How well-positioned is Globus Medical for 2024?

Spinal Tech

Following a more than $1 billion-revenue year in 2022, Globus Medical had high expectations for 2023. This year, the company completed a multibillion-dollar merger and surpassed previous quarterly earnings.

Here are five things to know headed into 2024:

1. In September, Globus Medical and NuVasive completed their merger. Globus Medical announced plans to buy NuVasive for $3.1 billion in February. After initially facing pushback and a plummet in share valuation, the deal was approved by shareholders in July.

2. In the first quarter, the company saw $276.7 million in sales — a 20% increase year over year. In the second quarter, it saw $291.6 million in sales, a 10.6% increase. Globus Medical's total half-year sales were up 15% compared to the same period in 2022. In the third quarter, the company earned $383.6 million in global sales, a 51% jump year over year. 

3. The company was ranked the eighth-largest orthopedic device manufacturer globally. NuVasive was ranked the seventh-largest. 

4. Globus Medical launched two scoliosis robots in 2023. Its first product, the Marvel growing rod system, is designed specifically for early onset scoliosis. It is used to obtain and maintain correction in pediatric scoliosis patients. The second, the Reflect scoliosis system, is designed to address scoliosis in pediatric patients without the need for a spinal fusion. Its implants can be used through a minimally invasive approach.

5. The company is looking to launch a knee robot early next year, pending a green light from the FDA. It aims to have the robot out in the first half of 2024. 

The spine surgery robot market is expected to grow 14% by 2031 — and Globus Medical is a company to watch.

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