Globus Medical, Inc. Beats Earnings Expectations in Q2 2023
Globus Medical, Inc. (NYSE: GMED) announced its second quarter 2023 earnings, surpassing expectations. The reported earnings per share (EPS) was $0.63, exceeding the projected EPS of $0.60. Overall, the company had a strong quarter with record sales of $292 million, a growth of 11% or $28 million compared to the same period in 2022.
In the US Spine division, there was a 6% growth in the second quarter. This was driven by competitive rep productivity and the success of robotic pull-through, as well as gains in biologics, minimally invasive surgery (MIS), pedicle screws, and 3D-printed implants.
Globus Medical also introduced three new products in Q2: REFLECT, MARVEL, and Ossifuse. REFLECT is a device designed to correct scoliosis in young patients while preserving motion. MARVEL growing rods are for patients with early-onset scoliosis, allowing for correction and growth through minimally invasive distraction. Ossifuse HSA is a bone graft that offers high surface area for cellular attachment. These products demonstrate Globus Medical’s commitment to innovation and expansion in the pediatric deformity market.
The Enabling Technology division achieved record sales of $35 million, driven by sales of robotic and imaging systems. Robotic procedures saw significant growth, with a 41% increase compared to the previous year. The Excelsius3D imaging system, as well as the combination of ExcelsiusGPS and E3D, proved to be advantageous for surgeons, contributing to their increased adoption.
Internationally, excluding Japan, the Spine business had a successful quarter with a 29% growth on a constant currency basis. Spain, UK, Australia, Ireland, India, Poland, and Japan all showcased strong market performance.
Looking ahead, Globus Medical anticipates a strong pipeline of product launches for the remainder of 2023 and into 2024. The company is focused on continuing to bring meaningful innovation to the medical space and is well-positioned to meet market demand with its state-of-the-art technologies.
