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Stryker reported 1Q23 orthopedics sales of $2.5 billion, +12.1% compared to the first quarter of 2021.
The company faced a softer 1Q22 comparison because of the lingering omicron impact. While volumes have recovered since then, Stryker said that hospital staffing issues persist around the globe and supply chain “brush fires” occur with regularity.
Joint replacement sales for Stryker grew nearly 18% due to a variety of both sustainable and transient factors. The company’s Mako traction, ASC inroads, new product introductions and stellar performance from its Wright Medical acquisition all played a part. Hard to parse is the impact of volatile comparators and the contribution of a patient backlog.
“The market is better. There is a tailwind. I think you’re going to see that tailwind last six quarters,” said Stryker CEO Kevin Lobo. “So this is the first of six quarters where you’re seeing that tailwind. The comps are part of the story, not just for Stryker, but for the entire market. You’re going to see an elevated market growth this quarter. But I do believe the tailwind will continue and our ability to take advantage of our product flow and salesforce execution is something that I don’t see changing.”
With procedure volumes improving since the second half of 2022 and continued demand for Stryker’s capital equipment, the company raised its full-year 2023 organic sales guidance up the range of 8% to 9% growth for total revenue.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,162.8 | $986.4 | $176.4 | 17.9% |
| Knees | $574.3 | $471.5 | $102.8 | 21.8% |
| Hips | $381.6 | $333.9 | $47.6 | 14.3% |
| Extremities | $207.0 | $181.0 | $26.0 | 14.4% |
| Spine | $295.2 | $288.8 | $6.4 | 2.2% |
| Trauma | $580.9 | $520.8 | $60.1 | 11.5% |
| Sports Medicine | $181.0 | $166.5 | $14.5 | 8.7% |
| Orthobiologics | $81.5 | $79.0 | $2.5 | 3.1% |
| Enabling Technology | $65.7 | $56.5 | $9.2 | 16.2% |
| Other | $101.4 | $104.3 | ($3.0) | (2.9%) |
| Total | $2,468.5 | $2,202.5 | $266.1 | 12.1% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,750.2 | $1,554.9 | $195.3 | 12.6% |
| OUS | $718.4 | $647.6 | $70.8 | 10.9% |
| EMEA | $333.3 | $286.3 | $46.9 | 16.4% |
| Asia Pacific | $259.2 | $242.3 | $16.9 | 7% |
| Rest of World | $125.9 | $119.0 | $7.0 | 5.8% |
| Total | $2,468.5 | $2,202.5 | $266.1 | 12.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,778.0 | |
| Cost of Sales | $1,762.0 | 36.9% |
| Selling and Admin | $1,781.0 | 37.3% |
| R & D | $339.0 | 7.1% |
| Other | $304.0 | 6.4% |
| Net Earnings | $592.0 | 12.4% |
Stryker reported 1Q23 orthopedics sales of $2.5 billion, +12.1% compared to the first quarter of 2021.
The company faced a softer 1Q22 comparison because of the lingering omicron impact. While volumes have recovered since then, Stryker said that hospital staffing issues persist around the globe and supply chain “brush fires” occur with...
Stryker reported 1Q23 orthopedics sales of $2.5 billion, +12.1% compared to the first quarter of 2021.
The company faced a softer 1Q22 comparison because of the lingering omicron impact. While volumes have recovered since then, Stryker said that hospital staffing issues persist around the globe and supply chain “brush fires” occur with regularity.
Joint replacement sales for Stryker grew nearly 18% due to a variety of both sustainable and transient factors. The company’s Mako traction, ASC inroads, new product introductions and stellar performance from its Wright Medical acquisition all played a part. Hard to parse is the impact of volatile comparators and the contribution of a patient backlog.
“The market is better. There is a tailwind. I think you’re going to see that tailwind last six quarters,” said Stryker CEO Kevin Lobo. “So this is the first of six quarters where you’re seeing that tailwind. The comps are part of the story, not just for Stryker, but for the entire market. You’re going to see an elevated market growth this quarter. But I do believe the tailwind will continue and our ability to take advantage of our product flow and salesforce execution is something that I don’t see changing.”
With procedure volumes improving since the second half of 2022 and continued demand for Stryker’s capital equipment, the company raised its full-year 2023 organic sales guidance up the range of 8% to 9% growth for total revenue.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,162.8 | $986.4 | $176.4 | 17.9% |
| Knees | $574.3 | $471.5 | $102.8 | 21.8% |
| Hips | $381.6 | $333.9 | $47.6 | 14.3% |
| Extremities | $207.0 | $181.0 | $26.0 | 14.4% |
| Spine | $295.2 | $288.8 | $6.4 | 2.2% |
| Trauma | $580.9 | $520.8 | $60.1 | 11.5% |
| Sports Medicine | $181.0 | $166.5 | $14.5 | 8.7% |
| Orthobiologics | $81.5 | $79.0 | $2.5 | 3.1% |
| Enabling Technology | $65.7 | $56.5 | $9.2 | 16.2% |
| Other | $101.4 | $104.3 | ($3.0) | (2.9%) |
| Total | $2,468.5 | $2,202.5 | $266.1 | 12.1% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,750.2 | $1,554.9 | $195.3 | 12.6% |
| OUS | $718.4 | $647.6 | $70.8 | 10.9% |
| EMEA | $333.3 | $286.3 | $46.9 | 16.4% |
| Asia Pacific | $259.2 | $242.3 | $16.9 | 7% |
| Rest of World | $125.9 | $119.0 | $7.0 | 5.8% |
| Total | $2,468.5 | $2,202.5 | $266.1 | 12.1% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,778.0 | |
| Cost of Sales | $1,762.0 | 36.9% |
| Selling and Admin | $1,781.0 | 37.3% |
| R & D | $339.0 | 7.1% |
| Other | $304.0 | 6.4% |
| Net Earnings | $592.0 | 12.4% |
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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.
