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Globus Medical reported 1Q24 orthopedic sales of $606.7 million, up 119.3% on a reported basis and 3.8% pro forma compared to the first quarter of 2023.
The company integrated the Globus and NuVasive field organizations into one team while rolling out new global reporting structures and realigning support teams. Globus also debuted a common operation system that, like any system implementation, had some hits and misses.
“Operations remains the strength of the merger,” said Globus Medical CEO Dan Scavilla. “We’ve begun expanding in-house capabilities of the West Carrollton production facility. The Memphis distribution center is now on our common system and increasing its role in the overall business. We will continue to invest in high-tech manufacturing equipment, and we’re also working to consolidate volumes and orders with third-party vendors to accelerate delivery times and drive cost savings.”
Globus launched five new products during the first quarter, including a potentially “game-changing” expansion into power tools with applicability across spine and orthopedics. The company’s joint replacement robot is pending FDA approval and will likely hit the market in the third quarter.
There are no planned product rationalizations coming, so Pulse lives on for now. Globus said it wouldn’t prescribe to surgeons what to use. Instead, customers will move toward certain technologies, and Globus will follow.
Dis-synergies from the merger were lower than expected, prompting the company to raise full-year sales guidance in the first quarter – a rarity for the typically conservative Globus. The company now expects 2024 sales between $2.46 billion and $2.485 billion, reflecting pro forma growth between 2.7% and 3.7%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4.3 | $3.5 | $0.8 | 22.4% |
| Knees | $2.6 | $2.0 | $0.6 | 28.5% |
| Hips | $1.7 | $1.5 | $0.2 | 14.2% |
| Spine | $498.8 | $230.5 | $268.3 | 116.4% |
| Trauma | $25.7 | $6.3 | $19.4 | 307.9% |
| Orthobiologics | $23.0 | $11.3 | $11.7 | 103% |
| Enabling Technology | $55.0 | $25.1 | $29.9 | 119.1% |
| Total | $606.7 | $276.7 | $330.0 | 119.3% |
Orthopedic Sales by Geography
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $482.9 | $234.1 | $248.8 | 106.3% |
| OUS | $123.7 | $42.6 | $81.2 | 190.7% |
| Total | $606.7 | $276.7 | $330.0 | 119.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $606.7 | |
| Cost of Sales | $70.8 | 11.7% |
| R & D | $21.1 | 3.5% |
| Selling and Admin | $122.4 | 20.2% |
| Other | $338.0 | 55.7% |
| Net Earnings | $54.3 | 9% |
Globus Medical reported 1Q24 orthopedic sales of $606.7 million, up 119.3% on a reported basis and 3.8% pro forma compared to the first quarter of 2023.
The company integrated the Globus and NuVasive field organizations into one team while rolling out new global reporting structures and realigning support teams. Globus also debuted a...
Globus Medical reported 1Q24 orthopedic sales of $606.7 million, up 119.3% on a reported basis and 3.8% pro forma compared to the first quarter of 2023.
The company integrated the Globus and NuVasive field organizations into one team while rolling out new global reporting structures and realigning support teams. Globus also debuted a common operation system that, like any system implementation, had some hits and misses.
“Operations remains the strength of the merger,” said Globus Medical CEO Dan Scavilla. “We’ve begun expanding in-house capabilities of the West Carrollton production facility. The Memphis distribution center is now on our common system and increasing its role in the overall business. We will continue to invest in high-tech manufacturing equipment, and we’re also working to consolidate volumes and orders with third-party vendors to accelerate delivery times and drive cost savings.”
Globus launched five new products during the first quarter, including a potentially “game-changing” expansion into power tools with applicability across spine and orthopedics. The company’s joint replacement robot is pending FDA approval and will likely hit the market in the third quarter.
There are no planned product rationalizations coming, so Pulse lives on for now. Globus said it wouldn’t prescribe to surgeons what to use. Instead, customers will move toward certain technologies, and Globus will follow.
Dis-synergies from the merger were lower than expected, prompting the company to raise full-year sales guidance in the first quarter – a rarity for the typically conservative Globus. The company now expects 2024 sales between $2.46 billion and $2.485 billion, reflecting pro forma growth between 2.7% and 3.7%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $4.3 | $3.5 | $0.8 | 22.4% |
| Knees | $2.6 | $2.0 | $0.6 | 28.5% |
| Hips | $1.7 | $1.5 | $0.2 | 14.2% |
| Spine | $498.8 | $230.5 | $268.3 | 116.4% |
| Trauma | $25.7 | $6.3 | $19.4 | 307.9% |
| Orthobiologics | $23.0 | $11.3 | $11.7 | 103% |
| Enabling Technology | $55.0 | $25.1 | $29.9 | 119.1% |
| Total | $606.7 | $276.7 | $330.0 | 119.3% |
Orthopedic Sales by Geography
| 1Q24 | 1Q23 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $482.9 | $234.1 | $248.8 | 106.3% |
| OUS | $123.7 | $42.6 | $81.2 | 190.7% |
| Total | $606.7 | $276.7 | $330.0 | 119.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $606.7 | |
| Cost of Sales | $70.8 | 11.7% |
| R & D | $21.1 | 3.5% |
| Selling and Admin | $122.4 | 20.2% |
| Other | $338.0 | 55.7% |
| Net Earnings | $54.3 | 9% |
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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.
