This was Colfax Q2 Earnings Call, parent of DJO
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Posted On: 08/07/2020 11:22:59 AM
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This was Colfax Q2 Earnings Call, parent of DJO
CFX hit a low point in April, sales off 40%, recovering to -19% in June.
DJO's MedTech business was off 60% in April, recovering to -17% in June.
"We've highlighted some of our recent launches on Slide 6. Our fast-growing surgical implants business aligns with great surgeon, key opinion leader team to develop products with superior outcomes. We are building on our product portfolio and filling out the bag where we currently have gaps in our offering. We're about to launch two important new products. First, the EMPOWR Partial Knee expands the number of procedures where patients can benefit from the greater stability and natural knee motion patterns that have made our EMPOWR such a great success. We also recently received FDA approval for the AltiVate Anatomic CS Edge, which add a stemless offering in our shoulder portfolio. These products will help us to penetrate more deeply in existing surgeons and also to continue to attract new surgeons."
"In prevention and rehabilitation, focused operational improvements, along with growing product vitality, created significant growth momentum prior to COVID. We recently released two new products under the market-leading DonJoy brand. The X-ROM Post-Op Knee Brace combines excellent range of motion protection with a comfortable user-friendly design. The VersaRom Hip Brace fill the key product gap in our portfolio. We are expecting to launch several more key bracing products this year, progressing step-by-step back to the healthy vitality levels that will support consistent above-industry growth."
"Another part of our innovation strategy is to lead in connected medicine. Connected medicine digitally connects healthcare practitioners to patients in outpatient settings. By capturing more real-time data and driving improved compliance to post-operative protocol, connected medicine can create better patient outcomes and satisfaction with the overall experience. As you can imagine, the COVID crisis has made doctors and patients even more interested in these benefits."
"This week, we introduced Motion iQ, an innovative new software solution designed to transform the surgical experience by digitally connecting the surgeon, care team and patient throughout the larger continuum of care. Motion iQ empowers patients to take an active role in their care through a more personalized and informed process, while providing the care team with continuous health and activity data. This is another great addition to our overall suite of digital solutions."
Q & A
Scott Davis -- Melius Research -- Analyst
Okay. All right. Helpful. And then, just kind of logistically, I mean, you have a few new product rollouts in MedTech that look promising. But how do you get those products out to -- how do you educate your customer in times like this? And is this the right time, I guess, to launch new products or is this just part of the regular cycle and it's just going to take a little longer, perhaps given the pandemic to really get customers to understand the offering?
Matthew L. Trerotola -- President and Chief Executive Officer
Well, interesting enough, Scott, and it's been sort of a great time as long as you're thoughtful about the timing. For a couple of months there in Q2, doctors and their other practitioners had more time than they've ever had to talk to us. So, we took full advantage of that. We had a lot of digital education sessions on a range of issues, including the new products that we had. So we did it -- with a couple of products, we shifted out the timing of the launch by a couple of months to get them out of Q2 when there wasn't as much activity, but then we used that time to do a whole lot of education. And now I think we've got the opportunity to bring those products into the market here in Q3. So, I think it was a bit of a unique opportunity on these products that we -- our teams have taken full advantage of.
https://www.fool.com/earnings/call-transcript...cript.aspx
CFX hit a low point in April, sales off 40%, recovering to -19% in June.
DJO's MedTech business was off 60% in April, recovering to -17% in June.
"We've highlighted some of our recent launches on Slide 6. Our fast-growing surgical implants business aligns with great surgeon, key opinion leader team to develop products with superior outcomes. We are building on our product portfolio and filling out the bag where we currently have gaps in our offering. We're about to launch two important new products. First, the EMPOWR Partial Knee expands the number of procedures where patients can benefit from the greater stability and natural knee motion patterns that have made our EMPOWR such a great success. We also recently received FDA approval for the AltiVate Anatomic CS Edge, which add a stemless offering in our shoulder portfolio. These products will help us to penetrate more deeply in existing surgeons and also to continue to attract new surgeons."
"In prevention and rehabilitation, focused operational improvements, along with growing product vitality, created significant growth momentum prior to COVID. We recently released two new products under the market-leading DonJoy brand. The X-ROM Post-Op Knee Brace combines excellent range of motion protection with a comfortable user-friendly design. The VersaRom Hip Brace fill the key product gap in our portfolio. We are expecting to launch several more key bracing products this year, progressing step-by-step back to the healthy vitality levels that will support consistent above-industry growth."
"Another part of our innovation strategy is to lead in connected medicine. Connected medicine digitally connects healthcare practitioners to patients in outpatient settings. By capturing more real-time data and driving improved compliance to post-operative protocol, connected medicine can create better patient outcomes and satisfaction with the overall experience. As you can imagine, the COVID crisis has made doctors and patients even more interested in these benefits."
"This week, we introduced Motion iQ, an innovative new software solution designed to transform the surgical experience by digitally connecting the surgeon, care team and patient throughout the larger continuum of care. Motion iQ empowers patients to take an active role in their care through a more personalized and informed process, while providing the care team with continuous health and activity data. This is another great addition to our overall suite of digital solutions."
Q & A
Scott Davis -- Melius Research -- Analyst
Okay. All right. Helpful. And then, just kind of logistically, I mean, you have a few new product rollouts in MedTech that look promising. But how do you get those products out to -- how do you educate your customer in times like this? And is this the right time, I guess, to launch new products or is this just part of the regular cycle and it's just going to take a little longer, perhaps given the pandemic to really get customers to understand the offering?
Matthew L. Trerotola -- President and Chief Executive Officer
Well, interesting enough, Scott, and it's been sort of a great time as long as you're thoughtful about the timing. For a couple of months there in Q2, doctors and their other practitioners had more time than they've ever had to talk to us. So, we took full advantage of that. We had a lot of digital education sessions on a range of issues, including the new products that we had. So we did it -- with a couple of products, we shifted out the timing of the launch by a couple of months to get them out of Q2 when there wasn't as much activity, but then we used that time to do a whole lot of education. And now I think we've got the opportunity to bring those products into the market here in Q3. So, I think it was a bit of a unique opportunity on these products that we -- our teams have taken full advantage of.
https://www.fool.com/earnings/call-transcript...cript.aspx
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