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Smith+Nephew reported 4Q23 orthopedic sales of $992.3 million, +5.7% compared to the fourth quarter of 2022. For 2023, the company generated $3.75 billion in orthopedic sales and grew +5.6% compared to the prior year.
The company finished 2023 ahead of its underlying revenue growth guidance, but failed to capitalize on the market’s elevated demand in the same way that its peers did. While Smith+Nephew made considerable progress in fixing its orthopedic product delivery, it remains a multi-year effort.
“In U.S. Knees, specific SKUs were slow to come, particularly OXINIUM-related,” said Smith+Nephew CEO Deepak Nath. “The benefits didn’t start to flow through until late September. That impacted not only replenishment, but also sets. Set delivery, which we had targeted early in the year, didn’t come through until well into Q4. That impacted our ability to drive new growth.”
The company placed 240 CORI surgical units in 2023, falling short of its goal of 300. The shortfall stemmed from the anti-corruption drive in China that delayed the ramp-up of capital sales. There are approximately 800 CORI systems in the field.
Despite the delta in units, CORI utilization hit a new high in the fourth quarter. Over 25% of Smith+Nephew’s U.S. knees are implanted with CORI. About a third of all systems are part of multi-unit deals. The system has also expanded Smith+Nephew’s previously small presence in academic centers.
Another China-related headwind, volume-based procurement for sports medicine, will hit the market in the second quarter of 2024. Smith+Nephew is planning for a 5% headwind to its sports medicine joint repair category.
For 2024, the company expects underlying revenue growth between 5% and 6% and further improvements to supply and execution, especially in U.S. large joints.
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.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $419.7 | $404.5 | $15.2 | 3.8% |
| Knees | $244.3 | $235.4 | $8.9 | 3.8% |
| Hips | $155.7 | $150.9 | $4.8 | 3.2% |
| Extremities | $19.7 | $18.2 | $1.5 | 8.2% |
| Trauma | $128.7 | $121.5 | $7.2 | 5.9% |
| Sports Medicine | $416.0 | $388.9 | $27.1 | 7% |
| Enabling Technology | $27.9 | $23.5 | $4.4 | 18.6% |
| Total | $992.3 | $938.5 | $53.8 | 5.7% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,624.8 | $1,560.2 | $64.5 | 4.1% |
| Knees | $947.0 | $903.2 | $43.8 | 4.8% |
| Hips | $603.0 | $587.0 | $16.0 | 2.7% |
| Extremities | $74.8 | $70.1 | $4.8 | 6.8% |
| Trauma | $490.0 | $474.4 | $15.6 | 3.3% |
| Sports Medicine | $1,533.5 | $1,436.8 | $96.7 | 6.7% |
| Enabling Technology | $99.3 | $77.9 | $21.4 | 27.5% |
| Total | $3,747.5 | $3,549.4 | $198.2 | 5.6% |
Orthopedic Sales by Geography
| Region | 4Q22 | 4Q21 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $536.3 | $510.1 | $26.1 | 5.1% |
| OUS | $456.0 | $428.3 | $27.6 | 6.5% |
| EMEA | $245.8 | $227.6 | $18.2 | 8% |
| Asia Pacific | $99.4 | $113.8 | ($14.4) | (12.6%) |
| Rest of World | $110.7 | $86.9 | $23.9 | 27.5% |
| Total | $992.3 | $938.5 | $53.8 | 5.7% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,011.1 | $1,879.9 | $131.2 | 7% |
| OUS | $1,736.5 | $1,669.5 | $67.0 | 4% |
| EMEA | $938.8 | $880.9 | $57.8 | 6.6% |
| Asia Pacific | $376.1 | $396.5 | ($20.4) | (5.1%) |
| Rest of World | $421.6 | $392.1 | $29.5 | 7.5% |
| Total | $3,747.5 | $3,549.4 | $198.2 | 5.6% |
Smith+Nephew reported 4Q23 orthopedic sales of $992.3 million, +5.7% compared to the fourth quarter of 2022. For 2023, the company generated $3.75 billion in orthopedic sales and grew +5.6% compared to the prior year.
The company finished 2023 ahead of its underlying revenue growth guidance, but failed to capitalize on the market’s...
Smith+Nephew reported 4Q23 orthopedic sales of $992.3 million, +5.7% compared to the fourth quarter of 2022. For 2023, the company generated $3.75 billion in orthopedic sales and grew +5.6% compared to the prior year.
The company finished 2023 ahead of its underlying revenue growth guidance, but failed to capitalize on the market’s elevated demand in the same way that its peers did. While Smith+Nephew made considerable progress in fixing its orthopedic product delivery, it remains a multi-year effort.
“In U.S. Knees, specific SKUs were slow to come, particularly OXINIUM-related,” said Smith+Nephew CEO Deepak Nath. “The benefits didn’t start to flow through until late September. That impacted not only replenishment, but also sets. Set delivery, which we had targeted early in the year, didn’t come through until well into Q4. That impacted our ability to drive new growth.”
The company placed 240 CORI surgical units in 2023, falling short of its goal of 300. The shortfall stemmed from the anti-corruption drive in China that delayed the ramp-up of capital sales. There are approximately 800 CORI systems in the field.
Despite the delta in units, CORI utilization hit a new high in the fourth quarter. Over 25% of Smith+Nephew’s U.S. knees are implanted with CORI. About a third of all systems are part of multi-unit deals. The system has also expanded Smith+Nephew’s previously small presence in academic centers.
Another China-related headwind, volume-based procurement for sports medicine, will hit the market in the second quarter of 2024. Smith+Nephew is planning for a 5% headwind to its sports medicine joint repair category.
For 2024, the company expects underlying revenue growth between 5% and 6% and further improvements to supply and execution, especially in U.S. large joints.
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.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $419.7 | $404.5 | $15.2 | 3.8% |
| Knees | $244.3 | $235.4 | $8.9 | 3.8% |
| Hips | $155.7 | $150.9 | $4.8 | 3.2% |
| Extremities | $19.7 | $18.2 | $1.5 | 8.2% |
| Trauma | $128.7 | $121.5 | $7.2 | 5.9% |
| Sports Medicine | $416.0 | $388.9 | $27.1 | 7% |
| Enabling Technology | $27.9 | $23.5 | $4.4 | 18.6% |
| Total | $992.3 | $938.5 | $53.8 | 5.7% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,624.8 | $1,560.2 | $64.5 | 4.1% |
| Knees | $947.0 | $903.2 | $43.8 | 4.8% |
| Hips | $603.0 | $587.0 | $16.0 | 2.7% |
| Extremities | $74.8 | $70.1 | $4.8 | 6.8% |
| Trauma | $490.0 | $474.4 | $15.6 | 3.3% |
| Sports Medicine | $1,533.5 | $1,436.8 | $96.7 | 6.7% |
| Enabling Technology | $99.3 | $77.9 | $21.4 | 27.5% |
| Total | $3,747.5 | $3,549.4 | $198.2 | 5.6% |
Orthopedic Sales by Geography
| Region | 4Q22 | 4Q21 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $536.3 | $510.1 | $26.1 | 5.1% |
| OUS | $456.0 | $428.3 | $27.6 | 6.5% |
| EMEA | $245.8 | $227.6 | $18.2 | 8% |
| Asia Pacific | $99.4 | $113.8 | ($14.4) | (12.6%) |
| Rest of World | $110.7 | $86.9 | $23.9 | 27.5% |
| Total | $992.3 | $938.5 | $53.8 | 5.7% |
| Region | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,011.1 | $1,879.9 | $131.2 | 7% |
| OUS | $1,736.5 | $1,669.5 | $67.0 | 4% |
| EMEA | $938.8 | $880.9 | $57.8 | 6.6% |
| Asia Pacific | $376.1 | $396.5 | ($20.4) | (5.1%) |
| Rest of World | $421.6 | $392.1 | $29.5 | 7.5% |
| Total | $3,747.5 | $3,549.4 | $198.2 | 5.6% |
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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.
