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Orthofix reported 4Q20 orthopedic revenue of USD $117.6 million, -3.2% vs. 4Q19 with full-year 2020 revenue of $406.6 million, -11.6% vs. 2019. Company leadership was pleased with fourth quarter performance in the face of the late-year COVID surge. Orthofix’s U.S. spine business (+11%) buoyed other negatively impacted segments primarily through sales of the M6 disc. The company’s extremity trauma sales declined due to both COVID and non-recurrence of larger stocking orders from 4Q19.
So far in 2021, Orthofix is down -12% vs. 1Q19. The company saw a -15% procedure volume decline in January and the first part of February. Complex spine cases that typically require an overnight hospital stay were especially impacted. Orthofix anticipates hospital restrictions easing through March and overall surgical volumes to improve through the year. Orthofix provided revenue guidance for 2021 in the range of $445 million to $460 million, or -3.3% to flat vs. 2019.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $27.8 | $25.5 | $2.4 | 9.3% |
| Trauma | $24.1 | $28.4 | ($4.2) | (15%) |
| Orthobiologics | $15.2 | $16.7 | ($1.5) | (9.3%) |
| Other (Bone Growth Therapies) | $50.5 | $51.0 | ($0.4) | (0.9%) |
| Total | $117.6 | $121.5 | ($3.9) | (3.2%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $94.9 | $94.5 | $0.3 | 0.3% |
| Trauma | $84.8 | $102.7 | ($17.9) | (17.4%) |
| Orthobiologics | $55.5 | $65.5 | ($10.0) | (15.3%) |
| Other (Bone Growth Therapies) | $171.4 | $197.2 | ($25.8) | (13.1%) |
| Total | $406.6 | $460.0 | ($53.4) | (11.6%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.0 | $94.9 | $0.1 | 0.1% |
| OUS | $22.6 | $26.6 | ($4.0) | (15%) |
| EMEA | $15.3 | $16.5 | ($1.2) | (7.2%) |
| APAC | $3.8 | $4.7 | ($0.8) | (17.9%) |
| ROW | $3.4 | $5.4 | ($1.9) | (36.3%) |
| Total | $117.6 | $121.5 | ($3.9) | (3.2%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $327.3 | $361.9 | ($34.7) | (9.6%) |
| OUS | $79.3 | $98.0 | ($18.7) | (19.1%) |
| EMEA | $53.5 | $61.5 | ($8.1) | (13.1%) |
| APAC | $13.7 | $16.8 | ($3.1) | (18.5%) |
| ROW | $12.1 | $19.7 | ($7.6) | (38.4%) |
| Total | $406.6 | $460.0 | ($53.4) | (11.6%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $117.6 | |
| Cost of Sales | $29.1 | 24.7% |
| General and Admin | $53.7 | 45.7% |
| Selling and Marketing | $18.5 | 15.7% |
| R & D | $10.4 | 8.8% |
| Other | $15.4 | 13.1% |
| Net Earnings | ($9.4) | (8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Orthofix reported 4Q20 orthopedic revenue of USD $117.6 million, -3.2% vs. 4Q19 with full-year 2020 revenue of $406.6 million, -11.6% vs. 2019. Company leadership was pleased with fourth quarter performance in the face of the late-year COVID surge. Orthofix’s U.S. spine business (+11%) buoyed other negatively impacted segments primarily...
Orthofix reported 4Q20 orthopedic revenue of USD $117.6 million, -3.2% vs. 4Q19 with full-year 2020 revenue of $406.6 million, -11.6% vs. 2019. Company leadership was pleased with fourth quarter performance in the face of the late-year COVID surge. Orthofix’s U.S. spine business (+11%) buoyed other negatively impacted segments primarily through sales of the M6 disc. The company’s extremity trauma sales declined due to both COVID and non-recurrence of larger stocking orders from 4Q19.
So far in 2021, Orthofix is down -12% vs. 1Q19. The company saw a -15% procedure volume decline in January and the first part of February. Complex spine cases that typically require an overnight hospital stay were especially impacted. Orthofix anticipates hospital restrictions easing through March and overall surgical volumes to improve through the year. Orthofix provided revenue guidance for 2021 in the range of $445 million to $460 million, or -3.3% to flat vs. 2019.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $27.8 | $25.5 | $2.4 | 9.3% |
| Trauma | $24.1 | $28.4 | ($4.2) | (15%) |
| Orthobiologics | $15.2 | $16.7 | ($1.5) | (9.3%) |
| Other (Bone Growth Therapies) | $50.5 | $51.0 | ($0.4) | (0.9%) |
| Total | $117.6 | $121.5 | ($3.9) | (3.2%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $94.9 | $94.5 | $0.3 | 0.3% |
| Trauma | $84.8 | $102.7 | ($17.9) | (17.4%) |
| Orthobiologics | $55.5 | $65.5 | ($10.0) | (15.3%) |
| Other (Bone Growth Therapies) | $171.4 | $197.2 | ($25.8) | (13.1%) |
| Total | $406.6 | $460.0 | ($53.4) | (11.6%) |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $95.0 | $94.9 | $0.1 | 0.1% |
| OUS | $22.6 | $26.6 | ($4.0) | (15%) |
| EMEA | $15.3 | $16.5 | ($1.2) | (7.2%) |
| APAC | $3.8 | $4.7 | ($0.8) | (17.9%) |
| ROW | $3.4 | $5.4 | ($1.9) | (36.3%) |
| Total | $117.6 | $121.5 | ($3.9) | (3.2%) |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $327.3 | $361.9 | ($34.7) | (9.6%) |
| OUS | $79.3 | $98.0 | ($18.7) | (19.1%) |
| EMEA | $53.5 | $61.5 | ($8.1) | (13.1%) |
| APAC | $13.7 | $16.8 | ($3.1) | (18.5%) |
| ROW | $12.1 | $19.7 | ($7.6) | (38.4%) |
| Total | $406.6 | $460.0 | ($53.4) | (11.6%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $117.6 | |
| Cost of Sales | $29.1 | 24.7% |
| General and Admin | $53.7 | 45.7% |
| Selling and Marketing | $18.5 | 15.7% |
| R & D | $10.4 | 8.8% |
| Other | $15.4 | 13.1% |
| Net Earnings | ($9.4) | (8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
