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NuVasive reported 2Q23 orthopedic sales of $317.8 million, +2.4% compared to the second quarter of 2022. For the first half of the year, the company generated $625.5 million in orthopedic sales, +4% compared to the prior year period.
The results were in line with the company’s expectations and set NuVasive up to achieve its previously announced 2023 guidance of growth between 6% and 8% on a reported basis.
In the second quarter, NuVasive delivered strong results in its U.S. spinal hardware business and its cervical sales grew more than 20% for the seventh straight quarter. However, the company fought against pre-deal jitters on Pulse, lower biologics attach rates and contractual headwinds for its clinical services.
While the company acknowledged a “range of outcomes” stemming from the FTC’s second request for information regarding the planned merger with Globus Medical, NuVasive remains confident in a third-quarter close to the deal.
“I don’t believe this is anti-competitive,” said NuVasive CEO Chris Barry. “I think there’s lots of competitors and a low bar of entry for competitors coming into this space. If, for some reason, it doesn’t close, our strategy is what we’re executing on. Core growth, enabling tech, pursuing market opportunities and strengthening our bottom line, all of which we’re executing on as we speak. The merger accelerates our strategy, but it doesn’t negate it or in any way change it.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $231.7 | $219.6 | $12.1 | 5.5% |
| Trauma | $12.7 | $13.0 | ($0.3) | (2.4%) |
| Orthobiologics | $39.4 | $43.7 | ($4.3) | (9.8%) |
| Enabling Technology | $33.9 | $34.1 | ($0.2) | (0.5%) |
| Total | $317.8 | $310.5 | $7.3 | 2.4% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $454.1 | $429.4 | $24.7 | 5.8% |
| Trauma | $24.7 | $24.1 | $0.6 | 2.5% |
| Orthobiologics | $79.2 | $85.4 | ($6.1) | (7.2%) |
| Enabling Technology | $67.5 | $62.4 | $5.1 | 8.2% |
| Total | $625.5 | $601.2 | $24.3 | 4% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $240.6 | $238.3 | $2.2 | 0.9% |
| OUS | $77.2 | $72.1 | $5.1 | 7.1% |
| EMEA | $51.0 | $47.3 | $3.6 | 7.7% |
| Asia Pacific | $20.5 | $18.4 | $2.1 | 11.3% |
| Rest of World | $5.8 | $6.4 | ($0.6) | (9.8%) |
| Total | $317.8 | $310.5 | $7.3 | 2.4% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $478.0 | $459.2 | $18.8 | 4.1% |
| OUS | $147.5 | $142.0 | $5.5 | 3.8% |
| EMEA | $97.4 | $93.1 | $4.2 | 4.6% |
| Asia Pacific | $39.1 | $36.6 | $2.5 | 6.9% |
| Rest of World | $11.1 | $12.4 | ($1.3) | (10.5%) |
| Total | $625.5 | $601.2 | $24.3 | 4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $317.8 | |
| Cost of Sales | $66.3 | 20.9% |
| R & D | $163.9 | 51.6% |
| Selling and Admin | $28.7 | 9% |
| Other | $51.6 | 16.2% |
| Net Earnings | $7.4 | 2.3% |
NuVasive reported 2Q23 orthopedic sales of $317.8 million, +2.4% compared to the second quarter of 2022. For the first half of the year, the company generated $625.5 million in orthopedic sales, +4% compared to the prior year period.
The results were in line with the company's expectations and set NuVasive up to achieve its previously...
NuVasive reported 2Q23 orthopedic sales of $317.8 million, +2.4% compared to the second quarter of 2022. For the first half of the year, the company generated $625.5 million in orthopedic sales, +4% compared to the prior year period.
The results were in line with the company’s expectations and set NuVasive up to achieve its previously announced 2023 guidance of growth between 6% and 8% on a reported basis.
In the second quarter, NuVasive delivered strong results in its U.S. spinal hardware business and its cervical sales grew more than 20% for the seventh straight quarter. However, the company fought against pre-deal jitters on Pulse, lower biologics attach rates and contractual headwinds for its clinical services.
While the company acknowledged a “range of outcomes” stemming from the FTC’s second request for information regarding the planned merger with Globus Medical, NuVasive remains confident in a third-quarter close to the deal.
“I don’t believe this is anti-competitive,” said NuVasive CEO Chris Barry. “I think there’s lots of competitors and a low bar of entry for competitors coming into this space. If, for some reason, it doesn’t close, our strategy is what we’re executing on. Core growth, enabling tech, pursuing market opportunities and strengthening our bottom line, all of which we’re executing on as we speak. The merger accelerates our strategy, but it doesn’t negate it or in any way change it.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $231.7 | $219.6 | $12.1 | 5.5% |
| Trauma | $12.7 | $13.0 | ($0.3) | (2.4%) |
| Orthobiologics | $39.4 | $43.7 | ($4.3) | (9.8%) |
| Enabling Technology | $33.9 | $34.1 | ($0.2) | (0.5%) |
| Total | $317.8 | $310.5 | $7.3 | 2.4% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $454.1 | $429.4 | $24.7 | 5.8% |
| Trauma | $24.7 | $24.1 | $0.6 | 2.5% |
| Orthobiologics | $79.2 | $85.4 | ($6.1) | (7.2%) |
| Enabling Technology | $67.5 | $62.4 | $5.1 | 8.2% |
| Total | $625.5 | $601.2 | $24.3 | 4% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $240.6 | $238.3 | $2.2 | 0.9% |
| OUS | $77.2 | $72.1 | $5.1 | 7.1% |
| EMEA | $51.0 | $47.3 | $3.6 | 7.7% |
| Asia Pacific | $20.5 | $18.4 | $2.1 | 11.3% |
| Rest of World | $5.8 | $6.4 | ($0.6) | (9.8%) |
| Total | $317.8 | $310.5 | $7.3 | 2.4% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $478.0 | $459.2 | $18.8 | 4.1% |
| OUS | $147.5 | $142.0 | $5.5 | 3.8% |
| EMEA | $97.4 | $93.1 | $4.2 | 4.6% |
| Asia Pacific | $39.1 | $36.6 | $2.5 | 6.9% |
| Rest of World | $11.1 | $12.4 | ($1.3) | (10.5%) |
| Total | $625.5 | $601.2 | $24.3 | 4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $317.8 | |
| Cost of Sales | $66.3 | 20.9% |
| R & D | $163.9 | 51.6% |
| Selling and Admin | $28.7 | 9% |
| Other | $51.6 | 16.2% |
| Net Earnings | $7.4 | 2.3% |
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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.
