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Stryker reported 2Q23 orthopedic sales of $2,553.1 million, +9.2% compared to the second quarter of 2022. For the first half, the company generated $5,001.7 million in orthopedic sales, +10.6 compared to the prior year period.
Orthopedic procedure volumes have largely recovered to pre-COVID levels, and Stryker expects the existing patient backlog to provide a moderate tailwind “well into 2024.” The elevated volume coincides with strong demand for Stryker’s Mako robotic solution. The company isn’t worried as competitors make inroads with robotics and cementless knees, however.
“We know we have the best system on the market,” said Stryker CEO Kevin Lobo. “We have a huge head start on cementless. Terrific publications coming out with excellent five-year data on cementless, which will give surgeons even more confidence in that in the future. We have plans to have revision on Mako as well in the not-too-distant future. So we’re not going to sort of sit tight on just everything we’ve already done. We think we have a winning hand, and we’re going to continue to play that hand.”
Stryker also performed well across its three main trauma categories: upper extremities, foot and ankle and core trauma. The company said it had lost some focus on its core trauma portfolio as it concentrated on faster-growing areas. However, core trauma has benefitted from the acquisition of Wright Medical and is now armed with a leadership team that has dedicated R&D resources.
Stryker increased its guidance for 2023 organic total revenue growth to between 9.5% and 10.5%, up from a previous range of 8% to 9%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,194.6 | $1,071.9 | $122.8 | 11.5% |
| Knees | $571.7 | $508.4 | $63.2 | 12.4% |
| Hips | $400.9 | $370.8 | $30.2 | 8.1% |
| Extremities | $222.0 | $192.7 | $29.4 | 15.2% |
| Spine | $307.8 | $301.3 | $6.5 | 2.2% |
| Trauma | $564.1 | $501.4 | $62.7 | 12.5% |
| Sports Medicine | $189.0 | $179.0 | $10.0 | 5.6% |
| Orthobiologics | $85.3 | $82.7 | $2.6 | 3.2% |
| Enabling Technology | $68.9 | $66.1 | $2.8 | 4.3% |
| Other | $123.4 | $117.5 | $5.9 | 5% |
| Total | $2,533.1 | $2,319.8 | $213.3 | 9.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2,357.5 | $2,058.3 | $299.2 | 14.5% |
| Knees | $1,146.0 | $979.9 | $166.1 | 16.9% |
| Hips | $782.5 | $704.7 | $77.8 | 11% |
| Extremities | $429.0 | $373.7 | $55.3 | 14.8% |
| Spine | $603.0 | $590.1 | $12.9 | 2.2% |
| Trauma | $1,145.0 | $1,022.2 | $122.8 | 12% |
| Sports Medicine | $370.0 | $345.5 | $24.5 | 7.1% |
| Orthobiologics | $166.8 | $161.7 | $5.1 | 3.2% |
| Enabling Technology | $134.6 | $122.6 | $12.0 | 9.8% |
| Other | $224.8 | $221.9 | $2.9 | 1.3% |
| Total | $5,001.7 | $4,522.3 | $479.4 | 10.6% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,801.6 | $1,648.0 | $153.6 | 9.3% |
| OUS | $731.6 | $671.8 | $59.7 | 8.9% |
| EMEA | $354.6 | $313.2 | $41.5 | 13.2% |
| Asia Pacific | $253.3 | $232.0 | $21.3 | 9.2% |
| Rest of World | $123.6 | $126.7 | ($3.1) | (2.4%) |
| Total | $2,533.1 | $2,319.8 | $213.3 | 9.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $3,551.7 | $3,202.9 | $348.8 | 10.9% |
| OUS | $1,449.9 | $1,319.4 | $130.6 | 9.9% |
| EMEA | $687.9 | $599.5 | $88.4 | 14.7% |
| Asia Pacific | $512.5 | $474.3 | $38.3 | 8.1% |
| Rest of World | $249.5 | $245.6 | $3.9 | 1.6% |
| Total | $5,001.7 | $4,522.3 | $479.4 | 10.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,996.0 | |
| Cost of Sales | $1,815.0 | 36.3% |
| Selling and Admin | $1,706.0 | 34.1% |
| R & D | $346.0 | 6.9% |
| Other | $391.0 | 7.8% |
| Net Earnings | $738.0 | 14.8% |
Stryker reported 2Q23 orthopedic sales of $2,553.1 million, +9.2% compared to the second quarter of 2022. For the first half, the company generated $5,001.7 million in orthopedic sales, +10.6 compared to the prior year period.
Orthopedic procedure volumes have largely recovered to pre-COVID levels, and Stryker expects the existing patient...
Stryker reported 2Q23 orthopedic sales of $2,553.1 million, +9.2% compared to the second quarter of 2022. For the first half, the company generated $5,001.7 million in orthopedic sales, +10.6 compared to the prior year period.
Orthopedic procedure volumes have largely recovered to pre-COVID levels, and Stryker expects the existing patient backlog to provide a moderate tailwind “well into 2024.” The elevated volume coincides with strong demand for Stryker’s Mako robotic solution. The company isn’t worried as competitors make inroads with robotics and cementless knees, however.
“We know we have the best system on the market,” said Stryker CEO Kevin Lobo. “We have a huge head start on cementless. Terrific publications coming out with excellent five-year data on cementless, which will give surgeons even more confidence in that in the future. We have plans to have revision on Mako as well in the not-too-distant future. So we’re not going to sort of sit tight on just everything we’ve already done. We think we have a winning hand, and we’re going to continue to play that hand.”
Stryker also performed well across its three main trauma categories: upper extremities, foot and ankle and core trauma. The company said it had lost some focus on its core trauma portfolio as it concentrated on faster-growing areas. However, core trauma has benefitted from the acquisition of Wright Medical and is now armed with a leadership team that has dedicated R&D resources.
Stryker increased its guidance for 2023 organic total revenue growth to between 9.5% and 10.5%, up from a previous range of 8% to 9%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,194.6 | $1,071.9 | $122.8 | 11.5% |
| Knees | $571.7 | $508.4 | $63.2 | 12.4% |
| Hips | $400.9 | $370.8 | $30.2 | 8.1% |
| Extremities | $222.0 | $192.7 | $29.4 | 15.2% |
| Spine | $307.8 | $301.3 | $6.5 | 2.2% |
| Trauma | $564.1 | $501.4 | $62.7 | 12.5% |
| Sports Medicine | $189.0 | $179.0 | $10.0 | 5.6% |
| Orthobiologics | $85.3 | $82.7 | $2.6 | 3.2% |
| Enabling Technology | $68.9 | $66.1 | $2.8 | 4.3% |
| Other | $123.4 | $117.5 | $5.9 | 5% |
| Total | $2,533.1 | $2,319.8 | $213.3 | 9.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2,357.5 | $2,058.3 | $299.2 | 14.5% |
| Knees | $1,146.0 | $979.9 | $166.1 | 16.9% |
| Hips | $782.5 | $704.7 | $77.8 | 11% |
| Extremities | $429.0 | $373.7 | $55.3 | 14.8% |
| Spine | $603.0 | $590.1 | $12.9 | 2.2% |
| Trauma | $1,145.0 | $1,022.2 | $122.8 | 12% |
| Sports Medicine | $370.0 | $345.5 | $24.5 | 7.1% |
| Orthobiologics | $166.8 | $161.7 | $5.1 | 3.2% |
| Enabling Technology | $134.6 | $122.6 | $12.0 | 9.8% |
| Other | $224.8 | $221.9 | $2.9 | 1.3% |
| Total | $5,001.7 | $4,522.3 | $479.4 | 10.6% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,801.6 | $1,648.0 | $153.6 | 9.3% |
| OUS | $731.6 | $671.8 | $59.7 | 8.9% |
| EMEA | $354.6 | $313.2 | $41.5 | 13.2% |
| Asia Pacific | $253.3 | $232.0 | $21.3 | 9.2% |
| Rest of World | $123.6 | $126.7 | ($3.1) | (2.4%) |
| Total | $2,533.1 | $2,319.8 | $213.3 | 9.2% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $3,551.7 | $3,202.9 | $348.8 | 10.9% |
| OUS | $1,449.9 | $1,319.4 | $130.6 | 9.9% |
| EMEA | $687.9 | $599.5 | $88.4 | 14.7% |
| Asia Pacific | $512.5 | $474.3 | $38.3 | 8.1% |
| Rest of World | $249.5 | $245.6 | $3.9 | 1.6% |
| Total | $5,001.7 | $4,522.3 | $479.4 | 10.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,996.0 | |
| Cost of Sales | $1,815.0 | 36.3% |
| Selling and Admin | $1,706.0 | 34.1% |
| R & D | $346.0 | 6.9% |
| Other | $391.0 | 7.8% |
| Net Earnings | $738.0 | 14.8% |
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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.
