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Enovis reported 3Q24 orthopedic sales of $244.6 million, up 49.4% (6.4% pro forma) compared to the third quarter of 2023. Year to date, the company has generated $778 million in orthopedic sales, up 54.1% (7.5% pro forma) compared to the prior year.
Headwinds from the company’s integration of LimaCorporate peaked in the second quarter as Enovis sought to quickly align its commercial channels.
During the third quarter, the company’s U.S. recon business moved back to playing offense and benefitted from early cross-selling opportunities and new product launches. Integration of the international channels is about 90% complete as measured by revenue.
The third quarter also marked the one-year mark for the acquisition of Novastep. Enovis CEO Matt Trerotola reflected on the company’s rapid entry into the foot and ankle market.
“I’m incredibly proud of our Foot and Ankle team,” he said. “Over the last four years, we’ve successfully integrated five lower extremity assets into a comprehensive business unit and global commercial channel that’s on track to eclipse $100 million in revenues with consistent growth well above market and an innovation pipeline capable of driving double-digit growth for many years to come.”
The company narrowed it’s 2024 total revenue guidance to $2.1 billion, reflecting the impact of recent hurricanes and ongoing IV fluid shortage.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $203.3 | $126.6 | $76.6 | 60.5% |
| Knees | $48.5 | $28.0 | $20.5 | 73.4% |
| Hips | $62.4 | $44.2 | $18.2 | 41.2% |
| Extremities | $92.4 | $54.5 | $37.9 | 69.6% |
| Trauma | $18.5 | $14.7 | $3.8 | 25.5% |
| Other | $22.8 | $22.4 | $0.4 | 2% |
| Total | $244.6 | $163.7 | $80.8 | 49.4% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $649.8 | $393.6 | $256.2 | 65.1% |
| Knees | $151.9 | $87.0 | $65.0 | 74.7% |
| Hips | $208.7 | $137.3 | $71.4 | 52% |
| Extremities | $289.2 | $169.3 | $119.9 | 70.8% |
| Trauma | $61.4 | $45.8 | $15.7 | 34.2% |
| Other | $66.8 | $65.4 | $1.4 | 2.1% |
| Total | $778.0 | $504.8 | $273.2 | 54.1% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $127.9 | $110.9 | $17.0 | 15.4% |
| OUS | $116.6 | $52.8 | $63.8 | 120.8% |
| EMEA | $95.4 | $39.6 | $55.8 | 140.7% |
| Asia Pacific | $12.2 | $7.4 | $4.9 | 66% |
| Rest of World | $9.0 | $5.8 | $3.2 | 54.5% |
| Total | $244.6 | $163.7 | $80.8 | 49.4% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $387.8 | $341.2 | $46.5 | 13.6% |
| OUS | $390.3 | $163.6 | $226.7 | 138.6% |
| EMEA | $312.8 | $127.4 | $185.4 | 145.4% |
| Asia Pacific | $48.3 | $20.6 | $27.7 | 134.5% |
| Rest of World | $29.2 | $15.6 | $13.7 | 88% |
| Total | $778.0 | $504.8 | $273.2 | 54.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $505.2 | |
| Cost of Sales | $218.8 | 43.3% |
| Selling and Admin | $249.9 | 49.5% |
| R&D | $20.5 | 9.4% |
| Other | $68.1 | 13.5% |
| Net Earnings | ($31.5) | (6.2%) |
Enovis reported 3Q24 orthopedic sales of $244.6 million, up 49.4% (6.4% pro forma) compared to the third quarter of 2023. Year to date, the company has generated $778 million in orthopedic sales, up 54.1% (7.5% pro forma) compared to the prior year.
Headwinds from the company's integration of LimaCorporate peaked in the second quarter as...
Enovis reported 3Q24 orthopedic sales of $244.6 million, up 49.4% (6.4% pro forma) compared to the third quarter of 2023. Year to date, the company has generated $778 million in orthopedic sales, up 54.1% (7.5% pro forma) compared to the prior year.
Headwinds from the company’s integration of LimaCorporate peaked in the second quarter as Enovis sought to quickly align its commercial channels.
During the third quarter, the company’s U.S. recon business moved back to playing offense and benefitted from early cross-selling opportunities and new product launches. Integration of the international channels is about 90% complete as measured by revenue.
The third quarter also marked the one-year mark for the acquisition of Novastep. Enovis CEO Matt Trerotola reflected on the company’s rapid entry into the foot and ankle market.
“I’m incredibly proud of our Foot and Ankle team,” he said. “Over the last four years, we’ve successfully integrated five lower extremity assets into a comprehensive business unit and global commercial channel that’s on track to eclipse $100 million in revenues with consistent growth well above market and an innovation pipeline capable of driving double-digit growth for many years to come.”
The company narrowed it’s 2024 total revenue guidance to $2.1 billion, reflecting the impact of recent hurricanes and ongoing IV fluid shortage.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $203.3 | $126.6 | $76.6 | 60.5% |
| Knees | $48.5 | $28.0 | $20.5 | 73.4% |
| Hips | $62.4 | $44.2 | $18.2 | 41.2% |
| Extremities | $92.4 | $54.5 | $37.9 | 69.6% |
| Trauma | $18.5 | $14.7 | $3.8 | 25.5% |
| Other | $22.8 | $22.4 | $0.4 | 2% |
| Total | $244.6 | $163.7 | $80.8 | 49.4% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $649.8 | $393.6 | $256.2 | 65.1% |
| Knees | $151.9 | $87.0 | $65.0 | 74.7% |
| Hips | $208.7 | $137.3 | $71.4 | 52% |
| Extremities | $289.2 | $169.3 | $119.9 | 70.8% |
| Trauma | $61.4 | $45.8 | $15.7 | 34.2% |
| Other | $66.8 | $65.4 | $1.4 | 2.1% |
| Total | $778.0 | $504.8 | $273.2 | 54.1% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $127.9 | $110.9 | $17.0 | 15.4% |
| OUS | $116.6 | $52.8 | $63.8 | 120.8% |
| EMEA | $95.4 | $39.6 | $55.8 | 140.7% |
| Asia Pacific | $12.2 | $7.4 | $4.9 | 66% |
| Rest of World | $9.0 | $5.8 | $3.2 | 54.5% |
| Total | $244.6 | $163.7 | $80.8 | 49.4% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $387.8 | $341.2 | $46.5 | 13.6% |
| OUS | $390.3 | $163.6 | $226.7 | 138.6% |
| EMEA | $312.8 | $127.4 | $185.4 | 145.4% |
| Asia Pacific | $48.3 | $20.6 | $27.7 | 134.5% |
| Rest of World | $29.2 | $15.6 | $13.7 | 88% |
| Total | $778.0 | $504.8 | $273.2 | 54.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $505.2 | |
| Cost of Sales | $218.8 | 43.3% |
| Selling and Admin | $249.9 | 49.5% |
| R&D | $20.5 | 9.4% |
| Other | $68.1 | 13.5% |
| Net Earnings | ($31.5) | (6.2%) |
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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.
