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Stryker reported 4Q21 orthopedic sales of $2.4 billion, +13.8% vs. 4Q20. For the full year of 2021, the company’s orthopedic sales totaled $8.9 billion, +24.7% vs. 2020. We estimate Stryker’s organic growth vs. 2019 was in the low single digits.
The company’s Mako robotic system remains a powerful growth driver as it approaches an install base of 1,500 units. Mako placements grew +27% in 2021 vs. the prior year. The fourth quarter brought a meaningful increase in placements in competitive accounts.
The utilization of robots is increasing, as well. In the fourth quarter, Mako performed more than half of Stryker’s total knee replacement procedures. This in turn drove sales of cementless knee implants, which made up 47% of Stryker’s U.S. knee procedures.
Also in the fourth quarter, over 25% of total hip procedures were Mako procedures. Stryker believes that its new hip stem will bridge a gap in its portfolio, leading to accelerated growth and increased Mako hip utilization starting in the second half of 2022.
Company CEO Kevin Lobo said, “Knees has been the engine of growth within our joint replacement business. The combination of Mako and cementless is just so powerful that we’ve had a disproportionate growth in Knees relative to the market. In Hips, the new stem is going to solve a gap in the direct anterior procedure. We’re excited about the new hip stem, especially when it becomes compatible with Mako at the end of the first quarter.”
For 2022, Stryker expects organic growth for total revenue in the range of +6% to +8% vs. 2021. The company expects to face pressures from hospital staffing and inflation throughout 2022, but is committed to maintaining an aggressive R&D investment pace.
Within orthopedics for Stryker, robotics for spine and shoulder applications are in active development. CEO Kevin Lobo also hinted at some “skunkworks projects” underway for other applications.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,279.8 | $1,151.7 | $128.1 | 11.1% |
| Knees | $647.5 | $572.5 | $74.9 | 13.1% |
| Hips | $435.0 | $418.3 | $16.7 | 4% |
| Extremities | $197.3 | $160.8 | $36.5 | 22.7% |
| Spine | $286.7 | $292.9 | ($6.2) | (2.1%) |
| Trauma | $513.1 | $414.2 | $98.9 | 23.9% |
| Sports Medicine | $241.4 | $185.7 | $55.7 | 30% |
| Orthobiologics | $78.9 | $66.4 | $12.5 | 18.8% |
| Other (CMF) | $79.0 | $67.7 | $11.3 | 16.7% |
| Total | $2,478.9 | $2,178.6 | $300.3 | 13.8% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4,611.6 | $3,653.3 | $958.3 | 26.2% |
| Knees | $2,252.6 | $1,916.1 | $336.5 | 17.6% |
| Hips | $1,623.6 | $1,463.6 | $160.0 | 10.9% |
| Extremities | $735.4 | $273.6 | $461.8 | 168.8% |
| Spine | $1,113.8 | $998.8 | $115.0 | 11.5% |
| Trauma | $1,924.1 | $1,456.6 | $467.5 | 32.1% |
| Sports Medicine | $728.0 | $574.8 | $153.2 | 26.6% |
| Orthobiologics | $284.6 | $234.9 | $49.7 | 21.2% |
| Other (CMF) | $307.6 | $275.2 | $32.4 | 11.8% |
| Total | $8,969.8 | $7,193.7 | $1,776.1 | 24.7% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,822.0 | $1,596.7 | $225.3 | 14.1% |
| OUS | $656.9 | $581.8 | $75.0 | 12.9% |
| EMEA | $309.9 | $265.8 | $44.1 | 16.6% |
| Asia Pacific | $285.1 | $250.5 | $34.5 | 13.8% |
| Rest of World | $61.9 | $65.5 | ($3.6) | (5.5%) |
| Total | $2,478.9 | $2,178.6 | $300.3 | 13.8% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $6,526.3 | $5,315.4 | $1,210.8 | 22.8% |
| OUS | $2,443.5 | $1,878.3 | $565.2 | 30.1% |
| EMEA | $1,174.8 | $875.1 | $299.7 | 34.3% |
| Asia Pacific | $1,041.9 | $796.3 | $245.7 | 30.9% |
| Rest of World | $226.8 | $206.9 | $19.8 | 9.6% |
| Total | $8,969.8 | $7,193.7 | $1,776.1 | 24.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,701.0 | |
| Cost of Sales | $1,656.0 | 35.2% |
| Selling and Admin | $1,745.0 | 37.1% |
| R & D | $331.0 | 7% |
| Other | $307.0 | 6.5% |
| Net Earnings | $662.0 | 14.1% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Stryker reported 4Q21 orthopedic sales of $2.4 billion, +13.8% vs. 4Q20. For the full year of 2021, the company's orthopedic sales totaled $8.9 billion, +24.7% vs. 2020. We estimate Stryker's organic growth vs. 2019 was in the low single digits.
The company's Mako robotic system remains a powerful growth driver as it approaches an install...
Stryker reported 4Q21 orthopedic sales of $2.4 billion, +13.8% vs. 4Q20. For the full year of 2021, the company’s orthopedic sales totaled $8.9 billion, +24.7% vs. 2020. We estimate Stryker’s organic growth vs. 2019 was in the low single digits.
The company’s Mako robotic system remains a powerful growth driver as it approaches an install base of 1,500 units. Mako placements grew +27% in 2021 vs. the prior year. The fourth quarter brought a meaningful increase in placements in competitive accounts.
The utilization of robots is increasing, as well. In the fourth quarter, Mako performed more than half of Stryker’s total knee replacement procedures. This in turn drove sales of cementless knee implants, which made up 47% of Stryker’s U.S. knee procedures.
Also in the fourth quarter, over 25% of total hip procedures were Mako procedures. Stryker believes that its new hip stem will bridge a gap in its portfolio, leading to accelerated growth and increased Mako hip utilization starting in the second half of 2022.
Company CEO Kevin Lobo said, “Knees has been the engine of growth within our joint replacement business. The combination of Mako and cementless is just so powerful that we’ve had a disproportionate growth in Knees relative to the market. In Hips, the new stem is going to solve a gap in the direct anterior procedure. We’re excited about the new hip stem, especially when it becomes compatible with Mako at the end of the first quarter.”
For 2022, Stryker expects organic growth for total revenue in the range of +6% to +8% vs. 2021. The company expects to face pressures from hospital staffing and inflation throughout 2022, but is committed to maintaining an aggressive R&D investment pace.
Within orthopedics for Stryker, robotics for spine and shoulder applications are in active development. CEO Kevin Lobo also hinted at some “skunkworks projects” underway for other applications.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,279.8 | $1,151.7 | $128.1 | 11.1% |
| Knees | $647.5 | $572.5 | $74.9 | 13.1% |
| Hips | $435.0 | $418.3 | $16.7 | 4% |
| Extremities | $197.3 | $160.8 | $36.5 | 22.7% |
| Spine | $286.7 | $292.9 | ($6.2) | (2.1%) |
| Trauma | $513.1 | $414.2 | $98.9 | 23.9% |
| Sports Medicine | $241.4 | $185.7 | $55.7 | 30% |
| Orthobiologics | $78.9 | $66.4 | $12.5 | 18.8% |
| Other (CMF) | $79.0 | $67.7 | $11.3 | 16.7% |
| Total | $2,478.9 | $2,178.6 | $300.3 | 13.8% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4,611.6 | $3,653.3 | $958.3 | 26.2% |
| Knees | $2,252.6 | $1,916.1 | $336.5 | 17.6% |
| Hips | $1,623.6 | $1,463.6 | $160.0 | 10.9% |
| Extremities | $735.4 | $273.6 | $461.8 | 168.8% |
| Spine | $1,113.8 | $998.8 | $115.0 | 11.5% |
| Trauma | $1,924.1 | $1,456.6 | $467.5 | 32.1% |
| Sports Medicine | $728.0 | $574.8 | $153.2 | 26.6% |
| Orthobiologics | $284.6 | $234.9 | $49.7 | 21.2% |
| Other (CMF) | $307.6 | $275.2 | $32.4 | 11.8% |
| Total | $8,969.8 | $7,193.7 | $1,776.1 | 24.7% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,822.0 | $1,596.7 | $225.3 | 14.1% |
| OUS | $656.9 | $581.8 | $75.0 | 12.9% |
| EMEA | $309.9 | $265.8 | $44.1 | 16.6% |
| Asia Pacific | $285.1 | $250.5 | $34.5 | 13.8% |
| Rest of World | $61.9 | $65.5 | ($3.6) | (5.5%) |
| Total | $2,478.9 | $2,178.6 | $300.3 | 13.8% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $6,526.3 | $5,315.4 | $1,210.8 | 22.8% |
| OUS | $2,443.5 | $1,878.3 | $565.2 | 30.1% |
| EMEA | $1,174.8 | $875.1 | $299.7 | 34.3% |
| Asia Pacific | $1,041.9 | $796.3 | $245.7 | 30.9% |
| Rest of World | $226.8 | $206.9 | $19.8 | 9.6% |
| Total | $8,969.8 | $7,193.7 | $1,776.1 | 24.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,701.0 | |
| Cost of Sales | $1,656.0 | 35.2% |
| Selling and Admin | $1,745.0 | 37.1% |
| R & D | $331.0 | 7% |
| Other | $307.0 | 6.5% |
| Net Earnings | $662.0 | 14.1% |
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.
