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NuVasive reported 4Q22 orthopedic sales of $305.4 million, +1.1% compared to 4Q21. For the full-year, the company generated $1.2 billion in orthopedic sales, representing 5.5% reported growth and 8.5% constant currency growth.
The company’s cervical sales grew more than 20% for the fifth straight quarter. The Simplify disc “exceeded expectations” according to NuVasive leadership, and allowed the company to capture more share in the $450 million subsegment.
NuVasive said it surpassed 2,000 commercial cases with Pulse, and is planning for a system-level software upgrade in the second half of 2023. The company has sold most units outright and said Pulse systems placed for a year are generating double-digit pull through.
It is unclear how Pulse will fit into Globus’ enabling technology plans once the combination with NuVasive is complete. Despite investors’ reactions to the announced deal, NuVasive CEO Chris Barry said the strategic rationale is clear.
“We both have a strong past of innovation. It’s in our DNA. They have a clear and decisive approach to operational rigor and financial discipline. I think we have a marketing prowess and a best-in-class surgeon engagement and training capability. You mesh those things together, and you create a world-class organization across multiple dimensions. And I think everybody sees that,” said Mr. Barry.
As a stand-alone company, NuVasive provided 2023 constant currency growth guidance in the range of 6% to 8%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $216.5 | $212.5 | $4.1 | 1.9% |
| Trauma | $13.8 | $14.0 | ($0.2) | (1.6%) |
| Orthobiologics | $41.0 | $45.4 | ($4.4) | (9.6%) |
| Enabling Technology | $34.1 | $30.2 | $3.9 | 12.8% |
| Total | $305.4 | $302.1 | $3.4 | 1.1% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $859.5 | $807.8 | $51.6 | 6.4% |
| Trauma | $50.3 | $48.7 | $1.6 | 3.3% |
| Orthobiologics | $162.6 | $172.6 | ($9.9) | (5.8%) |
| Enabling Technology | $129.5 | $109.8 | $19.7 | 17.9% |
| Total | $1,201.9 | $1,139.0 | $63.0 | 5.5% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $238.4 | $231.8 | $6.6 | 2.9% |
| OUS | $67.0 | $70.3 | ($3.3) | (4.7%) |
| EMEA | $43.9 | $46.0 | ($2.1) | (4.5%) |
| Asia Pacific | $18.1 | $18.8 | ($0.7) | (3.9%) |
| Rest of World | $5.0 | $5.5 | ($0.5) | (8.3%) |
| Total | $305.4 | $302.1 | $3.4 | 1.1% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $925.9 | $876.6 | $49.2 | 5.6% |
| OUS | $276.1 | $262.4 | $13.7 | 5.2% |
| EMEA | $180.6 | $171.1 | $9.4 | 5.5% |
| Asia Pacific | $72.4 | $69.1 | $3.3 | 4.8% |
| Rest of World | $23.1 | $22.1 | $1.0 | 4.3% |
| Total | $1,201.9 | $1,139.0 | $63.0 | 5.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $305.4 | |
| Cost of Sales | $90.8 | 29.7% |
| R & D | $159.1 | 52.1% |
| Selling and Admin | $25.6 | 8.4% |
| Other | $5.9 | 1.9% |
| Net Earnings | $24.1 | 7.9% |
NuVasive reported 4Q22 orthopedic sales of $305.4 million, +1.1% compared to 4Q21. For the full-year, the company generated $1.2 billion in orthopedic sales, representing 5.5% reported growth and 8.5% constant currency growth.
The company's cervical sales grew more than 20% for the fifth straight quarter. The Simplify disc "exceeded...
NuVasive reported 4Q22 orthopedic sales of $305.4 million, +1.1% compared to 4Q21. For the full-year, the company generated $1.2 billion in orthopedic sales, representing 5.5% reported growth and 8.5% constant currency growth.
The company’s cervical sales grew more than 20% for the fifth straight quarter. The Simplify disc “exceeded expectations” according to NuVasive leadership, and allowed the company to capture more share in the $450 million subsegment.
NuVasive said it surpassed 2,000 commercial cases with Pulse, and is planning for a system-level software upgrade in the second half of 2023. The company has sold most units outright and said Pulse systems placed for a year are generating double-digit pull through.
It is unclear how Pulse will fit into Globus’ enabling technology plans once the combination with NuVasive is complete. Despite investors’ reactions to the announced deal, NuVasive CEO Chris Barry said the strategic rationale is clear.
“We both have a strong past of innovation. It’s in our DNA. They have a clear and decisive approach to operational rigor and financial discipline. I think we have a marketing prowess and a best-in-class surgeon engagement and training capability. You mesh those things together, and you create a world-class organization across multiple dimensions. And I think everybody sees that,” said Mr. Barry.
As a stand-alone company, NuVasive provided 2023 constant currency growth guidance in the range of 6% to 8%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $216.5 | $212.5 | $4.1 | 1.9% |
| Trauma | $13.8 | $14.0 | ($0.2) | (1.6%) |
| Orthobiologics | $41.0 | $45.4 | ($4.4) | (9.6%) |
| Enabling Technology | $34.1 | $30.2 | $3.9 | 12.8% |
| Total | $305.4 | $302.1 | $3.4 | 1.1% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $859.5 | $807.8 | $51.6 | 6.4% |
| Trauma | $50.3 | $48.7 | $1.6 | 3.3% |
| Orthobiologics | $162.6 | $172.6 | ($9.9) | (5.8%) |
| Enabling Technology | $129.5 | $109.8 | $19.7 | 17.9% |
| Total | $1,201.9 | $1,139.0 | $63.0 | 5.5% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $238.4 | $231.8 | $6.6 | 2.9% |
| OUS | $67.0 | $70.3 | ($3.3) | (4.7%) |
| EMEA | $43.9 | $46.0 | ($2.1) | (4.5%) |
| Asia Pacific | $18.1 | $18.8 | ($0.7) | (3.9%) |
| Rest of World | $5.0 | $5.5 | ($0.5) | (8.3%) |
| Total | $305.4 | $302.1 | $3.4 | 1.1% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $925.9 | $876.6 | $49.2 | 5.6% |
| OUS | $276.1 | $262.4 | $13.7 | 5.2% |
| EMEA | $180.6 | $171.1 | $9.4 | 5.5% |
| Asia Pacific | $72.4 | $69.1 | $3.3 | 4.8% |
| Rest of World | $23.1 | $22.1 | $1.0 | 4.3% |
| Total | $1,201.9 | $1,139.0 | $63.0 | 5.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $305.4 | |
| Cost of Sales | $90.8 | 29.7% |
| R & D | $159.1 | 52.1% |
| Selling and Admin | $25.6 | 8.4% |
| Other | $5.9 | 1.9% |
| Net Earnings | $24.1 | 7.9% |
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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.
