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Orthofix reported 1Q21 orthopedic revenue of USD $105.6 million, +0.7% vs. 1Q20. The company identified three near-term growth drivers in its M-6 artificial cervical disc, minimally invasive FITBONE technology and expanding spinal interbody portfolio.
The M-6 disc generated $30 million in sales in the last 12 months, bringing Orthofix’s market share to 10% in the estimated $250 million market. FITBONE accounted for $1.6 million in first quarter revenue, offsetting some COVID-related headwinds. However, the early-quarter reductions in multi-level complex spine procedures created a challenging environment for Orthofix’s bone growth therapies. Procedure trends for complex cases improved in March, according to company leadership.
Orthofix expects 2021 revenue between $455 million and $465 million, growth of 12% to 14% vs. 2020. The company generated $460 million in revenue for 2019.
“Our near- and medium-term priorities on the organic side will focus in key spinal procedures segments of anterior spine care, posterior cervical, minimally invasive surgery and deformity care. For the [extremity] business, we’ll focus on organic and inorganic investments in our key markets of pediatric deformity and reconstruction, foot and ankle, especially trauma as well as enhancements to our existing products and continue to pursue additional indications to expand to our addressable markets.” – 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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.7 | $22.9 | $2.8 | 12.1% |
| Trauma | $23.3 | $22.5 | $0.7 | 3.3% |
| Orthobiologics | $13.7 | $13.9 | ($0.3) | (1.8%) |
| Other (Bone Growth Therapies) | $42.9 | $45.4 | ($2.5) | (5.5%) |
| Total | $105.6 | $104.8 | $0.8 | 0.7% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $83.3 | $83.1 | $0.2 | 0.2% |
| OUS | $22.2 | $21.7 | $0.6 | 2.6% |
| EMEA | $14.6 | $14.3 | $0.3 | 2.1% |
| APAC | $4.2 | $4.0 | $0.2 | 5.1% |
| ROW | $3.5 | $3.4 | $0.1 | 2% |
| Total | $105.6 | $104.8 | $0.8 | 0.7% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $105.6 | |
| Cost of Sales | $25.9 | 24.5% |
| General and Admin | $50.8 | 48.1% |
| Selling and Marketing | $16.4 | 15.6% |
| R & D | $10.9 | 10.3% |
| Other | $7.4 | 7% |
| Net Earnings | ($5.8) | (5.5%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Orthofix reported 1Q21 orthopedic revenue of USD $105.6 million, +0.7% vs. 1Q20. The company identified three near-term growth drivers in its M-6 artificial cervical disc, minimally invasive FITBONE technology and expanding spinal interbody portfolio.
The M-6 disc generated $30 million in sales in the last 12 months, bringing Orthofix’s...
Orthofix reported 1Q21 orthopedic revenue of USD $105.6 million, +0.7% vs. 1Q20. The company identified three near-term growth drivers in its M-6 artificial cervical disc, minimally invasive FITBONE technology and expanding spinal interbody portfolio.
The M-6 disc generated $30 million in sales in the last 12 months, bringing Orthofix’s market share to 10% in the estimated $250 million market. FITBONE accounted for $1.6 million in first quarter revenue, offsetting some COVID-related headwinds. However, the early-quarter reductions in multi-level complex spine procedures created a challenging environment for Orthofix’s bone growth therapies. Procedure trends for complex cases improved in March, according to company leadership.
Orthofix expects 2021 revenue between $455 million and $465 million, growth of 12% to 14% vs. 2020. The company generated $460 million in revenue for 2019.
“Our near- and medium-term priorities on the organic side will focus in key spinal procedures segments of anterior spine care, posterior cervical, minimally invasive surgery and deformity care. For the [extremity] business, we’ll focus on organic and inorganic investments in our key markets of pediatric deformity and reconstruction, foot and ankle, especially trauma as well as enhancements to our existing products and continue to pursue additional indications to expand to our addressable markets.” – 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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.7 | $22.9 | $2.8 | 12.1% |
| Trauma | $23.3 | $22.5 | $0.7 | 3.3% |
| Orthobiologics | $13.7 | $13.9 | ($0.3) | (1.8%) |
| Other (Bone Growth Therapies) | $42.9 | $45.4 | ($2.5) | (5.5%) |
| Total | $105.6 | $104.8 | $0.8 | 0.7% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $83.3 | $83.1 | $0.2 | 0.2% |
| OUS | $22.2 | $21.7 | $0.6 | 2.6% |
| EMEA | $14.6 | $14.3 | $0.3 | 2.1% |
| APAC | $4.2 | $4.0 | $0.2 | 5.1% |
| ROW | $3.5 | $3.4 | $0.1 | 2% |
| Total | $105.6 | $104.8 | $0.8 | 0.7% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $105.6 | |
| Cost of Sales | $25.9 | 24.5% |
| General and Admin | $50.8 | 48.1% |
| Selling and Marketing | $16.4 | 15.6% |
| R & D | $10.9 | 10.3% |
| Other | $7.4 | 7% |
| Net Earnings | ($5.8) | (5.5%) |
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.
