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NuVasive reported 3Q22 orthopedic sales of $295.3 million, +9% compared to the third quarter of 2021.
The company’s U.S. core spine business grew on the strength of recovering procedure volumes, continued demand for the X360 portfolio and accelerating growth for the C360 portfolio. The cervical portfolio achieved record sales while NuVasive’s international markets delivered more than 21% constant currency growth.
NuVasive CEO Chris Barry said, “The diversification strategy we deployed is working well. We shifted gears two or three years ago. We don’t just export products. We try to expand our brand and presence in these [international] markets. We think globalization is a very durable growth engine for us with some good runway.”
The company’s long-term growth strategy is underpinned by three fundamentals: delivering core growth, extending the Pulse platform to support the entire care pathway and aggressively pursuing opportunities both inside and outside traditional spine.
While lower acuity thoracolumbar and cervical procedures recovered during the third quarter, more complex cases remain below normal volumes.
NuVasive thinks there is a potential upside in the fourth quarter if those cases return. Based on the current business outlook, the company updated its 2022 guidance to reported growth between 5.5% and 6.5%.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $260.7 | $236.4 | $24.3 | 10.3% |
| Trauma | $13.1 | $11.8 | $1.3 | 10.6% |
| Orthobiologics | $21.5 | $22.6 | ($1.1) | (5%) |
| Total | $295.3 | $270.8 | $24.4 | 9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $790.6 | $732.6 | $58.0 | 7.9% |
| Trauma | $37.2 | $34.7 | $2.5 | 7.2% |
| Orthobiologics | $68.7 | $69.6 | ($0.9) | (1.3%) |
| Total | $896.5 | $836.9 | $59.6 | 7.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $228.3 | $207.2 | $21.0 | 10.2% |
| OUS | $67.0 | $63.6 | $3.4 | 5.3% |
| EMEA | $43.6 | $41.7 | $1.9 | 4.5% |
| Asia Pacific | $17.8 | $16.9 | $0.9 | 5.3% |
| Rest of World | $5.7 | $5.1 | $0.6 | 11.9% |
| Total | $295.3 | $270.8 | $24.4 | 9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $687.4 | $644.8 | $42.6 | 6.6% |
| OUS | $209.0 | $192.1 | $17.0 | 8.8% |
| EMEA | $136.7 | $125.2 | $11.5 | 9.2% |
| Asia Pacific | $54.3 | $50.3 | $4.1 | 8.1% |
| Rest of World | $18.1 | $16.6 | $1.4 | 8.5% |
| Total | $896.5 | $836.9 | $59.6 | 7.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $295.3 | |
| Cost of Sales | $80.9 | 27.4% |
| R & D | $154.0 | 52.2% |
| Selling and Admin | $23.7 | 8% |
| Other | $38.7 | 13.1% |
| Net Earnings | ($2.0) | (0.7%) |
NuVasive reported 3Q22 orthopedic sales of $295.3 million, +9% compared to the third quarter of 2021.
The company's U.S. core spine business grew on the strength of recovering procedure volumes, continued demand for the X360 portfolio and accelerating growth for the C360 portfolio. The cervical portfolio achieved record sales while...
NuVasive reported 3Q22 orthopedic sales of $295.3 million, +9% compared to the third quarter of 2021.
The company’s U.S. core spine business grew on the strength of recovering procedure volumes, continued demand for the X360 portfolio and accelerating growth for the C360 portfolio. The cervical portfolio achieved record sales while NuVasive’s international markets delivered more than 21% constant currency growth.
NuVasive CEO Chris Barry said, “The diversification strategy we deployed is working well. We shifted gears two or three years ago. We don’t just export products. We try to expand our brand and presence in these [international] markets. We think globalization is a very durable growth engine for us with some good runway.”
The company’s long-term growth strategy is underpinned by three fundamentals: delivering core growth, extending the Pulse platform to support the entire care pathway and aggressively pursuing opportunities both inside and outside traditional spine.
While lower acuity thoracolumbar and cervical procedures recovered during the third quarter, more complex cases remain below normal volumes.
NuVasive thinks there is a potential upside in the fourth quarter if those cases return. Based on the current business outlook, the company updated its 2022 guidance to reported growth between 5.5% and 6.5%.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $260.7 | $236.4 | $24.3 | 10.3% |
| Trauma | $13.1 | $11.8 | $1.3 | 10.6% |
| Orthobiologics | $21.5 | $22.6 | ($1.1) | (5%) |
| Total | $295.3 | $270.8 | $24.4 | 9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $790.6 | $732.6 | $58.0 | 7.9% |
| Trauma | $37.2 | $34.7 | $2.5 | 7.2% |
| Orthobiologics | $68.7 | $69.6 | ($0.9) | (1.3%) |
| Total | $896.5 | $836.9 | $59.6 | 7.1% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $228.3 | $207.2 | $21.0 | 10.2% |
| OUS | $67.0 | $63.6 | $3.4 | 5.3% |
| EMEA | $43.6 | $41.7 | $1.9 | 4.5% |
| Asia Pacific | $17.8 | $16.9 | $0.9 | 5.3% |
| Rest of World | $5.7 | $5.1 | $0.6 | 11.9% |
| Total | $295.3 | $270.8 | $24.4 | 9% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $687.4 | $644.8 | $42.6 | 6.6% |
| OUS | $209.0 | $192.1 | $17.0 | 8.8% |
| EMEA | $136.7 | $125.2 | $11.5 | 9.2% |
| Asia Pacific | $54.3 | $50.3 | $4.1 | 8.1% |
| Rest of World | $18.1 | $16.6 | $1.4 | 8.5% |
| Total | $896.5 | $836.9 | $59.6 | 7.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $295.3 | |
| Cost of Sales | $80.9 | 27.4% |
| R & D | $154.0 | 52.2% |
| Selling and Admin | $23.7 | 8% |
| Other | $38.7 | 13.1% |
| Net Earnings | ($2.0) | (0.7%) |
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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.
