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Zimmer Biomet reported 2Q22 orthopedic sales of $1.8 billion, +1% vs. 2Q21. The company exceeded its internal expectations for the quarter, citing COVID recovery and execution across the company’s regions and segments.
Against weaker comparisons from 2Q21, Zimmer Biomet drove double-digit growth in markets outside the U.S. despite COVID and volume-based purchasing in China. However, foreign currency headwinds significantly offset that growth.
The company benefitted from a rebound in large joint replacement procedures in the U.S. Leadership also pointed to traction from the Persona Revision knee and Avenir Complete Hip System, as well as pull through from ROSA robotic units.
Like its peers, Zimmer Biomet generates far less upfront revenue from ROSA as the market trends toward financing and rental agreements. Still, the robot is generating momentum for the company.
Zimmer Biomet COO Ivan Tornos said, “Feedback from customers is very compelling when it comes to efficiency. Today about 30% of all installations have been in the ASC. That’s a great lead indicator to what’s going to happen here given the migration into the setting. From a competitive standpoint, we track that obviously very closely. About 40% to 50% of installations are happening in competitive accounts.”
The company anticipates continued headwinds for the balance of the year, but remains ahead of its earlier projections. For the full year, Zimmer Biomet now expects a -5% impact from currency leading to reported growth between -1% and +1%. Previously, the company guided revenue growth between -1.5% and +0.5%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,339.4 | $1,284.2 | $55.2 | 4.3% |
| Knees | $722.1 | $684.9 | $37.2 | 5.4% |
| Hips | $490.1 | $474.5 | $15.6 | 3.3% |
| Extremities | $127.2 | $124.8 | $2.5 | 2% |
| Trauma | $167.4 | $177.9 | ($10.5) | (5.9%) |
| Sports Medicine | $49.1 | $50.8 | ($1.7) | (3.4%) |
| Orthobiologics | $60.3 | $62.4 | ($2.1) | (3.4%) |
| Other | $165.6 | $188.0 | ($22.3) | (11.9%) |
| Total | $1,781.8 | $1,763.3 | $18.5 | 1% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2,587.2 | $2,472.6 | $114.6 | 4.6% |
| Knees | $1,398.2 | $1,311.5 | $86.7 | 6.6% |
| Hips | $943.1 | $921.5 | $21.6 | 2.3% |
| Extremities | $246.0 | $239.6 | $6.4 | 2.7% |
| Trauma | $322.7 | $336.6 | ($13.9) | (4.1%) |
| Sports Medicine | $97.0 | $94.7 | $2.4 | 2.5% |
| Orthobiologics | $117.8 | $118.8 | ($1.0) | (0.8%) |
| Other | $320.3 | $342.1 | ($21.8) | (6.4%) |
| Total | $3,445.0 | $3,364.7 | $80.3 | 2.4% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,017.6 | $1,004.1 | $13.5 | 1.3% |
| OUS | $764.2 | $759.2 | $5.0 | 0.7% |
| EMEA | $385.9 | $379.6 | $6.3 | 1.7% |
| Asia Pacific | $334.0 | $334.0 | ($0.1) | (0%) |
| Rest of World | $44.3 | $45.6 | ($1.2) | (2.7%) |
| Total | $1,781.8 | $1,763.3 | $18.5 | 1% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,958.8 | $1,893.3 | $65.5 | 3.5% |
| OUS | $1,486.2 | $1,471.4 | $14.8 | 1% |
| EMEA | $757.8 | $735.7 | $22.1 | 3% |
| Asia Pacific | $637.2 | $647.4 | ($10.2) | (1.6%) |
| Rest of World | $91.3 | $88.3 | $3.0 | 3.4% |
| Total | $3,445.0 | $3,364.7 | $80.3 | 2.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,781.8 | |
| Cost of Sales | $511.0 | 28.7% |
| Selling and Admin | $685.2 | 38.5% |
| R & D | $99.4 | 5.6% |
| Other | $332.5 | 18.7% |
| Net Earnings | $153.7 | 8.6% |
Zimmer Biomet reported 2Q22 orthopedic sales of $1.8 billion, +1% vs. 2Q21. The company exceeded its internal expectations for the quarter, citing COVID recovery and execution across the company's regions and segments.
Against weaker comparisons from 2Q21, Zimmer Biomet drove double-digit growth in markets outside the U.S. despite COVID...
Zimmer Biomet reported 2Q22 orthopedic sales of $1.8 billion, +1% vs. 2Q21. The company exceeded its internal expectations for the quarter, citing COVID recovery and execution across the company’s regions and segments.
Against weaker comparisons from 2Q21, Zimmer Biomet drove double-digit growth in markets outside the U.S. despite COVID and volume-based purchasing in China. However, foreign currency headwinds significantly offset that growth.
The company benefitted from a rebound in large joint replacement procedures in the U.S. Leadership also pointed to traction from the Persona Revision knee and Avenir Complete Hip System, as well as pull through from ROSA robotic units.
Like its peers, Zimmer Biomet generates far less upfront revenue from ROSA as the market trends toward financing and rental agreements. Still, the robot is generating momentum for the company.
Zimmer Biomet COO Ivan Tornos said, “Feedback from customers is very compelling when it comes to efficiency. Today about 30% of all installations have been in the ASC. That’s a great lead indicator to what’s going to happen here given the migration into the setting. From a competitive standpoint, we track that obviously very closely. About 40% to 50% of installations are happening in competitive accounts.”
The company anticipates continued headwinds for the balance of the year, but remains ahead of its earlier projections. For the full year, Zimmer Biomet now expects a -5% impact from currency leading to reported growth between -1% and +1%. Previously, the company guided revenue growth between -1.5% and +0.5%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,339.4 | $1,284.2 | $55.2 | 4.3% |
| Knees | $722.1 | $684.9 | $37.2 | 5.4% |
| Hips | $490.1 | $474.5 | $15.6 | 3.3% |
| Extremities | $127.2 | $124.8 | $2.5 | 2% |
| Trauma | $167.4 | $177.9 | ($10.5) | (5.9%) |
| Sports Medicine | $49.1 | $50.8 | ($1.7) | (3.4%) |
| Orthobiologics | $60.3 | $62.4 | ($2.1) | (3.4%) |
| Other | $165.6 | $188.0 | ($22.3) | (11.9%) |
| Total | $1,781.8 | $1,763.3 | $18.5 | 1% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2,587.2 | $2,472.6 | $114.6 | 4.6% |
| Knees | $1,398.2 | $1,311.5 | $86.7 | 6.6% |
| Hips | $943.1 | $921.5 | $21.6 | 2.3% |
| Extremities | $246.0 | $239.6 | $6.4 | 2.7% |
| Trauma | $322.7 | $336.6 | ($13.9) | (4.1%) |
| Sports Medicine | $97.0 | $94.7 | $2.4 | 2.5% |
| Orthobiologics | $117.8 | $118.8 | ($1.0) | (0.8%) |
| Other | $320.3 | $342.1 | ($21.8) | (6.4%) |
| Total | $3,445.0 | $3,364.7 | $80.3 | 2.4% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,017.6 | $1,004.1 | $13.5 | 1.3% |
| OUS | $764.2 | $759.2 | $5.0 | 0.7% |
| EMEA | $385.9 | $379.6 | $6.3 | 1.7% |
| Asia Pacific | $334.0 | $334.0 | ($0.1) | (0%) |
| Rest of World | $44.3 | $45.6 | ($1.2) | (2.7%) |
| Total | $1,781.8 | $1,763.3 | $18.5 | 1% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,958.8 | $1,893.3 | $65.5 | 3.5% |
| OUS | $1,486.2 | $1,471.4 | $14.8 | 1% |
| EMEA | $757.8 | $735.7 | $22.1 | 3% |
| Asia Pacific | $637.2 | $647.4 | ($10.2) | (1.6%) |
| Rest of World | $91.3 | $88.3 | $3.0 | 3.4% |
| Total | $3,445.0 | $3,364.7 | $80.3 | 2.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,781.8 | |
| Cost of Sales | $511.0 | 28.7% |
| Selling and Admin | $685.2 | 38.5% |
| R & D | $99.4 | 5.6% |
| Other | $332.5 | 18.7% |
| Net Earnings | $153.7 | 8.6% |
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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.
