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Globus Medical reported 4Q22 orthopedic sales of $274.5 million, +9.8% compared to 4Q21. For the full year, the company generated just over $1 billion in orthopedic sales, representing growth of 6.8% compared to 2021.
Globus saw strength across its portfolio in the fourth quarter, and said that competitive reps and robotic pull-through were the biggest drivers.
Competitive rep recruiting surpassed hiring levels in both 2021 and 2020. Globus views these hires as a leading indicator of future growth. Company CEO Dan Scavilla does not expect a great deal of rep turnover due to the pending NuVasive deal.
He said, “We don’t need to beg. Keep in mind that we pay strongly for our reps, and we’ve been doing that historically without change, unlike other companies. We’re talking about strong compensation, arguably the strongest product offering in the spine market, and our enabling technology. When we offer that up with people, it’s a tough thing to compete against.”
Globus’ robotic procedures grew 25% in 2022, and exceeded 43,000 robotic procedures to date. The company added to its ecosystem in Q2 with the Excesius3D imaging system. An augmented reality headset and robotic joint application are in development.
Though much of the earnings call focused on the pending deal to acquire NuVasive, Globus leadership didn’t offer much new information. Asked about the disconnect with investors after the real announcement, Mr. Scavilla wouldn’t speculate about a cause. He lamented Wall Street’s fixation on “unrelated deals” and reiterated the core value proposition: expanded scale accelerates the company’s globalization strategy to reach new customers.
As a stand-alone company, Globus expects 2023 orthopedic sales totaling $1.1 billion, reflecting growth of +7.5% compared to 2022.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.5 | $2.4 | $0.1 | 6.4% |
| Knees | $1.4 | $1.3 | $0.1 | 8.5% |
| Hips | $1.1 | $1.0 | $0.0 | 3.7% |
| Spine | $226.4 | $209.2 | $17.2 | 8.2% |
| Trauma | $5.1 | $3.0 | $2.1 | 70% |
| Orthobiologics | $11.0 | $10.1 | $0.9 | 9.1% |
| Enabling Technology | $29.5 | $25.4 | $4.1 | 16.2% |
| Total | $274.5 | $250.0 | $24.5 | 9.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $11.0 | $10.0 | $0.9 | 9.4% |
| Knees | $6.3 | $5.8 | $0.5 | 9.3% |
| Hips | $4.7 | $4.3 | $0.4 | 9.7% |
| Spine | $857.0 | $818.1 | $38.9 | 4.8% |
| Trauma | $18.4 | $10.8 | $7.6 | 70.7% |
| Orthobiologics | $40.4 | $37.9 | $2.4 | 6.4% |
| Enabling Technology | $96.1 | $81.3 | $14.8 | 18.2% |
| Total | $1,022.8 | $958.1 | $64.7 | 6.8% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $233.2 | $213.0 | $20.2 | 9.5% |
| OUS | $41.3 | $37.0 | $4.2 | 11.5% |
| Total | $274.5 | $250.0 | $24.5 | 9.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $871.9 | $819.6 | $52.3 | 6.4% |
| OUS | $150.9 | $138.5 | $12.4 | 9% |
| Total | $1,022.8 | $958.1 | $64.7 | 6.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $274.5 | |
| Cost of Sales | $70.6 | 25.7% |
| R & D | $19.5 | 7.1% |
| Selling and Admin | $118.1 | 43% |
| Other | $8.7 | 3.2% |
| Net Earnings | $57.7 | 21% |
Globus Medical reported 4Q22 orthopedic sales of $274.5 million, +9.8% compared to 4Q21. For the full year, the company generated just over $1 billion in orthopedic sales, representing growth of 6.8% compared to 2021.
Globus saw strength across its portfolio in the fourth quarter, and said that competitive reps and robotic pull-through...
Globus Medical reported 4Q22 orthopedic sales of $274.5 million, +9.8% compared to 4Q21. For the full year, the company generated just over $1 billion in orthopedic sales, representing growth of 6.8% compared to 2021.
Globus saw strength across its portfolio in the fourth quarter, and said that competitive reps and robotic pull-through were the biggest drivers.
Competitive rep recruiting surpassed hiring levels in both 2021 and 2020. Globus views these hires as a leading indicator of future growth. Company CEO Dan Scavilla does not expect a great deal of rep turnover due to the pending NuVasive deal.
He said, “We don’t need to beg. Keep in mind that we pay strongly for our reps, and we’ve been doing that historically without change, unlike other companies. We’re talking about strong compensation, arguably the strongest product offering in the spine market, and our enabling technology. When we offer that up with people, it’s a tough thing to compete against.”
Globus’ robotic procedures grew 25% in 2022, and exceeded 43,000 robotic procedures to date. The company added to its ecosystem in Q2 with the Excesius3D imaging system. An augmented reality headset and robotic joint application are in development.
Though much of the earnings call focused on the pending deal to acquire NuVasive, Globus leadership didn’t offer much new information. Asked about the disconnect with investors after the real announcement, Mr. Scavilla wouldn’t speculate about a cause. He lamented Wall Street’s fixation on “unrelated deals” and reiterated the core value proposition: expanded scale accelerates the company’s globalization strategy to reach new customers.
As a stand-alone company, Globus expects 2023 orthopedic sales totaling $1.1 billion, reflecting growth of +7.5% compared to 2022.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.5 | $2.4 | $0.1 | 6.4% |
| Knees | $1.4 | $1.3 | $0.1 | 8.5% |
| Hips | $1.1 | $1.0 | $0.0 | 3.7% |
| Spine | $226.4 | $209.2 | $17.2 | 8.2% |
| Trauma | $5.1 | $3.0 | $2.1 | 70% |
| Orthobiologics | $11.0 | $10.1 | $0.9 | 9.1% |
| Enabling Technology | $29.5 | $25.4 | $4.1 | 16.2% |
| Total | $274.5 | $250.0 | $24.5 | 9.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $11.0 | $10.0 | $0.9 | 9.4% |
| Knees | $6.3 | $5.8 | $0.5 | 9.3% |
| Hips | $4.7 | $4.3 | $0.4 | 9.7% |
| Spine | $857.0 | $818.1 | $38.9 | 4.8% |
| Trauma | $18.4 | $10.8 | $7.6 | 70.7% |
| Orthobiologics | $40.4 | $37.9 | $2.4 | 6.4% |
| Enabling Technology | $96.1 | $81.3 | $14.8 | 18.2% |
| Total | $1,022.8 | $958.1 | $64.7 | 6.8% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $233.2 | $213.0 | $20.2 | 9.5% |
| OUS | $41.3 | $37.0 | $4.2 | 11.5% |
| Total | $274.5 | $250.0 | $24.5 | 9.8% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $871.9 | $819.6 | $52.3 | 6.4% |
| OUS | $150.9 | $138.5 | $12.4 | 9% |
| Total | $1,022.8 | $958.1 | $64.7 | 6.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $274.5 | |
| Cost of Sales | $70.6 | 25.7% |
| R & D | $19.5 | 7.1% |
| Selling and Admin | $118.1 | 43% |
| Other | $8.7 | 3.2% |
| Net Earnings | $57.7 | 21% |
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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.
