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Globus Medical reported 2Q22 orthopedic sales of $263.6 million, +5% compared to 2Q21.
The company rallied after its uncharacteristically slow first quarter performance. Globus generated its highest revenue quarter ever in the second quarter, surpassing a difficult comparison last year in which sales grew +69%. In June, the company earned its first month with more than $100 million in sales.
Elongated selling cycles for capital equipment like robotics impacted Globus in the first quarter. However, the company’s pipeline led to a record-breaking second quarter. Globus’ enabling technology segment grew 42% compared to last year.
In May, the company shipped its first Excelsius3D imaging system and continued to sell units throughout the quarter. To date, the system has completed over 150 procedures. It represents a key component of Globus’ envisioned operating room ecosystem.
The company’s joint replacement robot is expected to launch in the first half of 2023 along with new, integrated implants.
Despite its strong cash position, Globus seems lukewarm on the currently available assets for the acquisition. Whatever deal the company makes, it will likely be outside the spine segment.
Globus CFO Keith Pfeil said, “We want to be a musculoskeletal company. We grew up in spine, but the company is continuing to diversify itself. We did a joints acquisition a couple of years ago. Within Enabling Tech, there are complementary pieces of technology out there that could help advance the Excelsius story. So it’s really focused on buying things that we think are appropriate for our business at any point in time.”
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.6 | $2.5 | $0.1 | 4.8% |
| Knees | $1.5 | $1.4 | $0.1 | 5.2% |
| Hips | $1.1 | $1.1 | $0.0 | 4.3% |
| Spine | $246.7 | $236.3 | $10.4 | 4.4% |
| Trauma | $4.2 | $2.5 | $1.7 | 67% |
| Orthobiologics | $10.1 | $9.7 | $0.4 | 4.2% |
| Total | $263.6 | $251.0 | $12.6 | 5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5.9 | $5.3 | $0.6 | 11.3% |
| Knees | $3.4 | $3.1 | $0.3 | 10% |
| Hips | $2.5 | $2.2 | $0.3 | 13.1% |
| Spine | $460.9 | $449.5 | $11.4 | 2.5% |
| Trauma | $8.2 | $5.0 | $3.2 | 64% |
| Orthobiologics | $19.2 | $18.6 | $0.6 | 3.3% |
| Total | $494.2 | $478.4 | $15.8 | 3.3% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $225.3 | $215.1 | $10.2 | 4.7% |
| OUS | $38.4 | $35.9 | $2.5 | 6.9% |
| Total | $263.6 | $251.0 | $12.6 | 5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $421.7 | $408.4 | $13.2 | 3.2% |
| OUS | $72.5 | $69.9 | $2.6 | 3.7% |
| Total | $494.2 | $478.4 | $15.8 | 3.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $263.6 | |
| Cost of Sales | $68.5 | 26% |
| R & D | $17.4 | 6.6% |
| Selling and Admin | $106.7 | 40.5% |
| Other | $16.5 | 6.2% |
| Net Earnings | $54.6 | 20.7% |
Globus Medical reported 2Q22 orthopedic sales of $263.6 million, +5% compared to 2Q21.
The company rallied after its uncharacteristically slow first quarter performance. Globus generated its highest revenue quarter ever in the second quarter, surpassing a difficult comparison last year in which sales grew +69%. In June, the company earned...
Globus Medical reported 2Q22 orthopedic sales of $263.6 million, +5% compared to 2Q21.
The company rallied after its uncharacteristically slow first quarter performance. Globus generated its highest revenue quarter ever in the second quarter, surpassing a difficult comparison last year in which sales grew +69%. In June, the company earned its first month with more than $100 million in sales.
Elongated selling cycles for capital equipment like robotics impacted Globus in the first quarter. However, the company’s pipeline led to a record-breaking second quarter. Globus’ enabling technology segment grew 42% compared to last year.
In May, the company shipped its first Excelsius3D imaging system and continued to sell units throughout the quarter. To date, the system has completed over 150 procedures. It represents a key component of Globus’ envisioned operating room ecosystem.
The company’s joint replacement robot is expected to launch in the first half of 2023 along with new, integrated implants.
Despite its strong cash position, Globus seems lukewarm on the currently available assets for the acquisition. Whatever deal the company makes, it will likely be outside the spine segment.
Globus CFO Keith Pfeil said, “We want to be a musculoskeletal company. We grew up in spine, but the company is continuing to diversify itself. We did a joints acquisition a couple of years ago. Within Enabling Tech, there are complementary pieces of technology out there that could help advance the Excelsius story. So it’s really focused on buying things that we think are appropriate for our business at any point in time.”
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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.6 | $2.5 | $0.1 | 4.8% |
| Knees | $1.5 | $1.4 | $0.1 | 5.2% |
| Hips | $1.1 | $1.1 | $0.0 | 4.3% |
| Spine | $246.7 | $236.3 | $10.4 | 4.4% |
| Trauma | $4.2 | $2.5 | $1.7 | 67% |
| Orthobiologics | $10.1 | $9.7 | $0.4 | 4.2% |
| Total | $263.6 | $251.0 | $12.6 | 5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $5.9 | $5.3 | $0.6 | 11.3% |
| Knees | $3.4 | $3.1 | $0.3 | 10% |
| Hips | $2.5 | $2.2 | $0.3 | 13.1% |
| Spine | $460.9 | $449.5 | $11.4 | 2.5% |
| Trauma | $8.2 | $5.0 | $3.2 | 64% |
| Orthobiologics | $19.2 | $18.6 | $0.6 | 3.3% |
| Total | $494.2 | $478.4 | $15.8 | 3.3% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $225.3 | $215.1 | $10.2 | 4.7% |
| OUS | $38.4 | $35.9 | $2.5 | 6.9% |
| Total | $263.6 | $251.0 | $12.6 | 5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $421.7 | $408.4 | $13.2 | 3.2% |
| OUS | $72.5 | $69.9 | $2.6 | 3.7% |
| Total | $494.2 | $478.4 | $15.8 | 3.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $263.6 | |
| Cost of Sales | $68.5 | 26% |
| R & D | $17.4 | 6.6% |
| Selling and Admin | $106.7 | 40.5% |
| Other | $16.5 | 6.2% |
| Net Earnings | $54.6 | 20.7% |
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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.
