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Product / Company Performance

Globus Medical Reports 2Q18 Revenue -

Globus Medical (GMED) reported 2Q18 revenue of US $173.4MM, +13.8% vs. 2Q17, and 1H18 revenue of $347.8MM, +12.8% vs. 1H17.

ORTHOWORLD estimates for segment growth follow.

  2Q18  2Q17  $ Change  % Change 
 Spine $165.1  $144.9  $20.2  13.9% 
 Trauma $0.3  n/a  n/a  n/a 
 Orthobiologics $8.0  $7.5  $0.5  6.4% 
Total  $173.4  $152.4  $21.0  13.8% 


  1H18  1H17  $ Change  % Change 
 Spine $331.6  $293.1  $38.5  13.1% 
 Trauma $0.3  n/a  n/a  n/a 
 Orthobiologics $15.9  $15.1  $0.8  5.2% 
Total  $347.8  $308.2  $39.6  12.8% 

Revenue by geographic region:

  2Q18  1H18 
 U.S. $145.3  $291.0 
 Ex-U.S.  $28.0  $56.8 


Leadership noted that U.S. spine is taking share, posting +4.2% growth vs. 2Q17 while larger competitors are experiencing negative or flat changes, domestically. An aggressive implant launch schedule in 2H18 should keep that momentum going.

Emerging Technologies, which includes imaging, navigational and robotic and orthopaedic trauma, contributed $13.8MM in the quarter—primarily ExcelsiusGPS revenue and navigation, though you see that we’re putting up an ORTHOWORLD estimate for 2Q18 trauma sales, and welcome your comments on it.

The company has four trauma systems in partial launch, but the full roster of 11 trauma systems is experiencing a launch delay due to “growing pains” heading into the U.S. rollout. Specifically, logistical magnitude to support all 11 systems and their SKUs put pressure on the manufacturing and supply chain. GMED is expanding internal and external capacity, and expects to nail full launches of all core trauma systems by year-end.

Of note, Dan Gregoris was brought on as Vice President of Sales. His experience includes 21 years at DePuy Synthes Trauma.

CEO David Demski described ExcelsiusGPS sales as robust, with rapid adoption by surgeons—many of whom are new users of GMED implants. To support this environment, GMED is investing in clinical support, training, software/hardware enhancements and developments to move the robot beyond pedicle screw placement—for instance, for interbody use.

GMED plans to bring additional submissions to FDA late in 2018, so it’s most likely 1Q19 for ExcelsiusGPS enhancements.

Sources: Globus Medical, Inc.; ORTHOWORLD estimates

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