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Globus Medical reported 3Q19 revenue of USD $196.2 million, +15.9% vs. 3Q18.
- Increased 2019 full-year revenue guidance to the range of $775 (+8.7%) to $778 million (+9.1%)
- Above market growth was driven primarily by “significant” share gains, competitive rep recruiting and implant pull through from ExcelsiusGPS installations
- Ex-U.S.growth was driven by strength in Japan, the U.K., Italy, India, and Austria
- Despite the strong quarterly result, company leadership said that 3Q brought slight deceleration due to the alleviation of pent-up demand brought on by supply shortages that are now resolved; that deceleration is expected to continue in 4Q as the company faces more difficult comparisons
- Completed its core trauma portfolio in 3Q, launching the Autobahn Tibial Nailing system as well as ANTHEM plating systems for the tibia and clavicle
- A 3D-printed interbody spacer and next-generation TLIF device are expected to launch in 4Q
- In addition to the interbody module for ExelsiusGPS shown at NASS 2019, Globus will launch a spinal deformity solution early in 2020; the Globus Imaging System and a new cranial module for ExcelsiusGPS are also expected in 2020
- Per leadership, developmental milestones for a robotic solution in joint replacement will come in late 2020
- ORTHOWORLD projects Globus Medical full year 2019 revenue of $780.2 million, +9.4% vs. 2018
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
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement * | $2.5 | |||
| Knees | $1.5 | |||
| Hips | $1.0 | |||
| Spine | $182.6 | $161.2 | $21.4 | 13.3% |
| Trauma | $2.4 | $0.3 | $2.2 | 860% |
| Orthobiologics | $8.8 | $7.8 | $0.9 | 11.8% |
| Total | $196.2 | $169.2 | $27.0 | 15.9% |
| 9Mo 19 | 9Mo 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement * | $3.8 | |||
| Knees | $2.3 | |||
| Hips | $1.5 | |||
| Spine | $540.4 | $493.4 | $47.0 | 9.5% |
| Trauma | $3.6 | $0.4 | $3.2 | 830.2% |
| Orthobiologics | $25.9 | $23.3 | $2.7 | 11.6% |
| Total | $573.7 | $517.0 | $56.7 | 11% |
*Acquired Stelkast in 2Q19
Geographic Sales
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $162.7 | $139.1 | $23.6 | 17% |
| Ex-US | $33.5 | $30.1 | $3.4 | 11.2% |
| Total | $196.2 | $169.2 | $27.0 | 15.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $196.2 | |
| Cost of Sales | ($45.4) | 23.1% |
| R & D | ($14.5) | 7.4% |
| Selling and Admin | ($88.5) | 45.1% |
| Other | ($9.6) | 4.9% |
| Net Earnings | $38.3 | 19.5% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Globus Medical reported 3Q19 revenue of USD $196.2 million, +15.9% vs. 3Q18.
Increased 2019 full-year revenue guidance to the range of $775 (+8.7%) to $778 million (+9.1%)
Above market growth was driven primarily by “significant” share gains, competitive rep recruiting and implant pull through from ExcelsiusGPS installations
...
Globus Medical reported 3Q19 revenue of USD $196.2 million, +15.9% vs. 3Q18.
- Increased 2019 full-year revenue guidance to the range of $775 (+8.7%) to $778 million (+9.1%)
- Above market growth was driven primarily by “significant” share gains, competitive rep recruiting and implant pull through from ExcelsiusGPS installations
- Ex-U.S.growth was driven by strength in Japan, the U.K., Italy, India, and Austria
- Despite the strong quarterly result, company leadership said that 3Q brought slight deceleration due to the alleviation of pent-up demand brought on by supply shortages that are now resolved; that deceleration is expected to continue in 4Q as the company faces more difficult comparisons
- Completed its core trauma portfolio in 3Q, launching the Autobahn Tibial Nailing system as well as ANTHEM plating systems for the tibia and clavicle
- A 3D-printed interbody spacer and next-generation TLIF device are expected to launch in 4Q
- In addition to the interbody module for ExelsiusGPS shown at NASS 2019, Globus will launch a spinal deformity solution early in 2020; the Globus Imaging System and a new cranial module for ExcelsiusGPS are also expected in 2020
- Per leadership, developmental milestones for a robotic solution in joint replacement will come in late 2020
- ORTHOWORLD projects Globus Medical full year 2019 revenue of $780.2 million, +9.4% vs. 2018
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
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement * | $2.5 | |||
| Knees | $1.5 | |||
| Hips | $1.0 | |||
| Spine | $182.6 | $161.2 | $21.4 | 13.3% |
| Trauma | $2.4 | $0.3 | $2.2 | 860% |
| Orthobiologics | $8.8 | $7.8 | $0.9 | 11.8% |
| Total | $196.2 | $169.2 | $27.0 | 15.9% |
| 9Mo 19 | 9Mo 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement * | $3.8 | |||
| Knees | $2.3 | |||
| Hips | $1.5 | |||
| Spine | $540.4 | $493.4 | $47.0 | 9.5% |
| Trauma | $3.6 | $0.4 | $3.2 | 830.2% |
| Orthobiologics | $25.9 | $23.3 | $2.7 | 11.6% |
| Total | $573.7 | $517.0 | $56.7 | 11% |
*Acquired Stelkast in 2Q19
Geographic Sales
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $162.7 | $139.1 | $23.6 | 17% |
| Ex-US | $33.5 | $30.1 | $3.4 | 11.2% |
| Total | $196.2 | $169.2 | $27.0 | 15.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $196.2 | |
| Cost of Sales | ($45.4) | 23.1% |
| R & D | ($14.5) | 7.4% |
| Selling and Admin | ($88.5) | 45.1% |
| Other | ($9.6) | 4.9% |
| Net Earnings | $38.3 | 19.5% |
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.
