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Product / Company Performance

Globus Medical Posts 3Q17 Revenue -

Globus Medical reported 3Q17 revenue of $151.7MM, +11.9% vs. 3Q16, and YTD revenue of $459.9MM, +11.5% vs. the prior year. ORTHOWORLD estimates for segment growth follow.

  3Q17  3Q16  $ Change  % Change 
 Spine $144.3  $129.5  $14.8  11.4% 
 Orthobiologics $7.5  $6.1  $1.3  21.8% 
Total  $151.7  $135.7  $16.1  11.9% 


  9Mo17  9Mo16  $ Change  % Change 
 Spine $437.4  $393.0  $44.4  11.3% 
 Orthobiologics $22.6  $19.4  $3.2  16.3% 
Total  $459.9  $412.4  $47.5  11.5% 

Globus is no longer a truly pure-play spine company! The ANTHEM fracture line is now displayed on its website, including distal radius (with which first cases have been performed), proximal humerus, ankle and small bone systems. The company cites clearance for five trauma products to date, with more filed with FDA. Set build-up and rep hiring activities are underway to support full launch in 1Q18. GMED is also investing in in-house manufacturing to product trauma products and grow spine.

In its third consecutive quarter of low-double-digit growth, performance was attributed to U.S. spine sales and continued growth in Japan. Two systems are launched in the latter region, to positive surgeon feedback. Strength in Japan is expected to fuel ex-U.S. growth that will grow more rapidly than domestic revenue.

FDA 510(k) clearance was received for the ExcelsiusGPS robotic and navigation system, which booked no revenue in 3Q, but that is expected to change in 4Q. Leadership reminded us that Excelsius is a platform technology that will develop to new applications, such as cranial and rod-bending, potentially discectomy, decompression, etc. A standalone navigation project was mentioned “on the books.” Excelsius is integrated with ten GMED implant systems, presently. It can be used with other systems, but functions most optimally with GMED systems.

Two more things: GMED bolstered its leadership in expandable interbody devices with a 3Q initial rollout of ELSA-ATP, which is inserted at an oblique angle to reduce resection and potentially decrease the need for neuromonitoring. Also, leadership noted a modest impact from competitive 3D-printed systems, and affirmed active development of its own 3D products. (One year ago, leadership noted investments in 3D printing equipment, suggesting it to be best applied to custom implants for scoliosis or anatomic abnormalities, but not seeing benefit of 3D-printed implants for the vast majority of procedures, especially as many manufacturers utilize surface coatings that support bony ongrowth.)

Source: Globus Medical, Inc.; ORTHOWORLD Inc. estimates

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