Globus Medical, Inc. Reports Strong Preliminary Sales Results for Q4 and Full Year 2024

Globus Medical reports Q4 2024 sales of $657 million, projecting 2025 revenue between $2.66 billion and $2.69 billion.

Quiver AI Summary

Globus Medical, Inc. has announced preliminary unaudited sales results for Q4 and the full year of 2024, expecting Q4 sales to reach approximately $657 million, a 6.6% increase from the same period in 2023, and full-year sales around $2.52 billion, representing a 60.6% growth year-over-year. The company attributes this success to the merger with NuVasive, creating a robust sales force and innovative product offerings in the spine industry. President and CEO Dan Scavilla highlighted the strong sales growth and record new product launches achieved in 2024, looking forward to an exciting 2025 with ongoing product developments. The company also provided revenue guidance for 2025, expecting between $2.66 billion and $2.69 billion, along with non-GAAP diluted earnings per share projections. Final financial results for 2024 are expected to be reported on February 20, 2025.

Potential Positives

• Fourth quarter 2024 sales anticipated at approximately $657.0 million, representing a 6.6% increase over the same period in 2023.
• Full year 2024 sales expected to be around $2.52 billion, a significant increase of 60.6% compared to the prior year.
• Successful integration and execution following the NuVasive merger, resulting in a stronger sales force and leading product offerings in the spine industry.
• Established 2025 revenue guidance range of $2.66 billion to $2.69 billion, indicating continued positive growth expectations.

Potential Negatives

• The preliminary sales results are unaudited and subject to change, which introduces uncertainty around the initial positive performance reported.
• The company’s reliance on non-GAAP financial measures may raise concerns about transparency and comparability with its peers, as these measures could obscure actual financial performance.
• Potential integration risks and uncertainties associated with the NuVasive merger could impact future performance and growth prospects.

FAQ

What were Globus Medical's fourth quarter 2024 sales results?

Globus Medical anticipates fourth quarter 2024 sales of approximately $657.0 million, a 6.6% increase over the fourth quarter 2023.

How did the NuVasive merger impact Globus Medical?

The NuVasive merger strengthened Globus Medical's sales force and product offerings, contributing to significant sales growth in 2024.

What is the revenue guidance for Globus Medical in 2025?

Globus Medical established a revenue guidance range of $2.66 billion to $2.69 billion for the full year 2025.

When will Globus Medical announce its full year 2024 financial results?

The company expects to announce its full year 2024 financial results on February 20, 2025, after market close.

What is the focus of Globus Medical moving forward?

Globally, Globus Medical aims to deliver product innovation and operational excellence while advancing patient care and shareholder value.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$GMED Insider Trading Activity

$GMED insiders have traded $GMED stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.

Here’s a breakdown of recent trading of $GMED stock by insiders over the last 6 months:

• KELLY HULLER (SVP, GC, Corporate Secretary) has traded it 4 times. They made 0 purchases and 4 sales, selling 15,000 shares.
• DAN LEMAITRE has traded it 2 times. They made 0 purchases and 2 sales, selling 14,375 shares.
• DAVID D DAVIDAR has traded it 7 times. They made 0 purchases and 7 sales, selling 115,000 shares.
• DANIEL T SCAVILLA (President, CEO) has traded it 2 times. They made 0 purchases and 2 sales, selling 190,000 shares.
• ANN D RHOADS sold 15,000 shares.
• LESLIE V NORWALK sold 1,000 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$GMED Hedge Fund Activity

We have seen 192 institutional investors add shares of $GMED stock to their portfolio, and 225 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• VESTAL POINT CAPITAL, LP removed 900,000 shares (-100.0%) from their portfolio in Q3 2024
• CITADEL ADVISORS LLC added 806,296 shares (+103.3%) to their portfolio in Q3 2024
• MILLENNIUM MANAGEMENT LLC removed 714,568 shares (-52.4%) from their portfolio in Q3 2024
• CHAMPLAIN INVESTMENT PARTNERS, LLC removed 671,821 shares (-27.2%) from their portfolio in Q3 2024
• WELLINGTON MANAGEMENT GROUP LLP removed 631,239 shares (-19.7%) from their portfolio in Q3 2024
• ARROWMARK COLORADO HOLDINGS LLC added 614,295 shares (+inf%) to their portfolio in Q3 2024
• LORD, ABBETT & CO. LLC added 530,451 shares (+inf%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

AUDUBON, Pa., Jan. 08, 2025 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2024. The company anticipates fourth quarter 2024 sales of approximately $657.0 million, an increase of 6.6 percent over the fourth quarter 2023 on an as-reported basis. Full year 2024 sales are expected to be approximately $2.52 billion, an increase of 60.6 percent over the prior year on an as-reported basis.

“2024 was an exceptional year of execution and achievement for Globus Medical. With the NuVasive merger, we believe we created the strongest sales force and best product offering in the spine industry while maintaining our lead as the most innovative company backed up by a strong patent portfolio. During our first full year post-merger, we had strong sales growth, a record number of new product launches and the highest Enabling Technology placements to date, while accelerating our merger synergies to drive value for our shareholders,” said Dan Scavilla, president and CEO. “We remain focused on delivering product innovation, superior customer service, and operational excellence as we continue to advance patient care. 2025 is expected to be a very exciting year for product launches throughout our portfolio as we position our company for sustained growth in the broader musculoskeletal market. Globus Medical remains well positioned to achieve our vision of becoming the preeminent musculoskeletal technology company in the world by developing products that promote healing in patients."

“Our fourth quarter results demonstrated sustained growth and execution in our first full year post-merger,” commented Keith Pfeil, COO-CFO. “As we begin 2025, we seek to build upon the successes of the past year, further solidifying our foundation which will drive accelerated growth across our portfolio, as we move ahead in a manner that advances patient care while creating value for our shareholders.”

The Company established its full year 2025 revenue guidance range of $2.66 billion to $2.69 billion and fully diluted non-GAAP earnings per share range between $3.40 to $3.50.

These preliminary results are unaudited and are based on management’s initial analysis of operations for the periods ended December 31, 2024, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2024 financial results on February 20, 2025, after the market close.

About Globus Medical, Inc.

Based in Audubon, Pennsylvania, Globus Medical, Inc. was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders. Additional information can be accessed at

www.globusmedical.com

.

Non-GAAP Financial Measures

To supplement our financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), management uses certain non-GAAP financial measures. We are presenting non-GAAP net income, and non-GAAP Diluted Earnings Per Share, which represent net income and diluted earnings per share excluding the provision for litigation, amortization of intangibles, merger and acquisition related costs, restructuring related costs, certain foreign currency acquisition-related impacts, gains and losses from strategic investments, the impact of dilution attributable to the Convertible Notes, and the tax effects of all of the foregoing adjustments. The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments, unless the underlying item has a materially different tax treatment, in which case the estimated tax rate applicable to the adjustment is used. We believe these non-GAAP measures are also useful indicators of our operating performance, and particularly as additional measures of comparative operating performance from period to period as they remove the effects of the foregoing items, which we believe are not reflective of underlying business trends.

Provision for litigation represents costs incurred for litigation settlements or unfavorable verdicts when the loss is known or considered probable and the amount can be reasonably estimated, or in the case of a favorable settlement, when income is realized. Merger and acquisition related costs represents the change in fair value of business-acquisition-related contingent consideration; costs related to integrating recently acquired businesses, including but not limited to costs to exit or convert contractual obligations, severance, retention bonus, duplicative costs, and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees. Restructuring related costs include severance, retention bonus, accelerated stock-based compensation expense, and costs associated with consolidating facilities. We also adjusted for certain foreign currency impacts related to the acquisition costs and gains/losses on strategic investments within other assets as we believe these impacts are not a measure of our operating performance.

Non-GAAP net income and non-GAAP diluted earnings per share are not calculated in conformity with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP. These measures do not include certain expenses that may be necessary to evaluate our liquidity or operating results. Our definitions of non-GAAP net income and non-GAAP diluted earnings per share may differ from that of other companies and therefore may not be comparable.

We are unable to present a quantitative reconciliation of our expected fully diluted GAAP earnings per share to non-GAAP earnings per share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of provision for litigation, amortization of intangibles, merger and acquisition related costs, restructuring related costs, certain foreign currency acquisition-related impacts, gains and losses from strategic investments, the impact of dilution attributable to the Convertible Notes, and the tax effects of all of the foregoing adjustments. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Income.

Safe Harbor Statements

All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, the risks and costs associated with the integration of the NuVasive business and our ability to successfully integrate and achieve anticipated synergies with the integration, health epidemics, pandemics and similar outbreaks, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks. For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission. These documents are available at www.sec.gov. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.

Contact

Brian Kearns


Senior Vice President, Business Development and Investor Relations


Phone: (610) 930-1800


Email:


investors@globusmedical.com






www.globusmedical.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.