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Orthofix reported 3Q23 orthopedic sales of $184 million, +61.4% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $546.2 million, +61.4% compared to the prior year.
Despite leadership changes announced in September, Orthofix said the fundamentals of its business and the thesis of the SeaSpine merger remain intact. The company plans to announce a permanent CEO by the end of the year.
More exclusive distribution and cross-selling between the legacy organizations drove third-quarter growth. Orthofix’s top 20 distributors grew year-over-year sales in the high teens. However, interim CEO Cathy Burzik said overall “turbulence” in the spine market is leading to slower decision-making among customers.
The company expects 2023 revenue between $739 million to $744 million, representing 5.4% to 6.1% pro forma growth over 2022.
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $62.8 | $24.4 | $38.4 | 157.4% |
| Trauma | $29.7 | $27.8 | $1.8 | 6.6% |
| Orthobiologics | $35.7 | $13.8 | $21.9 | 158.4% |
| Enabling Technology | $2.6 | $1.5 | $1.1 | 75% |
| Other (Bone Growth Therapies) | $53.4 | $46.5 | $6.8 | 14.7% |
| Total | $184.0 | $114.0 | $70.0 | 61.4% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $188.8 | $75.6 | $113.3 | 149.9% |
| Trauma | $84.7 | $78.9 | $5.8 | 7.4% |
| Orthobiologics | $113.1 | $42.7 | $70.4 | 165% |
| Enabling Technology | $5.9 | $5.1 | $0.7 | 14.3% |
| Other (Bone Growth Therapies) | $153.7 | $136.2 | $17.5 | 12.8% |
| Total | $546.2 | $338.5 | $207.7 | 61.4% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $153.2 | $88.0 | $65.2 | 74.1% |
| OUS | $30.8 | $26.0 | $4.8 | 18.3% |
| EMEA | $16.9 | $14.3 | $2.6 | 18.3% |
| APAC | $11.7 | $9.6 | $2.1 | 21.5% |
| ROW | $2.2 | $2.1 | $0.1 | 3.5% |
| Total | $184.0 | $114.0 | $70.0 | 61.4% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $453.9 | $263.2 | $190.7 | 72.5% |
| OUS | $92.3 | $75.3 | $17.0 | 22.6% |
| EMEA | $50.8 | $40.6 | $10.2 | 25.1% |
| APAC | $35.1 | $28.5 | $6.6 | 23.1% |
| ROW | $6.5 | $6.2 | $0.3 | 4.3% |
| Total | $546.2 | $338.5 | $207.7 | 61.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $184.0 | |
| Cost of Sales | $64.2 | 34.9% |
| General and Admin | $94.9 | 51.6% |
| Selling and Marketing | $27.1 | 14.7% |
| R & D | $18.6 | 10.1% |
| Other | $8.0 | 4.3% |
| Net Earnings | ($28.9) | (15.7%) |
Orthofix reported 3Q23 orthopedic sales of $184 million, +61.4% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $546.2 million, +61.4% compared to the prior year.
Despite leadership changes announced in September, Orthofix said the fundamentals of its business and the thesis of the...
Orthofix reported 3Q23 orthopedic sales of $184 million, +61.4% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $546.2 million, +61.4% compared to the prior year.
Despite leadership changes announced in September, Orthofix said the fundamentals of its business and the thesis of the SeaSpine merger remain intact. The company plans to announce a permanent CEO by the end of the year.
More exclusive distribution and cross-selling between the legacy organizations drove third-quarter growth. Orthofix’s top 20 distributors grew year-over-year sales in the high teens. However, interim CEO Cathy Burzik said overall “turbulence” in the spine market is leading to slower decision-making among customers.
The company expects 2023 revenue between $739 million to $744 million, representing 5.4% to 6.1% pro forma growth over 2022.
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $62.8 | $24.4 | $38.4 | 157.4% |
| Trauma | $29.7 | $27.8 | $1.8 | 6.6% |
| Orthobiologics | $35.7 | $13.8 | $21.9 | 158.4% |
| Enabling Technology | $2.6 | $1.5 | $1.1 | 75% |
| Other (Bone Growth Therapies) | $53.4 | $46.5 | $6.8 | 14.7% |
| Total | $184.0 | $114.0 | $70.0 | 61.4% |
| Segment | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $188.8 | $75.6 | $113.3 | 149.9% |
| Trauma | $84.7 | $78.9 | $5.8 | 7.4% |
| Orthobiologics | $113.1 | $42.7 | $70.4 | 165% |
| Enabling Technology | $5.9 | $5.1 | $0.7 | 14.3% |
| Other (Bone Growth Therapies) | $153.7 | $136.2 | $17.5 | 12.8% |
| Total | $546.2 | $338.5 | $207.7 | 61.4% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $153.2 | $88.0 | $65.2 | 74.1% |
| OUS | $30.8 | $26.0 | $4.8 | 18.3% |
| EMEA | $16.9 | $14.3 | $2.6 | 18.3% |
| APAC | $11.7 | $9.6 | $2.1 | 21.5% |
| ROW | $2.2 | $2.1 | $0.1 | 3.5% |
| Total | $184.0 | $114.0 | $70.0 | 61.4% |
| Region | 9mo23 | 9mo22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $453.9 | $263.2 | $190.7 | 72.5% |
| OUS | $92.3 | $75.3 | $17.0 | 22.6% |
| EMEA | $50.8 | $40.6 | $10.2 | 25.1% |
| APAC | $35.1 | $28.5 | $6.6 | 23.1% |
| ROW | $6.5 | $6.2 | $0.3 | 4.3% |
| Total | $546.2 | $338.5 | $207.7 | 61.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $184.0 | |
| Cost of Sales | $64.2 | 34.9% |
| General and Admin | $94.9 | 51.6% |
| Selling and Marketing | $27.1 | 14.7% |
| R & D | $18.6 | 10.1% |
| Other | $8.0 | 4.3% |
| Net Earnings | ($28.9) | (15.7%) |
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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.
