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Product / Company Performance

Globus Medical Reports 3Q16 Revenue -

Globus Medical (GMED) posted 3Q16 revenue of US $135.7MM, -1.1% vs. 3Q15. (U.S. $120.5MM, -4.1%, ex-U.S. $15.2MM, +34.1%) All growth is as reported.

ORTHOWORLD estimates 3Q16 segment revenue and as reported growth as follows.

  • Spine $129.5MM, -1.2%
  • Orthobiologics $6.1MM, -0.5%
  • U.S. decrease due to slower salesforce expansion, territory attrition, increased price pressure
  • Ex-U.S. growth driven by Alphatec acquisition and strength in U.K.
  • Difficulty in direct sales countries (e.g. Australia, Germany, India) due to management changes, country-specific pricing issues
  • Disruptive Technologies grew +4.1% on strong sales of expandable technologies, CREO MIS and biologics, while Innovative Fusion dropped -5.5% following U.S. territory attrition and price pressure
  • Three key areas to improve in salesforce expansion: recruiting, new territory development and better retention of talent
  • Launched 7 new products in 3Q (total 15 YTD), including INDEPENDENCE MIS integrated ALIF plate/spacer and QUARTEX OCT Stabilization System
  • CREO pedicle screw platform used in ~25,000 surgeries worldwide, cervical and lumbar standalone interbody devices  ~80,000 levels, expandable cages in >70,000 levels
  • Showcased Excelsius GPS robotic surgical system at Eurospine and NASS; filing with FDA in 4Q16
  • 2017 product launches to include lumbar and cervical standalone interbody devices, extensions to posterior stabilization
  • Planning for emerging technologies (trauma and robotics) to account for up to 15% of overall sales by 2020
  • Commentary on 3D printing: investing in 3D printing equipment, but sees it as best applied to custom implants for scoliosis or anatomic abnormalities; not seeing benefit of 3D-printed implants for the vast majority of procedures, especially as many manufacturers utilize surface coatings that support bony ongrowth

Sources: Globus Medical, Inc.; ORTHOWORLD Inc.

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