30 Day Trial
ORTHOKNOW logo

ORTHOKNOW content is posted to these pages in real time.

Monthly compilations are available in PDF form.

Quarterly Review

Public Orthopaedic Companies: 1Q18 Revenue and Growth Drivers

By Julie A. Vetalice

The 21 companies tracked in Exhibits 1 and 2 collectively grew +3.1% in 1Q18 vs. 1Q17, remaining on track alongside our estimates of +3.7% in orthopaedic industry growth for 2018 vs. 2017. (Review THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT® for revenue trajectories out to 2022!)

Numerous players affirmed or updated their own full-year revenue guidance at the 1Q mark. For example, Globus Medical increased its numbers based on adoption of ExcelsiusGPS, K2M grew its range by $3MM following a distributor partnership and Orthofix upped guidance by about $9MM in acquisition-related contributions. After the quarter’s close, Wright Medical announced FDA premarket approval for AUGMENT injectable bone graft, and will update its full-year guidance in the 2Q18 call.

The performance notes linked from Exhibit 1 include ORTHOWORLD estimates for segment sales and growth on an as-reported basis for all companies except Anika Therapeutics, ConforMIS, ConMed, Mazor Robotics, Orthofix, OrthoPediatrics, SeaSpine and Vericel.


Exhibit 1: Orthopaedic Sales for Public Companies, As-Reported: 1Q18 vs. 1Q17 ($MM)

 Company 1Q18  1Q17  $ Change  % Change 
 Alphatec Spine $21.3  $28.0  -$6.7  -23.9% 
 Anika  $19.5  $20.2  -$0.7  -3.6% 
 ConforMIS $19.7  $20.5  -$0.8  -3.9% 
 ConMed $108.9  $103.8  $5.1  4.9% 
 DePuy Synthes $2,250.0  $2,274.9  -$24.9  -1.1% 
 DJO Surgical $292.6  $288.3  $4.3  1.5% 
 Globus Medical $174.4  $155.8  $18.6  11.9% 
 Integra  $24.8  $26.1  -$1.2  -4.8% 
 K2M $67.9  $61.9  $6.0  9.6% 
 Mazor Robotics $15.5  $11.7  $3.8  32.5% 
 Medtronic $787.0  $759.0  $28.0  3.7% 
 NuVasive $260.5  $249.0  $11.6  4.6% 
 Orthofix $108.7  $102.7  $6.0  5.8% 
 OrthoPediatrics $12.1  $9.8  $2.3  23.9% 
 SeaSpine $33.2  $31.9  $1.3  4.1% 
 Smith & Nephew $865.4  $826.9  $38.5  4.7% 
 Stryker $1,724.9  $1,612.3  $112.6  7.0% 
 Vericel $12.1  $5.0  $7.1  142.0% 
 Wright Medical $198.5  $177.2  $21.3  12.0% 
 Xtant Medical $17.9  $22.1  -$4.1  -18.8% 
 Zimmer Biomet $1,856.6  $1,816.9  $39.7  2.2% 



Exhibit 2: Orthopaedic Sales by Market Segment for Public Companies: Performance 1Q18 vs. 1Q17 ($MM)

  Joint Recon Trauma ARST Spine Orthobiologics  
 Company Sales % Change YOY Sales % Change YOY Sales % Change YOY Sales % Change YOY Sales % Change YOY Total 
 Alphatec Spine             $19.3  -24.0%  $2.0  -23.0%  $21.3 
 Anika                  $19.5  -3.6%  $19.5 
 ConforMIS $19.7  -3.9%                  $19.7 
 ConMed         $108.9  4.9%          $108.9 
 DePuy Synthes $867.9  -0.2%  $663.9  6.2%  $167.6  -1.8%  $360.5  -10.3%  $101.3  -3.7%  $2,250.0 
 DJO Surgical $292.6  1.5%                   $292.6 
 Globus Medical             $166.5  12.3%  $7.9  3.9%  $174.4 
 Integra  $9.7  3.2%  $15.1  -9.2%               $24.8 
 K2M             $65.5  9.4%  $2.3  16.4%  $67.9 
 Mazor Robotics             $15.5  32.5%      $15.5 
 Medtronic             $641.0  2.4%  $146.0  9.8%  $787.0 
 NuVasive     $8.7  14.4%      $224.1  5.5%  $27.7  -4.4%  $260.5 
 Orthofix     $27.5  14.9%      $20.7  7.5%  $14.3  -4.4%  $108.7 
 OrthoPediatrics     $9.1  17.9%  $0.3  186.0%  $2.7  39.7%      $12.1 
 SeaSpine             $15.2  2.9%  $18.0  5.1%  $33.2 
 Smith & Nephew $435.6  4.5%  $107.8  6.3%  $322.0  4.7%          $865.4 
 Stryker $923.1  6.3%  $365.2  11.4%  $128.2  8.7%  $176.7  1.9%  $56.5  6.6%  $1,724.9 
 Vericel                 $12.1  142.0%  $12.1 
 Wright Medical $98.3  21.1%  $71.1  7.2%  $5.7  -3.2%      $23.4  -1.6%  $198.5 
 Xtant Medical             $6.5  -44.8%  $11.5  10.6%  $17.9 
 Zimmer Biomet $1,311.9  2.8%  $145.1  4.9%  $33.1  5.5%  $110.0  -2.3%  $74.3  2.2%  $1,856.6 

 

Sources: Company press releases, websites, the U.S. Securities and Exchange Commission

Julie A. Vetalice is the Editorial Assistant for ORTHOWORLD. Reach her via email.