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Product / Company Performance

Stryker Posts 1Q18 Revenue -

ORTHOWORLD estimates Stryker’s 1Q18 orthopaedic revenue at US $1,724.9MM, +7.0% from 1Q17. Strongest performance came from Trauma, Extremities and Knee products. Estimated segment sales and growth follow.

  1Q18  1Q17  $ Change  % Change 
 Joint Reconstruction $923.1  $868.5  $54.6  6.3% 
   Knee  $523.4  $486.2  $37.2  7.7% 
   Hip  $368.1  $353.5  $14.5  4.1% 
   Extremities  $31.6  $28.8  $2.9  10.0% 
 Trauma $365.2  $327.7  $37.5  11.4% 
 Arthroscopy/Soft Tissue $128.2  $118.0  $10.3  8.7% 
 Spine $176.7  $173.4  $3.3  1.9% 
 Orthobiologics $56.5  $53.0  $3.5  6.6% 
 Other* $75.1  $71.7  $3.4  4.7% 
 Total   $1,724.9  $1,612.3  $112.6  7.0% 

*Includes CMF and Performance Solutions.

Revenue growth excelled in trauma, extremities recon and knee, with another strong quarter of significant increases in new Mako robot installations.

Mako Update

  • Installed 28 robots globally, with 24 in the U.S.; compared to 1Q17: 18 global, 11 U.S.
  • Of 1Q18 installations, >50% were in competitive accounts where SYK either had no knee market share, or it was below SYK’s average market share
  • 70% of robots in the field upgraded for total knee by end of 1Q18; on track to have majority of U.S. robots upgraded by 3Q18
  • 160 surgeons trained on total knee (total now 1,000 since launch)
  • U.S. Mako TKR procedures 8,200 in 1Q18, up from 1,100 in 1Q17 and 7,150 in 4Q17
  • The Mako robot has been installed in ~400 U.S. hospitals. Of ~4,000 U.S. orthopaedic hospitals, SYK estimates ~50% are candidates for at least one robot—which means a long runway for continued adoption.

Other growth drivers included 3D-printed products for foot/ankle, shoulder recon, strength in Power Tools from System 8 and Micro Power sales and strong demand for 1588 video and sports medicine products (which we categorize under Arthroscopy/Soft Tissue Repair). Leadership noted that development is underway for patient-specific guides to support ankle replacement.

Softness remains in the U.S. spine market; core spine was affected by low-double-digit price declines. However, 3D-printed Tritanium interbody implants were not affected by these headwinds.

Sources: Stryker Corporation; ORTHOWORLD estimates

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