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Globus Medical reported 1Q23 orthopedic sales of $276.7 million, +20% compared to the first quarter of 2022.
The above market growth came from competitive rep recruiting in previous quarters, robotic pull through and the normalization of procedure volumes. Like its peers, Globus faced notably easy comps this quarter as the prior year contended with the omicron COVID variant.
The company notched its highest first-quarter robotic sales to date, with $25 million or 91% growth. Robotic procedures grew 51% compared to the first quarter of 2022, with a total of 49,000 procedures performed to date. Globus Medical CEO Dan Scavillia said it is a “steady grind” to create awareness and drive the adoption of robotics in spine.
Both Globus and NuVasive shareholders voted in support of the merger between the two companies, with over 99% approving the transaction. In late April, Globus received notification from the Federal Trade Commission for a second request. The information request pushes back the anticipated deal closure timing from mid-2023 to the third quarter of the year.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $3.8 | $3.3 | $0.5 | 15.4% |
| Knees | $2.2 | $1.9 | $0.3 | 17.4% |
| Hips | $1.5 | $1.4 | $0.2 | 12.6% |
| Spine | $230.4 | $201.0 | $29.4 | 14.6% |
| Trauma | $6.2 | $4.0 | $2.1 | 53% |
| Orthobiologics | $11.3 | $9.1 | $2.2 | 24% |
| Enabling Technology | $25.1 | $13.1 | $11.9 | 90.8% |
| Total | $276.7 | $230.5 | $46.1 | 20% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $234.1 | $196.4 | $37.7 | 19.2% |
| OUS | $42.6 | $34.1 | $8.4 | 24.7% |
| Total | $276.7 | $230.5 | $46.1 | 20% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $276.7 | |
| Cost of Sales | $70.8 | 25.6% |
| R & D | $21.1 | 7.6% |
| Selling and Admin | $122.4 | 44.2% |
| Other | $8.0 | 2.9% |
| Net Earnings | $54.3 | 19.6% |
Globus Medical reported 1Q23 orthopedic sales of $276.7 million, +20% compared to the first quarter of 2022.
The above market growth came from competitive rep recruiting in previous quarters, robotic pull through and the normalization of procedure volumes. Like its peers, Globus faced notably easy comps this quarter as the prior year...
Globus Medical reported 1Q23 orthopedic sales of $276.7 million, +20% compared to the first quarter of 2022.
The above market growth came from competitive rep recruiting in previous quarters, robotic pull through and the normalization of procedure volumes. Like its peers, Globus faced notably easy comps this quarter as the prior year contended with the omicron COVID variant.
The company notched its highest first-quarter robotic sales to date, with $25 million or 91% growth. Robotic procedures grew 51% compared to the first quarter of 2022, with a total of 49,000 procedures performed to date. Globus Medical CEO Dan Scavillia said it is a “steady grind” to create awareness and drive the adoption of robotics in spine.
Both Globus and NuVasive shareholders voted in support of the merger between the two companies, with over 99% approving the transaction. In late April, Globus received notification from the Federal Trade Commission for a second request. The information request pushes back the anticipated deal closure timing from mid-2023 to the third quarter of the year.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $3.8 | $3.3 | $0.5 | 15.4% |
| Knees | $2.2 | $1.9 | $0.3 | 17.4% |
| Hips | $1.5 | $1.4 | $0.2 | 12.6% |
| Spine | $230.4 | $201.0 | $29.4 | 14.6% |
| Trauma | $6.2 | $4.0 | $2.1 | 53% |
| Orthobiologics | $11.3 | $9.1 | $2.2 | 24% |
| Enabling Technology | $25.1 | $13.1 | $11.9 | 90.8% |
| Total | $276.7 | $230.5 | $46.1 | 20% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $234.1 | $196.4 | $37.7 | 19.2% |
| OUS | $42.6 | $34.1 | $8.4 | 24.7% |
| Total | $276.7 | $230.5 | $46.1 | 20% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $276.7 | |
| Cost of Sales | $70.8 | 25.6% |
| R & D | $21.1 | 7.6% |
| Selling and Admin | $122.4 | 44.2% |
| Other | $8.0 | 2.9% |
| Net Earnings | $54.3 | 19.6% |
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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.
