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Globus Medical reported 3Q24 orthopedic sales of $625.7 million, up 63.1% compared to the third quarter of 2023. Year to date, the company generated $1,862.1 million in orthopedic sales, up 95.6% over the prior year. As a reminder, the Globus and NuVasive merger closed on September 1, 2023.
The company’s first year integration efforts focused on U.S. operations like territory realignments, redundant cost elimination, facility consolidations, system integrations and contract renegotiations. Year two efforts will focus on refinement of international business and product in-sourcing efforts.
Management praised the company’s “fundamentally complete quarter” that featured strong performances and contributions from all aspects of the business.
Expandables, MIS screws, biologics, lateral and cervical offerings drove U.S. growth for Globus, while enabling technologies set a record for unit placements. Robotic procedures increased 34% year-over-year and reached 84,000 total procedures sine launch.
Globus will enter 2025 in a relatively robust spine market, and pointed to age demographics and higher insured patient rates as parts of the growth lift. Company CEO Dan Scavilla sees a slightly higher ceiling for spine market growth over the long-term.
“It does seem to be a strong market this year,” he said, “and I would tell you that it seems to be above historical growth. I don’t think any of us could say it’s pent-up demand from COVID or anything like that. When you run your historics, the market does tend to be about a 3% to 3.5% growth. Over the long-term, this will be somewhere between a 3% to 4% growth market.”
Globus now expects 2024 orthopedic sales between $2.49 billion and $2.5 billion, representing growth between 3.9% and 4.3% on a pro forma basis.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $5.8 | $5.0 | $0.9 | 17.3% |
| Knees | $3.4 | $2.8 | $0.5 | 18.6% |
| Hips | $2.5 | $2.1 | $0.3 | 15.5% |
| Spine | $535.7 | $325.2 | $210.5 | 64.7% |
| Trauma | $15.9 | $8.0 | $7.9 | 98.2% |
| Orthobiologics | $30.0 | $17.8 | $12.2 | 68.3% |
| Enabling Technology | $38.3 | $27.7 | $10.6 | 38.5% |
| Total | $625.7 | $383.6 | $242.1 | 63.1% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $14.2 | $12.1 | $2.1 | 17% |
| Knees | $8.3 | $6.9 | $1.4 | 20.5% |
| Hips | $5.8 | $5.2 | $0.6 | 12.2% |
| Spine | $1,586.8 | $790.9 | $795.9 | 100.6% |
| Trauma | $68.6 | $20.7 | $47.9 | 231% |
| Orthobiologics | $85.5 | $40.7 | $44.8 | 110.1% |
| Enabling Technology | $107.1 | $87.5 | $19.5 | 22.3% |
| Total | $1,862.1 | $951.9 | $910.1 | 95.6% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $495.8 | $309.3 | $186.5 | 60.3% |
| OUS | $129.9 | $74.3 | $55.6 | 74.8% |
| Total | $625.7 | $383.6 | $242.1 | 63.1% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,478.2 | $788.9 | $689.3 | 87.4% |
| OUS | $383.9 | $163.0 | $220.9 | 135.5% |
| Total | $1,862.1 | $951.9 | $910.1 | 95.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $625.7 | |
| Cost of Sales | $270.5 | 43.2% |
| R & D | $35.4 | 5.7% |
| Selling and Admin | $240.7 | 38.5% |
| Other | $27.2 | 4.4% |
| Net Earnings | $51.8 | 8.3% |
Globus Medical reported 3Q24 orthopedic sales of $625.7 million, up 63.1% compared to the third quarter of 2023. Year to date, the company generated $1,862.1 million in orthopedic sales, up 95.6% over the prior year. As a reminder, the Globus and NuVasive merger closed on September 1, 2023.
The company's first year integration efforts...
Globus Medical reported 3Q24 orthopedic sales of $625.7 million, up 63.1% compared to the third quarter of 2023. Year to date, the company generated $1,862.1 million in orthopedic sales, up 95.6% over the prior year. As a reminder, the Globus and NuVasive merger closed on September 1, 2023.
The company’s first year integration efforts focused on U.S. operations like territory realignments, redundant cost elimination, facility consolidations, system integrations and contract renegotiations. Year two efforts will focus on refinement of international business and product in-sourcing efforts.
Management praised the company’s “fundamentally complete quarter” that featured strong performances and contributions from all aspects of the business.
Expandables, MIS screws, biologics, lateral and cervical offerings drove U.S. growth for Globus, while enabling technologies set a record for unit placements. Robotic procedures increased 34% year-over-year and reached 84,000 total procedures sine launch.
Globus will enter 2025 in a relatively robust spine market, and pointed to age demographics and higher insured patient rates as parts of the growth lift. Company CEO Dan Scavilla sees a slightly higher ceiling for spine market growth over the long-term.
“It does seem to be a strong market this year,” he said, “and I would tell you that it seems to be above historical growth. I don’t think any of us could say it’s pent-up demand from COVID or anything like that. When you run your historics, the market does tend to be about a 3% to 3.5% growth. Over the long-term, this will be somewhere between a 3% to 4% growth market.”
Globus now expects 2024 orthopedic sales between $2.49 billion and $2.5 billion, representing growth between 3.9% and 4.3% on a pro forma basis.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $5.8 | $5.0 | $0.9 | 17.3% |
| Knees | $3.4 | $2.8 | $0.5 | 18.6% |
| Hips | $2.5 | $2.1 | $0.3 | 15.5% |
| Spine | $535.7 | $325.2 | $210.5 | 64.7% |
| Trauma | $15.9 | $8.0 | $7.9 | 98.2% |
| Orthobiologics | $30.0 | $17.8 | $12.2 | 68.3% |
| Enabling Technology | $38.3 | $27.7 | $10.6 | 38.5% |
| Total | $625.7 | $383.6 | $242.1 | 63.1% |
| Segment | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $14.2 | $12.1 | $2.1 | 17% |
| Knees | $8.3 | $6.9 | $1.4 | 20.5% |
| Hips | $5.8 | $5.2 | $0.6 | 12.2% |
| Spine | $1,586.8 | $790.9 | $795.9 | 100.6% |
| Trauma | $68.6 | $20.7 | $47.9 | 231% |
| Orthobiologics | $85.5 | $40.7 | $44.8 | 110.1% |
| Enabling Technology | $107.1 | $87.5 | $19.5 | 22.3% |
| Total | $1,862.1 | $951.9 | $910.1 | 95.6% |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $495.8 | $309.3 | $186.5 | 60.3% |
| OUS | $129.9 | $74.3 | $55.6 | 74.8% |
| Total | $625.7 | $383.6 | $242.1 | 63.1% |
| Region | 9mo24 | 9mo23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $1,478.2 | $788.9 | $689.3 | 87.4% |
| OUS | $383.9 | $163.0 | $220.9 | 135.5% |
| Total | $1,862.1 | $951.9 | $910.1 | 95.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $625.7 | |
| Cost of Sales | $270.5 | 43.2% |
| R & D | $35.4 | 5.7% |
| Selling and Admin | $240.7 | 38.5% |
| Other | $27.2 | 4.4% |
| Net Earnings | $51.8 | 8.3% |
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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.
