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Orthofix Medical reported 2Q24 orthopedic sales of $198.6 million, up 6.2% from the second quarter of 2023. The company generated $387.2 million in orthopedic sales during the year’s second half, up 6.9% from the prior year.
Strength in U.S. spine, bone growth therapies and trauma market penetration in the U.S. drove the gains. Spinal fixation sales in the U.S. grew 12%, driven by deeper penetration of existing accounts and an expanding customer base. Likewise, 50% of the growth experienced by spinal bone growth therapies came from new customers.
The company said its foundation for sustainable, above-market growth is built upon deeper account penetration, multiple commercial access points across its portfolio and the 7D FLASH Navigation system to drive surgeon engagement and brand loyalty.
“7D continues to revolutionize spinal navigation, making it faster, more efficient, and radiation free,” said Orthofix Medical CEO Massimo Calafiore. “With the capability for registration in seconds versus 30 minutes or more for competitive systems and requiring no intraoperative radiation, 7D technology is proving compelling to surgeons, especially those performing open surgeries. Keep in mind that open surgery still represents approximately 80% of total current spine intervention, positioning 7D as a key driver of incremental navigated procedure penetration.”
Orthofix increased its 2024 guidance by $5 million on the top and bottom. The company now expects between $795 million and $800 million in sales, reflecting growth between 6.7% and 7.4%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $70.0 | $67.8 | $2.2 | 3.2% |
| Trauma | $30.6 | $29.0 | $1.5 | 5.3% |
| Orthobiologics | $35.9 | $35.3 | $0.7 | 1.9% |
| Enabling Technology | $2.9 | $2.2 | $0.7 | 33.3% |
| Other (Bone Growth Therapies) | $59.1 | $52.7 | $6.5 | 12.3% |
| Total | $198.6 | $187.0 | $11.6 | 6.2% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $141.1 | $134.4 | $6.7 | 5% |
| Trauma | $57.9 | $55.0 | $2.9 | 5.2% |
| Orthobiologics | $70.8 | $68.8 | $2.0 | 2.9% |
| Enabling Technology | $5.9 | $3.7 | $2.2 | 60% |
| Other (Bone Growth Therapies) | $111.6 | $100.4 | $11.2 | 11.2% |
| Total | $387.2 | $362.2 | $25.0 | 6.9% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.9 | $154.6 | $12.4 | 8% |
| OUS | $31.7 | $32.4 | ($0.7) | (2.3%) |
| EMEA | $13.8 | $13.3 | $0.4 | 3.4% |
| APAC | $12.1 | $12.9 | ($0.8) | (5.9%) |
| ROW | $5.8 | $6.2 | ($0.4) | (6.9%) |
| Total | $198.6 | $187.0 | $11.6 | 6.2% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $327.0 | $300.7 | $26.3 | 8.7% |
| OUS | $60.3 | $61.5 | ($1.3) | (2.1%) |
| EMEA | $26.2 | $25.3 | $0.9 | 3.6% |
| APAC | $23.1 | $24.5 | ($1.4) | (5.7%) |
| ROW | $11.0 | $11.7 | ($0.8) | (6.7%) |
| Total | $387.2 | $362.2 | $25.0 | 6.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $198.6 | |
| Cost of Sales | $63.9 | 32.2% |
| General and Admin | $100.2 | 50.5% |
| Selling and Marketing | $34.0 | 17.1% |
| R & D | $18.0 | 9.1% |
| Other | $15.9 | 8% |
| Net Earnings | ($33.4) | (16.8%) |
Orthofix Medical reported 2Q24 orthopedic sales of $198.6 million, up 6.2% from the second quarter of 2023. The company generated $387.2 million in orthopedic sales during the year's second half, up 6.9% from the prior year.
Strength in U.S. spine, bone growth therapies and trauma market penetration in the U.S. drove the gains. Spinal...
Orthofix Medical reported 2Q24 orthopedic sales of $198.6 million, up 6.2% from the second quarter of 2023. The company generated $387.2 million in orthopedic sales during the year’s second half, up 6.9% from the prior year.
Strength in U.S. spine, bone growth therapies and trauma market penetration in the U.S. drove the gains. Spinal fixation sales in the U.S. grew 12%, driven by deeper penetration of existing accounts and an expanding customer base. Likewise, 50% of the growth experienced by spinal bone growth therapies came from new customers.
The company said its foundation for sustainable, above-market growth is built upon deeper account penetration, multiple commercial access points across its portfolio and the 7D FLASH Navigation system to drive surgeon engagement and brand loyalty.
“7D continues to revolutionize spinal navigation, making it faster, more efficient, and radiation free,” said Orthofix Medical CEO Massimo Calafiore. “With the capability for registration in seconds versus 30 minutes or more for competitive systems and requiring no intraoperative radiation, 7D technology is proving compelling to surgeons, especially those performing open surgeries. Keep in mind that open surgery still represents approximately 80% of total current spine intervention, positioning 7D as a key driver of incremental navigated procedure penetration.”
Orthofix increased its 2024 guidance by $5 million on the top and bottom. The company now expects between $795 million and $800 million in sales, reflecting growth between 6.7% and 7.4%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $70.0 | $67.8 | $2.2 | 3.2% |
| Trauma | $30.6 | $29.0 | $1.5 | 5.3% |
| Orthobiologics | $35.9 | $35.3 | $0.7 | 1.9% |
| Enabling Technology | $2.9 | $2.2 | $0.7 | 33.3% |
| Other (Bone Growth Therapies) | $59.1 | $52.7 | $6.5 | 12.3% |
| Total | $198.6 | $187.0 | $11.6 | 6.2% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $141.1 | $134.4 | $6.7 | 5% |
| Trauma | $57.9 | $55.0 | $2.9 | 5.2% |
| Orthobiologics | $70.8 | $68.8 | $2.0 | 2.9% |
| Enabling Technology | $5.9 | $3.7 | $2.2 | 60% |
| Other (Bone Growth Therapies) | $111.6 | $100.4 | $11.2 | 11.2% |
| Total | $387.2 | $362.2 | $25.0 | 6.9% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.9 | $154.6 | $12.4 | 8% |
| OUS | $31.7 | $32.4 | ($0.7) | (2.3%) |
| EMEA | $13.8 | $13.3 | $0.4 | 3.4% |
| APAC | $12.1 | $12.9 | ($0.8) | (5.9%) |
| ROW | $5.8 | $6.2 | ($0.4) | (6.9%) |
| Total | $198.6 | $187.0 | $11.6 | 6.2% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $327.0 | $300.7 | $26.3 | 8.7% |
| OUS | $60.3 | $61.5 | ($1.3) | (2.1%) |
| EMEA | $26.2 | $25.3 | $0.9 | 3.6% |
| APAC | $23.1 | $24.5 | ($1.4) | (5.7%) |
| ROW | $11.0 | $11.7 | ($0.8) | (6.7%) |
| Total | $387.2 | $362.2 | $25.0 | 6.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $198.6 | |
| Cost of Sales | $63.9 | 32.2% |
| General and Admin | $100.2 | 50.5% |
| Selling and Marketing | $34.0 | 17.1% |
| R & D | $18.0 | 9.1% |
| Other | $15.9 | 8% |
| Net Earnings | ($33.4) | (16.8%) |
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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.
