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Globus Medical reported 3Q21 orthopedic sales of $229.7 million, +6.3% vs. 3Q20 and +17.1% vs 3Q19. The company reaffirmed its previously stated guidance of $950 million in orthopedic sales for full-year 2021.
Globus leadership pointed to three drivers of its success: new product introductions, robotic sales and competitive recruiting. All three turned in strong performances in the third quarter. The company’s Excelsius3D imaging system and Excelsius Hub navigation platform gained FDA 510(k) clearance in the quarter, laying the foundation for Globus’ Excelsius ecosystem.
The Excelsius robotic system generated $20 million in a traditionally slower quarter for capital sales, narrowly missing an all-time record for the company. Globus’ robotic sales for the trailing 12 months from the end of 3Q reached $74 million, 57% higher than any full-year in company history. The superior reputation of Excelsius also helped Globus recruit the highest number of competitive reps in over a year during the quarter.
Finally, Globus completed a tuck-in acquisition of Capstone Surgical Technologies during the quarter. Founded by Dr. Peter Bono, Capstone developed a patented oscillating surgical drill for bone removal, disc removal and screw placement.
“Regarding Capstone, we’re not in that market right now. Power tools is a nice adjacency for musculoskeletal as part of our overall strategy. It gives us an opportunity to enter that segment with a highly differentiated product. And then combine that with the fact that one of the big unmet unsolved challenges with robotics is tissue removal. This gives us some really important technology that we can incorporate into our robotic platforms to solve that problem in the future. So we’re excited about the potential of this.” – Globus Medical CEO Dave Demski
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.4 | $2.7 | ($0.3) | (9.4%) |
| Knees | $1.4 | $1.5 | ($0.2) | (11%) |
| Hips | $1.0 | $1.1 | ($0.1) | (7.3%) |
| Spine | $215.4 | $202.5 | $12.9 | 6.4% |
| Trauma | $2.8 | $2.3 | $0.5 | 21.5% |
| Orthobiologics | $9.2 | $8.7 | $0.5 | 6% |
| Total | $229.7 | $216.1 | $13.6 | 6.3% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.7 | $6.3 | $1.4 | 22.8% |
| Knees | $4.4 | $3.7 | $0.8 | 21.6% |
| Hips | $3.2 | $2.6 | $0.6 | 24.5% |
| Spine | $664.8 | $521.3 | $143.5 | 27.5% |
| Trauma | $7.8 | $5.5 | $2.3 | 42.2% |
| Orthobiologics | $27.8 | $22.5 | $5.3 | 23.4% |
| Total | $708.1 | $555.6 | $152.5 | 27.4% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $198.2 | $182.1 | $16.1 | 8.8% |
| OUS | $31.5 | $34.0 | ($2.4) | (7.2%) |
| Total | $229.7 | $216.1 | $13.6 | 6.3% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $606.6 | $465.7 | $140.9 | 30.3% |
| OUS | $101.5 | $89.9 | $11.6 | 12.9% |
| Total | $708.1 | $555.6 | $152.5 | 27.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $229.7 | |
| Cost of Sales | $58.6 | 25.5% |
| R & D | $15.9 | 6.9% |
| Selling and Admin | $96.4 | 42% |
| Other | $13.1 | 5.7% |
| Net Earnings | $45.7 | 19.9% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Globus Medical reported 3Q21 orthopedic sales of $229.7 million, +6.3% vs. 3Q20 and +17.1% vs 3Q19. The company reaffirmed its previously stated guidance of $950 million in orthopedic sales for full-year 2021.
Globus leadership pointed to three drivers of its success: new product introductions, robotic sales and competitive recruiting. All...
Globus Medical reported 3Q21 orthopedic sales of $229.7 million, +6.3% vs. 3Q20 and +17.1% vs 3Q19. The company reaffirmed its previously stated guidance of $950 million in orthopedic sales for full-year 2021.
Globus leadership pointed to three drivers of its success: new product introductions, robotic sales and competitive recruiting. All three turned in strong performances in the third quarter. The company’s Excelsius3D imaging system and Excelsius Hub navigation platform gained FDA 510(k) clearance in the quarter, laying the foundation for Globus’ Excelsius ecosystem.
The Excelsius robotic system generated $20 million in a traditionally slower quarter for capital sales, narrowly missing an all-time record for the company. Globus’ robotic sales for the trailing 12 months from the end of 3Q reached $74 million, 57% higher than any full-year in company history. The superior reputation of Excelsius also helped Globus recruit the highest number of competitive reps in over a year during the quarter.
Finally, Globus completed a tuck-in acquisition of Capstone Surgical Technologies during the quarter. Founded by Dr. Peter Bono, Capstone developed a patented oscillating surgical drill for bone removal, disc removal and screw placement.
“Regarding Capstone, we’re not in that market right now. Power tools is a nice adjacency for musculoskeletal as part of our overall strategy. It gives us an opportunity to enter that segment with a highly differentiated product. And then combine that with the fact that one of the big unmet unsolved challenges with robotics is tissue removal. This gives us some really important technology that we can incorporate into our robotic platforms to solve that problem in the future. So we’re excited about the potential of this.” – Globus Medical CEO Dave Demski
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.4 | $2.7 | ($0.3) | (9.4%) |
| Knees | $1.4 | $1.5 | ($0.2) | (11%) |
| Hips | $1.0 | $1.1 | ($0.1) | (7.3%) |
| Spine | $215.4 | $202.5 | $12.9 | 6.4% |
| Trauma | $2.8 | $2.3 | $0.5 | 21.5% |
| Orthobiologics | $9.2 | $8.7 | $0.5 | 6% |
| Total | $229.7 | $216.1 | $13.6 | 6.3% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.7 | $6.3 | $1.4 | 22.8% |
| Knees | $4.4 | $3.7 | $0.8 | 21.6% |
| Hips | $3.2 | $2.6 | $0.6 | 24.5% |
| Spine | $664.8 | $521.3 | $143.5 | 27.5% |
| Trauma | $7.8 | $5.5 | $2.3 | 42.2% |
| Orthobiologics | $27.8 | $22.5 | $5.3 | 23.4% |
| Total | $708.1 | $555.6 | $152.5 | 27.4% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $198.2 | $182.1 | $16.1 | 8.8% |
| OUS | $31.5 | $34.0 | ($2.4) | (7.2%) |
| Total | $229.7 | $216.1 | $13.6 | 6.3% |
| 9mo21 | 9mo20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $606.6 | $465.7 | $140.9 | 30.3% |
| OUS | $101.5 | $89.9 | $11.6 | 12.9% |
| Total | $708.1 | $555.6 | $152.5 | 27.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $229.7 | |
| Cost of Sales | $58.6 | 25.5% |
| R & D | $15.9 | 6.9% |
| Selling and Admin | $96.4 | 42% |
| Other | $13.1 | 5.7% |
| Net Earnings | $45.7 | 19.9% |
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.
