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Globus Medical posts 1Q19 revenue of USD $182.9MM, +4.9% vs. 1Q18.
- Spine sales driven by new products, implant pull through from ExcelsiusGPS and competitive reps coming off non-competes
- Ex-U.S. sales driven by penetration into Japan, Spain, Italy and the U.K.
- Trauma expected to contribute $5MM to $7M in revenue for 2019, with “meaningful” contributions coming in 2020
- Launched Tibial Nail System for trauma within the quarter
- Received an FDA warning letter for Texas-based tissue facility in late 2018, creating $3MMimpact for biologics in 1Q (expected to be resolved in 2H19)
- ExcelsiusGPS placements generated $7.2MM for the quarter, down 43% from last year due to artificially high 1Q18 sales from pent-up demand and normal seasonal fluctuations for capital equipment
- An interbody module for ExcelsiusGPS has been submitted to FDA for 510(k) clearance, and the company expects to soon unveil three additional modular platforms that will comprise the Smarter OR suite
- Leadership has noticed that the selling cycle for robotics has elongated due to competitive entries; physicians are being asked to do comprehensive evaluations of all options before hospital executives commit to purchasing a technology
ORTHOWORLD estimates segment sales and growth on an as-reported basis as follows ($MM).
| 1Q19 | 1Q18 | $ Chg | % Chg | |
| Spine | $176.9 | $166.2 | $10.7 | 6.4% |
| Trauma | $1.2 | $0.3 | $0.9 | 287.1% |
| Orthobiologics | $4.9 | $7.9 | -$3.0 | -38.3% |
| Total | $182.9 | $174.4 | $8.5 | 4.9% |
Globus Medical’s revenue by geographic region is as follows ($MM).
| Geographic Region | 1Q19 | 1Q18 | $ Chg | % Chg |
| US | $147.5 | $145.6 | $1.9 | 1.3% |
| Ex-US | $35.4 | $28.8 | $6.6 | 23.0% |
| Total | $182.9 | $174.4 | $8.5 | 4.9% |
Net earnings are as follows.
| 1Q19 | Amount ($MM) | % of Sales |
| Sales | $182.9 | |
| Cost of Sales | -$41.8 | 22.9% |
| R & D | -$14.3 | 7.8% |
| Selling and Admin | -$85.8 | 46.9% |
| Other | -$7.8 | 4.3% |
| Net Earnings | $33.2 | 18.2% |
Sources: Globus Medical; ORTHOWORLD estimates.
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
Globus Medical posts 1Q19 revenue of USD $182.9MM, +4.9% vs. 1Q18.
Spine sales driven by new products, implant pull through from ExcelsiusGPS and competitive reps coming off non-competes
Ex-U.S. sales driven by penetration into Japan, Spain, Italy and the U.K.
Trauma expected to contribute $5MM to $7M in revenue for 2019, with...
Globus Medical posts 1Q19 revenue of USD $182.9MM, +4.9% vs. 1Q18.
- Spine sales driven by new products, implant pull through from ExcelsiusGPS and competitive reps coming off non-competes
- Ex-U.S. sales driven by penetration into Japan, Spain, Italy and the U.K.
- Trauma expected to contribute $5MM to $7M in revenue for 2019, with “meaningful” contributions coming in 2020
- Launched Tibial Nail System for trauma within the quarter
- Received an FDA warning letter for Texas-based tissue facility in late 2018, creating $3MMimpact for biologics in 1Q (expected to be resolved in 2H19)
- ExcelsiusGPS placements generated $7.2MM for the quarter, down 43% from last year due to artificially high 1Q18 sales from pent-up demand and normal seasonal fluctuations for capital equipment
- An interbody module for ExcelsiusGPS has been submitted to FDA for 510(k) clearance, and the company expects to soon unveil three additional modular platforms that will comprise the Smarter OR suite
- Leadership has noticed that the selling cycle for robotics has elongated due to competitive entries; physicians are being asked to do comprehensive evaluations of all options before hospital executives commit to purchasing a technology
ORTHOWORLD estimates segment sales and growth on an as-reported basis as follows ($MM).
| 1Q19 | 1Q18 | $ Chg | % Chg | |
| Spine | $176.9 | $166.2 | $10.7 | 6.4% |
| Trauma | $1.2 | $0.3 | $0.9 | 287.1% |
| Orthobiologics | $4.9 | $7.9 | -$3.0 | -38.3% |
| Total | $182.9 | $174.4 | $8.5 | 4.9% |
Globus Medical’s revenue by geographic region is as follows ($MM).
| Geographic Region | 1Q19 | 1Q18 | $ Chg | % Chg |
| US | $147.5 | $145.6 | $1.9 | 1.3% |
| Ex-US | $35.4 | $28.8 | $6.6 | 23.0% |
| Total | $182.9 | $174.4 | $8.5 | 4.9% |
Net earnings are as follows.
| 1Q19 | Amount ($MM) | % of Sales |
| Sales | $182.9 | |
| Cost of Sales | -$41.8 | 22.9% |
| R & D | -$14.3 | 7.8% |
| Selling and Admin | -$85.8 | 46.9% |
| Other | -$7.8 | 4.3% |
| Net Earnings | $33.2 | 18.2% |
Sources: Globus Medical; ORTHOWORLD estimates.
Mike Evers is ORTHOWORLD’s Market Analyst. 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.
