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Stryker reported 4Q23 orthopedic sales of $2.9 billion, +10.5% compared to the four quarter of 2022. For the full year, the company generated $10.3 billion in orthopedic sales, representing growth of 9.8% compared to the prior year.
High demand for procedures and capital alongside easing macro constraints helped Stryker set a very high bar for execution in the orthopedic market. Mako remained a growth engine for the company in 2023. Mako now implants 60% of all Stryker knees in the U.S., with 34% of hips using the system. Globally, those usage rates remain impressive at 40% and 20%, respectively.
Stryker expects strong procedure volumes through 2024, and potentially beyond.
“Every day, 10,000 more people are turning 65,” said Stryker CEO Kevin Lobo. “Activity levels are increasing. The advent of Pickleball has been a terrific thing for our business. More active people who are elderly tend to want to stay active. Activity levels are the biggest predictor of needing joint replacements and sports medicine procedures. A number of factors point to continued good demand. I don’t know how temporary it is. This could continue for a period of time, because of demographics and activity levels.”
The company also indicated a shift back to an offensive M&A posture after a quiet period of paying down debt from the Wright Medical deal. Given Stryker’s history, it will seek a high volume of smaller tuck-in deals, but we could see an opportunistic pounce on a larger deal. The company hit a home run with the acquisition and smooth integration of Wright Medical, with leadership calling it a “model for how to integrate a complex business.” That success could give Stryker confidence to take bigger swings in the future.
Stryker expects 2024 organic total revenue growth between 7.5% and 9%. Within orthopedics, we expect the company to once again outpace market growth by between 3% and 4%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,258.5 | $1,120.5 | $138.0 | 12.3% |
| Knees | $630.5 | $552.5 | $78.0 | 14.1% |
| Hips | $413.1 | $374.5 | $38.6 | 10.3% |
| Extremities | $214.9 | $193.5 | $21.4 | 11.1% |
| Spine | $318.4 | $297.6 | $20.9 | 7% |
| Trauma | $644.8 | $580.5 | $64.3 | 11.1% |
| Sports Medicine | $299.0 | $270.0 | $29.0 | 10.7% |
| Orthobiologics | $82.9 | $79.5 | $3.4 | 4.3% |
| Enabling Technology | $100.0 | $91.5 | $8.4 | 9.2% |
| Other | $207.7 | $195.9 | $11.8 | 6% |
| Total | $2,911.3 | $2,635.6 | $275.8 | 10.5% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,611.6 | $4,132.2 | $479.4 | 11.6% |
| Knees | $2,273.6 | $1,997.0 | $276.5 | 13.8% |
| Hips | $1,543.6 | $1,413.1 | $130.4 | 9.2% |
| Extremities | $794.5 | $722.1 | $72.4 | 10% |
| Spine | $1,188.9 | $1,145.8 | $43.0 | 3.8% |
| Trauma | $2,352.6 | $2,084.9 | $267.7 | 12.8% |
| Sports Medicine | $875.0 | $806.0 | $69.0 | 8.6% |
| Orthobiologics | $321.2 | $308.7 | $12.5 | 4% |
| Enabling Technology | $299.0 | $280.8 | $18.3 | 6.5% |
| Other | $700.1 | $667.1 | $33.0 | 5% |
| Total | $10,348.4 | $9,425.5 | $922.9 | 9.8% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,097.7 | $1,900.9 | $196.8 | 10.4% |
| OUS | $813.6 | $734.7 | $79.0 | 10.8% |
| EMEA | $378.5 | $329.4 | $49.0 | 14.9% |
| Asia Pacific | $320.2 | $303.1 | $17.2 | 5.7% |
| Rest of World | $114.9 | $102.1 | $12.8 | 12.5% |
| Total | $2,911.3 | $2,635.6 | $275.8 | 10.5% |
| Region | FY21 | FY20 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $7,396.1 | $6,752.7 | $643.4 | 9.5% |
| OUS | $2,952.3 | $2,672.8 | $279.5 | 10.5% |
| EMEA | $1,382.9 | $1,228.3 | $154.6 | 12.6% |
| Asia Pacific | $1,051.8 | $976.9 | $74.9 | 7.7% |
| Rest of World | $517.7 | $467.7 | $50.0 | 10.7% |
| Total | $10,348.4 | $9,425.5 | $922.9 | 9.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,815.0 | |
| Cost of Sales | $2,112.0 | 36.3% |
| Selling and Admin | $1,941.0 | 33.4% |
| R & D | $350.0 | 6% |
| Other | $269.0 | 4.6% |
| Net Earnings | $1,143.0 | 19.7% |
Stryker reported 4Q23 orthopedic sales of $2.9 billion, +10.5% compared to the four quarter of 2022. For the full year, the company generated $10.3 billion in orthopedic sales, representing growth of 9.8% compared to the prior year.
High demand for procedures and capital alongside easing macro constraints helped Stryker set a very high bar...
Stryker reported 4Q23 orthopedic sales of $2.9 billion, +10.5% compared to the four quarter of 2022. For the full year, the company generated $10.3 billion in orthopedic sales, representing growth of 9.8% compared to the prior year.
High demand for procedures and capital alongside easing macro constraints helped Stryker set a very high bar for execution in the orthopedic market. Mako remained a growth engine for the company in 2023. Mako now implants 60% of all Stryker knees in the U.S., with 34% of hips using the system. Globally, those usage rates remain impressive at 40% and 20%, respectively.
Stryker expects strong procedure volumes through 2024, and potentially beyond.
“Every day, 10,000 more people are turning 65,” said Stryker CEO Kevin Lobo. “Activity levels are increasing. The advent of Pickleball has been a terrific thing for our business. More active people who are elderly tend to want to stay active. Activity levels are the biggest predictor of needing joint replacements and sports medicine procedures. A number of factors point to continued good demand. I don’t know how temporary it is. This could continue for a period of time, because of demographics and activity levels.”
The company also indicated a shift back to an offensive M&A posture after a quiet period of paying down debt from the Wright Medical deal. Given Stryker’s history, it will seek a high volume of smaller tuck-in deals, but we could see an opportunistic pounce on a larger deal. The company hit a home run with the acquisition and smooth integration of Wright Medical, with leadership calling it a “model for how to integrate a complex business.” That success could give Stryker confidence to take bigger swings in the future.
Stryker expects 2024 organic total revenue growth between 7.5% and 9%. Within orthopedics, we expect the company to once again outpace market growth by between 3% and 4%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,258.5 | $1,120.5 | $138.0 | 12.3% |
| Knees | $630.5 | $552.5 | $78.0 | 14.1% |
| Hips | $413.1 | $374.5 | $38.6 | 10.3% |
| Extremities | $214.9 | $193.5 | $21.4 | 11.1% |
| Spine | $318.4 | $297.6 | $20.9 | 7% |
| Trauma | $644.8 | $580.5 | $64.3 | 11.1% |
| Sports Medicine | $299.0 | $270.0 | $29.0 | 10.7% |
| Orthobiologics | $82.9 | $79.5 | $3.4 | 4.3% |
| Enabling Technology | $100.0 | $91.5 | $8.4 | 9.2% |
| Other | $207.7 | $195.9 | $11.8 | 6% |
| Total | $2,911.3 | $2,635.6 | $275.8 | 10.5% |
| Segment | FY23 | FY22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4,611.6 | $4,132.2 | $479.4 | 11.6% |
| Knees | $2,273.6 | $1,997.0 | $276.5 | 13.8% |
| Hips | $1,543.6 | $1,413.1 | $130.4 | 9.2% |
| Extremities | $794.5 | $722.1 | $72.4 | 10% |
| Spine | $1,188.9 | $1,145.8 | $43.0 | 3.8% |
| Trauma | $2,352.6 | $2,084.9 | $267.7 | 12.8% |
| Sports Medicine | $875.0 | $806.0 | $69.0 | 8.6% |
| Orthobiologics | $321.2 | $308.7 | $12.5 | 4% |
| Enabling Technology | $299.0 | $280.8 | $18.3 | 6.5% |
| Other | $700.1 | $667.1 | $33.0 | 5% |
| Total | $10,348.4 | $9,425.5 | $922.9 | 9.8% |
Orthopedic Sales by Geography
| Region | 4Q23 | 4Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,097.7 | $1,900.9 | $196.8 | 10.4% |
| OUS | $813.6 | $734.7 | $79.0 | 10.8% |
| EMEA | $378.5 | $329.4 | $49.0 | 14.9% |
| Asia Pacific | $320.2 | $303.1 | $17.2 | 5.7% |
| Rest of World | $114.9 | $102.1 | $12.8 | 12.5% |
| Total | $2,911.3 | $2,635.6 | $275.8 | 10.5% |
| Region | FY21 | FY20 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $7,396.1 | $6,752.7 | $643.4 | 9.5% |
| OUS | $2,952.3 | $2,672.8 | $279.5 | 10.5% |
| EMEA | $1,382.9 | $1,228.3 | $154.6 | 12.6% |
| Asia Pacific | $1,051.8 | $976.9 | $74.9 | 7.7% |
| Rest of World | $517.7 | $467.7 | $50.0 | 10.7% |
| Total | $10,348.4 | $9,425.5 | $922.9 | 9.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $5,815.0 | |
| Cost of Sales | $2,112.0 | 36.3% |
| Selling and Admin | $1,941.0 | 33.4% |
| R & D | $350.0 | 6% |
| Other | $269.0 | 4.6% |
| Net Earnings | $1,143.0 | 19.7% |
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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.
