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Orthofix reported 2Q22 orthopedic sales of $118.1 million, -2.7% compared to 2Q21.
Macro headwinds impacted Orthofix more than the company anticipated. Staffing shortages at hospitals and patient reluctance caused declining case volumes for complex spine procedures. Orthofix’s biologics and bone growth therapies rely heavily upon those complex procedures.
The company’s M6-C artificial disc also came under competitive pressure during the second quarter. Orthofix CEO Jon Serbousek said, “The space has become more competitive. There’s a new entrant in the marketplace as well as reinforcement and some of the other products are being promoted heavily. However, we see that as an opportunity to expand the market. And that’s why we have absolute conviction in M6 as far as the leading technology in the space.”
Orthofix launched 28 new products between spine and trauma since the start of 2020. The recently-approved AccelStim Bone Healing Therapy and the VIRTUOS shelf-stable complete autograft substitute (developed in partnership with MTF Biologics) are expected to provide meaningful revenue contribution in 2023.
Given the sustained macro pressures, the company reduced its 2022 revenue guidance to the range of $455 million to $465 million. That’s down from the previous range of $475 million to $490 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.2 | $30.1 | ($1.9) | (6.2%) |
| Trauma | $27.3 | $26.7 | $0.5 | 2% |
| Orthobiologics | $14.8 | $14.9 | ($0.1) | (0.4%) |
| Other (Bone Growth Therapies) | $47.8 | $49.7 | ($1.9) | (3.9%) |
| Total | $118.1 | $121.4 | ($3.3) | (2.7%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $54.8 | $55.8 | ($1.0) | (1.7%) |
| Trauma | $51.1 | $50.0 | $1.1 | 2.1% |
| Orthobiologics | $28.9 | $28.5 | $0.3 | 1.2% |
| Other (Bone Growth Therapies) | $89.7 | $92.7 | ($2.9) | (3.2%) |
| Total | $224.5 | $227.0 | ($2.5) | (1.1%) |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $92.8 | $95.2 | ($2.4) | (2.6%) |
| OUS | $25.3 | $26.2 | ($0.9) | (3.4%) |
| EMEA | $13.5 | $13.9 | ($0.3) | (2.5%) |
| APAC | $9.6 | $10.0 | ($0.4) | (3.9%) |
| ROW | $2.1 | $2.3 | ($0.2) | (6.7%) |
| Total | $118.1 | $121.4 | ($3.3) | (2.7%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $175.2 | $178.6 | ($3.4) | (1.9%) |
| OUS | $49.3 | $48.4 | $0.9 | 1.8% |
| EMEA | $26.3 | $25.8 | $0.5 | 2% |
| APAC | $18.9 | $18.4 | $0.4 | 2.3% |
| ROW | $4.1 | $4.2 | ($0.1) | (1.3%) |
| Total | $224.5 | $227.0 | ($2.5) | (1.1%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $118.1 | |
| Cost of Sales | $31.6 | 26.8% |
| General and Admin | $59.9 | 50.7% |
| Selling and Marketing | $15.8 | 13.4% |
| R & D | $12.8 | 10.8% |
| Other | ($4.5) | 3.8% |
| Net Earnings | $2.5 | 2.1% |
Orthofix reported 2Q22 orthopedic sales of $118.1 million, -2.7% compared to 2Q21.
Macro headwinds impacted Orthofix more than the company anticipated. Staffing shortages at hospitals and patient reluctance caused declining case volumes for complex spine procedures. Orthofix's biologics and bone growth therapies rely heavily upon those...
Orthofix reported 2Q22 orthopedic sales of $118.1 million, -2.7% compared to 2Q21.
Macro headwinds impacted Orthofix more than the company anticipated. Staffing shortages at hospitals and patient reluctance caused declining case volumes for complex spine procedures. Orthofix’s biologics and bone growth therapies rely heavily upon those complex procedures.
The company’s M6-C artificial disc also came under competitive pressure during the second quarter. Orthofix CEO Jon Serbousek said, “The space has become more competitive. There’s a new entrant in the marketplace as well as reinforcement and some of the other products are being promoted heavily. However, we see that as an opportunity to expand the market. And that’s why we have absolute conviction in M6 as far as the leading technology in the space.”
Orthofix launched 28 new products between spine and trauma since the start of 2020. The recently-approved AccelStim Bone Healing Therapy and the VIRTUOS shelf-stable complete autograft substitute (developed in partnership with MTF Biologics) are expected to provide meaningful revenue contribution in 2023.
Given the sustained macro pressures, the company reduced its 2022 revenue guidance to the range of $455 million to $465 million. That’s down from the previous range of $475 million to $490 million.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $28.2 | $30.1 | ($1.9) | (6.2%) |
| Trauma | $27.3 | $26.7 | $0.5 | 2% |
| Orthobiologics | $14.8 | $14.9 | ($0.1) | (0.4%) |
| Other (Bone Growth Therapies) | $47.8 | $49.7 | ($1.9) | (3.9%) |
| Total | $118.1 | $121.4 | ($3.3) | (2.7%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $54.8 | $55.8 | ($1.0) | (1.7%) |
| Trauma | $51.1 | $50.0 | $1.1 | 2.1% |
| Orthobiologics | $28.9 | $28.5 | $0.3 | 1.2% |
| Other (Bone Growth Therapies) | $89.7 | $92.7 | ($2.9) | (3.2%) |
| Total | $224.5 | $227.0 | ($2.5) | (1.1%) |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $92.8 | $95.2 | ($2.4) | (2.6%) |
| OUS | $25.3 | $26.2 | ($0.9) | (3.4%) |
| EMEA | $13.5 | $13.9 | ($0.3) | (2.5%) |
| APAC | $9.6 | $10.0 | ($0.4) | (3.9%) |
| ROW | $2.1 | $2.3 | ($0.2) | (6.7%) |
| Total | $118.1 | $121.4 | ($3.3) | (2.7%) |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $175.2 | $178.6 | ($3.4) | (1.9%) |
| OUS | $49.3 | $48.4 | $0.9 | 1.8% |
| EMEA | $26.3 | $25.8 | $0.5 | 2% |
| APAC | $18.9 | $18.4 | $0.4 | 2.3% |
| ROW | $4.1 | $4.2 | ($0.1) | (1.3%) |
| Total | $224.5 | $227.0 | ($2.5) | (1.1%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $118.1 | |
| Cost of Sales | $31.6 | 26.8% |
| General and Admin | $59.9 | 50.7% |
| Selling and Marketing | $15.8 | 13.4% |
| R & D | $12.8 | 10.8% |
| Other | ($4.5) | 3.8% |
| Net Earnings | $2.5 | 2.1% |
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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.
