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Smith+Nephew reported 2Q23 orthopedic sales of $944.7 million, +5.8% compared to the second quarter of 2022. The company generated orthopedic sales of $1,884.7 million in the first half of the year, +4.2% compared to the prior year period.
For the first time since the pandemic, Smith+Nephew benefitted from a rebound in elective procedure volumes due to its improved supply and commercial delivery situation. Additionally, the company lapped the impact of the volume-based procurement for knee and hip implants in China over the course of the second quarter. Smith+Nephew’s install base for CORI passed 650 systems, with about a third of them going into ASC settings. According to the company, surgeon utilization of CORI is 20%.
The company made significant progress in its 12-point transformation plan, especially in improving orthopedic commercial delivery. Things are turning around for the orthopedic franchise. “We have the highest pace of CORI sales activity we’ve seen,” said Smith+Nephew CFO Anne-Francoise Nesmes. “EVOS growth has accelerated already, and AETOS shoulder makes us competitive for the first time in that large and high-growth category. So putting this all together, we’re excited about what’s to come for orthopedics in the coming quarters.”
However, it is facing a fresh wave of external challenges. Extended lead times from third-party supply partners have led to elevated levels of incomplete sets that are hampering sales reps’ ability to secure new business. Also, volume-based procurement for sports medicine looms on the horizon in China. The company said that it is in close communication with the Chinese government and is ready to apply lessons learned through previous VBP rounds.
Smith+Nephew raised its underlying growth guidance for 2023 to the range of 6% to 7%, up from the previously provided range of 5% to 6%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $411.2 | $391.8 | $19.4 | 4.9% |
| Knees | $239.7 | $224.3 | $15.3 | 6.8% |
| Hips | $153.1 | $149.9 | $3.2 | 2.1% |
| Extremities | $18.5 | $17.6 | $0.9 | 5.3% |
| Trauma | $118.7 | $117.7 | $1.0 | 0.8% |
| Sports Medicine | $373.8 | $346.8 | $27.0 | 7.8% |
| Orthobiologics | $16.6 | $16.1 | $0.5 | 3.2% |
| Enabling Technology | $24.4 | $20.3 | $4.1 | 20.4% |
| Total | $944.7 | $892.7 | $52.0 | 5.8% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $820.2 | $791.6 | $28.6 | 3.6% |
| Knees | $477.6 | $456.7 | $20.9 | 4.6% |
| Hips | $305.6 | $299.7 | $6.0 | 2% |
| Extremities | $36.9 | $35.2 | $1.7 | 4.9% |
| Trauma | $236.7 | $241.1 | ($4.4) | (1.8%) |
| Sports Medicine | $751.1 | $707.8 | $43.3 | 6.1% |
| Orthobiologics | $31.4 | $30.2 | $1.1 | 3.8% |
| Enabling Technology | $45.3 | $38.3 | $7.1 | 18.5% |
| Total | $1,884.7 | $1,808.9 | $75.7 | 4.2% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $502.8 | $476.4 | $26.5 | 5.6% |
| OUS | $441.9 | $416.3 | $25.6 | 6.1% |
| EMEA | $237.4 | $222.1 | $15.4 | 6.9% |
| Asia Pacific | $96.7 | $93.1 | $3.6 | 3.9% |
| Rest of World | $107.7 | $101.2 | $6.6 | 6.5% |
| Total | $944.7 | $892.7 | $52.0 | 5.8% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,013.7 | $938.7 | $75.0 | 8% |
| OUS | $870.9 | $870.2 | $0.7 | 0.1% |
| EMEA | $478.3 | $465.8 | $12.5 | 2.7% |
| Asia Pacific | $186.2 | $195.3 | ($9.2) | (4.7%) |
| Rest of World | $206.5 | $209.1 | ($2.6) | (1.2%) |
| Total | $1,884.7 | $1,808.9 | $75.7 | 4.2% |
Smith+Nephew reported 2Q23 orthopedic sales of $944.7 million, +5.8% compared to the second quarter of 2022. The company generated orthopedic sales of $1,884.7 million in the first half of the year, +4.2% compared to the prior year period.
For the first time since the pandemic, Smith+Nephew benefitted from a rebound in elective procedure...
Smith+Nephew reported 2Q23 orthopedic sales of $944.7 million, +5.8% compared to the second quarter of 2022. The company generated orthopedic sales of $1,884.7 million in the first half of the year, +4.2% compared to the prior year period.
For the first time since the pandemic, Smith+Nephew benefitted from a rebound in elective procedure volumes due to its improved supply and commercial delivery situation. Additionally, the company lapped the impact of the volume-based procurement for knee and hip implants in China over the course of the second quarter. Smith+Nephew’s install base for CORI passed 650 systems, with about a third of them going into ASC settings. According to the company, surgeon utilization of CORI is 20%.
The company made significant progress in its 12-point transformation plan, especially in improving orthopedic commercial delivery. Things are turning around for the orthopedic franchise. “We have the highest pace of CORI sales activity we’ve seen,” said Smith+Nephew CFO Anne-Francoise Nesmes. “EVOS growth has accelerated already, and AETOS shoulder makes us competitive for the first time in that large and high-growth category. So putting this all together, we’re excited about what’s to come for orthopedics in the coming quarters.”
However, it is facing a fresh wave of external challenges. Extended lead times from third-party supply partners have led to elevated levels of incomplete sets that are hampering sales reps’ ability to secure new business. Also, volume-based procurement for sports medicine looms on the horizon in China. The company said that it is in close communication with the Chinese government and is ready to apply lessons learned through previous VBP rounds.
Smith+Nephew raised its underlying growth guidance for 2023 to the range of 6% to 7%, up from the previously provided range of 5% to 6%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $411.2 | $391.8 | $19.4 | 4.9% |
| Knees | $239.7 | $224.3 | $15.3 | 6.8% |
| Hips | $153.1 | $149.9 | $3.2 | 2.1% |
| Extremities | $18.5 | $17.6 | $0.9 | 5.3% |
| Trauma | $118.7 | $117.7 | $1.0 | 0.8% |
| Sports Medicine | $373.8 | $346.8 | $27.0 | 7.8% |
| Orthobiologics | $16.6 | $16.1 | $0.5 | 3.2% |
| Enabling Technology | $24.4 | $20.3 | $4.1 | 20.4% |
| Total | $944.7 | $892.7 | $52.0 | 5.8% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $820.2 | $791.6 | $28.6 | 3.6% |
| Knees | $477.6 | $456.7 | $20.9 | 4.6% |
| Hips | $305.6 | $299.7 | $6.0 | 2% |
| Extremities | $36.9 | $35.2 | $1.7 | 4.9% |
| Trauma | $236.7 | $241.1 | ($4.4) | (1.8%) |
| Sports Medicine | $751.1 | $707.8 | $43.3 | 6.1% |
| Orthobiologics | $31.4 | $30.2 | $1.1 | 3.8% |
| Enabling Technology | $45.3 | $38.3 | $7.1 | 18.5% |
| Total | $1,884.7 | $1,808.9 | $75.7 | 4.2% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $502.8 | $476.4 | $26.5 | 5.6% |
| OUS | $441.9 | $416.3 | $25.6 | 6.1% |
| EMEA | $237.4 | $222.1 | $15.4 | 6.9% |
| Asia Pacific | $96.7 | $93.1 | $3.6 | 3.9% |
| Rest of World | $107.7 | $101.2 | $6.6 | 6.5% |
| Total | $944.7 | $892.7 | $52.0 | 5.8% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,013.7 | $938.7 | $75.0 | 8% |
| OUS | $870.9 | $870.2 | $0.7 | 0.1% |
| EMEA | $478.3 | $465.8 | $12.5 | 2.7% |
| Asia Pacific | $186.2 | $195.3 | ($9.2) | (4.7%) |
| Rest of World | $206.5 | $209.1 | ($2.6) | (1.2%) |
| Total | $1,884.7 | $1,808.9 | $75.7 | 4.2% |
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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.
