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Smith+Nephew reported 1Q23 orthopedic sales of $940 million, +2.6% compared to the first quarter of 2022.
The company benefitted from strong elective procedure volumes in the U.S. and Europe, which offset continued headwinds in China. The orthopedics franchise performed better with improved commercial execution and product availability. For example, Smith+Nephew drove a 40% reduction in the processing time for an instrument kit post-surgery and a 50% reduction in the number of kits not ready for surgery.
Excluding the impact of currency translation, the company’s orthopedic business grew mid-single digits while its sports medicine business grew in the high single digits. The differentiated CORI robotic knee system saw significant growth in the first quarter, aided by the launch of the CORI Digital Tensioner that can take measurements before bone resection. Smith+Nephew has further robotic product launches slated for 2023 and plans to place at least 300 CORI units during the year.
Despite the strong start, Smith+Nephew’s 2023 outlook remains unchanged. The company expects underlying revenue growth between 5% and 6% with improving execution and innovation in its orthopedics franchise.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $408.9 | $399.7 | $9.2 | 2.3% |
| Knees | $237.9 | $232.3 | $5.6 | 2.4% |
| Hips | $152.6 | $149.8 | $2.8 | 1.9% |
| Extremities | $18.4 | $17.6 | $0.8 | 4.5% |
| Trauma | $118.1 | $123.4 | ($5.3) | (4.3%) |
| Sports Medicine | $377.3 | $361.0 | $16.3 | 4.5% |
| Orthobiologics | $14.8 | $14.2 | $0.6 | 4.4% |
| Enabling Technology | $20.9 | $18.0 | $2.9 | 16.3% |
| Total | $940.0 | $916.3 | $23.7 | 2.6% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $510.9 | $462.3 | $48.5 | 10.5% |
| OUS | $429.1 | $453.9 | ($24.8) | (5.5%) |
| EMEA | $240.8 | $243.8 | ($2.9) | (1.2%) |
| Asia Pacific | $89.5 | $102.2 | ($12.8) | (12.5%) |
| Rest of World | $98.8 | $107.9 | ($9.2) | (8.5%) |
| Total | $940.0 | $916.3 | $23.7 | 2.6% |
Smith+Nephew reported 1Q23 orthopedic sales of $940 million, +2.6% compared to the first quarter of 2022.
The company benefitted from strong elective procedure volumes in the U.S. and Europe, which offset continued headwinds in China. The orthopedics franchise performed better with improved commercial execution and product availability....
Smith+Nephew reported 1Q23 orthopedic sales of $940 million, +2.6% compared to the first quarter of 2022.
The company benefitted from strong elective procedure volumes in the U.S. and Europe, which offset continued headwinds in China. The orthopedics franchise performed better with improved commercial execution and product availability. For example, Smith+Nephew drove a 40% reduction in the processing time for an instrument kit post-surgery and a 50% reduction in the number of kits not ready for surgery.
Excluding the impact of currency translation, the company’s orthopedic business grew mid-single digits while its sports medicine business grew in the high single digits. The differentiated CORI robotic knee system saw significant growth in the first quarter, aided by the launch of the CORI Digital Tensioner that can take measurements before bone resection. Smith+Nephew has further robotic product launches slated for 2023 and plans to place at least 300 CORI units during the year.
Despite the strong start, Smith+Nephew’s 2023 outlook remains unchanged. The company expects underlying revenue growth between 5% and 6% with improving execution and innovation in its orthopedics franchise.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $408.9 | $399.7 | $9.2 | 2.3% |
| Knees | $237.9 | $232.3 | $5.6 | 2.4% |
| Hips | $152.6 | $149.8 | $2.8 | 1.9% |
| Extremities | $18.4 | $17.6 | $0.8 | 4.5% |
| Trauma | $118.1 | $123.4 | ($5.3) | (4.3%) |
| Sports Medicine | $377.3 | $361.0 | $16.3 | 4.5% |
| Orthobiologics | $14.8 | $14.2 | $0.6 | 4.4% |
| Enabling Technology | $20.9 | $18.0 | $2.9 | 16.3% |
| Total | $940.0 | $916.3 | $23.7 | 2.6% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $510.9 | $462.3 | $48.5 | 10.5% |
| OUS | $429.1 | $453.9 | ($24.8) | (5.5%) |
| EMEA | $240.8 | $243.8 | ($2.9) | (1.2%) |
| Asia Pacific | $89.5 | $102.2 | ($12.8) | (12.5%) |
| Rest of World | $98.8 | $107.9 | ($9.2) | (8.5%) |
| Total | $940.0 | $916.3 | $23.7 | 2.6% |
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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.
