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Enovis reported 3Q22 orthopedic sales of $143.7 million, +19.6% compared to the third quarter of 2021. The company’s Recon business achieved 15% organic growth, with double-digit growth across all product categories.
Foot and ankle sales enjoyed a rebound after moderate disruption from the STAR ankle product due to channel consolidation and a design refresh.
“On the STAR front, we’ll have a new cutting guide in the market and have our poly switched out in that product. Next year will start the STAR recovery, and there’s certainly a lot of share to get back after. Between the integrated channel, great innovation and leaning in on STAR next year, we feel like our Foot and Ankle business is going to be on a very nice growth path. There’s also some interesting potential bolt-on [acquisitions] in that space as well,” said Enovis CEO Matt Trerotola.
The company said that its recent M&A history is representative of its strategy going forward. Enovis will prioritize deals in its high-growth recon segments or those that open up new segments or geographies. Trerotola said valuations are more reasonable, but the company is prepared to pay a fair price for a high-value asset.
For 2022, Enovis is projecting total revenue organic growth of 6.5%. The company expects a normal seasonal step-up in the fourth quarter, but believes a sizeable backlog tailwind is off the table.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $119.0 | $97.2 | $21.8 | 22.4% |
| Knees | $20.6 | $16.6 | $4.0 | 23.9% |
| Hips | $43.3 | $34.3 | $9.0 | 26.1% |
| Extremities | $55.1 | $46.3 | $8.8 | 19.1% |
| Trauma | $8.3 | $6.8 | $1.5 | 22.4% |
| Other (Recovery Sciences) | $16.4 | $16.1 | $0.3 | 1.8% |
| Total | $143.7 | $120.1 | $23.6 | 19.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $368.9 | $253.1 | $115.7 | 45.7% |
| Knees | $61.9 | $38.9 | $23.0 | 59.3% |
| Hips | $129.1 | $85.5 | $43.6 | 51% |
| Extremities | $177.9 | $128.8 | $49.1 | 38.1% |
| Trauma | $20.4 | $15.9 | $4.5 | 28.2% |
| Other (Recovery Sciences) | $47.7 | $46.7 | $0.9 | 2% |
| Total | $436.9 | $315.8 | $121.2 | 38.4% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $105.6 | $90.1 | $15.5 | 17.3% |
| OUS | $38.1 | $30.0 | $8.1 | 26.8% |
| EMEA | $30.5 | $22.8 | $7.7 | 33.8% |
| Asia Pacific | $5.0 | $4.8 | $0.2 | 4.7% |
| Rest of World | $2.5 | $2.4 | $0.1 | 4.7% |
| Total | $143.7 | $120.1 | $23.6 | 19.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $324.8 | $277.0 | $47.8 | 17.3% |
| OUS | $112.1 | $38.8 | $73.4 | 189.3% |
| EMEA | $88.5 | $27.2 | $61.3 | 225.3% |
| Asia Pacific | $16.0 | $8.2 | $7.8 | 95.6% |
| Rest of World | $7.6 | $3.4 | $4.3 | 126.1% |
| Total | $436.9 | $315.8 | $121.2 | 38.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $383.8 | |
| Cost of Sales | $168.0 | 43.8% |
| Selling and Admin | $182.2 | 47.5% |
| Other | $100.2 | 26.1% |
| Net Earnings | ($66.6) | (17.4%) |
| $0.0 | 0% |
Enovis reported 3Q22 orthopedic sales of $143.7 million, +19.6% compared to the third quarter of 2021. The company's Recon business achieved 15% organic growth, with double-digit growth across all product categories.
Foot and ankle sales enjoyed a rebound after moderate disruption from the STAR ankle product due to channel consolidation...
Enovis reported 3Q22 orthopedic sales of $143.7 million, +19.6% compared to the third quarter of 2021. The company’s Recon business achieved 15% organic growth, with double-digit growth across all product categories.
Foot and ankle sales enjoyed a rebound after moderate disruption from the STAR ankle product due to channel consolidation and a design refresh.
“On the STAR front, we’ll have a new cutting guide in the market and have our poly switched out in that product. Next year will start the STAR recovery, and there’s certainly a lot of share to get back after. Between the integrated channel, great innovation and leaning in on STAR next year, we feel like our Foot and Ankle business is going to be on a very nice growth path. There’s also some interesting potential bolt-on [acquisitions] in that space as well,” said Enovis CEO Matt Trerotola.
The company said that its recent M&A history is representative of its strategy going forward. Enovis will prioritize deals in its high-growth recon segments or those that open up new segments or geographies. Trerotola said valuations are more reasonable, but the company is prepared to pay a fair price for a high-value asset.
For 2022, Enovis is projecting total revenue organic growth of 6.5%. The company expects a normal seasonal step-up in the fourth quarter, but believes a sizeable backlog tailwind is off the table.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $119.0 | $97.2 | $21.8 | 22.4% |
| Knees | $20.6 | $16.6 | $4.0 | 23.9% |
| Hips | $43.3 | $34.3 | $9.0 | 26.1% |
| Extremities | $55.1 | $46.3 | $8.8 | 19.1% |
| Trauma | $8.3 | $6.8 | $1.5 | 22.4% |
| Other (Recovery Sciences) | $16.4 | $16.1 | $0.3 | 1.8% |
| Total | $143.7 | $120.1 | $23.6 | 19.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $368.9 | $253.1 | $115.7 | 45.7% |
| Knees | $61.9 | $38.9 | $23.0 | 59.3% |
| Hips | $129.1 | $85.5 | $43.6 | 51% |
| Extremities | $177.9 | $128.8 | $49.1 | 38.1% |
| Trauma | $20.4 | $15.9 | $4.5 | 28.2% |
| Other (Recovery Sciences) | $47.7 | $46.7 | $0.9 | 2% |
| Total | $436.9 | $315.8 | $121.2 | 38.4% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $105.6 | $90.1 | $15.5 | 17.3% |
| OUS | $38.1 | $30.0 | $8.1 | 26.8% |
| EMEA | $30.5 | $22.8 | $7.7 | 33.8% |
| Asia Pacific | $5.0 | $4.8 | $0.2 | 4.7% |
| Rest of World | $2.5 | $2.4 | $0.1 | 4.7% |
| Total | $143.7 | $120.1 | $23.6 | 19.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $324.8 | $277.0 | $47.8 | 17.3% |
| OUS | $112.1 | $38.8 | $73.4 | 189.3% |
| EMEA | $88.5 | $27.2 | $61.3 | 225.3% |
| Asia Pacific | $16.0 | $8.2 | $7.8 | 95.6% |
| Rest of World | $7.6 | $3.4 | $4.3 | 126.1% |
| Total | $436.9 | $315.8 | $121.2 | 38.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $383.8 | |
| Cost of Sales | $168.0 | 43.8% |
| Selling and Admin | $182.2 | 47.5% |
| Other | $100.2 | 26.1% |
| Net Earnings | ($66.6) | (17.4%) |
| $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.
