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Smith+Nephew reported 4Q20 orthopedic revenue of USD $938.8 million, -6.4% vs. 4Q19 with full-year 2020 revenue of $3.2 billion, -12.8% vs. 2019. The company started the fourth quarter with momentum, but COVID restrictions from mid-October derailed efforts in the U.S. and large European markets.
Smith+Nephew’s leadership is pleased with its U.S. hip business, spurred by the rollout of the OR30 dual mobility system. However, its U.S. knee business is losing share without a cementless implant. While Smith+Nephew expects to launch a cementless knee in 2H21, its knee business will remain challenged throughout the year. The recently launched CORI hand-held knee replacement robot continued to gain traction and adoption through the quarter. Smith+Nephew is counting on the unit’s differentiation and ASC focus to capture share.
The company declined to provide quantitative guidance for 2021, saying only that it expects “substantial underlying growth compared to 2020.”
“When I look at the knee performance in the U.S., I think it is both loss in volumes and a loss in price. Cementless typically commands a higher price in the market; that’s always been the case. And that, I believe, will continue to be the case. Very specific to the U.S., of course, because it is a different situation in Europe and in Asia.” -Roland Diggelmann, Smith+Nephew CEO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $428.4 | $483.5 | ($55.2) | (11.4%) |
| Knees | $253.0 | $307.0 | ($54.0) | (17.6%) |
| Hips | $162.0 | $162.0 | $0.0 | 0% |
| Extremities | $13.4 | $14.5 | ($1.2) | (7.9%) |
| Trauma | $116.6 | $116.5 | $0.2 | 0.1% |
| Sports Medicine | $381.0 | $384.0 | ($3.0) | (0.8%) |
| Orthobiologics | $12.8 | $18.5 | ($5.7) | (30.7%) |
| Total | $938.8 | $1,002.5 | ($63.7) | (6.4%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,506.0 | $1,787.9 | ($282.0) | (15.8%) |
| Knees | $890.5 | $1,116.7 | ($226.2) | (20.3%) |
| Hips | $567.6 | $617.3 | ($49.7) | (8.1%) |
| Extremities | $47.8 | $53.9 | ($6.1) | (11.3%) |
| Trauma | $412.3 | $434.1 | ($21.8) | (5%) |
| Sports Medicine | $1,226.3 | $1,384.5 | ($158.3) | (11.4%) |
| Orthobiologics | $49.9 | $57.6 | ($7.7) | (13.3%) |
| Total | $3,194.4 | $3,664.1 | ($469.7) | (12.8%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $487.8 | $515.8 | ($28.0) | (5.4%) |
| OUS | $451.0 | $486.6 | ($35.6) | (7.3%) |
| EMEA | $255.8 | $261.0 | ($5.3) | (2%) |
| Asia Pacific | $105.1 | $120.5 | ($15.3) | (12.7%) |
| Rest of World | $90.1 | $105.1 | ($15.0) | (14.3%) |
| Total | $938.8 | $1,002.5 | ($63.7) | (6.4%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,639.8 | $1,818.5 | ($178.7) | (9.8%) |
| OUS | $1,554.7 | $1,845.7 | ($291.0) | (15.8%) |
| EMEA | $863.8 | $988.9 | ($125.2) | (12.7%) |
| Asia Pacific | $370.9 | $457.4 | ($86.6) | (18.9%) |
| Rest of World | $320.0 | $399.3 | ($79.2) | (19.8%) |
| Total | $3,194.4 | $3,664.1 | ($469.7) | (12.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Smith+Nephew reported 4Q20 orthopedic revenue of USD $938.8 million, -6.4% vs. 4Q19 with full-year 2020 revenue of $3.2 billion, -12.8% vs. 2019. The company started the fourth quarter with momentum, but COVID restrictions from mid-October derailed efforts in the U.S. and large European markets.
Smith+Nephew’s leadership is pleased with...
Smith+Nephew reported 4Q20 orthopedic revenue of USD $938.8 million, -6.4% vs. 4Q19 with full-year 2020 revenue of $3.2 billion, -12.8% vs. 2019. The company started the fourth quarter with momentum, but COVID restrictions from mid-October derailed efforts in the U.S. and large European markets.
Smith+Nephew’s leadership is pleased with its U.S. hip business, spurred by the rollout of the OR30 dual mobility system. However, its U.S. knee business is losing share without a cementless implant. While Smith+Nephew expects to launch a cementless knee in 2H21, its knee business will remain challenged throughout the year. The recently launched CORI hand-held knee replacement robot continued to gain traction and adoption through the quarter. Smith+Nephew is counting on the unit’s differentiation and ASC focus to capture share.
The company declined to provide quantitative guidance for 2021, saying only that it expects “substantial underlying growth compared to 2020.”
“When I look at the knee performance in the U.S., I think it is both loss in volumes and a loss in price. Cementless typically commands a higher price in the market; that’s always been the case. And that, I believe, will continue to be the case. Very specific to the U.S., of course, because it is a different situation in Europe and in Asia.” -Roland Diggelmann, Smith+Nephew CEO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $428.4 | $483.5 | ($55.2) | (11.4%) |
| Knees | $253.0 | $307.0 | ($54.0) | (17.6%) |
| Hips | $162.0 | $162.0 | $0.0 | 0% |
| Extremities | $13.4 | $14.5 | ($1.2) | (7.9%) |
| Trauma | $116.6 | $116.5 | $0.2 | 0.1% |
| Sports Medicine | $381.0 | $384.0 | ($3.0) | (0.8%) |
| Orthobiologics | $12.8 | $18.5 | ($5.7) | (30.7%) |
| Total | $938.8 | $1,002.5 | ($63.7) | (6.4%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,506.0 | $1,787.9 | ($282.0) | (15.8%) |
| Knees | $890.5 | $1,116.7 | ($226.2) | (20.3%) |
| Hips | $567.6 | $617.3 | ($49.7) | (8.1%) |
| Extremities | $47.8 | $53.9 | ($6.1) | (11.3%) |
| Trauma | $412.3 | $434.1 | ($21.8) | (5%) |
| Sports Medicine | $1,226.3 | $1,384.5 | ($158.3) | (11.4%) |
| Orthobiologics | $49.9 | $57.6 | ($7.7) | (13.3%) |
| Total | $3,194.4 | $3,664.1 | ($469.7) | (12.8%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $487.8 | $515.8 | ($28.0) | (5.4%) |
| OUS | $451.0 | $486.6 | ($35.6) | (7.3%) |
| EMEA | $255.8 | $261.0 | ($5.3) | (2%) |
| Asia Pacific | $105.1 | $120.5 | ($15.3) | (12.7%) |
| Rest of World | $90.1 | $105.1 | ($15.0) | (14.3%) |
| Total | $938.8 | $1,002.5 | ($63.7) | (6.4%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,639.8 | $1,818.5 | ($178.7) | (9.8%) |
| OUS | $1,554.7 | $1,845.7 | ($291.0) | (15.8%) |
| EMEA | $863.8 | $988.9 | ($125.2) | (12.7%) |
| Asia Pacific | $370.9 | $457.4 | ($86.6) | (18.9%) |
| Rest of World | $320.0 | $399.3 | ($79.2) | (19.8%) |
| Total | $3,194.4 | $3,664.1 | ($469.7) | (12.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
