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Enovis reported 4Q22 orthopedic sales of $162.5 million, +10.4% compared to 4Q21. Including contributions from acquisitions, the company generated $599.4 million in orthopedic sales in 2022, +29.5% compared to the year prior.
Despite a year of choppy macro headwinds, the company drove double-digit organic growth in its recon segment. Recent acquisitions outgrew the market, with standalone Mathys sales increasing +16% year over year.
Enovis is starting to see the impact of the cross-selling opportunities with Mathys, with greater syngeries expected in 2023.
Company CEO Matt Trerotola said, “We’ve also got great momentum in terms of the cross-selling opportunities. We have had a lot of outreach in terms of connecting with surgeons, connecting them with our KOLs from the U.S. and getting instrument sets over. Both EMPOWR and AltiVate are off to a good start in terms of that cross-selling.”
Mr. Trerotola also expects the positive market reaction to the ARVIS navigation system will lead to modest Software-as-a-Service revenue in 2023. Envois is counting on the innovative nagivation system to drive implant conversions as the software fee increases over time.
The company expects another double-digit growth year for its recon business in 2023 as procedure volumes normalize and some macro headwinds mitigate.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $128.7 | $116.0 | $12.6 | 10.9% |
| Knees | $26.3 | $23.6 | $2.7 | 11.5% |
| Hips | $51.2 | $45.9 | $5.3 | 11.5% |
| Extremities | $51.2 | $46.5 | $4.6 | 9.9% |
| Trauma | $13.2 | $11.1 | $2.0 | 18.1% |
| Other (Recovery Sciences) | $20.7 | $20.0 | $0.7 | 3.3% |
| Total | $162.5 | $147.2 | $15.3 | 10.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $472.9 | $354.9 | $118.0 | 33.3% |
| Knees | $95.9 | $69.1 | $26.8 | 38.8% |
| Hips | $186.9 | $139.6 | $47.3 | 33.9% |
| Extremities | $190.1 | $146.2 | $43.9 | 30% |
| Trauma | $46.6 | $33.4 | $13.2 | 39.6% |
| Other (Recovery Sciences) | $79.9 | $74.6 | $5.2 | 7% |
| Total | $599.4 | $463.0 | $136.5 | 29.5% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $118.6 | $108.9 | $9.7 | 8.9% |
| OUS | $43.9 | $38.3 | $5.6 | 14.6% |
| EMEA | $34.1 | $29.4 | $4.7 | 15.9% |
| Asia Pacific | $6.5 | $6.2 | $0.3 | 5.1% |
| Rest of World | $3.2 | $2.6 | $0.6 | 22.7% |
| Total | $162.5 | $147.2 | $15.3 | 10.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $443.4 | $385.9 | $57.5 | 14.9% |
| OUS | $156.0 | $77.0 | $79.0 | 102.5% |
| EMEA | $122.6 | $56.6 | $65.9 | 116.5% |
| Asia Pacific | $22.5 | $14.4 | $8.1 | 56.7% |
| Rest of World | $10.9 | $6.0 | $4.9 | 80.6% |
| Total | $599.4 | $463.0 | $136.5 | 29.5% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $408.7 | |
| Cost of Sales | $177.0 | 43.3% |
| Selling and Admin | $208.6 | 51% |
| Other | $61.8 | 15.1% |
| Net Earnings | ($38.6) | (9.4%) |
