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ConMed reported 3Q20 orthopedic revenue of USD $102.2 million, -7.4% vs. 3Q19. While the company’s sports medicine procedure volumes improved sequentially, capital sales remain slow and experienced double-digit declines in the quarter. ConMed leadership believes that its orthopedic backlog of procedures is now cleared, and new procedures have been slower to return to normal levels. Despite COVID metrics worsening significantly in the U.S. and Europe, the company does not foresee complete shutdowns of elective procedures given that healthcare systems are more prepared than during the early phases of the pandemic.
“The procedure levels in sports medicine generally revolve around team activity and large events. That has been slowed dramatically on a global basis. Procedures related to the knee are probably at a much lower level than they historically run. Until team activities outside of professional sports return at some level, I think the underlying procedure volume is going to be a little lower.” – Curt Hartman, ConMed President and CEO
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
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $102.2 | $110.3 | ($8.1) | (7.4%) |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $262.0 | $339.5 | ($77.6) | (22.8%) |
Geographic Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.9 | $42.5 | ($3.6) | (8.5%) |
| OUS | $63.3 | $67.8 | ($4.5) | (6.7%) |
| EMEA | $23.1 | $24.7 | ($1.6) | (6.4%) |
| Asia Pacific | $26.4 | $26.0 | $0.4 | 1.4% |
| Rest of World | $13.8 | $17.1 | ($3.3) | (19.3%) |
| Total | $102.2 | $110.3 | ($8.1) | (7.4%) |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $97.3 | $131.1 | ($33.8) | (25.8%) |
| OUS | $164.6 | $208.4 | ($43.8) | (21%) |
| EMEA | $62.7 | $86.2 | ($23.5) | (27.2%) |
| Asia Pacific | $66.7 | $74.3 | ($7.6) | (10.2%) |
| Rest of World | $35.2 | $47.9 | ($12.7) | (26.6%) |
| Total | $262.0 | $339.5 | ($77.6) | (22.8%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $237.8 | |
| Cost of Sales | $104.1 | 43.8% |
| Selling and Admin | $94.4 | 39.7% |
| R&D | $9.9 | 4.2% |
| Other | $22.5 | 9.5% |
| Net Earnings | $6.9 | 2.9% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
ConMed reported 3Q20 orthopedic revenue of USD $102.2 million, -7.4% vs. 3Q19. While the company's sports medicine procedure volumes improved sequentially, capital sales remain slow and experienced double-digit declines in the quarter. ConMed leadership believes that its orthopedic backlog of procedures is now cleared, and new procedures have...
ConMed reported 3Q20 orthopedic revenue of USD $102.2 million, -7.4% vs. 3Q19. While the company’s sports medicine procedure volumes improved sequentially, capital sales remain slow and experienced double-digit declines in the quarter. ConMed leadership believes that its orthopedic backlog of procedures is now cleared, and new procedures have been slower to return to normal levels. Despite COVID metrics worsening significantly in the U.S. and Europe, the company does not foresee complete shutdowns of elective procedures given that healthcare systems are more prepared than during the early phases of the pandemic.
“The procedure levels in sports medicine generally revolve around team activity and large events. That has been slowed dramatically on a global basis. Procedures related to the knee are probably at a much lower level than they historically run. Until team activities outside of professional sports return at some level, I think the underlying procedure volume is going to be a little lower.” – Curt Hartman, ConMed President and CEO
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
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $102.2 | $110.3 | ($8.1) | (7.4%) |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $262.0 | $339.5 | ($77.6) | (22.8%) |
Geographic Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $38.9 | $42.5 | ($3.6) | (8.5%) |
| OUS | $63.3 | $67.8 | ($4.5) | (6.7%) |
| EMEA | $23.1 | $24.7 | ($1.6) | (6.4%) |
| Asia Pacific | $26.4 | $26.0 | $0.4 | 1.4% |
| Rest of World | $13.8 | $17.1 | ($3.3) | (19.3%) |
| Total | $102.2 | $110.3 | ($8.1) | (7.4%) |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $97.3 | $131.1 | ($33.8) | (25.8%) |
| OUS | $164.6 | $208.4 | ($43.8) | (21%) |
| EMEA | $62.7 | $86.2 | ($23.5) | (27.2%) |
| Asia Pacific | $66.7 | $74.3 | ($7.6) | (10.2%) |
| Rest of World | $35.2 | $47.9 | ($12.7) | (26.6%) |
| Total | $262.0 | $339.5 | ($77.6) | (22.8%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $237.8 | |
| Cost of Sales | $104.1 | 43.8% |
| Selling and Admin | $94.4 | 39.7% |
| R&D | $9.9 | 4.2% |
| Other | $22.5 | 9.5% |
| Net Earnings | $6.9 | 2.9% |
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.
