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Enovis reported 3Q23 orthopedic sales of $163.7 million, +13.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $504.8 million in orthopedic sales, +15.5% compared to the prior year.
The company’s double-digit growth in Recon will be bolstered by recently launched products like the EMPOWR Revision knee, ARVIS 2.0 with EMPOWR compatibility and the Evolve34 Lapidus Correction System for bunions.
Enovis’ $844 million acquisition of LimaCorporate, slated to close in early 2024, will vault the company’s recon segment to $1 billion in annual sales. While there will be some product rationalization over the long term, the company sees significant synergies for the deal, especially around 3D printing.
“They’ve been a pioneer in designing and manufacturing with metal 3D printing,” said Enovis CEO Matt Trerotola. “They have done everything, including custom implants that are 3D-printed for very complicated cases. It is a great tip of the spear to be able to bring to surgeons to get them interested in the product line.”
For the 2023 revenue, Enovis expects total sales of approximately $1.7 billion, with organic growth between 7.4% and 7.5%. We estimate the company’s recon business will grow in the mid-teens.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $129.2 | $112.7 | $16.5 | 14.7% |
| Knees | $27.2 | $22.7 | $4.6 | 20.2% |
| Hips | $52.6 | $44.0 | $8.6 | 19.5% |
| Extremities | $49.3 | $46.0 | $3.4 | 7.3% |
| Trauma | $13.6 | $10.6 | $3.1 | 28.9% |
| Other | $20.9 | $20.5 | $0.4 | 2% |
| Total | $163.7 | $143.7 | $20.0 | 13.9% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $405.2 | $344.2 | $60.9 | 17.7% |
| Knees | $85.4 | $69.6 | $15.9 | 22.8% |
| Hips | $160.5 | $135.7 | $24.8 | 18.3% |
| Extremities | $159.2 | $138.9 | $20.3 | 14.6% |
| Trauma | $38.8 | $33.5 | $5.3 | 15.7% |
| Other | $60.9 | $59.2 | $1.6 | 2.8% |
| Total | $504.8 | $436.9 | $67.9 | 15.5% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $110.9 | $94.9 | $16.0 | 16.9% |
| OUS | $52.8 | $48.9 | $4.0 | 8.1% |
| EMEA | $39.6 | $35.9 | $3.7 | 10.3% |
| Asia Pacific | $7.4 | $7.2 | $0.2 | 2.5% |
| Rest of World | $5.8 | $5.7 | $0.1 | 1.7% |
| Total | $163.7 | $143.7 | $20.0 | 13.9% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $341.2 | $293.9 | $47.4 | 16.1% |
| OUS | $163.6 | $143.1 | $20.5 | 14.3% |
| EMEA | $127.4 | $110.7 | $16.8 | 15.1% |
| Asia Pacific | $20.6 | $18.2 | $2.4 | 13.2% |
| Rest of World | $15.6 | $14.2 | $1.3 | 9.5% |
| Total | $504.8 | $436.9 | $67.9 | 15.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $417.5 | |
| Cost of Sales | $174.6 | 41.8% |
| Selling and Admin | $204.2 | 48.9% |
| Other | $41.6 | 10% |
| Net Earnings | ($2.9) | (0.7%) |
| $0.0 | 0% |
Enovis reported 3Q23 orthopedic sales of $163.7 million, +13.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $504.8 million in orthopedic sales, +15.5% compared to the prior year.
The company's double-digit growth in Recon will be bolstered by recently launched products like the EMPOWR...
Enovis reported 3Q23 orthopedic sales of $163.7 million, +13.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $504.8 million in orthopedic sales, +15.5% compared to the prior year.
The company’s double-digit growth in Recon will be bolstered by recently launched products like the EMPOWR Revision knee, ARVIS 2.0 with EMPOWR compatibility and the Evolve34 Lapidus Correction System for bunions.
Enovis’ $844 million acquisition of LimaCorporate, slated to close in early 2024, will vault the company’s recon segment to $1 billion in annual sales. While there will be some product rationalization over the long term, the company sees significant synergies for the deal, especially around 3D printing.
“They’ve been a pioneer in designing and manufacturing with metal 3D printing,” said Enovis CEO Matt Trerotola. “They have done everything, including custom implants that are 3D-printed for very complicated cases. It is a great tip of the spear to be able to bring to surgeons to get them interested in the product line.”
For the 2023 revenue, Enovis expects total sales of approximately $1.7 billion, with organic growth between 7.4% and 7.5%. We estimate the company’s recon business will grow in the mid-teens.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $129.2 | $112.7 | $16.5 | 14.7% |
| Knees | $27.2 | $22.7 | $4.6 | 20.2% |
| Hips | $52.6 | $44.0 | $8.6 | 19.5% |
| Extremities | $49.3 | $46.0 | $3.4 | 7.3% |
| Trauma | $13.6 | $10.6 | $3.1 | 28.9% |
| Other | $20.9 | $20.5 | $0.4 | 2% |
| Total | $163.7 | $143.7 | $20.0 | 13.9% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $405.2 | $344.2 | $60.9 | 17.7% |
| Knees | $85.4 | $69.6 | $15.9 | 22.8% |
| Hips | $160.5 | $135.7 | $24.8 | 18.3% |
| Extremities | $159.2 | $138.9 | $20.3 | 14.6% |
| Trauma | $38.8 | $33.5 | $5.3 | 15.7% |
| Other | $60.9 | $59.2 | $1.6 | 2.8% |
| Total | $504.8 | $436.9 | $67.9 | 15.5% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $110.9 | $94.9 | $16.0 | 16.9% |
| OUS | $52.8 | $48.9 | $4.0 | 8.1% |
| EMEA | $39.6 | $35.9 | $3.7 | 10.3% |
| Asia Pacific | $7.4 | $7.2 | $0.2 | 2.5% |
| Rest of World | $5.8 | $5.7 | $0.1 | 1.7% |
| Total | $163.7 | $143.7 | $20.0 | 13.9% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $341.2 | $293.9 | $47.4 | 16.1% |
| OUS | $163.6 | $143.1 | $20.5 | 14.3% |
| EMEA | $127.4 | $110.7 | $16.8 | 15.1% |
| Asia Pacific | $20.6 | $18.2 | $2.4 | 13.2% |
| Rest of World | $15.6 | $14.2 | $1.3 | 9.5% |
| Total | $504.8 | $436.9 | $67.9 | 15.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $417.5 | |
| Cost of Sales | $174.6 | 41.8% |
| Selling and Admin | $204.2 | 48.9% |
| Other | $41.6 | 10% |
| Net Earnings | ($2.9) | (0.7%) |
| $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.
