthobiologics | $2.3 | |||
| Total | $115.2 | $117.6 | ($2.4) | (2%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $20.3 | |||
| Sports Medicine | $436.8 | $438.4 | ($1.6) | (0.4%) |
| Orthobiologics | $4.6 | |||
| Total | $461.6 | $438.4 | $23.2 | 5.3% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $47.3 | $42.3 | $5.0 | 11.7% |
| OUS | $68.0 | $75.3 | ($7.3) | (9.7%) |
| EMEA | $26.5 | $28.2 | ($1.7) | (6.1%) |
| Asia Pacific | $25.4 | $29.6 | ($4.3) | (14.4%) |
| Rest of World | $16.1 | $17.4 | ($1.3) | (7.5%) |
| Total | $115.2 | $117.6 | ($2.4) | (2%) |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $171.3 | $158.2 | $13.2 | 8.3% |
| OUS | $290.2 | $280.2 | $10.0 | 3.6% |
| EMEA | $115.5 | $105.6 | $9.9 | 9.4% |
| Asia Pacific | $104.7 | $110.0 | ($5.3) | (4.9%) |
| Rest of World | $70.1 | $64.7 | $5.4 | 8.4% |
| Total | $461.6 | $438.4 | $23.2 | 5.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $250.9 | |
| Cost of Sales | $119.0 | 47.4% |
| Selling and Admin | $120.7 | 48.1% |
| R&D | $12.2 | 4.9% |
| Other | ($26.6) | (10.6%) |
| Net Earnings | $25.6 | 10.2% |
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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.
