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Enovis reported 1Q22 orthopedic sales of $146 million, +61.5% vs. 1Q21. By 2024, the company expects to achieve sustainable high single-digit growth and $2 billion in annual sales.
The company vastly expanded its geographic footprint with the mid-2021 purchase of Mathys. It also assembled a foot and ankle business through the acquisitions of Trilliant, MedShape and Stryker’s STAR ankle system. These businesses, along with non-orthopedic buy LiteCure, collectively provided 15% pro forma organic growth in the first quarter.
Even before its streak of acquisitions, Enovis’ offense was particularly effective in the ASC. The company said that 20% of its knee replacement business comes from the ASC setting, significantly higher than the market average.
Enovis CEO Matt Trerotola said, “We’ve already got physicians in the ASC and their clinics, through our Prevention and Rehabilitation business. Our brands are known, and that’s been an asset to us as we serve the ASC. We do believe that in Q1 again, that strong position in the ASC helped to fuel our knee share gain.”
Despite the overperformance in the first quarter, the company reiterated its full-year guidance of $395 million to $405 million, reflecting growth between +10% and +14%.
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
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $124.4 | $72.1 | $52.4 | 72.7% |
| Knees | $18.6 | $10.6 | $8.0 | 75.3% |
| Hips | $40.2 | $23.5 | $16.7 | 70.8% |
| Extremities | $65.6 | $37.9 | $27.7 | 73.1% |
| Trauma | $6.2 | $3.8 | $2.4 | 63.6% |
| Other (Recovery Sciences) | $15.4 | $14.6 | $0.8 | 5.8% |
| Total | $146.0 | $90.4 | $55.6 | 61.5% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $108.8 | $85.9 | $22.9 | 26.7% |
| OUS | $37.2 | $4.5 | $32.7 | 723.7% |
| EMEA | $28.5 | $2.3 | $26.2 | 1159.7% |
| APAC | $5.8 | $1.8 | $4.0 | 223% |
| ROW | $2.9 | $0.5 | $2.5 | 546% |
| Total | $146.0 | $90.4 | $55.6 | 61.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,023.4 | |
| Cost of Sales | $593.1 | 58% |
| Selling and Admin | $369.4 | 36.1% |
| Other | $45.8 | 4.5% |
| Net Earnings | $15.1 | 1.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Enovis reported 1Q22 orthopedic sales of $146 million, +61.5% vs. 1Q21. By 2024, the company expects to achieve sustainable high single-digit growth and $2 billion in annual sales.
The company vastly expanded its geographic footprint with the mid-2021 purchase of Mathys. It also assembled a foot and ankle business through the acquisitions of...
Enovis reported 1Q22 orthopedic sales of $146 million, +61.5% vs. 1Q21. By 2024, the company expects to achieve sustainable high single-digit growth and $2 billion in annual sales.
The company vastly expanded its geographic footprint with the mid-2021 purchase of Mathys. It also assembled a foot and ankle business through the acquisitions of Trilliant, MedShape and Stryker’s STAR ankle system. These businesses, along with non-orthopedic buy LiteCure, collectively provided 15% pro forma organic growth in the first quarter.
Even before its streak of acquisitions, Enovis’ offense was particularly effective in the ASC. The company said that 20% of its knee replacement business comes from the ASC setting, significantly higher than the market average.
Enovis CEO Matt Trerotola said, “We’ve already got physicians in the ASC and their clinics, through our Prevention and Rehabilitation business. Our brands are known, and that’s been an asset to us as we serve the ASC. We do believe that in Q1 again, that strong position in the ASC helped to fuel our knee share gain.”
Despite the overperformance in the first quarter, the company reiterated its full-year guidance of $395 million to $405 million, reflecting growth between +10% and +14%.
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
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $124.4 | $72.1 | $52.4 | 72.7% |
| Knees | $18.6 | $10.6 | $8.0 | 75.3% |
| Hips | $40.2 | $23.5 | $16.7 | 70.8% |
| Extremities | $65.6 | $37.9 | $27.7 | 73.1% |
| Trauma | $6.2 | $3.8 | $2.4 | 63.6% |
| Other (Recovery Sciences) | $15.4 | $14.6 | $0.8 | 5.8% |
| Total | $146.0 | $90.4 | $55.6 | 61.5% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $108.8 | $85.9 | $22.9 | 26.7% |
| OUS | $37.2 | $4.5 | $32.7 | 723.7% |
| EMEA | $28.5 | $2.3 | $26.2 | 1159.7% |
| APAC | $5.8 | $1.8 | $4.0 | 223% |
| ROW | $2.9 | $0.5 | $2.5 | 546% |
| Total | $146.0 | $90.4 | $55.6 | 61.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,023.4 | |
| Cost of Sales | $593.1 | 58% |
| Selling and Admin | $369.4 | 36.1% |
| Other | $45.8 | 4.5% |
| Net Earnings | $15.1 | 1.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
