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Stryker reported 2Q24 orthopedic sales of $2,721.4 million, up 7.8% compared to the second quarter of 2023. Through the year’s first half, the company generated $5,349.2 million in orthopedic sales, up 7.3% compared to the prior period.
Procedure demand remained strong in the second quarter, and Stryker expects healthy volume trends in the second half of the year. The company said its insight into surgeon schedules and sustained demand for Mako indicate sustained volume for the next several months.
International sales remain a key growth catalyst for Stryker. Growing momentum for Mako robots outside the U.S. created a new tailwind for the company.
“There are two tips of the spear in international,” said Stryker CEO Kevin Lobo. “One is Mako, and the other is the 1788 camera. They create pull-through for other Stryker businesses. Because our market shares are a little bit lower internationally, as we get Makos placed, more of that business comes from competitive accounts than in the United States. As we sell more cameras and as we sell more Makos, it lifts the entire Stryker portfolio.”
The breadth and depth of Stryker’s portfolio also help drive wins in new ASCs. The company said it wins at a “very, very high rate” in newly constructed ASCs or those undergoing significant renovation. Construction and financing remain the rate-limiting factors for more procedure volume to shift to ASCs.
Given its sustained above-market growth, Stryker raised its 2024 organic growth guidance to 9% to 10%. This will mark the third consecutive year with organic growth of over 9%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,236.1 | $1,147.1 | $89.0 | 7.8% |
| Knees | $601.9 | $562.2 | $39.6 | 7% |
| Hips | $428.3 | $393.4 | $34.9 | 8.9% |
| Extremities | $205.9 | $191.5 | $14.5 | 7.6% |
| Spine | $306.4 | $295.2 | $11.2 | 3.8% |
| Trauma | $626.2 | $574.5 | $51.7 | 9% |
| Sports Medicine | $211.2 | $196.0 | $15.2 | 7.7% |
| Orthobiologics | $85.4 | $78.4 | $7.0 | 8.9% |
| Enabling Technology | $84.3 | $72.5 | $11.8 | 16.2% |
| Other | $172.0 | $160.2 | $11.8 | 7.3% |
| Total | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $2,435.8 | $2,287.5 | $148.3 | 6.5% |
| Knees | $1,190.0 | $1,127.9 | $62.1 | 5.5% |
| Hips | $821.9 | $768.0 | $53.9 | 7% |
| Extremities | $423.9 | $391.6 | $32.3 | 8.3% |
| Spine | $605.9 | $579.0 | $26.9 | 4.6% |
| Trauma | $1,238.5 | $1,143.9 | $94.6 | 8.3% |
| Sports Medicine | $409.7 | $381.0 | $28.7 | 7.5% |
| Orthobiologics | $162.3 | $152.9 | $9.3 | 6.1% |
| Enabling Technology | $166.5 | $129.7 | $36.7 | 28.3% |
| Other | $330.5 | $311.9 | $18.6 | 6% |
| Total | $5,349.2 | $4,985.9 | $363.2 | 7.3% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,924.7 | $1,794.9 | $129.8 | 7.2% |
| OUS | $796.7 | $728.9 | $67.8 | 9.3% |
| EMEA | $394.6 | $353.3 | $41.3 | 11.7% |
| Asia Pacific | $265.3 | $252.4 | $13.0 | 5.1% |
| Rest of World | $136.8 | $123.2 | $13.6 | 11% |
| Total | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,801.4 | $3,540.6 | $260.9 | 7.4% |
| OUS | $1,547.7 | $1,445.4 | $102.4 | 7.1% |
| EMEA | $755.9 | $685.7 | $70.2 | 10.2% |
| Asia Pacific | $528.1 | $510.9 | $17.2 | 3.4% |
| Rest of World | $263.7 | $248.7 | $15.0 | 6% |
| Total | $5,349.2 | $4,985.9 | $363.2 | 7.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,422.0 | |
| Cost of Sales | $2,006.0 | 37% |
| Selling and Admin | $1,847.0 | 34.1% |
| R & D | $363.0 | 6.7% |
| Other | $381.0 | 7% |
| Net Earnings | $825.0 | 15.2% |
Stryker reported 2Q24 orthopedic sales of $2,721.4 million, up 7.8% compared to the second quarter of 2023. Through the year's first half, the company generated $5,349.2 million in orthopedic sales, up 7.3% compared to the prior period.
Procedure demand remained strong in the second quarter, and Stryker expects healthy volume trends in the...
Stryker reported 2Q24 orthopedic sales of $2,721.4 million, up 7.8% compared to the second quarter of 2023. Through the year’s first half, the company generated $5,349.2 million in orthopedic sales, up 7.3% compared to the prior period.
Procedure demand remained strong in the second quarter, and Stryker expects healthy volume trends in the second half of the year. The company said its insight into surgeon schedules and sustained demand for Mako indicate sustained volume for the next several months.
International sales remain a key growth catalyst for Stryker. Growing momentum for Mako robots outside the U.S. created a new tailwind for the company.
“There are two tips of the spear in international,” said Stryker CEO Kevin Lobo. “One is Mako, and the other is the 1788 camera. They create pull-through for other Stryker businesses. Because our market shares are a little bit lower internationally, as we get Makos placed, more of that business comes from competitive accounts than in the United States. As we sell more cameras and as we sell more Makos, it lifts the entire Stryker portfolio.”
The breadth and depth of Stryker’s portfolio also help drive wins in new ASCs. The company said it wins at a “very, very high rate” in newly constructed ASCs or those undergoing significant renovation. Construction and financing remain the rate-limiting factors for more procedure volume to shift to ASCs.
Given its sustained above-market growth, Stryker raised its 2024 organic growth guidance to 9% to 10%. This will mark the third consecutive year with organic growth of over 9%.
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 | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,236.1 | $1,147.1 | $89.0 | 7.8% |
| Knees | $601.9 | $562.2 | $39.6 | 7% |
| Hips | $428.3 | $393.4 | $34.9 | 8.9% |
| Extremities | $205.9 | $191.5 | $14.5 | 7.6% |
| Spine | $306.4 | $295.2 | $11.2 | 3.8% |
| Trauma | $626.2 | $574.5 | $51.7 | 9% |
| Sports Medicine | $211.2 | $196.0 | $15.2 | 7.7% |
| Orthobiologics | $85.4 | $78.4 | $7.0 | 8.9% |
| Enabling Technology | $84.3 | $72.5 | $11.8 | 16.2% |
| Other | $172.0 | $160.2 | $11.8 | 7.3% |
| Total | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $2,435.8 | $2,287.5 | $148.3 | 6.5% |
| Knees | $1,190.0 | $1,127.9 | $62.1 | 5.5% |
| Hips | $821.9 | $768.0 | $53.9 | 7% |
| Extremities | $423.9 | $391.6 | $32.3 | 8.3% |
| Spine | $605.9 | $579.0 | $26.9 | 4.6% |
| Trauma | $1,238.5 | $1,143.9 | $94.6 | 8.3% |
| Sports Medicine | $409.7 | $381.0 | $28.7 | 7.5% |
| Orthobiologics | $162.3 | $152.9 | $9.3 | 6.1% |
| Enabling Technology | $166.5 | $129.7 | $36.7 | 28.3% |
| Other | $330.5 | $311.9 | $18.6 | 6% |
| Total | $5,349.2 | $4,985.9 | $363.2 | 7.3% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,924.7 | $1,794.9 | $129.8 | 7.2% |
| OUS | $796.7 | $728.9 | $67.8 | 9.3% |
| EMEA | $394.6 | $353.3 | $41.3 | 11.7% |
| Asia Pacific | $265.3 | $252.4 | $13.0 | 5.1% |
| Rest of World | $136.8 | $123.2 | $13.6 | 11% |
| Total | $2,721.4 | $2,523.8 | $197.6 | 7.8% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $3,801.4 | $3,540.6 | $260.9 | 7.4% |
| OUS | $1,547.7 | $1,445.4 | $102.4 | 7.1% |
| EMEA | $755.9 | $685.7 | $70.2 | 10.2% |
| Asia Pacific | $528.1 | $510.9 | $17.2 | 3.4% |
| Rest of World | $263.7 | $248.7 | $15.0 | 6% |
| Total | $5,349.2 | $4,985.9 | $363.2 | 7.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,422.0 | |
| Cost of Sales | $2,006.0 | 37% |
| Selling and Admin | $1,847.0 | 34.1% |
| R & D | $363.0 | 6.7% |
| Other | $381.0 | 7% |
| Net Earnings | $825.0 | 15.2% |
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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.
