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Enovis reported 2Q24 orthopedic sales of $262 million, up 53.6% from the second quarter of 2023. The company generated $533.5 million in orthopedic sales for the first half, up 56.4% from the prior year.
While the company’s integration of LimaCorporate progressed according to plan, the second quarter brought the most acute impacts in directly overlapping U.S. reconstructive territories. Enovis estimated a sales drag of 3% to 4% across shoulders, knees and hips.
Integration efforts and steep prior-year comparison impacted knee replacement growth, but Enovis is still bullish on the business as it adds surgeons and products with cross-selling potential.
The shoulder subsegment experienced the most integration impact, but is set up nicely in the second half and beyond with key technologies like the AltiVate Reverse augmented glenoid system and ARVIS.
Hips seem to have a longer road to recovery as Enovis addresses gaps like surgical impactors and hip stems for direct anterior procedures, allowing it to return to the offense in 2025.
“U.S. hips have been under pressure the last couple of quarters,” said Enovis CEO Matt Trerotola. “In addition to the Lima integration impacts, we are between product cycles at a time of shifting market needs. We’re addressing the shift with new products that are expected to be launched around year-end to drive strong growth in 2025 and beyond.”
The company tightened its 2024 total sales guidance to $2.08 billion to $2.13 billion, reflecting growth between 22% and 25%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $220.2 | $133.3 | $86.9 | 65.2% |
| Knees | $52.0 | $29.5 | $22.5 | 76.4% |
| Hips | $71.7 | $46.5 | $25.2 | 54.3% |
| Extremities | $96.5 | $57.4 | $39.1 | 68.2% |
| Trauma | $19.8 | $15.5 | $4.3 | 27.7% |
| Other (Recovery Sciences) | $22.0 | $21.8 | $0.2 | 1% |
| Total | $262.0 | $170.6 | $91.4 | 53.6% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $446.6 | $267.0 | $179.6 | 67.3% |
| Knees | $103.4 | $59.0 | $44.4 | 75.3% |
| Hips | $146.4 | $93.1 | $53.2 | 57.1% |
| Extremities | $196.8 | $114.9 | $82.0 | 71.4% |
| Trauma | $42.9 | $31.0 | $11.9 | 38.3% |
| Other (Recovery Sciences) | $44.0 | $43.0 | $0.9 | 2.1% |
| Total | $533.5 | $341.1 | $192.4 | 56.4% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $129.3 | $116.8 | $12.4 | 10.6% |
| OUS | $132.7 | $53.8 | $78.9 | 146.7% |
| EMEA | $106.1 | $41.8 | $64.3 | 153.8% |
| Asia Pacific | $17.0 | $6.4 | $10.6 | 166.2% |
| Rest of World | $9.6 | $5.6 | $4.0 | 71.5% |
| Total | $262.0 | $170.6 | $91.4 | 53.6% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $259.8 | $230.3 | $29.5 | 12.8% |
| OUS | $273.6 | $110.7 | $162.9 | 147.1% |
| EMEA | $217.4 | $87.8 | $129.6 | 147.6% |
| Asia Pacific | $36.0 | $13.2 | $22.8 | 172.6% |
| Rest of World | $20.2 | $9.7 | $10.5 | 108.1% |
| Total | $533.5 | $341.1 | $192.4 | 56.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $525.2 | |
| Cost of Sales | $236.3 | 45% |
| Selling and Admin | $264.1 | 50.3% |
| R&D | $23.5 | 9.9% |
| Other | $43.4 | 8.3% |
| Net Earnings | ($18.6) | (3.5%) |
Enovis reported 2Q24 orthopedic sales of $262 million, up 53.6% from the second quarter of 2023. The company generated $533.5 million in orthopedic sales for the first half, up 56.4% from the prior year.
While the company's integration of LimaCorporate progressed according to plan, the second quarter brought the most acute impacts in...
Enovis reported 2Q24 orthopedic sales of $262 million, up 53.6% from the second quarter of 2023. The company generated $533.5 million in orthopedic sales for the first half, up 56.4% from the prior year.
While the company’s integration of LimaCorporate progressed according to plan, the second quarter brought the most acute impacts in directly overlapping U.S. reconstructive territories. Enovis estimated a sales drag of 3% to 4% across shoulders, knees and hips.
Integration efforts and steep prior-year comparison impacted knee replacement growth, but Enovis is still bullish on the business as it adds surgeons and products with cross-selling potential.
The shoulder subsegment experienced the most integration impact, but is set up nicely in the second half and beyond with key technologies like the AltiVate Reverse augmented glenoid system and ARVIS.
Hips seem to have a longer road to recovery as Enovis addresses gaps like surgical impactors and hip stems for direct anterior procedures, allowing it to return to the offense in 2025.
“U.S. hips have been under pressure the last couple of quarters,” said Enovis CEO Matt Trerotola. “In addition to the Lima integration impacts, we are between product cycles at a time of shifting market needs. We’re addressing the shift with new products that are expected to be launched around year-end to drive strong growth in 2025 and beyond.”
The company tightened its 2024 total sales guidance to $2.08 billion to $2.13 billion, reflecting growth between 22% and 25%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $220.2 | $133.3 | $86.9 | 65.2% |
| Knees | $52.0 | $29.5 | $22.5 | 76.4% |
| Hips | $71.7 | $46.5 | $25.2 | 54.3% |
| Extremities | $96.5 | $57.4 | $39.1 | 68.2% |
| Trauma | $19.8 | $15.5 | $4.3 | 27.7% |
| Other (Recovery Sciences) | $22.0 | $21.8 | $0.2 | 1% |
| Total | $262.0 | $170.6 | $91.4 | 53.6% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $446.6 | $267.0 | $179.6 | 67.3% |
| Knees | $103.4 | $59.0 | $44.4 | 75.3% |
| Hips | $146.4 | $93.1 | $53.2 | 57.1% |
| Extremities | $196.8 | $114.9 | $82.0 | 71.4% |
| Trauma | $42.9 | $31.0 | $11.9 | 38.3% |
| Other (Recovery Sciences) | $44.0 | $43.0 | $0.9 | 2.1% |
| Total | $533.5 | $341.1 | $192.4 | 56.4% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $129.3 | $116.8 | $12.4 | 10.6% |
| OUS | $132.7 | $53.8 | $78.9 | 146.7% |
| EMEA | $106.1 | $41.8 | $64.3 | 153.8% |
| Asia Pacific | $17.0 | $6.4 | $10.6 | 166.2% |
| Rest of World | $9.6 | $5.6 | $4.0 | 71.5% |
| Total | $262.0 | $170.6 | $91.4 | 53.6% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $259.8 | $230.3 | $29.5 | 12.8% |
| OUS | $273.6 | $110.7 | $162.9 | 147.1% |
| EMEA | $217.4 | $87.8 | $129.6 | 147.6% |
| Asia Pacific | $36.0 | $13.2 | $22.8 | 172.6% |
| Rest of World | $20.2 | $9.7 | $10.5 | 108.1% |
| Total | $533.5 | $341.1 | $192.4 | 56.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $525.2 | |
| Cost of Sales | $236.3 | 45% |
| Selling and Admin | $264.1 | 50.3% |
| R&D | $23.5 | 9.9% |
| Other | $43.4 | 8.3% |
| Net Earnings | ($18.6) | (3.5%) |
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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.
