Copy to clipboard 
Stryker reported 3Q24 orthopedic sales of $2,707.4 million, up 10.5% compared to the third quarter of 2023. Through the first nine months of the year, the company has generated $8,056.6 million in orthopedic sales, up 8.3% compared to the prior period.
While the company drove record Mako installs in the third quarter, deal mix leaned more heavily toward rentals in the second half of the year.
However, its leadership with Mako drove hip and knee sales well above market growth. Early cases with Mako Spine and CoPilot are underway while the system is in limited release. Mako Shoulder is still due by the end of the year.
Stryker’s spine technologies, while competitive, are more about market parity than differentiation. But the company expects its Mako Shoulder system to be potentially transformational once fully launched.
Beyond Stryker’s exceptional performance, the company believes a robust market and elevated growth rates are the new normal for orthopedics.
“I don’t know how many quarters it takes for you to start to believe that it’s going to be a good market,” said Stryker CEO Kevin Lobo. “This has been going on for some time now. We said that we expected this to be an elevated market based on surgery schedules, level of activity, the aging demographics and the great outcomes from these procedures. All signs and signals are pointing to this being a new normal, at least for market growth being mid-single-digit.”
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,197.8 | $1,065.6 | $132.2 | 12.4% |
| Knees | $569.9 | $515.2 | $54.7 | 10.6% |
| Hips | $420.1 | $362.4 | $57.7 | 15.9% |
| Extremities | $207.8 | $188.0 | $19.9 | 10.6% |
| Spine | $304.7 | $291.5 | $13.2 | 4.5% |
| Trauma | $640.5 | $564.0 | $76.5 | 13.6% |
| Sports Medicine | $227.3 | $207.0 | $20.3 | 9.8% |
| Orthobiologics | $83.8 | $72.9 | $10.9 | 15% |
| Enabling Technology | $78.3 | $79.0 | ($0.7) | (0.8%) |
| Other | $175.1 | $170.8 | $4.3 | 2.5% |
| Total | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,633.6 | $3,353.1 | $280.5 | 8.4% |
| Knees | $1,759.9 | $1,643.1 | $116.8 | 7.1% |
| Hips | $1,242.0 | $1,130.4 | $111.5 | 9.9% |
| Extremities | $631.7 | $579.5 | $52.2 | 9% |
| Spine | $910.6 | $870.5 | $40.1 | 4.6% |
| Trauma | $1,879.0 | $1,707.8 | $171.1 | 10% |
| Sports Medicine | $637.0 | $588.0 | $49.0 | 8.3% |
| Orthobiologics | $246.1 | $225.8 | $20.2 | 9% |
| Enabling Technology | $244.8 | $208.7 | $36.1 | 17.3% |
| Other | $505.6 | $482.7 | $22.9 | 4.7% |
| Total | $8,056.6 | $7,436.7 | $619.9 | 8.3% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,916.4 | $1,757.6 | $158.8 | 9% |
| OUS | $791.1 | $693.2 | $97.9 | 14.1% |
| EMEA | $352.0 | $318.6 | $33.4 | 10.5% |
| Asia Pacific | $259.9 | $220.6 | $39.4 | 17.8% |
| Rest of World | $179.2 | $154.0 | $25.2 | 16.4% |
| Total | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $5,717.8 | $5,298.1 | $419.7 | 7.9% |
| OUS | $2,338.8 | $2,138.5 | $200.3 | 9.4% |
| EMEA | $1,107.9 | $1,004.3 | $103.6 | 10.3% |
| Asia Pacific | $788.0 | $731.5 | $56.6 | 7.7% |
| Rest of World | $442.9 | $402.7 | $40.1 | 10% |
| Total | $8,056.6 | $7,436.7 | $619.9 | 8.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,494.0 | |
| Cost of Sales | $1,977.0 | 36% |
| Selling and Admin | $1,896.0 | 34.5% |
| R & D | $377.0 | 6.9% |
| Other | $410.0 | 7.5% |
| Net Earnings | $834.0 | 15.2% |
Stryker reported 3Q24 orthopedic sales of $2,707.4 million, up 10.5% compared to the third quarter of 2023. Through the first nine months of the year, the company has generated $8,056.6 million in orthopedic sales, up 8.3% compared to the prior period.
While the company drove record Mako installs in the third quarter, deal mix leaned more...
Stryker reported 3Q24 orthopedic sales of $2,707.4 million, up 10.5% compared to the third quarter of 2023. Through the first nine months of the year, the company has generated $8,056.6 million in orthopedic sales, up 8.3% compared to the prior period.
While the company drove record Mako installs in the third quarter, deal mix leaned more heavily toward rentals in the second half of the year.
However, its leadership with Mako drove hip and knee sales well above market growth. Early cases with Mako Spine and CoPilot are underway while the system is in limited release. Mako Shoulder is still due by the end of the year.
Stryker’s spine technologies, while competitive, are more about market parity than differentiation. But the company expects its Mako Shoulder system to be potentially transformational once fully launched.
Beyond Stryker’s exceptional performance, the company believes a robust market and elevated growth rates are the new normal for orthopedics.
“I don’t know how many quarters it takes for you to start to believe that it’s going to be a good market,” said Stryker CEO Kevin Lobo. “This has been going on for some time now. We said that we expected this to be an elevated market based on surgery schedules, level of activity, the aging demographics and the great outcomes from these procedures. All signs and signals are pointing to this being a new normal, at least for market growth being mid-single-digit.”
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 | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,197.8 | $1,065.6 | $132.2 | 12.4% |
| Knees | $569.9 | $515.2 | $54.7 | 10.6% |
| Hips | $420.1 | $362.4 | $57.7 | 15.9% |
| Extremities | $207.8 | $188.0 | $19.9 | 10.6% |
| Spine | $304.7 | $291.5 | $13.2 | 4.5% |
| Trauma | $640.5 | $564.0 | $76.5 | 13.6% |
| Sports Medicine | $227.3 | $207.0 | $20.3 | 9.8% |
| Orthobiologics | $83.8 | $72.9 | $10.9 | 15% |
| Enabling Technology | $78.3 | $79.0 | ($0.7) | (0.8%) |
| Other | $175.1 | $170.8 | $4.3 | 2.5% |
| Total | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,633.6 | $3,353.1 | $280.5 | 8.4% |
| Knees | $1,759.9 | $1,643.1 | $116.8 | 7.1% |
| Hips | $1,242.0 | $1,130.4 | $111.5 | 9.9% |
| Extremities | $631.7 | $579.5 | $52.2 | 9% |
| Spine | $910.6 | $870.5 | $40.1 | 4.6% |
| Trauma | $1,879.0 | $1,707.8 | $171.1 | 10% |
| Sports Medicine | $637.0 | $588.0 | $49.0 | 8.3% |
| Orthobiologics | $246.1 | $225.8 | $20.2 | 9% |
| Enabling Technology | $244.8 | $208.7 | $36.1 | 17.3% |
| Other | $505.6 | $482.7 | $22.9 | 4.7% |
| Total | $8,056.6 | $7,436.7 | $619.9 | 8.3% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,916.4 | $1,757.6 | $158.8 | 9% |
| OUS | $791.1 | $693.2 | $97.9 | 14.1% |
| EMEA | $352.0 | $318.6 | $33.4 | 10.5% |
| Asia Pacific | $259.9 | $220.6 | $39.4 | 17.8% |
| Rest of World | $179.2 | $154.0 | $25.2 | 16.4% |
| Total | $2,707.4 | $2,450.7 | $256.7 | 10.5% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $5,717.8 | $5,298.1 | $419.7 | 7.9% |
| OUS | $2,338.8 | $2,138.5 | $200.3 | 9.4% |
| EMEA | $1,107.9 | $1,004.3 | $103.6 | 10.3% |
| Asia Pacific | $788.0 | $731.5 | $56.6 | 7.7% |
| Rest of World | $442.9 | $402.7 | $40.1 | 10% |
| Total | $8,056.6 | $7,436.7 | $619.9 | 8.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,494.0 | |
| Cost of Sales | $1,977.0 | 36% |
| Selling and Admin | $1,896.0 | 34.5% |
| R & D | $377.0 | 6.9% |
| Other | $410.0 | 7.5% |
| Net Earnings | $834.0 | 15.2% |
You’ve reached your limit.
We’re glad you’re finding value in our content — and we’d love for you to keep going.
Subscribe now for unlimited access to orthopedic business intelligence.
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.
