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DePuy Synthes reported 1Q24 orthopedic sales of $2,340 million, +4.3% compared to the first quarter of 2023.
The company benefitted from a one-time change in revenue recognition timing on certain products in the U.S. but also had one less selling day in the quarter. Accounting for those items, DePuy Synthes’ orthopedic sales grew in the low single digits.
Both trauma and spine saw ongoing competitive pressure. However, DePuy Synthes entered 2024 with notably better results in large joints. Can the company sustain those results absent one-time items and elevated procedure volumes?
If so, it will be due in large part to the VELYS robotic platform. Now, two years post-launch, VELYS is in 18 countries and has surpassed 50,000 procedures.
DePuy Synthes’ margin profile improved along with its sales execution.
“In the second quarter of 2023, we announced a major restructuring to simplify our portfolio and focus our business where we could drive the greatest impact for patients and shareholders,” said Johnson and Johnson CFO Joe Wolk. “That effort is resulting in a 20% reduction in our implants. To put that in context, we have 100,000 implants today within our orthopedics business.”
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $946.4 | $875.6 | $70.9 | 8.1% |
| Knees | $401.4 | $368.3 | $33.1 | 9% |
| Hips | $422.4 | $390.7 | $31.7 | 8.1% |
| Extremities | $122.6 | $116.6 | $6.0 | 5.2% |
| Spine | $249.7 | $247.2 | $2.5 | 1% |
| Trauma | $680.5 | $673.7 | $6.8 | 1% |
| Sports Medicine | $186.1 | $174.8 | $11.3 | 6.4% |
| Orthobiologics | $84.2 | $80.1 | $4.1 | 5.1% |
| Enabling Technology | $15.8 | $14.6 | $1.2 | 8.4% |
| Other | $177.7 | $178.5 | ($0.8) | (0.4%) |
| Total | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,448.2 | $1,363.3 | $84.9 | 6.2% |
| OUS | $892.2 | $881.2 | $11.0 | 1.3% |
| EMEA | $421.6 | $414.1 | $7.4 | 1.8% |
| APAC | $312.3 | $312.8 | ($0.6) | (0.2%) |
| Rest of World | $158.4 | $154.2 | $4.2 | 2.7% |
| Total | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $21,383.0 | |
| Cost of Sales | $6,511.0 | 30.4% |
| Selling and Admin | $5,257.0 | 24.6% |
| R & D | $3,542.0 | 16.6% |
| Other | $719.0 | 3.4% |
| Net Earnings | $5,354.0 | 25% |
DePuy Synthes reported 1Q24 orthopedic sales of $2,340 million, +4.3% compared to the first quarter of 2023.
The company benefitted from a one-time change in revenue recognition timing on certain products in the U.S. but also had one less selling day in the quarter. Accounting for those items, DePuy Synthes' orthopedic sales grew in the...
DePuy Synthes reported 1Q24 orthopedic sales of $2,340 million, +4.3% compared to the first quarter of 2023.
The company benefitted from a one-time change in revenue recognition timing on certain products in the U.S. but also had one less selling day in the quarter. Accounting for those items, DePuy Synthes’ orthopedic sales grew in the low single digits.
Both trauma and spine saw ongoing competitive pressure. However, DePuy Synthes entered 2024 with notably better results in large joints. Can the company sustain those results absent one-time items and elevated procedure volumes?
If so, it will be due in large part to the VELYS robotic platform. Now, two years post-launch, VELYS is in 18 countries and has surpassed 50,000 procedures.
DePuy Synthes’ margin profile improved along with its sales execution.
“In the second quarter of 2023, we announced a major restructuring to simplify our portfolio and focus our business where we could drive the greatest impact for patients and shareholders,” said Johnson and Johnson CFO Joe Wolk. “That effort is resulting in a 20% reduction in our implants. To put that in context, we have 100,000 implants today within our orthopedics business.”
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $946.4 | $875.6 | $70.9 | 8.1% |
| Knees | $401.4 | $368.3 | $33.1 | 9% |
| Hips | $422.4 | $390.7 | $31.7 | 8.1% |
| Extremities | $122.6 | $116.6 | $6.0 | 5.2% |
| Spine | $249.7 | $247.2 | $2.5 | 1% |
| Trauma | $680.5 | $673.7 | $6.8 | 1% |
| Sports Medicine | $186.1 | $174.8 | $11.3 | 6.4% |
| Orthobiologics | $84.2 | $80.1 | $4.1 | 5.1% |
| Enabling Technology | $15.8 | $14.6 | $1.2 | 8.4% |
| Other | $177.7 | $178.5 | ($0.8) | (0.4%) |
| Total | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,448.2 | $1,363.3 | $84.9 | 6.2% |
| OUS | $892.2 | $881.2 | $11.0 | 1.3% |
| EMEA | $421.6 | $414.1 | $7.4 | 1.8% |
| APAC | $312.3 | $312.8 | ($0.6) | (0.2%) |
| Rest of World | $158.4 | $154.2 | $4.2 | 2.7% |
| Total | $2,340.4 | $2,244.5 | $95.9 | 4.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $21,383.0 | |
| Cost of Sales | $6,511.0 | 30.4% |
| Selling and Admin | $5,257.0 | 24.6% |
| R & D | $3,542.0 | 16.6% |
| Other | $719.0 | 3.4% |
| Net Earnings | $5,354.0 | 25% |
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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.
