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Globus Medical reported 2Q23 orthopedic sales of $291.6 million, +10.6% compared to the second quarter of 2022. The company generated $568.3 million in orthopedic sales for the first half of 2023, +15% compared to the prior year period.
The company’s second quarter brought record revenues for total sales and enabling technology sales. According to Globus, the strong results were brought on by a focus on its core long-term strategic elements: new product introductions, enabling technology sales, competitive rep recruiting and integration planning. Globus Medical remains confident in a third-quarter close for its merger with NuVasive.
Globus hasn’t felt the pinch of supply constraints on its second-quarter growth unlike others in the orthopedic and spine markets. “I would say no, just the opposite,” said Globus Medical CEO Dan Scavilla. “We’re very pleased with the strength of our supply chain, both external and internal. We’re set building. I would tell you that we’re arguably in one of our strongest periods, thanks to the hard work of our operations team. We’re entering Q3 at a point of strength.”
The company increased its 2023 revenue guidance to $1.125 billion, reflecting year-over-year growth of 10%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.8 | $2.6 | $0.2 | 6.5% |
| Knees | $1.6 | $1.5 | $0.1 | 8% |
| Hips | $1.2 | $1.1 | $0.1 | 4.5% |
| Spine | $234.7 | $216.8 | $18.0 | 8.3% |
| Trauma | $7.8 | $4.8 | $3.0 | 63% |
| Orthobiologics | $11.6 | $10.1 | $1.5 | 14.8% |
| Enabling Technology | $34.8 | $29.4 | $5.4 | 18.2% |
| Total | $291.6 | $263.6 | $28.0 | 10.6% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $6.5 | $5.9 | $0.7 | 11.4% |
| Knees | $3.8 | $3.4 | $0.4 | 13.2% |
| Hips | $2.7 | $2.5 | $0.2 | 9% |
| Spine | $463.9 | $417.0 | $46.9 | 11.3% |
| Trauma | $15.1 | $9.6 | $5.6 | 58% |
| Orthobiologics | $22.9 | $19.2 | $3.7 | 19.2% |
| Enabling Technology | $59.8 | $42.6 | $17.3 | 40.6% |
| Total | $568.3 | $494.2 | $74.1 | 15% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $245.5 | $225.3 | $20.2 | 9% |
| OUS | $46.1 | $38.4 | $7.8 | 20.2% |
| Total | $291.6 | $263.6 | $28.0 | 10.6% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $479.6 | $421.7 | $57.9 | 13.7% |
| OUS | $88.7 | $72.5 | $16.2 | 22.3% |
| Total | $568.3 | $494.2 | $74.1 | 15% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $291.6 | |
| Cost of Sales | $76.5 | 26.2% |
| R & D | $21.3 | 7.3% |
| Selling and Admin | $120.1 | 41.2% |
| Other | $16.0 | 5.5% |
| Net Earnings | $57.7 | 19.8% |
Globus Medical reported 2Q23 orthopedic sales of $291.6 million, +10.6% compared to the second quarter of 2022. The company generated $568.3 million in orthopedic sales for the first half of 2023, +15% compared to the prior year period.
The company's second quarter brought record revenues for total sales and enabling technology sales....
Globus Medical reported 2Q23 orthopedic sales of $291.6 million, +10.6% compared to the second quarter of 2022. The company generated $568.3 million in orthopedic sales for the first half of 2023, +15% compared to the prior year period.
The company’s second quarter brought record revenues for total sales and enabling technology sales. According to Globus, the strong results were brought on by a focus on its core long-term strategic elements: new product introductions, enabling technology sales, competitive rep recruiting and integration planning. Globus Medical remains confident in a third-quarter close for its merger with NuVasive.
Globus hasn’t felt the pinch of supply constraints on its second-quarter growth unlike others in the orthopedic and spine markets. “I would say no, just the opposite,” said Globus Medical CEO Dan Scavilla. “We’re very pleased with the strength of our supply chain, both external and internal. We’re set building. I would tell you that we’re arguably in one of our strongest periods, thanks to the hard work of our operations team. We’re entering Q3 at a point of strength.”
The company increased its 2023 revenue guidance to $1.125 billion, reflecting year-over-year growth of 10%.
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
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.8 | $2.6 | $0.2 | 6.5% |
| Knees | $1.6 | $1.5 | $0.1 | 8% |
| Hips | $1.2 | $1.1 | $0.1 | 4.5% |
| Spine | $234.7 | $216.8 | $18.0 | 8.3% |
| Trauma | $7.8 | $4.8 | $3.0 | 63% |
| Orthobiologics | $11.6 | $10.1 | $1.5 | 14.8% |
| Enabling Technology | $34.8 | $29.4 | $5.4 | 18.2% |
| Total | $291.6 | $263.6 | $28.0 | 10.6% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $6.5 | $5.9 | $0.7 | 11.4% |
| Knees | $3.8 | $3.4 | $0.4 | 13.2% |
| Hips | $2.7 | $2.5 | $0.2 | 9% |
| Spine | $463.9 | $417.0 | $46.9 | 11.3% |
| Trauma | $15.1 | $9.6 | $5.6 | 58% |
| Orthobiologics | $22.9 | $19.2 | $3.7 | 19.2% |
| Enabling Technology | $59.8 | $42.6 | $17.3 | 40.6% |
| Total | $568.3 | $494.2 | $74.1 | 15% |
Orthopedic Sales by Geography
| 2Q23 | 2Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $245.5 | $225.3 | $20.2 | 9% |
| OUS | $46.1 | $38.4 | $7.8 | 20.2% |
| Total | $291.6 | $263.6 | $28.0 | 10.6% |
| 1H23 | 1H22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $479.6 | $421.7 | $57.9 | 13.7% |
| OUS | $88.7 | $72.5 | $16.2 | 22.3% |
| Total | $568.3 | $494.2 | $74.1 | 15% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $291.6 | |
| Cost of Sales | $76.5 | 26.2% |
| R & D | $21.3 | 7.3% |
| Selling and Admin | $120.1 | 41.2% |
| Other | $16.0 | 5.5% |
| Net Earnings | $57.7 | 19.8% |
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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.
