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Orthofix reported 2Q21 orthopedic revenue of $121.4 million, +66% vs. 2Q20. Compared to the second quarter of 2019, revenue grew by +4.8%. Orthofix increased its full-year 2021 guidance to the range of $468 million to $474 million, representing growth in the range of +1.7% to +3.1% compared to 2019.
The company benefitted from new products like the M-6 artificial disc and FITBONE intramedullary limb lengthening system. Orthofix has worked to solidify its portfolio with differentiated products, including 22 new product launches since January 2020. An improved commercial channel also bolstered the company’s results in the second quarter.
However, case volumes for multi-level complex spine procedures remain depressed compared to 2019. This negative impact touches a majority of Orthofix’s portfolio across spine, biologics and bone growth therapies.
In Q2 our U.S. strategic channel partners, which we define as distribution partners that are committed to Orthofix and carry both hardware and biologics, made up 37% of our Spinal Implants, Biologics and Orthopedic U.S. revenue. This same strategic group grew +30% in that time period compared to +2% growth for the remaining distributors network, selling the same products, which really validates our strategy. – Orthofix CEO Jon Serbousek
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $30.1 | $18.6 | $11.5 | 61.8% |
| Trauma | $26.7 | $15.0 | $11.7 | 77.9% |
| Orthobiologics | $14.9 | $11.1 | $3.7 | 33.5% |
| Other (Bone Growth Therapies) | $49.7 | $28.4 | $21.3 | 75.2% |
| Total | $121.4 | $73.1 | $48.3 | 66% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $55.8 | $41.5 | $14.3 | 34.4% |
| Trauma | $50.0 | $37.5 | $12.5 | 33.2% |
| Orthobiologics | $28.5 | $25.1 | $3.5 | 13.8% |
| Other (Bone Growth Therapies) | $92.7 | $73.8 | $18.8 | 25.5% |
| Total | $227.0 | $178.0 | $49.0 | 27.6% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.2 | $59.3 | $36.0 | 60.7% |
| OUS | $26.2 | $13.9 | $12.3 | 88.8% |
| EMEA | $17.0 | $9.5 | $7.5 | 79.7% |
| APAC | $5.0 | $2.3 | $2.7 | 115% |
| ROW | $4.2 | $2.1 | $2.1 | 100.6% |
| Total | $121.4 | $73.1 | $48.3 | 66% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $178.6 | $142.4 | $36.2 | 25.4% |
| OUS | $48.4 | $35.5 | $12.9 | 36.2% |
| EMEA | $31.6 | $23.7 | $7.8 | 33% |
| APAC | $9.2 | $6.3 | $2.9 | 45.7% |
| ROW | $7.7 | $5.5 | $2.2 | 39.2% |
| Total | $227.0 | $178.0 | $49.0 | 27.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $121.4 | |
| Cost of Sales | $27.4 | 22.6% |
| General and Admin | $57.3 | 47.2% |
| Selling and Marketing | $18.3 | 15.1% |
| R & D | $13.1 | 10.8% |
| Other | $2.7 | 2.3% |
| Net Earnings | $2.4 | 2% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Orthofix reported 2Q21 orthopedic revenue of $121.4 million, +66% vs. 2Q20. Compared to the second quarter of 2019, revenue grew by +4.8%. Orthofix increased its full-year 2021 guidance to the range of $468 million to $474 million, representing growth in the range of +1.7% to +3.1% compared to 2019.
The company benefitted from new products...
Orthofix reported 2Q21 orthopedic revenue of $121.4 million, +66% vs. 2Q20. Compared to the second quarter of 2019, revenue grew by +4.8%. Orthofix increased its full-year 2021 guidance to the range of $468 million to $474 million, representing growth in the range of +1.7% to +3.1% compared to 2019.
The company benefitted from new products like the M-6 artificial disc and FITBONE intramedullary limb lengthening system. Orthofix has worked to solidify its portfolio with differentiated products, including 22 new product launches since January 2020. An improved commercial channel also bolstered the company’s results in the second quarter.
However, case volumes for multi-level complex spine procedures remain depressed compared to 2019. This negative impact touches a majority of Orthofix’s portfolio across spine, biologics and bone growth therapies.
In Q2 our U.S. strategic channel partners, which we define as distribution partners that are committed to Orthofix and carry both hardware and biologics, made up 37% of our Spinal Implants, Biologics and Orthopedic U.S. revenue. This same strategic group grew +30% in that time period compared to +2% growth for the remaining distributors network, selling the same products, which really validates our strategy. – Orthofix CEO Jon Serbousek
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $30.1 | $18.6 | $11.5 | 61.8% |
| Trauma | $26.7 | $15.0 | $11.7 | 77.9% |
| Orthobiologics | $14.9 | $11.1 | $3.7 | 33.5% |
| Other (Bone Growth Therapies) | $49.7 | $28.4 | $21.3 | 75.2% |
| Total | $121.4 | $73.1 | $48.3 | 66% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $55.8 | $41.5 | $14.3 | 34.4% |
| Trauma | $50.0 | $37.5 | $12.5 | 33.2% |
| Orthobiologics | $28.5 | $25.1 | $3.5 | 13.8% |
| Other (Bone Growth Therapies) | $92.7 | $73.8 | $18.8 | 25.5% |
| Total | $227.0 | $178.0 | $49.0 | 27.6% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.2 | $59.3 | $36.0 | 60.7% |
| OUS | $26.2 | $13.9 | $12.3 | 88.8% |
| EMEA | $17.0 | $9.5 | $7.5 | 79.7% |
| APAC | $5.0 | $2.3 | $2.7 | 115% |
| ROW | $4.2 | $2.1 | $2.1 | 100.6% |
| Total | $121.4 | $73.1 | $48.3 | 66% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $178.6 | $142.4 | $36.2 | 25.4% |
| OUS | $48.4 | $35.5 | $12.9 | 36.2% |
| EMEA | $31.6 | $23.7 | $7.8 | 33% |
| APAC | $9.2 | $6.3 | $2.9 | 45.7% |
| ROW | $7.7 | $5.5 | $2.2 | 39.2% |
| Total | $227.0 | $178.0 | $49.0 | 27.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $121.4 | |
| Cost of Sales | $27.4 | 22.6% |
| General and Admin | $57.3 | 47.2% |
| Selling and Marketing | $18.3 | 15.1% |
| R & D | $13.1 | 10.8% |
| Other | $2.7 | 2.3% |
| Net Earnings | $2.4 | 2% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
