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Medtronic reported 4Q24 (fiscal 3Q25) orthopedic sales of $851.7 million, up 3.1% year over year. For the full calendar year of 2024, the company generated $3.4 billion in orthopedic sales, up 5% compared to the prior year.
As is typical, Medtronic’s earnings call was light on commentary about its spine performance. However, the company echoed its recent comments about technology changing the competitive dynamics of the market.
“The basis of competition in the spine market is rapidly changing,” said Medtronic CEO Geoff Martha. “You saw yet another example last month when a major competitor decided to get out of the spine business. We’re causing this disruption. We’re causing this disruption with our arsenal of differentiated enabling technology, including AI-driven preop planning software, imaging, robotics, navigation and powered surgical instruments.”
While Stryker is a behemoth overall, it never really posed a credible challenge to Medtronic in spine. Stryker’s divested spinal implant business generated just over $700 million in 2024, or about the same amount Medtronic generates in a single quarter. But Stryker was slow to build out its enabling technology offering in spine, and we think companies in similar situations will find it increasingly difficult to compete in the spine market.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $596.1 | $585.0 | $11.1 | 1.9% |
| Orthobiologics | $147.3 | $137.7 | $9.6 | 7% |
| Enabling Technology | $27.5 | $25.7 | $1.8 | 7.2% |
| Other | $80.8 | $77.7 | $3.1 | 4% |
| Total | $851.7 | $826.0 | $25.7 | 3.1% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $2,400.6 | $2,297.3 | $103.3 | 4.5% |
| Orthobiologics | $557.0 | $516.0 | $41.0 | 7.9% |
| Enabling Technology | $168.4 | $156.2 | $12.2 | 7.8% |
| Other | $315.1 | $306.7 | $8.4 | 2.7% |
| Total | $3,441.1 | $3,276.2 | $165.0 | 5% |
Orthopedic Sales by Geography
| Region | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $642.5 | $600.3 | $42.2 | 7% |
| OUS | $209.2 | $225.7 | ($16.5) | (7.3%) |
| Total | $851.7 | $826.0 | $25.7 | 3.1% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,559.0 | $2,400.3 | $158.7 | 6.6% |
| OUS | $882.2 | $875.9 | $6.2 | 0.7% |
| Total | $3,441.1 | $3,276.2 | $165.0 | 5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,292.0 | |
| Cost of Sales | $2,779.0 | 33.5% |
| Selling and Admin | $2,717.0 | 32.8% |
| R & D | $675.0 | 8.1% |
| Other | $827.0 | 10% |
| Net Earnings | $1,294.0 | 15.6% |
Medtronic reported 4Q24 (fiscal 3Q25) orthopedic sales of $851.7 million, up 3.1% year over year. For the full calendar year of 2024, the company generated $3.4 billion in orthopedic sales, up 5% compared to the prior year.
As is typical, Medtronic's earnings call was light on commentary about its spine performance. However, the company...
Medtronic reported 4Q24 (fiscal 3Q25) orthopedic sales of $851.7 million, up 3.1% year over year. For the full calendar year of 2024, the company generated $3.4 billion in orthopedic sales, up 5% compared to the prior year.
As is typical, Medtronic’s earnings call was light on commentary about its spine performance. However, the company echoed its recent comments about technology changing the competitive dynamics of the market.
“The basis of competition in the spine market is rapidly changing,” said Medtronic CEO Geoff Martha. “You saw yet another example last month when a major competitor decided to get out of the spine business. We’re causing this disruption. We’re causing this disruption with our arsenal of differentiated enabling technology, including AI-driven preop planning software, imaging, robotics, navigation and powered surgical instruments.”
While Stryker is a behemoth overall, it never really posed a credible challenge to Medtronic in spine. Stryker’s divested spinal implant business generated just over $700 million in 2024, or about the same amount Medtronic generates in a single quarter. But Stryker was slow to build out its enabling technology offering in spine, and we think companies in similar situations will find it increasingly difficult to compete in the spine market.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $596.1 | $585.0 | $11.1 | 1.9% |
| Orthobiologics | $147.3 | $137.7 | $9.6 | 7% |
| Enabling Technology | $27.5 | $25.7 | $1.8 | 7.2% |
| Other | $80.8 | $77.7 | $3.1 | 4% |
| Total | $851.7 | $826.0 | $25.7 | 3.1% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $2,400.6 | $2,297.3 | $103.3 | 4.5% |
| Orthobiologics | $557.0 | $516.0 | $41.0 | 7.9% |
| Enabling Technology | $168.4 | $156.2 | $12.2 | 7.8% |
| Other | $315.1 | $306.7 | $8.4 | 2.7% |
| Total | $3,441.1 | $3,276.2 | $165.0 | 5% |
Orthopedic Sales by Geography
| Region | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $642.5 | $600.3 | $42.2 | 7% |
| OUS | $209.2 | $225.7 | ($16.5) | (7.3%) |
| Total | $851.7 | $826.0 | $25.7 | 3.1% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,559.0 | $2,400.3 | $158.7 | 6.6% |
| OUS | $882.2 | $875.9 | $6.2 | 0.7% |
| Total | $3,441.1 | $3,276.2 | $165.0 | 5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $8,292.0 | |
| Cost of Sales | $2,779.0 | 33.5% |
| Selling and Admin | $2,717.0 | 32.8% |
| R & D | $675.0 | 8.1% |
| Other | $827.0 | 10% |
| Net Earnings | $1,294.0 | 15.6% |
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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.
