
Enovis reported orthopedic sales of $271.5 million in 1Q24, up 59.3 % compared to the first quarter of 2023. As a reminder, we include a portion of Recovery Sciences revenue, reported under Enovis’ Prevention and Recovery business, in our Other segment.
The company’s Reconstructive segment grew 7% on a pro forma basis, including the prior year sales of recently acquired companies like LimaCorproate and Novastep.
Enovis said its commercial channel integration had a negative sales growth impact of 2% to 3%, within the range of original expectations. The dis-synergies occurred mostly in hips and shoulders within the U.S. That impact will likely flatten over the course of 2024 as cross-selling opportunities ramp up in the second half.
The company expects to gain additional momentum with new product launches in the second half of the year. Enovis’ current and upcoming pipeline includes the Empowr Revision Knee, Arvis 2.0 (recently cleared for use in shoulder surgery), Lima’s 3D-printed Trabecular Titanium clip cones and new technologies for the Arsenal foot and ankle plating system.
The market ran hot in the first quarter of 2023 and benefitted from what Enovis called a “super clean market environment.” The start of 2024 brought a more normalized market as illness, weather and supply constraints offset growth potential. However, Envois still believes there is an unworked backlog of surgeries for joint replacement.
“That’s what used to be pretty normal,” said Enovis CEO Matt Trerotola. “There were better months and worse months. We might be back into a more normal environment, and there’ll be periods where things can run white hot because that backlog is there and the surgical capacity is very available. There’ll be periods when the capacity is constrained, and the backlog sits there.”
For the full year, Enovis expects total revenue between $2.06 billion and $2.16 billion and high-single-digit growth in Reconstructive on a pro forma basis.
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 | 1Q24 | 1Q23 | $ Chg | % Chg |
---|---|---|---|---|
Joint Replacement | $226.4 | $133.7 | $92.7 | 69.4% |
Knees | $82.3 | $29.5 | $52.8 | 178.8% |
Hips | $51.5 | $46.6 | $4.8 | 10.4% |
Extremities | $92.6 | $57.5 | $35.1 | 61.1% |
Trauma | $23.2 | $15.5 | $7.6 | 49% |
Other | $22.0 | $21.3 | $0.7 | 3.3% |
Total | $271.5 | $170.5 | $101.0 | 59.3% |
Orthopedic Sales by Geography
Region | 1Q24 | 1Q23 | $ Chg | % Chg |
---|---|---|---|---|
US | $130.6 | $113.5 | $17.1 | 15% |
OUS | $140.9 | $56.9 | $84.0 | 147.5% |
EMEA | $111.3 | $46.0 | $65.3 | 141.9% |
APAC | $19.0 | $6.8 | $12.2 | 178.7% |
ROW | $10.6 | $4.1 | $6.5 | 158.1% |
Total | $271.5 | $170.5 | $101.0 | 59.3% |
Company Earnings
Amt | % of Sales | |
---|---|---|
Sales | $516.3 | |
Cost of Sales | $218.4 | 42.3% |
Selling and Admin | $255.7 | 49.5% |
R&D | $23.4 | 10.7% |
Other | $90.8 | 17.6% |
Net Earnings | ($72.0) | (13.9%) |
Enovis reported orthopedic sales of $271.5 million in 1Q24, up 59.3 % compared to the first quarter of 2023. As a reminder, we include a portion of Recovery Sciences revenue, reported under Enovis’ Prevention and Recovery business, in our Other segment.
The company’s Reconstructive segment grew 7% on a pro forma basis, including the prior...
Enovis reported orthopedic sales of $271.5 million in 1Q24, up 59.3 % compared to the first quarter of 2023. As a reminder, we include a portion of Recovery Sciences revenue, reported under Enovis’ Prevention and Recovery business, in our Other segment.
The company’s Reconstructive segment grew 7% on a pro forma basis, including the prior year sales of recently acquired companies like LimaCorproate and Novastep.
Enovis said its commercial channel integration had a negative sales growth impact of 2% to 3%, within the range of original expectations. The dis-synergies occurred mostly in hips and shoulders within the U.S. That impact will likely flatten over the course of 2024 as cross-selling opportunities ramp up in the second half.
The company expects to gain additional momentum with new product launches in the second half of the year. Enovis’ current and upcoming pipeline includes the Empowr Revision Knee, Arvis 2.0 (recently cleared for use in shoulder surgery), Lima’s 3D-printed Trabecular Titanium clip cones and new technologies for the Arsenal foot and ankle plating system.
The market ran hot in the first quarter of 2023 and benefitted from what Enovis called a “super clean market environment.” The start of 2024 brought a more normalized market as illness, weather and supply constraints offset growth potential. However, Envois still believes there is an unworked backlog of surgeries for joint replacement.
“That’s what used to be pretty normal,” said Enovis CEO Matt Trerotola. “There were better months and worse months. We might be back into a more normal environment, and there’ll be periods where things can run white hot because that backlog is there and the surgical capacity is very available. There’ll be periods when the capacity is constrained, and the backlog sits there.”
For the full year, Enovis expects total revenue between $2.06 billion and $2.16 billion and high-single-digit growth in Reconstructive on a pro forma basis.
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 | 1Q24 | 1Q23 | $ Chg | % Chg |
---|---|---|---|---|
Joint Replacement | $226.4 | $133.7 | $92.7 | 69.4% |
Knees | $82.3 | $29.5 | $52.8 | 178.8% |
Hips | $51.5 | $46.6 | $4.8 | 10.4% |
Extremities | $92.6 | $57.5 | $35.1 | 61.1% |
Trauma | $23.2 | $15.5 | $7.6 | 49% |
Other | $22.0 | $21.3 | $0.7 | 3.3% |
Total | $271.5 | $170.5 | $101.0 | 59.3% |
Orthopedic Sales by Geography
Region | 1Q24 | 1Q23 | $ Chg | % Chg |
---|---|---|---|---|
US | $130.6 | $113.5 | $17.1 | 15% |
OUS | $140.9 | $56.9 | $84.0 | 147.5% |
EMEA | $111.3 | $46.0 | $65.3 | 141.9% |
APAC | $19.0 | $6.8 | $12.2 | 178.7% |
ROW | $10.6 | $4.1 | $6.5 | 158.1% |
Total | $271.5 | $170.5 | $101.0 | 59.3% |
Company Earnings
Amt | % of Sales | |
---|---|---|
Sales | $516.3 | |
Cost of Sales | $218.4 | 42.3% |
Selling and Admin | $255.7 | 49.5% |
R&D | $23.4 | 10.7% |
Other | $90.8 | 17.6% |
Net Earnings | ($72.0) | (13.9%) |
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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.