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Smith+Nephew reported 3Q23 orthopedic sales of $902 million, +8.4% compared to the third quarter of 2022. For the first nine months of the year, the company generated $2,755.3 million in orthopedic sales, +5.5% year-over-year.
The third quarter marked the company’s best orthopedic performance in years, according to its leadership. Improving operational performance allowed Smith+Nephew to participate in the ongoing orthopedic market recovery after sitting out the last several quarters.
While overall supply is nearing target levels, the company is still early in the process for some flagship product lines like the Journey II total knee.
Regionally, joint replacement sales improved in China after the company fully lapped volume-based procurement for the segment. However, a looming tender for sports medicine impacted that franchise in China.
Smith+Nephew expects a tender by the end of 2023, with implementation in the second quarter of 2024. The impact could be up to 2% of the group’s revenue.
The company is pleased with the targeted placement strategy and utilization of its CORI robotic platform. About 25% of the company’s knee implants are implanted using CORI, with utilization in ASCs and teaching institutions trending positively.
“The strategy we’re running though is not to place robots willy-nilly, but rather to place them where we expect to see utilization,” said Smith+Nephew CEO Deepak Nath. “We’re also looking at where we place them, and we’re encouraged by the uptake we’ve gotten not only in academic medical centers, where historically we’ve had a weaker presence. And we’re starting to gain traction in the ASC.”
Ongoing procedure recovery and improving product fill rates led the company to guide toward the higher end of its 2023 outlook of 6% to 7% growth.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis. Note: we’ve moved some sales previously classified as orthobiologics to sports medicine.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $385.6 | $364.2 | $21.4 | 5.9% |
| Knees | $225.1 | $211.1 | $14.0 | 6.6% |
| Hips | $141.6 | $136.4 | $5.2 | 3.8% |
| Extremities | $18.9 | $16.7 | $2.2 | 13.2% |
| Trauma | $123.9 | $111.8 | $12.1 | 10.8% |
| Sports Medicine | $366.5 | $340.1 | $26.4 | 7.8% |
| Enabling Technology | $26.1 | $16.1 | $9.9 | 61.7% |
| Total | $902.0 | $832.2 | $69.8 | 8.4% |
| 9m23 | 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,205.1 | $1,155.8 | $49.3 | 4.3% |
| Knees | $702.6 | $667.8 | $34.9 | 5.2% |
| Hips | $447.3 | $436.1 | $11.2 | 2.6% |
| Extremities | $55.2 | $51.9 | $3.3 | 6.3% |
| Trauma | $361.3 | $352.9 | $8.4 | 2.4% |
| Sports Medicine | $1,117.5 | $1,047.9 | $69.6 | 6.6% |
| Enabling Technology | $71.4 | $54.4 | $17.0 | 31.3% |
| Total | $2,755.3 | $2,610.9 | $144.4 | 5.5% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $477.9 | $446.7 | $31.2 | 7% |
| OUS | $424.1 | $385.5 | $38.6 | 10% |
| EMEA | $222.6 | $195.2 | $27.4 | 14% |
| Asia Pacific | $93.6 | $90.6 | $3.0 | 3.3% |
| Rest of World | $107.8 | $99.6 | $8.2 | 8.2% |
| Total | $902.0 | $832.2 | $69.8 | 8.4% |
| 9m23 | 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,474.8 | $1,369.7 | $105.1 | 7.7% |
| OUS | $1,280.5 | $1,241.2 | $39.3 | 3.2% |
| EMEA | $693.0 | $653.3 | $39.7 | 6.1% |
| Asia Pacific | $276.6 | $282.7 | ($6.0) | (2.1%) |
| Rest of World | $310.9 | $305.2 | $5.7 | 1.9% |
| Total | $2,755.3 | $2,610.9 | $144.4 | 5.5% |
Smith+Nephew reported 3Q23 orthopedic sales of $902 million, +8.4% compared to the third quarter of 2022. For the first nine months of the year, the company generated $2,755.3 million in orthopedic sales, +5.5% year-over-year.
The third quarter marked the company's best orthopedic performance in years, according to its leadership....
Smith+Nephew reported 3Q23 orthopedic sales of $902 million, +8.4% compared to the third quarter of 2022. For the first nine months of the year, the company generated $2,755.3 million in orthopedic sales, +5.5% year-over-year.
The third quarter marked the company’s best orthopedic performance in years, according to its leadership. Improving operational performance allowed Smith+Nephew to participate in the ongoing orthopedic market recovery after sitting out the last several quarters.
While overall supply is nearing target levels, the company is still early in the process for some flagship product lines like the Journey II total knee.
Regionally, joint replacement sales improved in China after the company fully lapped volume-based procurement for the segment. However, a looming tender for sports medicine impacted that franchise in China.
Smith+Nephew expects a tender by the end of 2023, with implementation in the second quarter of 2024. The impact could be up to 2% of the group’s revenue.
The company is pleased with the targeted placement strategy and utilization of its CORI robotic platform. About 25% of the company’s knee implants are implanted using CORI, with utilization in ASCs and teaching institutions trending positively.
“The strategy we’re running though is not to place robots willy-nilly, but rather to place them where we expect to see utilization,” said Smith+Nephew CEO Deepak Nath. “We’re also looking at where we place them, and we’re encouraged by the uptake we’ve gotten not only in academic medical centers, where historically we’ve had a weaker presence. And we’re starting to gain traction in the ASC.”
Ongoing procedure recovery and improving product fill rates led the company to guide toward the higher end of its 2023 outlook of 6% to 7% growth.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis. Note: we’ve moved some sales previously classified as orthobiologics to sports medicine.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $385.6 | $364.2 | $21.4 | 5.9% |
| Knees | $225.1 | $211.1 | $14.0 | 6.6% |
| Hips | $141.6 | $136.4 | $5.2 | 3.8% |
| Extremities | $18.9 | $16.7 | $2.2 | 13.2% |
| Trauma | $123.9 | $111.8 | $12.1 | 10.8% |
| Sports Medicine | $366.5 | $340.1 | $26.4 | 7.8% |
| Enabling Technology | $26.1 | $16.1 | $9.9 | 61.7% |
| Total | $902.0 | $832.2 | $69.8 | 8.4% |
| 9m23 | 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,205.1 | $1,155.8 | $49.3 | 4.3% |
| Knees | $702.6 | $667.8 | $34.9 | 5.2% |
| Hips | $447.3 | $436.1 | $11.2 | 2.6% |
| Extremities | $55.2 | $51.9 | $3.3 | 6.3% |
| Trauma | $361.3 | $352.9 | $8.4 | 2.4% |
| Sports Medicine | $1,117.5 | $1,047.9 | $69.6 | 6.6% |
| Enabling Technology | $71.4 | $54.4 | $17.0 | 31.3% |
| Total | $2,755.3 | $2,610.9 | $144.4 | 5.5% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $477.9 | $446.7 | $31.2 | 7% |
| OUS | $424.1 | $385.5 | $38.6 | 10% |
| EMEA | $222.6 | $195.2 | $27.4 | 14% |
| Asia Pacific | $93.6 | $90.6 | $3.0 | 3.3% |
| Rest of World | $107.8 | $99.6 | $8.2 | 8.2% |
| Total | $902.0 | $832.2 | $69.8 | 8.4% |
| 9m23 | 9m22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,474.8 | $1,369.7 | $105.1 | 7.7% |
| OUS | $1,280.5 | $1,241.2 | $39.3 | 3.2% |
| EMEA | $693.0 | $653.3 | $39.7 | 6.1% |
| Asia Pacific | $276.6 | $282.7 | ($6.0) | (2.1%) |
| Rest of World | $310.9 | $305.2 | $5.7 | 1.9% |
| Total | $2,755.3 | $2,610.9 | $144.4 | 5.5% |
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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.
