Orthofix Medical reported 1Q24 orthopedic sales of $188.6 million, up 7.7% compared to the first quarter of 2023.
Late last year, the company laid out its three strategic priorities for 2024: profitable growth, synergy across platforms and strategic innovation.
The organization started fast in the first quarter. Revenue from new distributors accounted for approximately 15% of first-quarter sales, nearly doubling on a sequential basis. In the U.S., Orthofix recorded 10% growth in bone growth therapies, 16% growth in spinal fixation and 23% in trauma. These growth rates well exceed the market averages.
International sales performance declined due to the timing of orders and is likely to remain lumpy from quarter to quarter.
The company narrowed its 2024 guidance range based on the strong start to the year. Orthofix Medical now expects 2024 sales between $790 million and $795 million, representing growth between 5% and 7%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
Segment
1Q24
1Q23
$ Chg
% Chg
Spine
$71.8
$66.5
$5.3
7.9%
Trauma
$27.3
$26.0
$1.3
5.1%
Orthobiologics
$34.8
$33.5
$1.3
4%
Enabling Technology
$2.2
$1.5
$0.7
50%
Other (Bone Growth Therapies)
$52.5
$47.7
$4.8
10%
Total
$188.6
$175.2
$13.4
7.7%
Orthopedic Sales by Geography
Region
1Q24
1Q23
$ Chg
% Chg
US
$160.0
$146.1
$13.9
9.5%
OUS
$28.6
$29.1
($0.5)
(1.8%)
EMEA
$13.7
$14.6
($0.8)
(5.7%)
APAC
$11.1
$11.1
$0.1
0.8%
ROW
$3.7
$3.5
$0.2
6.4%
Total
$188.6
$175.2
$13.4
7.7%
Company Earnings
Amt
% of Sales
Sales
$188.6
Cost of Sales
$61.4
32.5%
General and Admin
$100.0
53%
Selling and Marketing
$31.6
16.8%
R & D
$19.5
10.3%
Other
$12.1
6.4%
Net Earnings
($36.0)
(19.1%)
Orthofix Medical reported 1Q24 orthopedic sales of $188.6 million, up 7.7% compared to the first quarter of 2023.
Late last year, the company laid out its three strategic priorities for 2024: profitable growth, synergy across platforms and strategic innovation.
The organization started fast in the first quarter. Revenue from new...
Orthofix Medical reported 1Q24 orthopedic sales of $188.6 million, up 7.7% compared to the first quarter of 2023.
Late last year, the company laid out its three strategic priorities for 2024: profitable growth, synergy across platforms and strategic innovation.
The organization started fast in the first quarter. Revenue from new distributors accounted for approximately 15% of first-quarter sales, nearly doubling on a sequential basis. In the U.S., Orthofix recorded 10% growth in bone growth therapies, 16% growth in spinal fixation and 23% in trauma. These growth rates well exceed the market averages.
International sales performance declined due to the timing of orders and is likely to remain lumpy from quarter to quarter.
The company narrowed its 2024 guidance range based on the strong start to the year. Orthofix Medical now expects 2024 sales between $790 million and $795 million, representing growth between 5% and 7%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
Segment
1Q24
1Q23
$ Chg
% Chg
Spine
$71.8
$66.5
$5.3
7.9%
Trauma
$27.3
$26.0
$1.3
5.1%
Orthobiologics
$34.8
$33.5
$1.3
4%
Enabling Technology
$2.2
$1.5
$0.7
50%
Other (Bone Growth Therapies)
$52.5
$47.7
$4.8
10%
Total
$188.6
$175.2
$13.4
7.7%
Orthopedic Sales by Geography
Region
1Q24
1Q23
$ Chg
% Chg
US
$160.0
$146.1
$13.9
9.5%
OUS
$28.6
$29.1
($0.5)
(1.8%)
EMEA
$13.7
$14.6
($0.8)
(5.7%)
APAC
$11.1
$11.1
$0.1
0.8%
ROW
$3.7
$3.5
$0.2
6.4%
Total
$188.6
$175.2
$13.4
7.7%
Company Earnings
Amt
% of Sales
Sales
$188.6
Cost of Sales
$61.4
32.5%
General and Admin
$100.0
53%
Selling and Marketing
$31.6
16.8%
R & D
$19.5
10.3%
Other
$12.1
6.4%
Net Earnings
($36.0)
(19.1%)
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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.
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