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Enovis reported 2Q23 orthopedic sales of $170.6 million, +15.9% compared to the second quarter of 2022. The company generated orthopedic sales of $341.1 million for the first half of 2023, +16.3% compared to the prior year period.
An aggressive M&A strategy helped Enovis rapidly scale in attractive markets. Two years into the Mathys deal, the company is exceeding plan and driving double-digit growth while sales synergies ramp up. Enovis built a leading foot and ankle business through a number of deals with a clear path to double-digit revenue growth and margin improvement.
The company views M&A as a core competency and is likely to remain active on the acquisition front. “Certainly, it is a more constructive environment than it was several years ago for M&A,” said Enovis CEO Matt Trerotola. “Very encouraging for us that the deals we’ve done were in a really challenging M&A environment in terms of kind of the strength of sellers. Now it’s a better M&A environment, and we’re definitely excited about the capital that we have to deploy and the possibilities for what we can do with it.”
While the global orthopedic market is experiencing a tailwind after years of disruption, Enovis expects moderation in the second half of 2023. The uptick in volume became very apparent during the third quarter of 2022, leading to tougher comparisons for the balance of this year. Additionally, the company expects a slight pause as surgeon vacations and travel impact the third quarter.
Still, Enovis raised its full-year organic growth guidance to the range of 7% to 7.5%, implying continued strong double-digit growth for its recon segment.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $137.2 | $115.6 | $21.6 | 18.7% |
| Knees | $29.5 | $23.8 | $5.7 | 23.9% |
| Hips | $54.3 | $46.2 | $8.0 | 17.4% |
| Extremities | $53.5 | $45.6 | $7.9 | 17.4% |
| Trauma | $13.2 | $12.0 | $1.2 | 10.3% |
| Other (Recovery Sciences) | $20.2 | $19.6 | $0.6 | 3.1% |
| Total | $170.6 | $147.2 | $23.5 | 15.9% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $276.0 | $231.6 | $44.4 | 19.2% |
| Knees | $58.2 | $46.9 | $11.3 | 24.1% |
| Hips | $107.9 | $91.7 | $16.2 | 17.7% |
| Extremities | $109.9 | $93.0 | $16.9 | 18.2% |
| Trauma | $25.1 | $22.9 | $2.2 | 9.7% |
| Other (Recovery Sciences) | $39.9 | $38.7 | $1.2 | 3.2% |
| Total | $341.1 | $293.2 | $47.9 | 16.3% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $116.8 | $100.1 | $16.7 | 16.7% |
| OUS | $53.8 | $47.1 | $6.7 | 14.2% |
| EMEA | $41.8 | $36.8 | $5.0 | 13.6% |
| Asia Pacific | $6.4 | $5.2 | $1.2 | 24.2% |
| Rest of World | $5.6 | $5.2 | $0.4 | 8.7% |
| Total | $170.6 | $147.2 | $23.5 | 15.9% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $230.3 | $199.0 | $31.3 | 15.7% |
| OUS | $110.7 | $94.2 | $16.5 | 17.5% |
| EMEA | $87.8 | $74.8 | $13.1 | 17.5% |
| Asia Pacific | $13.2 | $11.0 | $2.2 | 20.2% |
| Rest of World | $9.7 | $8.5 | $1.2 | 14.7% |
| Total | $341.1 | $293.2 | $47.9 | 16.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $428.5 | |
| Cost of Sales | $180.1 | 42% |
| Selling and Admin | $207.9 | 48.5% |
| Other | $50.5 | 11.8% |
| Net Earnings | ($10.0) | (2.3%) |
| $0.0 | 0% |
Enovis reported 2Q23 orthopedic sales of $170.6 million, +15.9% compared to the second quarter of 2022. The company generated orthopedic sales of $341.1 million for the first half of 2023, +16.3% compared to the prior year period.
An aggressive M&A strategy helped Enovis rapidly scale in attractive markets. Two years into the Mathys...
Enovis reported 2Q23 orthopedic sales of $170.6 million, +15.9% compared to the second quarter of 2022. The company generated orthopedic sales of $341.1 million for the first half of 2023, +16.3% compared to the prior year period.
An aggressive M&A strategy helped Enovis rapidly scale in attractive markets. Two years into the Mathys deal, the company is exceeding plan and driving double-digit growth while sales synergies ramp up. Enovis built a leading foot and ankle business through a number of deals with a clear path to double-digit revenue growth and margin improvement.
The company views M&A as a core competency and is likely to remain active on the acquisition front. “Certainly, it is a more constructive environment than it was several years ago for M&A,” said Enovis CEO Matt Trerotola. “Very encouraging for us that the deals we’ve done were in a really challenging M&A environment in terms of kind of the strength of sellers. Now it’s a better M&A environment, and we’re definitely excited about the capital that we have to deploy and the possibilities for what we can do with it.”
While the global orthopedic market is experiencing a tailwind after years of disruption, Enovis expects moderation in the second half of 2023. The uptick in volume became very apparent during the third quarter of 2022, leading to tougher comparisons for the balance of this year. Additionally, the company expects a slight pause as surgeon vacations and travel impact the third quarter.
Still, Enovis raised its full-year organic growth guidance to the range of 7% to 7.5%, implying continued strong double-digit growth for its recon segment.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $137.2 | $115.6 | $21.6 | 18.7% |
| Knees | $29.5 | $23.8 | $5.7 | 23.9% |
| Hips | $54.3 | $46.2 | $8.0 | 17.4% |
| Extremities | $53.5 | $45.6 | $7.9 | 17.4% |
| Trauma | $13.2 | $12.0 | $1.2 | 10.3% |
| Other (Recovery Sciences) | $20.2 | $19.6 | $0.6 | 3.1% |
| Total | $170.6 | $147.2 | $23.5 | 15.9% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $276.0 | $231.6 | $44.4 | 19.2% |
| Knees | $58.2 | $46.9 | $11.3 | 24.1% |
| Hips | $107.9 | $91.7 | $16.2 | 17.7% |
| Extremities | $109.9 | $93.0 | $16.9 | 18.2% |
| Trauma | $25.1 | $22.9 | $2.2 | 9.7% |
| Other (Recovery Sciences) | $39.9 | $38.7 | $1.2 | 3.2% |
| Total | $341.1 | $293.2 | $47.9 | 16.3% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $116.8 | $100.1 | $16.7 | 16.7% |
| OUS | $53.8 | $47.1 | $6.7 | 14.2% |
| EMEA | $41.8 | $36.8 | $5.0 | 13.6% |
| Asia Pacific | $6.4 | $5.2 | $1.2 | 24.2% |
| Rest of World | $5.6 | $5.2 | $0.4 | 8.7% |
| Total | $170.6 | $147.2 | $23.5 | 15.9% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $230.3 | $199.0 | $31.3 | 15.7% |
| OUS | $110.7 | $94.2 | $16.5 | 17.5% |
| EMEA | $87.8 | $74.8 | $13.1 | 17.5% |
| Asia Pacific | $13.2 | $11.0 | $2.2 | 20.2% |
| Rest of World | $9.7 | $8.5 | $1.2 | 14.7% |
| Total | $341.1 | $293.2 | $47.9 | 16.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $428.5 | |
| Cost of Sales | $180.1 | 42% |
| Selling and Admin | $207.9 | 48.5% |
| Other | $50.5 | 11.8% |
| Net Earnings | ($10.0) | (2.3%) |
| $0.0 | 0% |
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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.
