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Enovis reported 4Q23 orthopedic sales of $189.7 million, +16.7% compared to the fourth quarter of 2022. For 2023, the company generated $694.5 million in orthopedic sales and grew +15.9% compared to the prior year.
The company expanded its recon platform with total organic growth of +14%, double-digit organic growth across all major segments, ramping from the 2021 Mathys acquisition and wins in U.S. ASCs. Enovis closed 2023 with the announcement that it would acquire LimaCorporate, a move that further expands Enovis’ offerings and reach.
The company launched the EMPOWR Revision System in late 2022, unlocking access to about 20% of the knee market previously unserved by Enovis. The launch contributed to strong knee replacement sales growth in 2023, even through inventory constraints. However, 2024 brings a healthy supply state and and Lima’s 3D-printed trabecular titanium clip cones for more difficult cases, becoming one of the initial cross-selling opportunities from the acquisition.
The Lima purchase also sets up potential cross-selling opportunities for Enovis’ AltiVate shoulder outside the U.S. while opening the door in the U.S. for some of Lima’s systems aimed at the toughest indications. However, Enovis will have to contend with competitive pressure from the launch of Zimmer Biomet’s robotic system for shoulder surgery.
To this point, Enovis’ enabling tech approach has focused on software and lower-cost hardware.
“We have also been a leader in enabling tech in Shoulder for many years,” said Enovis CEO Matt Trerotola. “The ability to do presurgical planning and use patient-specific instruments is something that’s been around for a while in shoulder and part of what’s enabled us to continue to succeed. We see opportunities to simplify the workflow with augmented reality guidance and predictive analytics to create the next step change in terms of workflow in the shoulder and do it cost-effectively and space-efficiently.”
Enovis expects above-normal demand once again in 2024. The company projected 2024 total sales of $2.05 billion to $2.15 billion, including double-digit recon growth and a $290 million to $300 million contribution from LimaCorporate.
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
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $151.5 | $128.7 | $22.8 | 17.8% |
| Knees | $32.0 | $26.3 | $5.6 | 21.4% |
| Hips | $61.8 | $51.2 | $10.7 | 20.9% |
| Extremities | $57.7 | $51.2 | $6.5 | 12.8% |
| Trauma | $16.1 | $13.2 | $2.9 | 22.1% |
| Other (Recovery Sciences) | $22.1 | $20.7 | $1.5 | 7.1% |
| Total | $189.7 | $162.5 | $27.2 | 16.7% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $556.7 | $472.9 | $83.8 | 17.7% |
| Knees | $117.4 | $95.9 | $21.5 | 22.5% |
| Hips | $222.4 | $186.9 | $35.4 | 19% |
| Extremities | $216.9 | $190.1 | $26.8 | 14.1% |
| Trauma | $54.8 | $46.6 | $8.2 | 17.5% |
| Other (Recovery Sciences) | $83.0 | $79.9 | $3.1 | 3.9% |
| Total | $694.5 | $599.4 | $95.1 | 15.9% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $128.3 | $110.5 | $17.8 | 16.1% |
| OUS | $61.4 | $52.0 | $9.4 | 18.1% |
| EMEA | $49.3 | $41.4 | $7.9 | 19% |
| APAC | $7.6 | $6.5 | $1.1 | 16.7% |
| ROW | $4.5 | $4.1 | $0.4 | 10.3% |
| Total | $189.7 | $162.5 | $27.2 | 16.7% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $469.5 | $404.3 | $65.2 | 16.1% |
| OUS | $225.0 | $195.1 | $29.9 | 15.3% |
| EMEA | $176.8 | $152.1 | $24.6 | 16.2% |
| APAC | $28.2 | $24.7 | $3.5 | 14.2% |
| ROW | $20.0 | $18.3 | $1.8 | 9.7% |
| Total | $694.5 | $599.4 | $95.1 | 15.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $455.0 | |
| Cost of Sales | $190.6 | 41.9% |
| Selling and Admin | $211.0 | 46.4% |
| Other | $50.4 | 11.1% |
| Net Income | $3.0 | 0.7% |
Enovis reported 4Q23 orthopedic sales of $189.7 million, +16.7% compared to the fourth quarter of 2022. For 2023, the company generated $694.5 million in orthopedic sales and grew +15.9% compared to the prior year.
The company expanded its recon platform with total organic growth of +14%, double-digit organic growth across all major...
Enovis reported 4Q23 orthopedic sales of $189.7 million, +16.7% compared to the fourth quarter of 2022. For 2023, the company generated $694.5 million in orthopedic sales and grew +15.9% compared to the prior year.
The company expanded its recon platform with total organic growth of +14%, double-digit organic growth across all major segments, ramping from the 2021 Mathys acquisition and wins in U.S. ASCs. Enovis closed 2023 with the announcement that it would acquire LimaCorporate, a move that further expands Enovis’ offerings and reach.
The company launched the EMPOWR Revision System in late 2022, unlocking access to about 20% of the knee market previously unserved by Enovis. The launch contributed to strong knee replacement sales growth in 2023, even through inventory constraints. However, 2024 brings a healthy supply state and and Lima’s 3D-printed trabecular titanium clip cones for more difficult cases, becoming one of the initial cross-selling opportunities from the acquisition.
The Lima purchase also sets up potential cross-selling opportunities for Enovis’ AltiVate shoulder outside the U.S. while opening the door in the U.S. for some of Lima’s systems aimed at the toughest indications. However, Enovis will have to contend with competitive pressure from the launch of Zimmer Biomet’s robotic system for shoulder surgery.
To this point, Enovis’ enabling tech approach has focused on software and lower-cost hardware.
“We have also been a leader in enabling tech in Shoulder for many years,” said Enovis CEO Matt Trerotola. “The ability to do presurgical planning and use patient-specific instruments is something that’s been around for a while in shoulder and part of what’s enabled us to continue to succeed. We see opportunities to simplify the workflow with augmented reality guidance and predictive analytics to create the next step change in terms of workflow in the shoulder and do it cost-effectively and space-efficiently.”
Enovis expects above-normal demand once again in 2024. The company projected 2024 total sales of $2.05 billion to $2.15 billion, including double-digit recon growth and a $290 million to $300 million contribution from LimaCorporate.
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
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $151.5 | $128.7 | $22.8 | 17.8% |
| Knees | $32.0 | $26.3 | $5.6 | 21.4% |
| Hips | $61.8 | $51.2 | $10.7 | 20.9% |
| Extremities | $57.7 | $51.2 | $6.5 | 12.8% |
| Trauma | $16.1 | $13.2 | $2.9 | 22.1% |
| Other (Recovery Sciences) | $22.1 | $20.7 | $1.5 | 7.1% |
| Total | $189.7 | $162.5 | $27.2 | 16.7% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $556.7 | $472.9 | $83.8 | 17.7% |
| Knees | $117.4 | $95.9 | $21.5 | 22.5% |
| Hips | $222.4 | $186.9 | $35.4 | 19% |
| Extremities | $216.9 | $190.1 | $26.8 | 14.1% |
| Trauma | $54.8 | $46.6 | $8.2 | 17.5% |
| Other (Recovery Sciences) | $83.0 | $79.9 | $3.1 | 3.9% |
| Total | $694.5 | $599.4 | $95.1 | 15.9% |
Orthopedic Sales by Geography
| 4Q23 | 4Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $128.3 | $110.5 | $17.8 | 16.1% |
| OUS | $61.4 | $52.0 | $9.4 | 18.1% |
| EMEA | $49.3 | $41.4 | $7.9 | 19% |
| APAC | $7.6 | $6.5 | $1.1 | 16.7% |
| ROW | $4.5 | $4.1 | $0.4 | 10.3% |
| Total | $189.7 | $162.5 | $27.2 | 16.7% |
| FY23 | FY22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $469.5 | $404.3 | $65.2 | 16.1% |
| OUS | $225.0 | $195.1 | $29.9 | 15.3% |
| EMEA | $176.8 | $152.1 | $24.6 | 16.2% |
| APAC | $28.2 | $24.7 | $3.5 | 14.2% |
| ROW | $20.0 | $18.3 | $1.8 | 9.7% |
| Total | $694.5 | $599.4 | $95.1 | 15.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $455.0 | |
| Cost of Sales | $190.6 | 41.9% |
| Selling and Admin | $211.0 | 46.4% |
| Other | $50.4 | 11.1% |
| Net Income | $3.0 | 0.7% |
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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.
