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Medartis reported 1H22 orthopedic sales of $92.8 million, +17.2% compared to the first half of 2021.
Medartis’ extensive wrist portfolio and hand products from recently acquired KeriMedical drove share gains in the EMEA region. However, COVID lockdowns severely impacted the company’s largest APAC markets of Australia and New Zealand. Medartis also plans to discontinue sales in China as volume-based procurement there leaves little room for profitability. The company turned in a solid all-around performance in Latin America, paced by Brazil and Mexico.
Organic sales growth in the U.S. came in below company expectations, where staffing shortages in hospitals and ASCs were particularly impactful. Medartis’ 1H21 sales, buoyed by procedure backlog recovery, also represented a steep comparison. The company installed new U.S. management to realign the organization as it integrates with recently acquired Nextremity Solutions.
The shortfall in U.S. sales growth and persistent macro headwinds caused Medartis to revise its 2022 outlook. The company now expects growth in the mid to high-teens, down from the previously stated low-20s.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $78.1 | $68.9 | $9.2 | 13.3% |
| Other (CMF) | $14.6 | $10.2 | $4.4 | 43.1% |
| Total | $92.8 | $79.2 | $13.6 | 17.2% |
Orthopedic Sales by Geography
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $19.2 | $15.5 | $3.6 | 23.3% |
| OUS | $73.7 | $63.7 | $10.0 | 15.7% |
| EMEA | $47.8 | $41.5 | $6.3 | 15.3% |
| APAC | $16.6 | $16.2 | $0.4 | 2.6% |
| ROW | $9.3 | $6.1 | $3.2 | 53.1% |
| Total | $92.8 | $79.2 | $13.6 | 17.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $92.8 | |
| Cost of Sales | $15.2 | 16.3% |
| Selling | $46.4 | 50% |
| Administration | $17.2 | 18.5% |
| R&D | $12.7 | 13.7% |
| Other | ($2.6) | (2.8%) |
| Net Earnings | $4.0 | 4.3% |
Medartis reported 1H22 orthopedic sales of $92.8 million, +17.2% compared to the first half of 2021.
Medartis' extensive wrist portfolio and hand products from recently acquired KeriMedical drove share gains in the EMEA region. However, COVID lockdowns severely impacted the company's largest APAC markets of Australia and New Zealand....
Medartis reported 1H22 orthopedic sales of $92.8 million, +17.2% compared to the first half of 2021.
Medartis’ extensive wrist portfolio and hand products from recently acquired KeriMedical drove share gains in the EMEA region. However, COVID lockdowns severely impacted the company’s largest APAC markets of Australia and New Zealand. Medartis also plans to discontinue sales in China as volume-based procurement there leaves little room for profitability. The company turned in a solid all-around performance in Latin America, paced by Brazil and Mexico.
Organic sales growth in the U.S. came in below company expectations, where staffing shortages in hospitals and ASCs were particularly impactful. Medartis’ 1H21 sales, buoyed by procedure backlog recovery, also represented a steep comparison. The company installed new U.S. management to realign the organization as it integrates with recently acquired Nextremity Solutions.
The shortfall in U.S. sales growth and persistent macro headwinds caused Medartis to revise its 2022 outlook. The company now expects growth in the mid to high-teens, down from the previously stated low-20s.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Trauma | $78.1 | $68.9 | $9.2 | 13.3% |
| Other (CMF) | $14.6 | $10.2 | $4.4 | 43.1% |
| Total | $92.8 | $79.2 | $13.6 | 17.2% |
Orthopedic Sales by Geography
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $19.2 | $15.5 | $3.6 | 23.3% |
| OUS | $73.7 | $63.7 | $10.0 | 15.7% |
| EMEA | $47.8 | $41.5 | $6.3 | 15.3% |
| APAC | $16.6 | $16.2 | $0.4 | 2.6% |
| ROW | $9.3 | $6.1 | $3.2 | 53.1% |
| Total | $92.8 | $79.2 | $13.6 | 17.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $92.8 | |
| Cost of Sales | $15.2 | 16.3% |
| Selling | $46.4 | 50% |
| Administration | $17.2 | 18.5% |
| R&D | $12.7 | 13.7% |
| Other | ($2.6) | (2.8%) |
| Net Earnings | $4.0 | 4.3% |
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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.
