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Orthofix Medical reported 3Q24 orthopedic sales of $196.6 million, up 6.8% compared to the third quarter of 2023. Year to date, the company generated $583.8 million in orthopedic sales, up 6.9% compared to the prior year.
The third quarter represented an inflection point, according to the company. Orthofix achieved new records for U.S. trauma sales and a number of new 7D earnout agreements. It also matched its previous record for most 7D units placed within a quarter.
Spinal fixation sales increased 18% in the U.S., driven by strong market demand for Reef and WaveForm interbody products. The company’s ALIF, lateral and MIS portfolios drove growth on the strength of increased procedural selling.
“We believe we are well positioned to serve over 90% of the spine surgeons’ needs with a comprehensive product portfolio,” said Orthofix Medical CEO Massimo Calafiore. “Our comprehensive portfolio and steady cadence of innovation will enable us to attract top sales talent and drive stickier relationships with surgeons and hospital accounts, which we expect to result in incremental product pull-through as well as ASP lift from mix benefits.”
The company expects 2024 orthopedic sales between $795 million and $800 million, representing growth between 6.6% and 7.2%.
It also expects to deliver net sales CAGR of 6% and 7% between 2025 and 2027, assuming no material changes to the operating environment.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $70.1 | $63.7 | $6.4 | 10.1% |
| Trauma | $30.5 | $29.7 | $0.8 | 2.9% |
| Orthobiologics | $34.3 | $34.0 | $0.3 | 0.8% |
| Enabling Technology | $3.8 | $3.3 | $0.5 | 14.9% |
| Other (Bone Growth Therapies) | $57.9 | $53.4 | $4.6 | 8.6% |
| Total | $196.6 | $184.0 | $12.6 | 6.8% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $213.0 | $198.0 | $14.9 | 7.5% |
| Trauma | $88.4 | $84.7 | $3.7 | 4.4% |
| Orthobiologics | $105.1 | $102.8 | $2.2 | 2.2% |
| Enabling Technology | $7.9 | $7.0 | $0.9 | 13.2% |
| Other (Bone Growth Therapies) | $169.5 | $153.7 | $15.8 | 10.3% |
| Total | $583.8 | $546.2 | $37.6 | 6.9% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.6 | $153.2 | $13.4 | 8.7% |
| OUS | $30.0 | $30.8 | ($0.8) | (2.6%) |
| EMEA | $13.2 | $13.1 | $0.2 | 1.2% |
| APAC | $11.7 | $12.1 | ($0.3) | (2.9%) |
| ROW | $5.0 | $5.6 | ($0.6) | (10.7%) |
| Total | $196.6 | $184.0 | $12.6 | 6.8% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $493.6 | $453.9 | $39.7 | 8.7% |
| OUS | $90.2 | $92.3 | ($2.1) | (2.2%) |
| EMEA | $39.5 | $38.4 | $1.1 | 2.8% |
| APAC | $34.8 | $36.6 | ($1.7) | (4.8%) |
| ROW | $16.0 | $17.3 | ($1.4) | (8%) |
| Total | $583.8 | $546.2 | $37.6 | 6.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $196.6 | |
| Cost of Sales | $61.6 | 31.3% |
| General and Admin | $96.6 | 49.1% |
| Selling and Marketing | $33.6 | 17.1% |
| R & D | $17.3 | 8.8% |
| Other | $15.0 | 7.6% |
| Net Earnings | ($27.4) | (13.9%) |
Orthofix Medical reported 3Q24 orthopedic sales of $196.6 million, up 6.8% compared to the third quarter of 2023. Year to date, the company generated $583.8 million in orthopedic sales, up 6.9% compared to the prior year.
The third quarter represented an inflection point, according to the company. Orthofix achieved new records for U.S....
Orthofix Medical reported 3Q24 orthopedic sales of $196.6 million, up 6.8% compared to the third quarter of 2023. Year to date, the company generated $583.8 million in orthopedic sales, up 6.9% compared to the prior year.
The third quarter represented an inflection point, according to the company. Orthofix achieved new records for U.S. trauma sales and a number of new 7D earnout agreements. It also matched its previous record for most 7D units placed within a quarter.
Spinal fixation sales increased 18% in the U.S., driven by strong market demand for Reef and WaveForm interbody products. The company’s ALIF, lateral and MIS portfolios drove growth on the strength of increased procedural selling.
“We believe we are well positioned to serve over 90% of the spine surgeons’ needs with a comprehensive product portfolio,” said Orthofix Medical CEO Massimo Calafiore. “Our comprehensive portfolio and steady cadence of innovation will enable us to attract top sales talent and drive stickier relationships with surgeons and hospital accounts, which we expect to result in incremental product pull-through as well as ASP lift from mix benefits.”
The company expects 2024 orthopedic sales between $795 million and $800 million, representing growth between 6.6% and 7.2%.
It also expects to deliver net sales CAGR of 6% and 7% between 2025 and 2027, assuming no material changes to the operating environment.
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $70.1 | $63.7 | $6.4 | 10.1% |
| Trauma | $30.5 | $29.7 | $0.8 | 2.9% |
| Orthobiologics | $34.3 | $34.0 | $0.3 | 0.8% |
| Enabling Technology | $3.8 | $3.3 | $0.5 | 14.9% |
| Other (Bone Growth Therapies) | $57.9 | $53.4 | $4.6 | 8.6% |
| Total | $196.6 | $184.0 | $12.6 | 6.8% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $213.0 | $198.0 | $14.9 | 7.5% |
| Trauma | $88.4 | $84.7 | $3.7 | 4.4% |
| Orthobiologics | $105.1 | $102.8 | $2.2 | 2.2% |
| Enabling Technology | $7.9 | $7.0 | $0.9 | 13.2% |
| Other (Bone Growth Therapies) | $169.5 | $153.7 | $15.8 | 10.3% |
| Total | $583.8 | $546.2 | $37.6 | 6.9% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $166.6 | $153.2 | $13.4 | 8.7% |
| OUS | $30.0 | $30.8 | ($0.8) | (2.6%) |
| EMEA | $13.2 | $13.1 | $0.2 | 1.2% |
| APAC | $11.7 | $12.1 | ($0.3) | (2.9%) |
| ROW | $5.0 | $5.6 | ($0.6) | (10.7%) |
| Total | $196.6 | $184.0 | $12.6 | 6.8% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $493.6 | $453.9 | $39.7 | 8.7% |
| OUS | $90.2 | $92.3 | ($2.1) | (2.2%) |
| EMEA | $39.5 | $38.4 | $1.1 | 2.8% |
| APAC | $34.8 | $36.6 | ($1.7) | (4.8%) |
| ROW | $16.0 | $17.3 | ($1.4) | (8%) |
| Total | $583.8 | $546.2 | $37.6 | 6.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $196.6 | |
| Cost of Sales | $61.6 | 31.3% |
| General and Admin | $96.6 | 49.1% |
| Selling and Marketing | $33.6 | 17.1% |
| R & D | $17.3 | 8.8% |
| Other | $15.0 | 7.6% |
| Net Earnings | ($27.4) | (13.9%) |
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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.
