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ConMed reported 1Q21 orthopedic revenue of USD $107.2 million, +7.9% vs. 1Q20. Like its peers, the company saw positive trends late in the quarter and into April but cautioned the market is “a long way from normal.”
ConMed appeared to turn a corner on several challenging areas in the first quarter. After nearly -20% losses in 20220, the company’s capital equipment business launched new products and delivered over +24% growth vs. the year prior, though sales remain below 2019 levels. ConMed also realized benefits from expanding its soft tissue repair market beyond shoulders.
The company’s relative strength in international markets stems from ConMed’s purchase of Linvatec from Bristol Myers Squibb in the 1990s, according to leadership. CEO Curt Hartman said, “We retained a lot of that existing infrastructure and still have that infrastructure in place and the market share that comes with being there in that consistent. So we have a very good orthopedics business outside the U.S. and I think our orthopedics business outside the U.S. will continue to have positive momentum. It’s been that way for a number of years.”
While the company over-performed relative to internal expectations in the first quarter, it is maintaining a conservative outlook for the remainder of 2021. ConMed provided full-year guidance in the range of $1 billion to $1.03 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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $107.2 | $99.3 | $7.9 | 7.9% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $37.1 | $37.0 | $0.1 | 0.2% |
| OUS | $70.0 | $62.2 | $7.8 | 12.5% |
| EMEA | $26.1 | $25.9 | $0.1 | 0.6% |
| Asia Pacific | $26.6 | $20.5 | $6.1 | 29.5% |
| Rest of World | $17.4 | $15.8 | $1.6 | 10% |
| Total | $107.2 | $99.3 | $7.9 | 7.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $238.7 | |
| Cost of Sales | $104.2 | 43.7% |
| Selling and Admin | $98.3 | 41.2% |
| R&D | $10.0 | 4.2% |
| Other | $16.2 | 6.8% |
| Net Earnings | $9.9 | 4.1% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 1Q21 orthopedic revenue of USD $107.2 million, +7.9% vs. 1Q20. Like its peers, the company saw positive trends late in the quarter and into April but cautioned the market is “a long way from normal.”
ConMed appeared to turn a corner on several challenging areas in the first quarter. After nearly -20% losses in 20220, the...
ConMed reported 1Q21 orthopedic revenue of USD $107.2 million, +7.9% vs. 1Q20. Like its peers, the company saw positive trends late in the quarter and into April but cautioned the market is “a long way from normal.”
ConMed appeared to turn a corner on several challenging areas in the first quarter. After nearly -20% losses in 20220, the company’s capital equipment business launched new products and delivered over +24% growth vs. the year prior, though sales remain below 2019 levels. ConMed also realized benefits from expanding its soft tissue repair market beyond shoulders.
The company’s relative strength in international markets stems from ConMed’s purchase of Linvatec from Bristol Myers Squibb in the 1990s, according to leadership. CEO Curt Hartman said, “We retained a lot of that existing infrastructure and still have that infrastructure in place and the market share that comes with being there in that consistent. So we have a very good orthopedics business outside the U.S. and I think our orthopedics business outside the U.S. will continue to have positive momentum. It’s been that way for a number of years.”
While the company over-performed relative to internal expectations in the first quarter, it is maintaining a conservative outlook for the remainder of 2021. ConMed provided full-year guidance in the range of $1 billion to $1.03 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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $107.2 | $99.3 | $7.9 | 7.9% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $37.1 | $37.0 | $0.1 | 0.2% |
| OUS | $70.0 | $62.2 | $7.8 | 12.5% |
| EMEA | $26.1 | $25.9 | $0.1 | 0.6% |
| Asia Pacific | $26.6 | $20.5 | $6.1 | 29.5% |
| Rest of World | $17.4 | $15.8 | $1.6 | 10% |
| Total | $107.2 | $99.3 | $7.9 | 7.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $238.7 | |
| Cost of Sales | $104.2 | 43.7% |
| Selling and Admin | $98.3 | 41.2% |
| R&D | $10.0 | 4.2% |
| Other | $16.2 | 6.8% |
| Net Earnings | $9.9 | 4.1% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers Mike Evers is an 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.
