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Orthofix reported 3Q21 orthopedic revenue of $112.4 million, +1.3% vs. 3Q20 and -0.9% compared to the same period in 2019. During the third quarter, hospital restrictions impacted key U.S. sales geographies like the Southeast, Mid-Atlantic and South-Central regions. On hospital staffing shortages, Orthofix leadership cited a conversation with a high-volume surgeon who is operating at historical capacity but must now do so across two shifts of staffing.
Despite third quarter challenges, Orthofix grew modestly over 3Q20 driven by strength in its spinal implant and trauma businesses. The M6 artificial disc continues to gain traction in the U.S. Orthofix made further progress commercializing the FITBONE limb-lengthening system, which contributed $2 million in the third quarter compared to $800,000 in the prior year’s quarter. Overall, international sales were bolstered by distributor stocking orders and helped offset mid single-digit declines in the U.S.
Orthofix adjusted its 2021 guidance downward to account for continued COVID disruption through certain U.S. and European markets. The company now expects full-year revenue between $460 million and $464 million, down from a range between $468 million and $474 million.
“Our global supply chain remains our top priority. Our goal is to make our company as nimble as possible, with efficient structures and processes that encourage product innovation. We’ve actually increased the inventories we touch to make sure that when the cases come back, we’ll have all the adequate products to address any needs that are put in front of us. We’ve also spent time working with our sales teams, mapping out where those might occur, so the supply chain can adapt and make sure the correct products are there and appropriate for those surgeries.” – 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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.2 | $25.5 | $2.6 | 10.4% |
| Trauma | $26.3 | $23.2 | $3.1 | 13.5% |
| Orthobiologics | $12.8 | $15.2 | ($2.4) | (16%) |
| Other (Bone Growth Therapies) | $45.2 | $47.1 | ($1.9) | (4%) |
| Total | $112.4 | $111.0 | $1.4 | 1.3% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $83.9 | $67.0 | $16.9 | 25.2% |
| Trauma | $76.3 | $60.7 | $15.6 | 25.7% |
| Orthobiologics | $41.4 | $40.3 | $1.0 | 2.6% |
| Other (Bone Growth Therapies) | $137.8 | $120.9 | $16.9 | 14% |
| Total | $339.4 | $288.9 | $50.5 | 17.5% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $86.0 | $89.8 | ($3.8) | (4.3%) |
| OUS | $26.4 | $21.2 | $5.3 | 25% |
| EMEA | $13.0 | $10.1 | $2.9 | 28.4% |
| APAC | $10.7 | $8.3 | $2.4 | 28.2% |
| ROW | $2.8 | $2.7 | $0.1 | 2.3% |
| Total | $112.4 | $111.0 | $1.4 | 1.3% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $264.6 | $232.3 | $32.3 | 13.9% |
| OUS | $74.8 | $56.7 | $18.2 | 32% |
| EMEA | $36.1 | $27.0 | $9.0 | 33.4% |
| APAC | $30.0 | $22.4 | $7.6 | 33.9% |
| ROW | $8.8 | $7.3 | $1.5 | 21.1% |
| Total | $339.4 | $288.9 | $50.5 | 17.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $112.4 | |
| Cost of Sales | $28.3 | 25.2% |
| General and Admin | $56.1 | 49.9% |
| Selling and Marketing | $16.3 | 14.5% |
| R & D | $12.4 | 11% |
| Other | $1.5 | 1.4% |
| Net Earnings | ($2.2) | (1.9%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Orthofix reported 3Q21 orthopedic revenue of $112.4 million, +1.3% vs. 3Q20 and -0.9% compared to the same period in 2019. During the third quarter, hospital restrictions impacted key U.S. sales geographies like the Southeast, Mid-Atlantic and South-Central regions. On hospital staffing shortages, Orthofix leadership cited a conversation with...
Orthofix reported 3Q21 orthopedic revenue of $112.4 million, +1.3% vs. 3Q20 and -0.9% compared to the same period in 2019. During the third quarter, hospital restrictions impacted key U.S. sales geographies like the Southeast, Mid-Atlantic and South-Central regions. On hospital staffing shortages, Orthofix leadership cited a conversation with a high-volume surgeon who is operating at historical capacity but must now do so across two shifts of staffing.
Despite third quarter challenges, Orthofix grew modestly over 3Q20 driven by strength in its spinal implant and trauma businesses. The M6 artificial disc continues to gain traction in the U.S. Orthofix made further progress commercializing the FITBONE limb-lengthening system, which contributed $2 million in the third quarter compared to $800,000 in the prior year’s quarter. Overall, international sales were bolstered by distributor stocking orders and helped offset mid single-digit declines in the U.S.
Orthofix adjusted its 2021 guidance downward to account for continued COVID disruption through certain U.S. and European markets. The company now expects full-year revenue between $460 million and $464 million, down from a range between $468 million and $474 million.
“Our global supply chain remains our top priority. Our goal is to make our company as nimble as possible, with efficient structures and processes that encourage product innovation. We’ve actually increased the inventories we touch to make sure that when the cases come back, we’ll have all the adequate products to address any needs that are put in front of us. We’ve also spent time working with our sales teams, mapping out where those might occur, so the supply chain can adapt and make sure the correct products are there and appropriate for those surgeries.” – 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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.2 | $25.5 | $2.6 | 10.4% |
| Trauma | $26.3 | $23.2 | $3.1 | 13.5% |
| Orthobiologics | $12.8 | $15.2 | ($2.4) | (16%) |
| Other (Bone Growth Therapies) | $45.2 | $47.1 | ($1.9) | (4%) |
| Total | $112.4 | $111.0 | $1.4 | 1.3% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $83.9 | $67.0 | $16.9 | 25.2% |
| Trauma | $76.3 | $60.7 | $15.6 | 25.7% |
| Orthobiologics | $41.4 | $40.3 | $1.0 | 2.6% |
| Other (Bone Growth Therapies) | $137.8 | $120.9 | $16.9 | 14% |
| Total | $339.4 | $288.9 | $50.5 | 17.5% |
Geographic Sales
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $86.0 | $89.8 | ($3.8) | (4.3%) |
| OUS | $26.4 | $21.2 | $5.3 | 25% |
| EMEA | $13.0 | $10.1 | $2.9 | 28.4% |
| APAC | $10.7 | $8.3 | $2.4 | 28.2% |
| ROW | $2.8 | $2.7 | $0.1 | 2.3% |
| Total | $112.4 | $111.0 | $1.4 | 1.3% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $264.6 | $232.3 | $32.3 | 13.9% |
| OUS | $74.8 | $56.7 | $18.2 | 32% |
| EMEA | $36.1 | $27.0 | $9.0 | 33.4% |
| APAC | $30.0 | $22.4 | $7.6 | 33.9% |
| ROW | $8.8 | $7.3 | $1.5 | 21.1% |
| Total | $339.4 | $288.9 | $50.5 | 17.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $112.4 | |
| Cost of Sales | $28.3 | 25.2% |
| General and Admin | $56.1 | 49.9% |
| Selling and Marketing | $16.3 | 14.5% |
| R & D | $12.4 | 11% |
| Other | $1.5 | 1.4% |
| Net Earnings | ($2.2) | (1.9%) |
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.
