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Zimmer Biomet reported 4Q22 orthopedic sales of $1.8 billion, +2.7% compared to the fourth quarter of 2021. For the full-year, the company generated $6.9 billion in orthopedic sales, representing growth of +1.6% compared to 2021.
Excluding currency translation headwinds, the company grew +8.9% for the fourth quarter and +6.6% for the year. Executives pointed to recovering procedure volumes, commercial execution, innovative new products and easier comparisons from the fourth quarter of 2021.
Zimmer Biomet launched more than 50 new products between 2018 and 2022, with a majority of the launches coming in markets growing mid-single digits or better. The company expects to launch another 40 products by 2025, with most of those launches in markets growing at 4% or more.
Enabling technology was a key driver of growth in 2022. Zimmer Biomet Chief Operating Officier Ivan Tornos joked that he’d be out of a job if the company placed fewer than 300 ROSA robotic units per year going forward. Tornos also expects to beat Stryker to the punch of shoulder robotics.
“I’ll be very surprised if we’re not first to market, given where we are in the development cycle. My expectation remains that we’re going to be ahead. The most important part is not just the speed in the actual launch, it’s the quality, the features and benefits that we have in the platform. Given the mix of developers that we have involved in the project, I do think it’s going to be transformational for our platform,” he said.
Zimmer Biomet expects lingering challenges like supply and staffing constraints, but predicted that those factors will be less acute than last year. The company provided sales growth guidance between +1.5% and +3.5% on a reported basis for 2023.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,361.0 | $1,315.7 | $45.3 | 3.4% |
| Knees | $753.6 | $720.1 | $33.5 | 4.7% |
| Hips | $488.7 | $480.7 | $8.0 | 1.7% |
| Extremities | $118.7 | $114.9 | $3.8 | 3.3% |
| Trauma | $163.3 | $158.0 | $5.2 | 3.3% |
| Sports Medicine | $46.7 | $45.2 | $1.5 | 3.3% |
| Orthobiologics | $57.3 | $55.4 | $1.8 | 3.3% |
| Enabling Technology | $31.7 | $24.9 | $6.9 | 27.5% |
| Other * | $165.1 | $178.0 | ($12.8) | (7.2%) |
| Total | $1,825.1 | $1,777.2 | $47.9 | 2.7% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5,152.6 | $4,981.1 | $171.5 | 3.4% |
| Knees | $2,778.3 | $2,647.9 | $130.4 | 4.9% |
| Hips | $1,894.9 | $1,856.1 | $38.8 | 2.1% |
| Extremities | $479.4 | $477.1 | $2.3 | 0.5% |
| Trauma | $639.5 | $658.7 | ($19.3) | (2.9%) |
| Sports Medicine | $184.6 | $183.6 | $1.0 | 0.6% |
| Orthobiologics | $232.4 | $235.4 | ($3.1) | (1.3%) |
| Enabling Technology | $114.0 | $86.5 | $27.5 | 31.8% |
| Other * | $616.9 | $682.0 | ($65.1) | (9.5%) |
| Total | $6,939.9 | $6,827.3 | $112.6 | 1.6% |
* CMF, thoracic, bone cement and surgical supplies
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,080.6 | $1,017.5 | $63.1 | 6.2% |
| OUS | $744.5 | $759.2 | ($14.7) | (1.9%) |
| EMEA | $416.9 | $417.9 | ($1.0) | (0.2%) |
| Asia Pacific | $327.6 | $341.3 | ($13.7) | (4%) |
| Total | $1,825.1 | $1,776.7 | $48.4 | 2.7% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $4,012.4 | $3,853.9 | $158.5 | 4.1% |
| OUS | $2,927.5 | $2,973.4 | ($45.9) | (1.5%) |
| EMEA | $1,639.4 | $1,636.6 | $2.8 | 0.2% |
| Asia Pacific | $1,288.1 | $1,336.8 | ($48.7) | (3.6%) |
| Total | $6,939.9 | $6,827.3 | $112.6 | 1.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,825.1 | |
| Cost of Sales | $520.3 | 28.5% |
| Selling and Admin | $727.1 | 39.8% |
| R & D | $108.0 | 5.9% |
| Other | $600.2 | 32.9% |
| Net Earnings | ($130.5) | (7.2%) |
Zimmer Biomet reported 4Q22 orthopedic sales of $1.8 billion, +2.7% compared to the fourth quarter of 2021. For the full-year, the company generated $6.9 billion in orthopedic sales, representing growth of +1.6% compared to 2021.
Excluding currency translation headwinds, the company grew +8.9% for the fourth quarter and +6.6% for the year....
Zimmer Biomet reported 4Q22 orthopedic sales of $1.8 billion, +2.7% compared to the fourth quarter of 2021. For the full-year, the company generated $6.9 billion in orthopedic sales, representing growth of +1.6% compared to 2021.
Excluding currency translation headwinds, the company grew +8.9% for the fourth quarter and +6.6% for the year. Executives pointed to recovering procedure volumes, commercial execution, innovative new products and easier comparisons from the fourth quarter of 2021.
Zimmer Biomet launched more than 50 new products between 2018 and 2022, with a majority of the launches coming in markets growing mid-single digits or better. The company expects to launch another 40 products by 2025, with most of those launches in markets growing at 4% or more.
Enabling technology was a key driver of growth in 2022. Zimmer Biomet Chief Operating Officier Ivan Tornos joked that he’d be out of a job if the company placed fewer than 300 ROSA robotic units per year going forward. Tornos also expects to beat Stryker to the punch of shoulder robotics.
“I’ll be very surprised if we’re not first to market, given where we are in the development cycle. My expectation remains that we’re going to be ahead. The most important part is not just the speed in the actual launch, it’s the quality, the features and benefits that we have in the platform. Given the mix of developers that we have involved in the project, I do think it’s going to be transformational for our platform,” he said.
Zimmer Biomet expects lingering challenges like supply and staffing constraints, but predicted that those factors will be less acute than last year. The company provided sales growth guidance between +1.5% and +3.5% on a reported basis for 2023.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $1,361.0 | $1,315.7 | $45.3 | 3.4% |
| Knees | $753.6 | $720.1 | $33.5 | 4.7% |
| Hips | $488.7 | $480.7 | $8.0 | 1.7% |
| Extremities | $118.7 | $114.9 | $3.8 | 3.3% |
| Trauma | $163.3 | $158.0 | $5.2 | 3.3% |
| Sports Medicine | $46.7 | $45.2 | $1.5 | 3.3% |
| Orthobiologics | $57.3 | $55.4 | $1.8 | 3.3% |
| Enabling Technology | $31.7 | $24.9 | $6.9 | 27.5% |
| Other * | $165.1 | $178.0 | ($12.8) | (7.2%) |
| Total | $1,825.1 | $1,777.2 | $47.9 | 2.7% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5,152.6 | $4,981.1 | $171.5 | 3.4% |
| Knees | $2,778.3 | $2,647.9 | $130.4 | 4.9% |
| Hips | $1,894.9 | $1,856.1 | $38.8 | 2.1% |
| Extremities | $479.4 | $477.1 | $2.3 | 0.5% |
| Trauma | $639.5 | $658.7 | ($19.3) | (2.9%) |
| Sports Medicine | $184.6 | $183.6 | $1.0 | 0.6% |
| Orthobiologics | $232.4 | $235.4 | ($3.1) | (1.3%) |
| Enabling Technology | $114.0 | $86.5 | $27.5 | 31.8% |
| Other * | $616.9 | $682.0 | ($65.1) | (9.5%) |
| Total | $6,939.9 | $6,827.3 | $112.6 | 1.6% |
* CMF, thoracic, bone cement and surgical supplies
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $1,080.6 | $1,017.5 | $63.1 | 6.2% |
| OUS | $744.5 | $759.2 | ($14.7) | (1.9%) |
| EMEA | $416.9 | $417.9 | ($1.0) | (0.2%) |
| Asia Pacific | $327.6 | $341.3 | ($13.7) | (4%) |
| Total | $1,825.1 | $1,776.7 | $48.4 | 2.7% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $4,012.4 | $3,853.9 | $158.5 | 4.1% |
| OUS | $2,927.5 | $2,973.4 | ($45.9) | (1.5%) |
| EMEA | $1,639.4 | $1,636.6 | $2.8 | 0.2% |
| Asia Pacific | $1,288.1 | $1,336.8 | ($48.7) | (3.6%) |
| Total | $6,939.9 | $6,827.3 | $112.6 | 1.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $1,825.1 | |
| Cost of Sales | $520.3 | 28.5% |
| Selling and Admin | $727.1 | 39.8% |
| R & D | $108.0 | 5.9% |
| Other | $600.2 | 32.9% |
| Net Earnings | ($130.5) | (7.2%) |
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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.
