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Smith+Nephew reported 4Q24 orthopedic sales of $1.04 billion, up 5.6% compared to the fourth quarter of 2023. For the full year, the company generated $3.91 billion in orthopedic sales, up 4.6% compared to the prior year.
The company’s ongoing 12-Point improvement plan produced tangible results by the end of 2024. Availability of products across the portfolio were at or above target levels. Overdue orders fell by 90% compared to the start of 2022.
Hips, shoulders and trauma performed well in 2024, but knee replacement remains far below market growth. Smith+Nephew said its recon business is on track to reach market growth by the end of 2025.
Regeneten continued driving growth for the company, with an estimated 10% of uses now outside of rotator cuff repair. The product’s addressable market recently expanded further with approval for extra-articular ligament repair.
However, volume-based procurement in China remains a huge headwind for growth. Off-tender volume never materialized for the company, leading to backed-up inventory and long ordering pauses. Sports medicine joint repair suffered a 10% headwind in China in the fourth quarter, and new VBP tenders affecting sports medicine enabling technology are expected in 2025.
“So China Orthopedics today, at VBP price levels, is not a profitable business for us,” said Smith+Nephew CEO Deepak Nath. “Why are we in it? We’re giving ourselves the opportunity to see how the market evolves and in particular how Robotics gets adopted in that market. So the go/no-go decision would be essentially where we want to participate in the next round of tender, right? And that depends on how the market evolves between now and then.”
Despite the headwinds in China, the company expects another step up in performance in 2025 with underlying revenue growth of 5%.
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 | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $431.8 | $419.7 | $12.2 | 2.9% |
| Knees | $250.0 | $245.2 | $4.8 | 2% |
| Hips | $161.1 | $154.8 | $6.3 | 4% |
| Extremities | $20.8 | $19.7 | $1.1 | 5.7% |
| Trauma | $141.5 | $128.7 | $12.8 | 10% |
| Sports Medicine | $439.9 | $416.0 | $23.9 | 5.8% |
| Enabling Technology | $34.5 | $27.9 | $6.6 | 23.7% |
| Total | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,656.9 | $1,624.9 | $32.0 | 2% |
| Knees | $958.7 | $950.3 | $8.5 | 0.9% |
| Hips | $619.2 | $599.8 | $19.4 | 3.2% |
| Extremities | $79.0 | $74.8 | $4.1 | 5.5% |
| Trauma | $530.4 | $490.0 | $40.4 | 8.3% |
| Sports Medicine | $1,613.9 | $1,533.5 | $80.4 | 5.2% |
| Enabling Technology | $117.6 | $99.3 | $18.3 | 18.5% |
| Total | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
Orthopedic Sales by Geography
| Region | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $587.6 | $536.3 | $51.3 | 9.6% |
| OUS | $460.2 | $456.0 | $4.2 | 0.9% |
| EMEA | $259.8 | $245.8 | $14.0 | 5.7% |
| APAC | $90.6 | $99.4 | ($8.9) | (8.9%) |
| ROW | $109.8 | $110.7 | ($0.9) | (0.8%) |
| Total | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,105.4 | $2,011.1 | $94.3 | 4.7% |
| OUS | $1,813.4 | $1,736.5 | $76.9 | 4.4% |
| EMEA | $999.6 | $936.0 | $63.5 | 6.8% |
| APAC | $361.3 | $376.1 | ($14.7) | (3.9%) |
| ROW | $452.5 | $424.4 | $28.1 | 6.6% |
| Total | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
Smith+Nephew reported 4Q24 orthopedic sales of $1.04 billion, up 5.6% compared to the fourth quarter of 2023. For the full year, the company generated $3.91 billion in orthopedic sales, up 4.6% compared to the prior year.
The company's ongoing 12-Point improvement plan produced tangible results by the end of 2024. Availability of products...
Smith+Nephew reported 4Q24 orthopedic sales of $1.04 billion, up 5.6% compared to the fourth quarter of 2023. For the full year, the company generated $3.91 billion in orthopedic sales, up 4.6% compared to the prior year.
The company’s ongoing 12-Point improvement plan produced tangible results by the end of 2024. Availability of products across the portfolio were at or above target levels. Overdue orders fell by 90% compared to the start of 2022.
Hips, shoulders and trauma performed well in 2024, but knee replacement remains far below market growth. Smith+Nephew said its recon business is on track to reach market growth by the end of 2025.
Regeneten continued driving growth for the company, with an estimated 10% of uses now outside of rotator cuff repair. The product’s addressable market recently expanded further with approval for extra-articular ligament repair.
However, volume-based procurement in China remains a huge headwind for growth. Off-tender volume never materialized for the company, leading to backed-up inventory and long ordering pauses. Sports medicine joint repair suffered a 10% headwind in China in the fourth quarter, and new VBP tenders affecting sports medicine enabling technology are expected in 2025.
“So China Orthopedics today, at VBP price levels, is not a profitable business for us,” said Smith+Nephew CEO Deepak Nath. “Why are we in it? We’re giving ourselves the opportunity to see how the market evolves and in particular how Robotics gets adopted in that market. So the go/no-go decision would be essentially where we want to participate in the next round of tender, right? And that depends on how the market evolves between now and then.”
Despite the headwinds in China, the company expects another step up in performance in 2025 with underlying revenue growth of 5%.
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 | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $431.8 | $419.7 | $12.2 | 2.9% |
| Knees | $250.0 | $245.2 | $4.8 | 2% |
| Hips | $161.1 | $154.8 | $6.3 | 4% |
| Extremities | $20.8 | $19.7 | $1.1 | 5.7% |
| Trauma | $141.5 | $128.7 | $12.8 | 10% |
| Sports Medicine | $439.9 | $416.0 | $23.9 | 5.8% |
| Enabling Technology | $34.5 | $27.9 | $6.6 | 23.7% |
| Total | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Segment | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,656.9 | $1,624.9 | $32.0 | 2% |
| Knees | $958.7 | $950.3 | $8.5 | 0.9% |
| Hips | $619.2 | $599.8 | $19.4 | 3.2% |
| Extremities | $79.0 | $74.8 | $4.1 | 5.5% |
| Trauma | $530.4 | $490.0 | $40.4 | 8.3% |
| Sports Medicine | $1,613.9 | $1,533.5 | $80.4 | 5.2% |
| Enabling Technology | $117.6 | $99.3 | $18.3 | 18.5% |
| Total | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
Orthopedic Sales by Geography
| Region | 4Q24 | 4Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $587.6 | $536.3 | $51.3 | 9.6% |
| OUS | $460.2 | $456.0 | $4.2 | 0.9% |
| EMEA | $259.8 | $245.8 | $14.0 | 5.7% |
| APAC | $90.6 | $99.4 | ($8.9) | (8.9%) |
| ROW | $109.8 | $110.7 | ($0.9) | (0.8%) |
| Total | $1,047.8 | $992.3 | $55.5 | 5.6% |
| Region | FY24 | FY23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,105.4 | $2,011.1 | $94.3 | 4.7% |
| OUS | $1,813.4 | $1,736.5 | $76.9 | 4.4% |
| EMEA | $999.6 | $936.0 | $63.5 | 6.8% |
| APAC | $361.3 | $376.1 | ($14.7) | (3.9%) |
| ROW | $452.5 | $424.4 | $28.1 | 6.6% |
| Total | $3,918.8 | $3,747.6 | $171.2 | 4.6% |
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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.
