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Globus Medical reported 3Q23 orthopedic sales of $383.6 million, +51% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $951.9 million in orthopedic sales, +27.2% compared to the prior year.
These results include NuVasive sales from September only, given the 9/1/2023 closing date of the merger.
Integration efforts have gone according to plan thus far, according to Globus. Active surgeon overlap is under the 5% projected by the company before the merger. Globus is also receiving inbound interest from competitive reps, potentially offsetting some early departures.
“The rates and the depth at which I see the teams working together is amazing,” said Globus Medical CEO Dan Scavilla. “[But] we’re creating a great deal of disruption. That creates uncertainty, and folks are looking to get answers. So what I’d like to do is move at a faster pace. The sooner we can create a steady state, the better.”
Globus Medical now expects 2023 orthopedic sales totaling $1.55 billion, +51.5% compared to 2022.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.9 | $2.6 | $0.3 | 9.6% |
| Knees | $1.7 | $1.5 | $0.2 | 13.5% |
| Hips | $1.2 | $1.1 | $0.1 | 4.5% |
| Spine | $319.9 | $211.6 | $108.3 | 51.2% |
| Trauma | $8.7 | $5.7 | $3.0 | 52.1% |
| Orthobiologics | $16.0 | $10.1 | $5.9 | 57.9% |
| Enabling Technology | $36.2 | $24.1 | $12.1 | 50.2% |
| Total | $383.6 | $254.1 | $129.5 | 51% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $9.4 | $8.5 | $0.9 | 10.9% |
| Knees | $5.5 | $4.9 | $0.6 | 13.3% |
| Hips | $3.9 | $3.6 | $0.3 | 7.6% |
| Spine | $783.8 | $628.6 | $155.2 | 24.7% |
| Trauma | $23.8 | $15.3 | $8.5 | 55.8% |
| Orthobiologics | $38.9 | $29.3 | $9.5 | 32.5% |
| Enabling Technology | $96.0 | $66.6 | $29.4 | 44.1% |
| Total | $951.9 | $748.3 | $203.6 | 27.2% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $309.3 | $217.0 | $92.3 | 42.5% |
| OUS | $74.3 | $37.1 | $37.2 | 100.2% |
| Total | $383.6 | $254.1 | $129.5 | 51% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $788.9 | $638.7 | $150.2 | 23.5% |
| OUS | $163.0 | $109.6 | $53.4 | 48.7% |
| Total | $951.9 | $748.3 | $203.6 | 27.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $383.6 | |
| Cost of Sales | $135.4 | 35.3% |
| R & D | $29.3 | 7.6% |
| Selling and Admin | $156.2 | 40.7% |
| Other | $61.4 | 16% |
| Net Earnings | $1.3 | 0.3% |
Globus Medical reported 3Q23 orthopedic sales of $383.6 million, +51% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $951.9 million in orthopedic sales, +27.2% compared to the prior year.
These results include NuVasive sales from September only, given the 9/1/2023 closing date of the...
Globus Medical reported 3Q23 orthopedic sales of $383.6 million, +51% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $951.9 million in orthopedic sales, +27.2% compared to the prior year.
These results include NuVasive sales from September only, given the 9/1/2023 closing date of the merger.
Integration efforts have gone according to plan thus far, according to Globus. Active surgeon overlap is under the 5% projected by the company before the merger. Globus is also receiving inbound interest from competitive reps, potentially offsetting some early departures.
“The rates and the depth at which I see the teams working together is amazing,” said Globus Medical CEO Dan Scavilla. “[But] we’re creating a great deal of disruption. That creates uncertainty, and folks are looking to get answers. So what I’d like to do is move at a faster pace. The sooner we can create a steady state, the better.”
Globus Medical now expects 2023 orthopedic sales totaling $1.55 billion, +51.5% compared to 2022.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.9 | $2.6 | $0.3 | 9.6% |
| Knees | $1.7 | $1.5 | $0.2 | 13.5% |
| Hips | $1.2 | $1.1 | $0.1 | 4.5% |
| Spine | $319.9 | $211.6 | $108.3 | 51.2% |
| Trauma | $8.7 | $5.7 | $3.0 | 52.1% |
| Orthobiologics | $16.0 | $10.1 | $5.9 | 57.9% |
| Enabling Technology | $36.2 | $24.1 | $12.1 | 50.2% |
| Total | $383.6 | $254.1 | $129.5 | 51% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $9.4 | $8.5 | $0.9 | 10.9% |
| Knees | $5.5 | $4.9 | $0.6 | 13.3% |
| Hips | $3.9 | $3.6 | $0.3 | 7.6% |
| Spine | $783.8 | $628.6 | $155.2 | 24.7% |
| Trauma | $23.8 | $15.3 | $8.5 | 55.8% |
| Orthobiologics | $38.9 | $29.3 | $9.5 | 32.5% |
| Enabling Technology | $96.0 | $66.6 | $29.4 | 44.1% |
| Total | $951.9 | $748.3 | $203.6 | 27.2% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $309.3 | $217.0 | $92.3 | 42.5% |
| OUS | $74.3 | $37.1 | $37.2 | 100.2% |
| Total | $383.6 | $254.1 | $129.5 | 51% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $788.9 | $638.7 | $150.2 | 23.5% |
| OUS | $163.0 | $109.6 | $53.4 | 48.7% |
| Total | $951.9 | $748.3 | $203.6 | 27.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $383.6 | |
| Cost of Sales | $135.4 | 35.3% |
| R & D | $29.3 | 7.6% |
| Selling and Admin | $156.2 | 40.7% |
| Other | $61.4 | 16% |
| Net Earnings | $1.3 | 0.3% |
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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.
