
Stryker reported 4Q24 orthopedic sales of $3.1 billion, up 11.4% compared to the fourth quarter of 2023. For the full year, the company generated $10.9 billion in orthopedic sales, up 8.9% compared to the prior year.
Many of Stryker’s businesses are exceeding market growth by a wide margin. In addition to a long run of incredible knee replacement growth, the company got excellent contributions from hip replacement, extremities, trauma and sports medicine.
Like its peers, Stryker is surrounding its procedures with technology. Mako Knee played a key role in Stryker’s ascent to the top of orthopedics in recent years. Mako Spine completed its first cases in October 2024 and remains on track for full launch in the second half of the year. The company is close to pairing its fast-growing shoulder business with a Mako system, but it will see only limited release in 2025.
“I’m extremely excited about Mako Shoulder,” said Stryker CEO Kevin Lobo. “It’s a very difficult procedure to do and the harder the procedure is, the more the robot brings value. It does require a lot of change management. We learned through the knee launch that sometimes you have to go a little slow at the beginning so they can go fast later on. So this year is going to be getting the training protocols well-defined and established, and we’ll start to see more acceleration in 2026 and beyond.”
Along with its fourth-quarter results, Stryker announced an agreement to sell its U.S. spinal implant business to Viscogliosi Brothers and create VB Spine. The transaction is expected to close in the first half of 2025 and will see Stryker retain its interventional spine products (now reported in the company’s Neurocranial line item) and its suite of spinal enabling technologies.
Stryker expects procedural volumes to remain healthy in 2025, driven by continued tech adoption, favorable demographics and robust levels of patient activity.
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 | $1,397.6 | $1,258.5 | $139.0 | 11% |
Knees | $687.6 | $630.5 | $57.2 | 9.1% |
Hips | $461.0 | $413.1 | $47.8 | 11.6% |
Extremities | $249.0 | $214.9 | $34.1 | 15.8% |
Spine | $186.0 | $181.0 | $5.0 | 2.8% |
Trauma | $746.9 | $644.8 | $102.2 | 15.8% |
Sports Medicine | $332.8 | $299.0 | $33.8 | 11.3% |
Orthobiologics | $90.3 | $82.9 | $7.5 | 9% |
Enabling Technology | $144.3 | $133.6 | $10.7 | 8% |
Other | $248.7 | $225.7 | $23.0 | 10.2% |
Total | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
Segment | FY24 | FY23 | $ Chg | % Chg |
---|---|---|---|---|
Joint Replacement | $5,031.2 | $4,611.6 | $419.6 | 9.1% |
Knees | $2,447.5 | $2,273.6 | $173.9 | 7.7% |
Hips | $1,702.9 | $1,543.6 | $159.4 | 10.3% |
Extremities | $880.7 | $794.5 | $86.3 | 10.9% |
Spine | $707.0 | $713.0 | ($6.0) | (0.8%) |
Trauma | $2,625.9 | $2,352.6 | $273.3 | 11.6% |
Sports Medicine | $969.8 | $887.0 | $82.8 | 9.3% |
Orthobiologics | $330.5 | $308.7 | $21.8 | 7.1% |
Enabling Technology | $453.0 | $401.4 | $51.6 | 12.9% |
Other | $789.9 | $746.2 | $43.8 | 5.9% |
Total | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
Orthopedic Sales by Geography
Region | 4Q24 | 4Q23 | $ Chg | % Chg |
---|---|---|---|---|
US | $2,258.2 | $2,032.4 | $225.9 | 11.1% |
OUS | $888.4 | $793.1 | $95.3 | 12% |
EMEA | $409.1 | $367.3 | $41.7 | 11.4% |
Asia Pacific | $346.1 | $310.8 | $35.3 | 11.4% |
Rest of World | $133.2 | $115.0 | $18.2 | 15.8% |
Total | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
Region | FY24 | FY23 | $ Chg | % Chg |
---|---|---|---|---|
US | $7,769.3 | $7,163.9 | $605.4 | 8.5% |
OUS | $3,138.0 | $2,856.6 | $281.4 | 9.9% |
EMEA | $1,476.2 | $1,339.0 | $137.2 | 10.2% |
Asia Pacific | $1,105.2 | $1,018.8 | $86.4 | 8.5% |
Rest of World | $556.6 | $498.8 | $57.8 | 11.6% |
Total | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
Company Earnings
Amt | % of Sales | |
---|---|---|
Sales | $6,436.0 | |
Cost of Sales | $2,262.0 | 35.1% |
Selling and Admin | $2,123.0 | 33% |
R & D | $358.0 | 5.6% |
Other | $1,147.0 | 17.8% |
Net Earnings | $546.0 | 8.5% |
Stryker reported 4Q24 orthopedic sales of $3.1 billion, up 11.4% compared to the fourth quarter of 2023. For the full year, the company generated $10.9 billion in orthopedic sales, up 8.9% compared to the prior year.
Many of Stryker's businesses are exceeding market growth by a wide margin. In addition to a long run of incredible knee...
Stryker reported 4Q24 orthopedic sales of $3.1 billion, up 11.4% compared to the fourth quarter of 2023. For the full year, the company generated $10.9 billion in orthopedic sales, up 8.9% compared to the prior year.
Many of Stryker’s businesses are exceeding market growth by a wide margin. In addition to a long run of incredible knee replacement growth, the company got excellent contributions from hip replacement, extremities, trauma and sports medicine.
Like its peers, Stryker is surrounding its procedures with technology. Mako Knee played a key role in Stryker’s ascent to the top of orthopedics in recent years. Mako Spine completed its first cases in October 2024 and remains on track for full launch in the second half of the year. The company is close to pairing its fast-growing shoulder business with a Mako system, but it will see only limited release in 2025.
“I’m extremely excited about Mako Shoulder,” said Stryker CEO Kevin Lobo. “It’s a very difficult procedure to do and the harder the procedure is, the more the robot brings value. It does require a lot of change management. We learned through the knee launch that sometimes you have to go a little slow at the beginning so they can go fast later on. So this year is going to be getting the training protocols well-defined and established, and we’ll start to see more acceleration in 2026 and beyond.”
Along with its fourth-quarter results, Stryker announced an agreement to sell its U.S. spinal implant business to Viscogliosi Brothers and create VB Spine. The transaction is expected to close in the first half of 2025 and will see Stryker retain its interventional spine products (now reported in the company’s Neurocranial line item) and its suite of spinal enabling technologies.
Stryker expects procedural volumes to remain healthy in 2025, driven by continued tech adoption, favorable demographics and robust levels of patient activity.
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 | $1,397.6 | $1,258.5 | $139.0 | 11% |
Knees | $687.6 | $630.5 | $57.2 | 9.1% |
Hips | $461.0 | $413.1 | $47.8 | 11.6% |
Extremities | $249.0 | $214.9 | $34.1 | 15.8% |
Spine | $186.0 | $181.0 | $5.0 | 2.8% |
Trauma | $746.9 | $644.8 | $102.2 | 15.8% |
Sports Medicine | $332.8 | $299.0 | $33.8 | 11.3% |
Orthobiologics | $90.3 | $82.9 | $7.5 | 9% |
Enabling Technology | $144.3 | $133.6 | $10.7 | 8% |
Other | $248.7 | $225.7 | $23.0 | 10.2% |
Total | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
Segment | FY24 | FY23 | $ Chg | % Chg |
---|---|---|---|---|
Joint Replacement | $5,031.2 | $4,611.6 | $419.6 | 9.1% |
Knees | $2,447.5 | $2,273.6 | $173.9 | 7.7% |
Hips | $1,702.9 | $1,543.6 | $159.4 | 10.3% |
Extremities | $880.7 | $794.5 | $86.3 | 10.9% |
Spine | $707.0 | $713.0 | ($6.0) | (0.8%) |
Trauma | $2,625.9 | $2,352.6 | $273.3 | 11.6% |
Sports Medicine | $969.8 | $887.0 | $82.8 | 9.3% |
Orthobiologics | $330.5 | $308.7 | $21.8 | 7.1% |
Enabling Technology | $453.0 | $401.4 | $51.6 | 12.9% |
Other | $789.9 | $746.2 | $43.8 | 5.9% |
Total | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
Orthopedic Sales by Geography
Region | 4Q24 | 4Q23 | $ Chg | % Chg |
---|---|---|---|---|
US | $2,258.2 | $2,032.4 | $225.9 | 11.1% |
OUS | $888.4 | $793.1 | $95.3 | 12% |
EMEA | $409.1 | $367.3 | $41.7 | 11.4% |
Asia Pacific | $346.1 | $310.8 | $35.3 | 11.4% |
Rest of World | $133.2 | $115.0 | $18.2 | 15.8% |
Total | $3,146.6 | $2,825.5 | $321.1 | 11.4% |
Region | FY24 | FY23 | $ Chg | % Chg |
---|---|---|---|---|
US | $7,769.3 | $7,163.9 | $605.4 | 8.5% |
OUS | $3,138.0 | $2,856.6 | $281.4 | 9.9% |
EMEA | $1,476.2 | $1,339.0 | $137.2 | 10.2% |
Asia Pacific | $1,105.2 | $1,018.8 | $86.4 | 8.5% |
Rest of World | $556.6 | $498.8 | $57.8 | 11.6% |
Total | $10,907.3 | $10,020.5 | $886.8 | 8.9% |
Company Earnings
Amt | % of Sales | |
---|---|---|
Sales | $6,436.0 | |
Cost of Sales | $2,262.0 | 35.1% |
Selling and Admin | $2,123.0 | 33% |
R & D | $358.0 | 5.6% |
Other | $1,147.0 | 17.8% |
Net Earnings | $546.0 | 8.5% |
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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.