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CONMED reported 4Q23 orthopedic sales of $136.5 million, +18.5% compared to the fourth quarter of 2022. For the full year, the company generated $533.2 million in orthopedic sales, reflecting growth of +15.5%.
The company faces two ongoing supply chain problems that will keep it from effectively going on offense in orthopedics. Supply constraints on MTF allograft tissue hampered CONMED in the third quarter and returned to normal during the fourth quarter, but not before costing the company revenue from lost cases. Foot and ankle sales were slower than expected as CONMED faces supplier integration challenges.
“There’s far more demand on the product supply out of the gates and working with that new supplier base, and trying to integrate them into our systems slowed us down,” said CONMED CEO Curt Hartman. “We think we’ll get back to full stride in the second quarter. I don’t think it’s anything systemic. It’s all about the integration of a private company, putting it into a public company’s framework and trying to let those processes work the way they should.”
CONMED is optimistic about the market broadly, especially internationally where it has a higher concentration of sales than most medtech companies. For the full year 2024, the company expects total sales growth between 8% and 10% with the cadence of growth accelerating during the year as orthopedic sales ramp back up.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $12.3 | $11.5 | $0.8 | 7% |
| Sports Medicine | $124.2 | $103.7 | $20.5 | 19.8% |
| Total | $136.5 | $115.2 | $21.3 | 18.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $46.5 | $23.7 | $22.8 | 96.2% |
| Sports Medicine | $486.7 | $437.8 | $48.9 | 11.2% |
| Total | $533.2 | $461.5 | $71.7 | 15.5% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $52.0 | $49.1 | $2.9 | 5.9% |
| OUS | $84.5 | $66.1 | $18.4 | 27.8% |
| EMEA | $32.5 | $24.7 | $7.8 | 31.6% |
| Asia Pacific | $30.0 | $24.0 | $6.0 | 24.9% |
| Rest of World | $22.0 | $17.4 | $4.6 | 26.3% |
| Total | $136.5 | $115.2 | $21.3 | 18.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $199.5 | $173.2 | $26.3 | 15.2% |
| OUS | $333.7 | $288.4 | $45.3 | 15.7% |
| EMEA | $128.9 | $113.6 | $15.2 | 13.4% |
| Asia Pacific | $121.0 | $103.4 | $17.7 | 17.1% |
| Rest of World | $83.8 | $71.4 | $12.4 | 17.4% |
| Total | $533.2 | $461.5 | $71.6 | 15.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $327.0 | |
| Cost of Sales | $144.9 | 44.3% |
| Selling and Admin | $118.0 | 36.1% |
| R&D | $14.0 | 4.3% |
| Other | $17.1 | 5.2% |
| Net Earnings | $33.1 | 10.1% |
CONMED reported 4Q23 orthopedic sales of $136.5 million, +18.5% compared to the fourth quarter of 2022. For the full year, the company generated $533.2 million in orthopedic sales, reflecting growth of +15.5%.
The company faces two ongoing supply chain problems that will keep it from effectively going on offense in orthopedics. Supply...
CONMED reported 4Q23 orthopedic sales of $136.5 million, +18.5% compared to the fourth quarter of 2022. For the full year, the company generated $533.2 million in orthopedic sales, reflecting growth of +15.5%.
The company faces two ongoing supply chain problems that will keep it from effectively going on offense in orthopedics. Supply constraints on MTF allograft tissue hampered CONMED in the third quarter and returned to normal during the fourth quarter, but not before costing the company revenue from lost cases. Foot and ankle sales were slower than expected as CONMED faces supplier integration challenges.
“There’s far more demand on the product supply out of the gates and working with that new supplier base, and trying to integrate them into our systems slowed us down,” said CONMED CEO Curt Hartman. “We think we’ll get back to full stride in the second quarter. I don’t think it’s anything systemic. It’s all about the integration of a private company, putting it into a public company’s framework and trying to let those processes work the way they should.”
CONMED is optimistic about the market broadly, especially internationally where it has a higher concentration of sales than most medtech companies. For the full year 2024, the company expects total sales growth between 8% and 10% with the cadence of growth accelerating during the year as orthopedic sales ramp back up.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $12.3 | $11.5 | $0.8 | 7% |
| Sports Medicine | $124.2 | $103.7 | $20.5 | 19.8% |
| Total | $136.5 | $115.2 | $21.3 | 18.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $46.5 | $23.7 | $22.8 | 96.2% |
| Sports Medicine | $486.7 | $437.8 | $48.9 | 11.2% |
| Total | $533.2 | $461.5 | $71.7 | 15.5% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $52.0 | $49.1 | $2.9 | 5.9% |
| OUS | $84.5 | $66.1 | $18.4 | 27.8% |
| EMEA | $32.5 | $24.7 | $7.8 | 31.6% |
| Asia Pacific | $30.0 | $24.0 | $6.0 | 24.9% |
| Rest of World | $22.0 | $17.4 | $4.6 | 26.3% |
| Total | $136.5 | $115.2 | $21.3 | 18.5% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $199.5 | $173.2 | $26.3 | 15.2% |
| OUS | $333.7 | $288.4 | $45.3 | 15.7% |
| EMEA | $128.9 | $113.6 | $15.2 | 13.4% |
| Asia Pacific | $121.0 | $103.4 | $17.7 | 17.1% |
| Rest of World | $83.8 | $71.4 | $12.4 | 17.4% |
| Total | $533.2 | $461.5 | $71.6 | 15.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $327.0 | |
| Cost of Sales | $144.9 | 44.3% |
| Selling and Admin | $118.0 | 36.1% |
| R&D | $14.0 | 4.3% |
| Other | $17.1 | 5.2% |
| Net Earnings | $33.1 | 10.1% |
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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.
