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Quarterly Review

Orthopedic Public Companies Grow 2.6% YoY in Quarter

The second quarter of 2019 brought incremental improvement over the first. Stryker and Medtronic saw revenue growth in the mid-single digits, Smith & Nephew performed at 1.6% and DePuy Synthes and Zimmer Biomet experienced a year-over-year loss. DePuy Synthes continued to struggle with portfolio gaps in both the knee and spine segments that caused them to lose share to competitors with more innovative products. Price pressure was a common theme in the quarter for many companies, as it offset some gains made from increased surgical volumes for the reporting period. 

Orthopedic Sales in Line with Seasonal Expectations for 1Q19

The first quarter of 2019 brought modest growth to the orthopedic market, as expected seasonal softness and more competition in digital surgery platforms slowed sales for some of the largest players. The 25 companies coverd in this article had combined total orthopedic sales of $8.7 billion, growing just 1.1% versus the prior year. While the top two players, DePuy Synthes and Zimmer Biomet, both saw -2% growth, the quarter did feature strong performances by Medtronic (+5%) and Wright Medical (+16%) among the larger players.

Robotics Recap: Orthopedic Executives Remain Bullish

The first quarter of 2019 was an active one for robotic and digital surgery developments. As adoption of digital surgery tools increases, leadership from joint replacement and spine companies indicate they have seen a direct sales benefit from upselling and product pull through.

3Q18 and 9 Month 2018 Performance Highlights for Public Companies

Several companies noted increased case volume in the third quarter, likely driven by a strong U.S. economy leading to more widespread insurance coverage and patients able to pay for elective procedures. Sales results were mixed outside of the U.S., particularly in the EMEA region where reimbursement issues continue to be a challenge in the U.K. and Germany. Companies generally performed well, however, in emerging markets.

Revenue Review: 1H18 Growth and 2Q18 Performance Highlights for Public Companies

The 21 companies we track collectively grew +3.6% in 1H18 vs. 1H17—still on pace to reach our estimates of +3.7% in orthopaedic industry growth for 2018 vs. 2017.

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