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Stryker reported 3Q23 orthopedic sales of $2,446.8 million, +7.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $7,437.1 million in orthopedic sales, representing 9.5% growth year-over-year.
Stryker opened its earnings call by addressing GLP-1 weight loss drugs. The company expects no slowdown in its knee business due to the treatments and believes they could make more patients eligible for surgery in the long term.
Procedural volumes remained elevated through the third quarter, and Stryker expects a volume tailwind through 2024. Likewise, capital markets are healthy despite quarter-to-quarter variability.
Stryker’s international growth was fueled by strong performances in Australia, Canada and emerging markets. The company said that Mako reached an inflection point in OUS markets, equating it to the robot’s position in the United States five years ago.
Stryker is gearing up for its largest trauma launch with the Pangea plating system as it heads toward full release in the second quarter of 2024. Mako Spine remains on track for a second-half 2024 release, and Stryker expects an accelerated sales ramp for its robot as it enters an established market.
New products play a key role in Stryker’s industry-leading performance.
“That’s why we drive at the high end of med tech; why we consistently outperform the market by roughly 300 basis points,” said Stryker CEO Kevin Lobo. “That’s the formula. The consistent cadence of new products combined with really great sales force execution through our decentralized business units. That’s the Stryker model.”
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,065.6 | $996.0 | $69.6 | 7% |
| Knees | $515.2 | $481.0 | $34.2 | 7.1% |
| Hips | $362.4 | $347.0 | $15.4 | 4.4% |
| Extremities | $188.0 | $168.0 | $20.0 | 11.9% |
| Spine | $291.5 | $280.0 | $11.5 | 4.1% |
| Trauma | $564.0 | $504.0 | $60.0 | 11.9% |
| Sports Medicine | $205.0 | $190.5 | $14.5 | 7.6% |
| Orthobiologics | $71.0 | $67.5 | $3.5 | 5.1% |
| Enabling Technology | $73.8 | $66.6 | $7.2 | 10.8% |
| Other | $176.0 | $163.1 | $12.9 | 7.9% |
| Total | $2,446.8 | $2,267.7 | $179.1 | 7.9% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,353.1 | $3,011.7 | $341.4 | 11.3% |
| Knees | $1,643.1 | $1,444.6 | $198.5 | 13.7% |
| Hips | $1,130.4 | $1,038.6 | $91.8 | 8.8% |
| Extremities | $579.5 | $528.6 | $51.0 | 9.6% |
| Spine | $870.4 | $848.3 | $22.2 | 2.6% |
| Trauma | $1,707.8 | $1,504.4 | $203.5 | 13.5% |
| Sports Medicine | $576.0 | $536.0 | $40.0 | 7.5% |
| Orthobiologics | $238.3 | $229.2 | $9.1 | 4% |
| Enabling Technology | $199.0 | $189.2 | $9.8 | 5.2% |
| Other | $492.4 | $471.2 | $21.2 | 4.5% |
| Total | $7,437.1 | $6,789.9 | $647.1 | 9.5% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,754.7 | $1,648.9 | $105.9 | 6.4% |
| OUS | $692.1 | $618.8 | $73.3 | 11.8% |
| EMEA | $318.1 | $299.3 | $18.8 | 6.3% |
| Asia Pacific | $220.2 | $199.6 | $20.7 | 10.4% |
| Rest of World | $153.8 | $119.9 | $33.9 | 28.2% |
| Total | $2,446.8 | $2,267.7 | $179.1 | 7.9% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $5,298.4 | $4,851.8 | $446.6 | 9.2% |
| OUS | $2,138.7 | $1,938.2 | $200.5 | 10.3% |
| EMEA | $1,004.4 | $898.8 | $105.6 | 11.7% |
| Asia Pacific | $731.6 | $673.8 | $57.8 | 8.6% |
| Rest of World | $402.7 | $365.5 | $37.2 | 10.2% |
| Total | $7,437.1 | $6,789.9 | $647.1 | 9.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,909.0 | |
| Cost of Sales | $1,751.0 | 35.7% |
| Selling and Admin | $1,701.0 | 34.7% |
| R & D | $353.0 | 7.2% |
| Other | $412.0 | 8.4% |
| Net Earnings | $692.0 | 14.1% |
Stryker reported 3Q23 orthopedic sales of $2,446.8 million, +7.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $7,437.1 million in orthopedic sales, representing 9.5% growth year-over-year.
Stryker opened its earnings call by addressing GLP-1 weight loss drugs. The company expects no...
Stryker reported 3Q23 orthopedic sales of $2,446.8 million, +7.9% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $7,437.1 million in orthopedic sales, representing 9.5% growth year-over-year.
Stryker opened its earnings call by addressing GLP-1 weight loss drugs. The company expects no slowdown in its knee business due to the treatments and believes they could make more patients eligible for surgery in the long term.
Procedural volumes remained elevated through the third quarter, and Stryker expects a volume tailwind through 2024. Likewise, capital markets are healthy despite quarter-to-quarter variability.
Stryker’s international growth was fueled by strong performances in Australia, Canada and emerging markets. The company said that Mako reached an inflection point in OUS markets, equating it to the robot’s position in the United States five years ago.
Stryker is gearing up for its largest trauma launch with the Pangea plating system as it heads toward full release in the second quarter of 2024. Mako Spine remains on track for a second-half 2024 release, and Stryker expects an accelerated sales ramp for its robot as it enters an established market.
New products play a key role in Stryker’s industry-leading performance.
“That’s why we drive at the high end of med tech; why we consistently outperform the market by roughly 300 basis points,” said Stryker CEO Kevin Lobo. “That’s the formula. The consistent cadence of new products combined with really great sales force execution through our decentralized business units. That’s the Stryker model.”
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
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $1,065.6 | $996.0 | $69.6 | 7% |
| Knees | $515.2 | $481.0 | $34.2 | 7.1% |
| Hips | $362.4 | $347.0 | $15.4 | 4.4% |
| Extremities | $188.0 | $168.0 | $20.0 | 11.9% |
| Spine | $291.5 | $280.0 | $11.5 | 4.1% |
| Trauma | $564.0 | $504.0 | $60.0 | 11.9% |
| Sports Medicine | $205.0 | $190.5 | $14.5 | 7.6% |
| Orthobiologics | $71.0 | $67.5 | $3.5 | 5.1% |
| Enabling Technology | $73.8 | $66.6 | $7.2 | 10.8% |
| Other | $176.0 | $163.1 | $12.9 | 7.9% |
| Total | $2,446.8 | $2,267.7 | $179.1 | 7.9% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $3,353.1 | $3,011.7 | $341.4 | 11.3% |
| Knees | $1,643.1 | $1,444.6 | $198.5 | 13.7% |
| Hips | $1,130.4 | $1,038.6 | $91.8 | 8.8% |
| Extremities | $579.5 | $528.6 | $51.0 | 9.6% |
| Spine | $870.4 | $848.3 | $22.2 | 2.6% |
| Trauma | $1,707.8 | $1,504.4 | $203.5 | 13.5% |
| Sports Medicine | $576.0 | $536.0 | $40.0 | 7.5% |
| Orthobiologics | $238.3 | $229.2 | $9.1 | 4% |
| Enabling Technology | $199.0 | $189.2 | $9.8 | 5.2% |
| Other | $492.4 | $471.2 | $21.2 | 4.5% |
| Total | $7,437.1 | $6,789.9 | $647.1 | 9.5% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,754.7 | $1,648.9 | $105.9 | 6.4% |
| OUS | $692.1 | $618.8 | $73.3 | 11.8% |
| EMEA | $318.1 | $299.3 | $18.8 | 6.3% |
| Asia Pacific | $220.2 | $199.6 | $20.7 | 10.4% |
| Rest of World | $153.8 | $119.9 | $33.9 | 28.2% |
| Total | $2,446.8 | $2,267.7 | $179.1 | 7.9% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $5,298.4 | $4,851.8 | $446.6 | 9.2% |
| OUS | $2,138.7 | $1,938.2 | $200.5 | 10.3% |
| EMEA | $1,004.4 | $898.8 | $105.6 | 11.7% |
| Asia Pacific | $731.6 | $673.8 | $57.8 | 8.6% |
| Rest of World | $402.7 | $365.5 | $37.2 | 10.2% |
| Total | $7,437.1 | $6,789.9 | $647.1 | 9.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $4,909.0 | |
| Cost of Sales | $1,751.0 | 35.7% |
| Selling and Admin | $1,701.0 | 34.7% |
| R & D | $353.0 | 7.2% |
| Other | $412.0 | 8.4% |
| Net Earnings | $692.0 | 14.1% |
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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.
