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Globus Medical reported 3Q22 orthopedic sales of $254.1 million, +10.6% compared to the third quarter of 2021.
The company saw notable gains across expandables, 3D printed implants, cervical and lateral offerings, biologics and pedicle screws. Globus pointed to ongoing competitive rep conversions and robotic pull-through as the primary drivers. Competitive rep recruiting is likely to set a company record in 2022, setting the stage for more growth in 2023.
Globus set a company third-quarter record for enabling technology sales. Robotic procedure volume grew 48% compared to the prior year and the company exceeded 40,000 robotic procedures to date.
Globus plans further expansion of its digital ecosystem, with an augmented reality headset as the next likely release. Like its peers, the company is focusing R&D investments on digital solutions.
“We are expanding our solutions to cover the comprehensive continuum of care, supporting surgeons in preoperative planning, intraoperative execution and postoperative patient care, capturing outcome data that can be used to enhance future surgical planning. While this complex approach has extended development timelines beyond our historical rapid pace, I believe the upcoming launches will have greater significance and shaping procedures of the future,” said Globus CEO Dan Scavilla.
After weathering the market disruption from COVID, Globus expects to sustain high single-digit growth going forward. For 2022, the company expects orthopedic sales totaling $1.025 billion, representing 7% growth vs. 2021.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.6 | $2.4 | $0.2 | 8.3% |
| Knees | $1.5 | $1.4 | $0.2 | 12.1% |
| Hips | $1.1 | $1.0 | $0.0 | 3.3% |
| Spine | $236.1 | $215.4 | $20.8 | 9.7% |
| Trauma | $5.1 | $2.8 | $2.3 | 83.9% |
| Orthobiologics | $10.4 | $9.2 | $1.1 | 12.3% |
| Total | $254.1 | $229.7 | $24.4 | 10.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.5 | $7.7 | $0.8 | 10.4% |
| Knees | $4.9 | $4.4 | $0.5 | 10.7% |
| Hips | $3.6 | $3.2 | $0.3 | 10% |
| Spine | $697.0 | $664.8 | $32.2 | 4.8% |
| Trauma | $13.3 | $7.8 | $5.5 | 71% |
| Orthobiologics | $29.6 | $27.8 | $1.7 | 6.3% |
| Total | $748.3 | $708.1 | $40.3 | 5.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $217.0 | $198.2 | $18.9 | 9.5% |
| OUS | $37.1 | $31.5 | $5.6 | 17.7% |
| Total | $254.1 | $229.7 | $24.4 | 10.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $638.7 | $606.6 | $32.1 | 5.3% |
| OUS | $109.6 | $101.5 | $8.2 | 8% |
| Total | $748.3 | $708.1 | $40.3 | 5.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $254.1 | |
| Cost of Sales | $65.5 | 25.8% |
| R & D | $18.7 | 7.4% |
| Selling and Admin | $106.6 | 41.9% |
| Other | $22.8 | 9% |
| Net Earnings | $40.6 | 16% |
Globus Medical reported 3Q22 orthopedic sales of $254.1 million, +10.6% compared to the third quarter of 2021.
The company saw notable gains across expandables, 3D printed implants, cervical and lateral offerings, biologics and pedicle screws. Globus pointed to ongoing competitive rep conversions and robotic pull-through as the primary...
Globus Medical reported 3Q22 orthopedic sales of $254.1 million, +10.6% compared to the third quarter of 2021.
The company saw notable gains across expandables, 3D printed implants, cervical and lateral offerings, biologics and pedicle screws. Globus pointed to ongoing competitive rep conversions and robotic pull-through as the primary drivers. Competitive rep recruiting is likely to set a company record in 2022, setting the stage for more growth in 2023.
Globus set a company third-quarter record for enabling technology sales. Robotic procedure volume grew 48% compared to the prior year and the company exceeded 40,000 robotic procedures to date.
Globus plans further expansion of its digital ecosystem, with an augmented reality headset as the next likely release. Like its peers, the company is focusing R&D investments on digital solutions.
“We are expanding our solutions to cover the comprehensive continuum of care, supporting surgeons in preoperative planning, intraoperative execution and postoperative patient care, capturing outcome data that can be used to enhance future surgical planning. While this complex approach has extended development timelines beyond our historical rapid pace, I believe the upcoming launches will have greater significance and shaping procedures of the future,” said Globus CEO Dan Scavilla.
After weathering the market disruption from COVID, Globus expects to sustain high single-digit growth going forward. For 2022, the company expects orthopedic sales totaling $1.025 billion, representing 7% growth vs. 2021.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $2.6 | $2.4 | $0.2 | 8.3% |
| Knees | $1.5 | $1.4 | $0.2 | 12.1% |
| Hips | $1.1 | $1.0 | $0.0 | 3.3% |
| Spine | $236.1 | $215.4 | $20.8 | 9.7% |
| Trauma | $5.1 | $2.8 | $2.3 | 83.9% |
| Orthobiologics | $10.4 | $9.2 | $1.1 | 12.3% |
| Total | $254.1 | $229.7 | $24.4 | 10.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.5 | $7.7 | $0.8 | 10.4% |
| Knees | $4.9 | $4.4 | $0.5 | 10.7% |
| Hips | $3.6 | $3.2 | $0.3 | 10% |
| Spine | $697.0 | $664.8 | $32.2 | 4.8% |
| Trauma | $13.3 | $7.8 | $5.5 | 71% |
| Orthobiologics | $29.6 | $27.8 | $1.7 | 6.3% |
| Total | $748.3 | $708.1 | $40.3 | 5.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $217.0 | $198.2 | $18.9 | 9.5% |
| OUS | $37.1 | $31.5 | $5.6 | 17.7% |
| Total | $254.1 | $229.7 | $24.4 | 10.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $638.7 | $606.6 | $32.1 | 5.3% |
| OUS | $109.6 | $101.5 | $8.2 | 8% |
| Total | $748.3 | $708.1 | $40.3 | 5.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $254.1 | |
| Cost of Sales | $65.5 | 25.8% |
| R & D | $18.7 | 7.4% |
| Selling and Admin | $106.6 | 41.9% |
| Other | $22.8 | 9% |
| Net Earnings | $40.6 | 16% |
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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.
