Copy to clipboard 
Globus Medical reported 2Q21 orthopedic revenue of $251 million, +68.6% vs. 2Q20. Compared to 2Q19, the company grew an impressive +29% this quarter. Globus increased its 2021 revenue guidance to $950 million, growth of more than +20% compared to both 2020 and 2019.
The company saw strength across its portfolio with spinal implants, a resurgence in biologics and competitive recruiting all contributing. International markets performed well despite the ongoing transition period in Japan. However, company leadership called the impact of its ExcelsiusGPS robotic system “transformational” and described a series of virtuous cycles, or positive feedback loops, around the technology.
As the utilization of the system reached an all-time high in the quarter, surgeon evangelists are driving more placements of the robot and increased utilization among colleagues. Additionally, the technology is driving more surgeons to use Globus implants in non-robotic cases. As competitive reps lose cases to ExcelsiusGPS, they become more interested in joining Globus which opens up new lines of business for the company.
Echoing comments from peers, Globus leadership expects a slowdown in the third quarter due to vacations and increase travel among surgeons.
“There’s a pent-up demand for travel in our society. We’re seeing the surgeons take that, but I fully expect that they’ll be back once school starts again in September. So, we’re expecting a strong September and October given no dramatic change in the COVID situation. I think there’ll be transitory seasonality, but from a sequential standpoint, it’s going to cause us to dip a little bit here in the third quarter.” – Globus Medical CEO Dave Demski
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.5 | $0.9 | $1.7 | 194.1% |
| Knees | $1.4 | $0.5 | $1.0 | 204.8% |
| Hips | $1.1 | $0.4 | $0.7 | 181% |
| Spine | $236.3 | $139.9 | $96.4 | 68.9% |
| Trauma | $2.5 | $2.0 | $0.6 | 29.3% |
| Orthobiologics | $9.7 | $6.2 | $3.5 | 56.8% |
| Total | $251.0 | $148.9 | $102.1 | 68.6% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5.3 | $3.6 | $1.7 | 46.5% |
| Knees | $3.1 | $2.1 | $1.0 | 45.3% |
| Hips | $2.2 | $1.5 | $0.7 | 48.3% |
| Spine | $449.5 | $318.9 | $130.6 | 41% |
| Trauma | $5.0 | $3.2 | $1.8 | 56.9% |
| Orthobiologics | $18.6 | $13.8 | $4.8 | 34.4% |
| Total | $478.4 | $339.5 | $138.9 | 40.9% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $215.1 | $125.2 | $90.0 | 71.9% |
| OUS | $35.9 | $23.8 | $12.1 | 51% |
| Total | $251.0 | $148.9 | $102.1 | 68.6% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $408.4 | $283.6 | $124.8 | 44% |
| OUS | $69.9 | $55.9 | $14.0 | 25.1% |
| Total | $478.4 | $339.5 | $138.9 | 40.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $251.0 | |
| Cost of Sales | $63.8 | 25.4% |
| R & D | $15.5 | 6.2% |
| Selling and Admin | $107.3 | 42.7% |
| Other | $22.8 | 9.1% |
| Net Earnings | $41.5 | 16.6% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Globus Medical reported 2Q21 orthopedic revenue of $251 million, +68.6% vs. 2Q20. Compared to 2Q19, the company grew an impressive +29% this quarter. Globus increased its 2021 revenue guidance to $950 million, growth of more than +20% compared to both 2020 and 2019.
The company saw strength across its portfolio with spinal implants, a...
Globus Medical reported 2Q21 orthopedic revenue of $251 million, +68.6% vs. 2Q20. Compared to 2Q19, the company grew an impressive +29% this quarter. Globus increased its 2021 revenue guidance to $950 million, growth of more than +20% compared to both 2020 and 2019.
The company saw strength across its portfolio with spinal implants, a resurgence in biologics and competitive recruiting all contributing. International markets performed well despite the ongoing transition period in Japan. However, company leadership called the impact of its ExcelsiusGPS robotic system “transformational” and described a series of virtuous cycles, or positive feedback loops, around the technology.
As the utilization of the system reached an all-time high in the quarter, surgeon evangelists are driving more placements of the robot and increased utilization among colleagues. Additionally, the technology is driving more surgeons to use Globus implants in non-robotic cases. As competitive reps lose cases to ExcelsiusGPS, they become more interested in joining Globus which opens up new lines of business for the company.
Echoing comments from peers, Globus leadership expects a slowdown in the third quarter due to vacations and increase travel among surgeons.
“There’s a pent-up demand for travel in our society. We’re seeing the surgeons take that, but I fully expect that they’ll be back once school starts again in September. So, we’re expecting a strong September and October given no dramatic change in the COVID situation. I think there’ll be transitory seasonality, but from a sequential standpoint, it’s going to cause us to dip a little bit here in the third quarter.” – Globus Medical CEO Dave Demski
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.5 | $0.9 | $1.7 | 194.1% |
| Knees | $1.4 | $0.5 | $1.0 | 204.8% |
| Hips | $1.1 | $0.4 | $0.7 | 181% |
| Spine | $236.3 | $139.9 | $96.4 | 68.9% |
| Trauma | $2.5 | $2.0 | $0.6 | 29.3% |
| Orthobiologics | $9.7 | $6.2 | $3.5 | 56.8% |
| Total | $251.0 | $148.9 | $102.1 | 68.6% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5.3 | $3.6 | $1.7 | 46.5% |
| Knees | $3.1 | $2.1 | $1.0 | 45.3% |
| Hips | $2.2 | $1.5 | $0.7 | 48.3% |
| Spine | $449.5 | $318.9 | $130.6 | 41% |
| Trauma | $5.0 | $3.2 | $1.8 | 56.9% |
| Orthobiologics | $18.6 | $13.8 | $4.8 | 34.4% |
| Total | $478.4 | $339.5 | $138.9 | 40.9% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $215.1 | $125.2 | $90.0 | 71.9% |
| OUS | $35.9 | $23.8 | $12.1 | 51% |
| Total | $251.0 | $148.9 | $102.1 | 68.6% |
| 1H21 | 1H20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $408.4 | $283.6 | $124.8 | 44% |
| OUS | $69.9 | $55.9 | $14.0 | 25.1% |
| Total | $478.4 | $339.5 | $138.9 | 40.9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $251.0 | |
| Cost of Sales | $63.8 | 25.4% |
| R & D | $15.5 | 6.2% |
| Selling and Admin | $107.3 | 42.7% |
| Other | $22.8 | 9.1% |
| Net Earnings | $41.5 | 16.6% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
You are out of free articles for this month
Subscribe as a Guest for $0 and unlock a total of 5 articles per month.
You are out of five articles for this month
Subscribe as an Executive Member for access to unlimited articles, THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT and more.
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.
