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Smith+Nephew reported 2Q21 orthopedic revenue of USD $930.8 million, +55% vs. 2Q20. Compared to 2Q19, the company grew +2.6% for the quarter. Smith+Nephew remains on track to achieve its 2021 underlying growth guidance of 10% to 13% vs 2020.
While the company’s hip franchise has gained some traction in recent quarters, its knee business is underperforming compared to peers. Compared to 2019, Smith+Nephew knee sales declined -13.7% in 2Q21. Company leadership said it remains committed to all of its end markets.
Smith+Nephew faces myriad challenges with few quick fixes available. Its cementless knee is not expected to contribute meaningfully until 2022. Additionally, the company has more exposure in China compared to peers, where ordering patterns are disrupted due to upcoming volume-based procurement rules.
Supply chain issues have further complicated the company’s position. In addition to global logistics problems faced by every industry, the Smith+Nephew faces a labor shortage at its Memphis hub where the majority of its orthopedic products are produced. The company has a team dedicated solely to the situation but expects a gradual recovery over several quarters.
Divestitures are not a consideration of us at this stage. I think the 3 franchises in their own markets have a good position. They have growth opportunities. They have potential. We have a great beachhead there. I think it’ll continue to serve very well as the markets in general, both in Orthopaedics and in Sports continue to move to more decentralized settings to more specialized settings and then we are well-positioned to leverage that. — Smith+Nephew CEO Roland Diggelmann
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $423.8 | $271.7 | $152.1 | 56% |
| Knees | $247.0 | $149.0 | $98.0 | 65.8% |
| Hips | $161.0 | $112.2 | $48.8 | 43.5% |
| Extremities | $15.8 | $10.5 | $5.3 | 50.6% |
| Trauma | $133.2 | $92.4 | $40.8 | 44.2% |
| Sports Medicine | $358.0 | $225.4 | $132.7 | 58.9% |
| Orthobiologics | $15.8 | $11.2 | $4.7 | 41.8% |
| Total | $930.8 | $600.5 | $330.3 | 55% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $830.4 | $678.3 | $152.1 | 22.4% |
| Knees | $484.0 | $386.0 | $98.0 | 25.4% |
| Hips | $315.0 | $266.2 | $48.8 | 18.3% |
| Extremities | $31.4 | $26.1 | $5.3 | 20.3% |
| Trauma | $266.6 | $225.7 | $40.8 | 18.1% |
| Sports Medicine | $702.0 | $569.4 | $132.7 | 23.3% |
| Orthobiologics | $29.8 | $25.1 | $4.7 | 18.6% |
| Total | $1,828.8 | $1,498.5 | $330.3 | 22% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $472.0 | $293.3 | $178.8 | 61% |
| OUS | $458.8 | $307.3 | $151.5 | 49.3% |
| EMEA | $250.1 | $155.2 | $94.9 | 61.1% |
| Asia Pacific | $111.7 | $80.6 | $31.1 | 38.6% |
| Rest of World | $97.0 | $71.5 | $25.5 | 35.7% |
| Total | $930.8 | $600.5 | $330.3 | 55% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $926.7 | $747.9 | $178.8 | 23.9% |
| OUS | $902.1 | $750.5 | $151.5 | 20.2% |
| EMEA | $495.9 | $401.0 | $94.9 | 23.7% |
| Asia Pacific | $217.7 | $186.6 | $31.1 | 16.7% |
| Rest of World | $188.5 | $163.0 | $25.5 | 15.7% |
| Total | $1,828.8 | $1,498.5 | $330.3 | 22% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Smith+Nephew reported 2Q21 orthopedic revenue of USD $930.8 million, +55% vs. 2Q20. Compared to 2Q19, the company grew +2.6% for the quarter. Smith+Nephew remains on track to achieve its 2021 underlying growth guidance of 10% to 13% vs 2020.
While the company's hip franchise has gained some traction in recent quarters, its knee business is...
Smith+Nephew reported 2Q21 orthopedic revenue of USD $930.8 million, +55% vs. 2Q20. Compared to 2Q19, the company grew +2.6% for the quarter. Smith+Nephew remains on track to achieve its 2021 underlying growth guidance of 10% to 13% vs 2020.
While the company’s hip franchise has gained some traction in recent quarters, its knee business is underperforming compared to peers. Compared to 2019, Smith+Nephew knee sales declined -13.7% in 2Q21. Company leadership said it remains committed to all of its end markets.
Smith+Nephew faces myriad challenges with few quick fixes available. Its cementless knee is not expected to contribute meaningfully until 2022. Additionally, the company has more exposure in China compared to peers, where ordering patterns are disrupted due to upcoming volume-based procurement rules.
Supply chain issues have further complicated the company’s position. In addition to global logistics problems faced by every industry, the Smith+Nephew faces a labor shortage at its Memphis hub where the majority of its orthopedic products are produced. The company has a team dedicated solely to the situation but expects a gradual recovery over several quarters.
Divestitures are not a consideration of us at this stage. I think the 3 franchises in their own markets have a good position. They have growth opportunities. They have potential. We have a great beachhead there. I think it’ll continue to serve very well as the markets in general, both in Orthopaedics and in Sports continue to move to more decentralized settings to more specialized settings and then we are well-positioned to leverage that. — Smith+Nephew CEO Roland Diggelmann
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $423.8 | $271.7 | $152.1 | 56% |
| Knees | $247.0 | $149.0 | $98.0 | 65.8% |
| Hips | $161.0 | $112.2 | $48.8 | 43.5% |
| Extremities | $15.8 | $10.5 | $5.3 | 50.6% |
| Trauma | $133.2 | $92.4 | $40.8 | 44.2% |
| Sports Medicine | $358.0 | $225.4 | $132.7 | 58.9% |
| Orthobiologics | $15.8 | $11.2 | $4.7 | 41.8% |
| Total | $930.8 | $600.5 | $330.3 | 55% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $830.4 | $678.3 | $152.1 | 22.4% |
| Knees | $484.0 | $386.0 | $98.0 | 25.4% |
| Hips | $315.0 | $266.2 | $48.8 | 18.3% |
| Extremities | $31.4 | $26.1 | $5.3 | 20.3% |
| Trauma | $266.6 | $225.7 | $40.8 | 18.1% |
| Sports Medicine | $702.0 | $569.4 | $132.7 | 23.3% |
| Orthobiologics | $29.8 | $25.1 | $4.7 | 18.6% |
| Total | $1,828.8 | $1,498.5 | $330.3 | 22% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $472.0 | $293.3 | $178.8 | 61% |
| OUS | $458.8 | $307.3 | $151.5 | 49.3% |
| EMEA | $250.1 | $155.2 | $94.9 | 61.1% |
| Asia Pacific | $111.7 | $80.6 | $31.1 | 38.6% |
| Rest of World | $97.0 | $71.5 | $25.5 | 35.7% |
| Total | $930.8 | $600.5 | $330.3 | 55% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $926.7 | $747.9 | $178.8 | 23.9% |
| OUS | $902.1 | $750.5 | $151.5 | 20.2% |
| EMEA | $495.9 | $401.0 | $94.9 | 23.7% |
| Asia Pacific | $217.7 | $186.6 | $31.1 | 16.7% |
| Rest of World | $188.5 | $163.0 | $25.5 | 15.7% |
| Total | $1,828.8 | $1,498.5 | $330.3 | 22% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
