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Company Financials: Orthopaedics and Spine

Exactech
$60.6MM, +11% (U.S. $39.9MM, +13%; ex-U.S. $20.7MM, +7%)

  • Hips $10.6MM, +3%
  • Knees $21MM, flat
  • Biologics and Spine $6.8MM, +15%
  • Extremities $16.3MM, +36%
  • Other $5.9MM, -2%
  • Other comprises cement, non-Exactech products sold ex-U.S. and instrument sets sold to distributors
  • Launched computer-assisted GPS system (Guided, Personalized Surgery) for use with Optetrak Logic knee
  • Equinoxe shoulder continues robust performance
  • Shoulder growth likely arising from new customers
  • Spine growth supported by new products and new customers
  • Claiming 14% of U.S. shoulder market share
  • Low-single-digit growth in Latin America, double-digit growth in Asia (does not sell shoulders in latter region, just hip and knee)
  • Knees represent largest percentage of revenues in Spanish market
  • Pilot phase of design for total ankle should be underway in early 2014
  • Excise tax impact ~$400,000 in quarter Greatbatch Medical Orthopaedic revenue $32.3MM, -2% (+14% constant currency organic basis)
  • Organic growth attributed to market share gains and new customers, partially offset by timing of plant validations regarding transfer of Swiss facility operations
  • Strong demand for hip and shoulder implants
  • Orthopaedics ~20% of Greatbatch revenue
  • Fully-operational at Ft. Wayne, IN and Tijuana, Mexico facilities

Johnson & Johnson
Orthopaedic sales $2,385MM, +49% (U.S. $1,274MM, +46%, ex-U.S. $1,111MM, +52%)

  • Hips +4% (U.S. +5%, ex-U.S. +4%)
  • Knees +2% (U.S. +3%, ex-U.S. +1%)
  • Trauma +4% (U.S. +2%, ex-U.S. +7%)
  • Sports Medicine +7% (U.S. +9%, ex-U.S. +4%)
  • Spine -2% (U.S. -7%, ex-U.S. +6%)

Excluding Synthes/trauma divestiture, growth +3% (U.S. +3%, ex-U.S. +4%)

Overall worldwide pricing -1%

  • U.S. hip pricing -3.5%, mix +1.5%
  • U.S. knee pricing -1%, mix +1.5%
  • U.S. spine pricing -3%, mix +2.5%
  • U.S. primary stem platform sales strong, partially offset by price pressure
  • Favorable initial response to Attune knee launch
  • Trauma growth fueled by Europe and emerging markets, notably China
  • Strong spine growth in Asia Pacific, Canada, Latin America
  • Consolidated external manufacturing/materials suppliers by ~1/3 over the last 3 years

LISI Medical
€16.6MM (~US $21.9MM), +3%

  • Growth supported by new customers and new products
  • Pursuing launch of private label products, currently in “industrialization phase”

Mathys (1H13 revenue only)
CHF 65.7MM (~US $69.3MM), +7%

  • Subsidiaries in Australia, China, Japan and New Zealand grew +41% over last year
  • Launched bone-conserving hip stem
  • International multi-center study of Ligamys implant for cruciate ligament repair continues to yield promising results

Medicrea (1H13 revenue)
€11.9MM (~US $15.5MM), +10% (U.S. sales +20%)

  • Launched distribution in 4 more countries in Asia since start of year
  • Meeting with FDA by end of July regarding status of K-JAWS cervical compressive staple

2Q13 revenue: €6.6MM (~$8.7MM), +12%

Ossur
Bracing & Support $54.5MM, flat

  • Direct sales performed well, but own distribution negatively impacted by reimbursement changes
  • Overall good growth in EMEA and Asia

Seikagaku (FY1Q13, ended 6/30/13)
¥7,647MM (~US $78MM), +14%

  • Growth attributed in part to Gel-One sales
  • U.S. Supartz sales fell due to remaining impact of reimbursement restrictions, while Artz sales in China increased following physician education activities

SpineGuard (1H13 revenue only)
€2.3MM (~US $3MM), +27% (U.S. ~$2.3MM, +30%)

  • >3,000 PediGuard procedures performed this year
  • U.S. sales =49% of units sold
  • >100 U.S. surgeons using PediGuard regularly
  • Received regulatory clearance to market entire PediGuard range in Russia, Cannulated Pedi- Guard in Mexico

Stryker
$2,212MM, +6% (U.S. $1,458MM, +5%; ex-U.S. $754MM, +9%; Trauson +2%)

Reconstructive $979MM, +8% (U.S. +6%, ex-U.S. +9%)

  • Hips $319MM, +6% (U.S. +6%, ex-U.S. +6%)
  • Knees $340MM, +5% (U.S. +2%, ex-U.S. +10%)
  • Trauma/Extremities $266MM, +17% (U.S. +19%, ex-U.S. +15%; Foot/ankle +28% WW, +34% U.S.)

MedSurg Equipment $819MM, +5% (U.S. +4%, ex-U.S. +6%)

Endoscopy $274MM, +5% (U.S. +5%, ex-U.S. +4%)

Neurotechnology/Spine $414MM, +8% (U.S. +6%, ex-U.S. +10%)

  • Neurotechnology $227MM, +10% (U.S. +10%, ex-U.S. +10%)
  • Spine $187MM, +5% (U.S. +3%, ex-U.S. +11%)

Overall growth excludes acquisitions. MedSurg includes patient handling and emergency
medical equipment.

  • Emerging markets posting double-digit growth
  • Knee sales still feeling impact of ShapeMatch recall; filed OtisMed 510(k) in 2Q
  • Trauma led by new products, strong foot/ankle growth
  • Orthovita starting to have more positive impact in trauma than in previous year

Zimmer
$1,169MM, +6% (Americas $660MM, +8%; Europe $307MM, flat; Asia Pacific $202MM, +7%)

Reconstructive $868MM, +4% (Americas $476MM, +5%; Europe $240MM, flat; Asia Pacific $152MM, +7%)

  • Hips $338MM, +2% (Americas $157MM, +3%; Europe $113MM, -2%; Asia Pacific $68MM, +4%)
  • Knees $481MM, +5% (Americas $282MM, +5%; Europe 118MM, flat; Asia Pacific $81MM, +10%)
  • Extremities $49MM, +15%

Dental $61MM, -1%

Trauma $74MM, +3% (Americas +1%, Europe +6%, Asia Pacific +8%)

Spine $54MM, +4%

Orthopaedic Surgical Products/Other $112MM, +28%

  • Acquired Knee Creations (Subchondroplasty joint preservation outpatient procedure) and NORMED Medizin Technik (extremities and trauma)
  • Hip sales supported by Continuum Acetabular Cup, Vivacit-E liners, ceramic heads
  • Encouraging U.S. traction for Avenir hip stem: compatible with anterior supine approach
  • Knee growth buoyed by Gel-One single injection hyaluronic acid sales; Gel-One revenue in lower end of $5MM-$10MM range
  • Trauma sales led by Trabecular Metal reverse shoulder, though competitive pressure slowed growth, particularly in the U.S.
  • Natural Nail and XtraFix external fixation systems contributing to trauma growth
  • Excise tax impact $10 to $15 million of charges in quarter

Overall worldwide pricing -1.3%

  • Hip pricing -2.1%, positive volume/mix +3.8%
  • Knee pricing -1.4%, positive volume/mix +6.1%
  • Spine pricing stabilizing

Sources: Company press releases, earnings calls, filings with the Securities and Exchange Commission


Julie A. Vetalice is Content Coordinator for ORTHOWORLD Inc. She can be reached at 440.543.2101 or This email address is being protected from spambots. You need JavaScript enabled to view it..

 

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