Copy to clipboard 
ZimVie reported 3Q23 orthopedic sales of $97.6 million, -9.8% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $308.7 million in orthopedic sales, -8.5% year-over-year.
Continued competition in core spine, exiting the Chinese market and one less selling day in the quarter drove the decline. The company continued its success with Mobi-C and the Tether abroad, with strong relative performance in EMEA and APAC. ZimVie expects that new, smaller-footprint Mobi-C options will expand the treatable patient population versus fusion.
“Our international decline actually impact was only down about 3.6%, and that included the impact of exiting China,” said ZimVie CFO Rich Heppenstall. “Particularly around our flagship products, like Mobi-C and Tether. Mobi-C grew by almost 40% in EMEA. We’ve also had a great uptick in Tether, which grew by about 29% in Europe. Those green shoots continue to take root.”
After losing some talent in the aftermath of its spin from Zimmer Biomet, the company expects to be the beneficiary of disruption in the spine market as Globus Medical works to integrate NuVasive. For the balance of 2023, however, ZimVie expects its spine business to decline in the high single digits or low double digits.
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 |
|---|---|---|---|---|
| Spine | $75.1 | $84.4 | ($9.2) | (11%) |
| Orthobiologics | $14.1 | $15.1 | ($1.0) | (6.6%) |
| Enabling Technology | $1.9 | $1.8 | $0.0 | 0.8% |
| Other (Bone Healing) | $6.4 | $6.8 | ($0.4) | (5.5%) |
| Total | $97.6 | $108.2 | ($10.6) | (9.8%) |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $238.8 | $263.2 | ($24.5) | (9.3%) |
| Orthobiologics | $45.3 | $48.4 | ($3.1) | (6.4%) |
| Enabling Technology | $5.7 | $5.5 | $0.1 | 2.7% |
| Other (Bone Healing) | $19.0 | $20.3 | ($1.3) | (6.6%) |
| Total | $308.7 | $337.5 | ($28.8) | (8.5%) |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $78.3 | $87.1 | ($8.8) | (10.2%) |
| OUS | $19.3 | $21.0 | ($1.7) | (8.3%) |
| Total | $97.6 | $108.2 | ($10.6) | (9.8%) |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $245.8 | $266.6 | ($20.7) | (7.8%) |
| OUS | $62.9 | $70.9 | ($8.0) | (11.3%) |
| Total | $308.7 | $337.5 | ($28.8) | (8.5%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $202.9 | |
| Cost of Sales | $65.2 | 32.2% |
| Selling and Admin | $117.4 | 57.8% |
| R & D | $11.5 | 5.6% |
| Other | $13.9 | 6.9% |
| Net Earnings | ($5.1) | (2.5%) |
ZimVie reported 3Q23 orthopedic sales of $97.6 million, -9.8% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $308.7 million in orthopedic sales, -8.5% year-over-year.
Continued competition in core spine, exiting the Chinese market and one less selling day in the quarter drove the decline....
ZimVie reported 3Q23 orthopedic sales of $97.6 million, -9.8% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $308.7 million in orthopedic sales, -8.5% year-over-year.
Continued competition in core spine, exiting the Chinese market and one less selling day in the quarter drove the decline. The company continued its success with Mobi-C and the Tether abroad, with strong relative performance in EMEA and APAC. ZimVie expects that new, smaller-footprint Mobi-C options will expand the treatable patient population versus fusion.
“Our international decline actually impact was only down about 3.6%, and that included the impact of exiting China,” said ZimVie CFO Rich Heppenstall. “Particularly around our flagship products, like Mobi-C and Tether. Mobi-C grew by almost 40% in EMEA. We’ve also had a great uptick in Tether, which grew by about 29% in Europe. Those green shoots continue to take root.”
After losing some talent in the aftermath of its spin from Zimmer Biomet, the company expects to be the beneficiary of disruption in the spine market as Globus Medical works to integrate NuVasive. For the balance of 2023, however, ZimVie expects its spine business to decline in the high single digits or low double digits.
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 |
|---|---|---|---|---|
| Spine | $75.1 | $84.4 | ($9.2) | (11%) |
| Orthobiologics | $14.1 | $15.1 | ($1.0) | (6.6%) |
| Enabling Technology | $1.9 | $1.8 | $0.0 | 0.8% |
| Other (Bone Healing) | $6.4 | $6.8 | ($0.4) | (5.5%) |
| Total | $97.6 | $108.2 | ($10.6) | (9.8%) |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $238.8 | $263.2 | ($24.5) | (9.3%) |
| Orthobiologics | $45.3 | $48.4 | ($3.1) | (6.4%) |
| Enabling Technology | $5.7 | $5.5 | $0.1 | 2.7% |
| Other (Bone Healing) | $19.0 | $20.3 | ($1.3) | (6.6%) |
| Total | $308.7 | $337.5 | ($28.8) | (8.5%) |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $78.3 | $87.1 | ($8.8) | (10.2%) |
| OUS | $19.3 | $21.0 | ($1.7) | (8.3%) |
| Total | $97.6 | $108.2 | ($10.6) | (9.8%) |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $245.8 | $266.6 | ($20.7) | (7.8%) |
| OUS | $62.9 | $70.9 | ($8.0) | (11.3%) |
| Total | $308.7 | $337.5 | ($28.8) | (8.5%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $202.9 | |
| Cost of Sales | $65.2 | 32.2% |
| Selling and Admin | $117.4 | 57.8% |
| R & D | $11.5 | 5.6% |
| Other | $13.9 | 6.9% |
| Net Earnings | ($5.1) | (2.5%) |
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
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.
