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Globus Medical reported 2Q24 orthopedic sales of $629.7 million, up 115.9% from the second quarter of 2023. For the first half of 2024, the company generated $1,236.4 million, up 117.6% from the prior year.
The company continued its integration efforts, including product cross-training, enabling technology hands-on experience and common operating system implementation. International system integrations will take place later in the year.
Globus drove notable gains in expendables, biologics, MIS screws and the Simplify Cervical Disc during the quarter. Competitive rep recruiting in previous quarters and enabling technology pull-through contributed to the gains.
The second quarter was Globus’ highest ever for combined capital unit placements, including the highest for ExcelsiusGPS robotic units, with a 59% year-over-year increase in placements. However, rentals accelerated during the quarter as well.
“We’ve always offered rentals, but it seems to be taking on a little bit more right now,” said Globus Medical CEO Dan Scavilla. “It doesn’t mean that we’re announcing that we’ve become a rental company. I look at it like an annuity. We’ll take that all day long because we’ve played for the long term.”
Globus received two key approvals late in the second quarter for its knee replacement business. The Excelsisus Flex robotic navigation platform and the Excelsius Flex TKA application will lead the company’s entry into the space. Its Actify 3D total knee system is billed as a contemporary total knee solution that pairs with cementless reconstruction with operative efficiency and anatomic fit.
Based on its performance to date, Globus raised its 2024 guidance to the range of $2.47 billion to $2.49 billion, reflecting pro forma growth between 3.1% and 3.9%.
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
| Segment | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4.0 | $3.6 | $0.4 | 11.3% |
| Knees | $2.4 | $2.1 | $0.3 | 15.4% |
| Hips | $1.6 | $1.5 | $0.1 | 5.8% |
| Spine | $532.2 | $235.3 | $296.9 | 126.2% |
| Trauma | $27.1 | $6.4 | $20.6 | 321.3% |
| Orthobiologics | $29.6 | $11.6 | $18.1 | 156.5% |
| Enabling Technology | $36.8 | $34.8 | $2.0 | 5.8% |
| Total | $629.7 | $291.6 | $338.1 | 115.9% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.3 | $7.1 | $1.2 | 16.8% |
| Knees | $5.0 | $4.1 | $0.9 | 21.9% |
| Hips | $3.4 | $3.1 | $0.3 | 10% |
| Spine | $1,051.1 | $465.8 | $585.3 | 125.7% |
| Trauma | $52.7 | $12.7 | $40.0 | 314.7% |
| Orthobiologics | $55.5 | $22.9 | $32.6 | 142.6% |
| Enabling Technology | $68.7 | $59.8 | $8.9 | 14.9% |
| Total | $1,236.4 | $568.3 | $668.1 | 117.6% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $499.5 | $245.5 | $254.0 | 103.5% |
| OUS | $130.2 | $46.1 | $84.1 | 182.3% |
| Total | $629.7 | $291.6 | $338.1 | 115.9% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $982.4 | $479.6 | $502.8 | 104.8% |
| OUS | $254.0 | $88.7 | $165.3 | 186.3% |
| Total | $1,236.4 | $568.3 | $668.1 | 117.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $629.7 | |
| Cost of Sales | $260.0 | 41.3% |
| R & D | $37.7 | 6% |
| Selling and Admin | $238.1 | 37.8% |
| Other | $62.1 | 9.9% |
| Net Earnings | $31.8 | 5% |
Globus Medical reported 2Q24 orthopedic sales of $629.7 million, up 115.9% from the second quarter of 2023. For the first half of 2024, the company generated $1,236.4 million, up 117.6% from the prior year.
The company continued its integration efforts, including product cross-training, enabling technology hands-on experience and common...
Globus Medical reported 2Q24 orthopedic sales of $629.7 million, up 115.9% from the second quarter of 2023. For the first half of 2024, the company generated $1,236.4 million, up 117.6% from the prior year.
The company continued its integration efforts, including product cross-training, enabling technology hands-on experience and common operating system implementation. International system integrations will take place later in the year.
Globus drove notable gains in expendables, biologics, MIS screws and the Simplify Cervical Disc during the quarter. Competitive rep recruiting in previous quarters and enabling technology pull-through contributed to the gains.
The second quarter was Globus’ highest ever for combined capital unit placements, including the highest for ExcelsiusGPS robotic units, with a 59% year-over-year increase in placements. However, rentals accelerated during the quarter as well.
“We’ve always offered rentals, but it seems to be taking on a little bit more right now,” said Globus Medical CEO Dan Scavilla. “It doesn’t mean that we’re announcing that we’ve become a rental company. I look at it like an annuity. We’ll take that all day long because we’ve played for the long term.”
Globus received two key approvals late in the second quarter for its knee replacement business. The Excelsisus Flex robotic navigation platform and the Excelsius Flex TKA application will lead the company’s entry into the space. Its Actify 3D total knee system is billed as a contemporary total knee solution that pairs with cementless reconstruction with operative efficiency and anatomic fit.
Based on its performance to date, Globus raised its 2024 guidance to the range of $2.47 billion to $2.49 billion, reflecting pro forma growth between 3.1% and 3.9%.
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
| Segment | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $4.0 | $3.6 | $0.4 | 11.3% |
| Knees | $2.4 | $2.1 | $0.3 | 15.4% |
| Hips | $1.6 | $1.5 | $0.1 | 5.8% |
| Spine | $532.2 | $235.3 | $296.9 | 126.2% |
| Trauma | $27.1 | $6.4 | $20.6 | 321.3% |
| Orthobiologics | $29.6 | $11.6 | $18.1 | 156.5% |
| Enabling Technology | $36.8 | $34.8 | $2.0 | 5.8% |
| Total | $629.7 | $291.6 | $338.1 | 115.9% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.3 | $7.1 | $1.2 | 16.8% |
| Knees | $5.0 | $4.1 | $0.9 | 21.9% |
| Hips | $3.4 | $3.1 | $0.3 | 10% |
| Spine | $1,051.1 | $465.8 | $585.3 | 125.7% |
| Trauma | $52.7 | $12.7 | $40.0 | 314.7% |
| Orthobiologics | $55.5 | $22.9 | $32.6 | 142.6% |
| Enabling Technology | $68.7 | $59.8 | $8.9 | 14.9% |
| Total | $1,236.4 | $568.3 | $668.1 | 117.6% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $499.5 | $245.5 | $254.0 | 103.5% |
| OUS | $130.2 | $46.1 | $84.1 | 182.3% |
| Total | $629.7 | $291.6 | $338.1 | 115.9% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $982.4 | $479.6 | $502.8 | 104.8% |
| OUS | $254.0 | $88.7 | $165.3 | 186.3% |
| Total | $1,236.4 | $568.3 | $668.1 | 117.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $629.7 | |
| Cost of Sales | $260.0 | 41.3% |
| R & D | $37.7 | 6% |
| Selling and Admin | $238.1 | 37.8% |
| Other | $62.1 | 9.9% |
| Net Earnings | $31.8 | 5% |
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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.
