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Zimmer Biomet reported 2Q24 orthopedic sales of $1,942 million, up 3.9% from the second quarter of 2023. For the year’s first half, the company generated $3,831.2 million, up 3.5% from the prior year.
On a constant currency basis, the company grew in the mid-single digits for the 10th consecutive quarter. Those results came despite softness in the early portion of the second quarter for knees and hips.
Zimmer Biomet pointed to a high volume of surgeon travel, supply constraints for revision implants and challenging prior-year comps for slower U.S. knee replacement sales.
The company lost market share within hip replacement in recent years due to portfolio gaps, including direct anterior stems, elegant navigation solutions and surgical impacts. With those gaps largely addressed, Zimmer Biomet expects to return to offense for hip replacement in 2025.
The company assembled a robust platform for hip navigation between ROSA Hip, Hip Insights and now OrthoGrid after the acqusition. Zimmer Biomet seems committed to offering options to its surgeons regarding how they engage with the company’s technology.
The recent partnership with THINK Surgical is another example of Zimmer Biomet prioritizing optionality. Some analysts noted that investors initially feared that these moves signaled a move away from ROSA.
“It’s all about having breadth of portfolio,” said Zimmer Biomet CEO Ivan Tornos. “TMINI offers CT scanning, which some surgeons like and TMINI is the only handheld robotic platform in the world, which is something that, in an ASC environment, surgeons seem to like. I will tell you that we are deeply committed to ROSA.”
Zimmer Biomet is developing three ROSA applications over the next two years, including posterior hips for OUS markets, kinematic alignment for knees and a CT version for surgeons who prefer that workflow.
Based on the year’s first half, Zimmer Biomet now expects reported revenue growth between 4% and 5% for 2024.
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 | $1,419.4 | $1,378.0 | $41.4 | 3% |
| Knees | $801.1 | $771.4 | $29.7 | 3.8% |
| Hips | $506.6 | $504.3 | $2.3 | 0.5% |
| Extremities | $111.7 | $102.3 | $9.5 | 9.3% |
| Trauma | $179.3 | $167.8 | $11.6 | 6.9% |
| Sports Medicine | $52.8 | $48.7 | $4.1 | 8.5% |
| Orthobiologics | $37.6 | $35.4 | $2.1 | 6.1% |
| Enabling Technology | $24.1 | $21.2 | $2.9 | 13.7% |
| Other | $228.8 | $218.6 | $10.3 | 4.7% |
| Total | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $2,808.7 | $2,733.4 | $75.4 | 2.8% |
| Knees | $1,589.1 | $1,533.9 | $55.2 | 3.6% |
| Hips | $997.8 | $997.1 | $0.7 | 0.1% |
| Extremities | $221.8 | $202.4 | $19.4 | 9.6% |
| Trauma | $338.5 | $332.0 | $6.5 | 1.9% |
| Sports Medicine | $105.6 | $96.4 | $9.2 | 9.6% |
| Orthobiologics | $70.4 | $70.1 | $0.3 | 0.4% |
| Enabling Technology | $47.7 | $42.5 | $5.2 | 12.2% |
| Other | $460.3 | $426.2 | $34.1 | 8% |
| Total | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,106.2 | $1,068.9 | $37.3 | 3.5% |
| OUS | $835.9 | $800.7 | $35.2 | 4.4% |
| EMEA | $432.4 | $402.9 | $29.5 | 7.3% |
| APAC | $310.3 | $310.5 | ($0.2) | (0.1%) |
| ROW | $93.2 | $87.3 | $5.9 | 6.7% |
| Total | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,205.8 | $2,129.3 | $76.5 | 3.6% |
| OUS | $1,625.4 | $1,571.3 | $54.1 | 3.4% |
| EMEA | $877.2 | $828.5 | $48.7 | 5.9% |
| APAC | $568.3 | $574.6 | ($6.3) | (1.1%) |
| ROW | $179.9 | $168.2 | $11.7 | 6.9% |
| Total | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,942.0 | |
| Cost of Sales | $553.6 | 28.5% |
| Selling and Admin | $737.1 | 38% |
| R & D | $109.4 | 5.6% |
| Other | $299.1 | 15.4% |
| Net Earnings | $242.8 | 12.5% |
Zimmer Biomet reported 2Q24 orthopedic sales of $1,942 million, up 3.9% from the second quarter of 2023. For the year's first half, the company generated $3,831.2 million, up 3.5% from the prior year.
On a constant currency basis, the company grew in the mid-single digits for the 10th consecutive quarter. Those results came despite...
Zimmer Biomet reported 2Q24 orthopedic sales of $1,942 million, up 3.9% from the second quarter of 2023. For the year’s first half, the company generated $3,831.2 million, up 3.5% from the prior year.
On a constant currency basis, the company grew in the mid-single digits for the 10th consecutive quarter. Those results came despite softness in the early portion of the second quarter for knees and hips.
Zimmer Biomet pointed to a high volume of surgeon travel, supply constraints for revision implants and challenging prior-year comps for slower U.S. knee replacement sales.
The company lost market share within hip replacement in recent years due to portfolio gaps, including direct anterior stems, elegant navigation solutions and surgical impacts. With those gaps largely addressed, Zimmer Biomet expects to return to offense for hip replacement in 2025.
The company assembled a robust platform for hip navigation between ROSA Hip, Hip Insights and now OrthoGrid after the acqusition. Zimmer Biomet seems committed to offering options to its surgeons regarding how they engage with the company’s technology.
The recent partnership with THINK Surgical is another example of Zimmer Biomet prioritizing optionality. Some analysts noted that investors initially feared that these moves signaled a move away from ROSA.
“It’s all about having breadth of portfolio,” said Zimmer Biomet CEO Ivan Tornos. “TMINI offers CT scanning, which some surgeons like and TMINI is the only handheld robotic platform in the world, which is something that, in an ASC environment, surgeons seem to like. I will tell you that we are deeply committed to ROSA.”
Zimmer Biomet is developing three ROSA applications over the next two years, including posterior hips for OUS markets, kinematic alignment for knees and a CT version for surgeons who prefer that workflow.
Based on the year’s first half, Zimmer Biomet now expects reported revenue growth between 4% and 5% for 2024.
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 | $1,419.4 | $1,378.0 | $41.4 | 3% |
| Knees | $801.1 | $771.4 | $29.7 | 3.8% |
| Hips | $506.6 | $504.3 | $2.3 | 0.5% |
| Extremities | $111.7 | $102.3 | $9.5 | 9.3% |
| Trauma | $179.3 | $167.8 | $11.6 | 6.9% |
| Sports Medicine | $52.8 | $48.7 | $4.1 | 8.5% |
| Orthobiologics | $37.6 | $35.4 | $2.1 | 6.1% |
| Enabling Technology | $24.1 | $21.2 | $2.9 | 13.7% |
| Other | $228.8 | $218.6 | $10.3 | 4.7% |
| Total | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $2,808.7 | $2,733.4 | $75.4 | 2.8% |
| Knees | $1,589.1 | $1,533.9 | $55.2 | 3.6% |
| Hips | $997.8 | $997.1 | $0.7 | 0.1% |
| Extremities | $221.8 | $202.4 | $19.4 | 9.6% |
| Trauma | $338.5 | $332.0 | $6.5 | 1.9% |
| Sports Medicine | $105.6 | $96.4 | $9.2 | 9.6% |
| Orthobiologics | $70.4 | $70.1 | $0.3 | 0.4% |
| Enabling Technology | $47.7 | $42.5 | $5.2 | 12.2% |
| Other | $460.3 | $426.2 | $34.1 | 8% |
| Total | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,106.2 | $1,068.9 | $37.3 | 3.5% |
| OUS | $835.9 | $800.7 | $35.2 | 4.4% |
| EMEA | $432.4 | $402.9 | $29.5 | 7.3% |
| APAC | $310.3 | $310.5 | ($0.2) | (0.1%) |
| ROW | $93.2 | $87.3 | $5.9 | 6.7% |
| Total | $1,942.0 | $1,869.6 | $72.4 | 3.9% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $2,205.8 | $2,129.3 | $76.5 | 3.6% |
| OUS | $1,625.4 | $1,571.3 | $54.1 | 3.4% |
| EMEA | $877.2 | $828.5 | $48.7 | 5.9% |
| APAC | $568.3 | $574.6 | ($6.3) | (1.1%) |
| ROW | $179.9 | $168.2 | $11.7 | 6.9% |
| Total | $3,831.2 | $3,700.6 | $130.6 | 3.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,942.0 | |
| Cost of Sales | $553.6 | 28.5% |
| Selling and Admin | $737.1 | 38% |
| R & D | $109.4 | 5.6% |
| Other | $299.1 | 15.4% |
| Net Earnings | $242.8 | 12.5% |
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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.
