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Product / Company Performance

ConforMIS, Orthofix and OrthoPediatrics Report Preliminary 4Q18 and FY 2018 Results -

By Mike Evers, ORTHOWORLD

Preliminary results for ConforMIS, Orthofix and OrthoPediatrics were mixed. While ConforMIS’ net revenue for the year grew in the double digits, adjusting for product-only revenue reveals a mostly flat year. Orthofix rode strong spinal implant sales to mid-single-digit growth for the year but was impacted by the slowdown in the biologics market. OrthoPediatrics continued to leverage its leadership position in the pediatric space to achieve aggressive sales growth for both the quarter and year. All revenue figures presented in USD $MM.


ConforMIS
ConforMIS reported preliminary 4Q18 revenue of $22MM, +5.8% vs. 4Q17, and full year 2018 revenue of $89.8MM, +15% vs. 2017.

It is important to note that $10.5MM in 2018 revenue came from a one-time royalty settlement with Smith & Nephew. ConforMIS’ 2018 product revenue growth was $78.6MM, +0.6% vs. 2017. The company continued to perform well in the U.S. market with growth of +10% for the quarter and +6% for the year; however, international sales continue to be impacted by reimbursement challenges in Europe. International revenue was down -14% for the quarter and -17% for the year.

Source: ConforMIS


Orthofix
Orthofix reported preliminary 4Q18 revenue of $121MM, +3.5% vs. 4Q17, and full year 2018 revenue of $453MM, +4.4% vs. 2017.

The company’s spine segment was the standout performer in 2018, growing +11.8% vs. prior year while extremities managed slight growth at +0.9%. Orthofix, like many in the industry, faces a challenging biologics market and saw a -4.8% decline in that segment for the year.

Leadership’s strategy for 2018 and 2019 is to position the company for topline growth acceleration. The anticipated FDA premarket approval of the M6-C artificial cervical disc is expected to be a catalyst that drives the company to mid-single-digit growth in 2019 and double-digit growth in 2020.

Source: Orthofix


OrthoPediatrics
OrthoPediatrics reported preliminary 4Q18 revenue in the range of $14.5MM to $14.7MM, +23.9% to +25.6% vs. 4Q17, and full year 2018 revenue in the range of $57.5MM to $57.7MM, +26% vs. 2017.

Source: OrthoPediatrics

 

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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