Globus Grows Sales 51% in Q3

Globus Medical has released its financial results for its Q3 (ended September 30, 2023).
 
Globus closed the merger with NuVasive on September 1, so third-quarter results include its revenue. Thanks to that, Globus posted $383.6 million in Q3 sales, a 51% rise over Q3 2022. Even without NuVasive’s contribution, Globus’ net sales grew 10.7% to $281.2 million.
 
“The third quarter of 2023 was a defining moment for Globus Medical, as we completed our planned merger with NuVasive to create the most innovative company in the spine industry,” Globus CEO Dan Scavilla told the press. “The combination of Globus Medical and NuVasive brings together two leading companies with a shared vision to improve the lives of more patients around the globe.”
 
The company’s Q3 GAAP net income was $1 million, down 97.9% from the same period last year. Diluted EPS in Q3 was $0.01, compared to $0.47 in 2022. Globus cited NuVasive results and acquisition related costs in the quarter as the reason. The company reported non-GAAP diluted EPS of $0.57, seven cents higher (14.7%) than Q3 2022’s $0.50. NuVasive’s acquisition costs also caused a slight drop in margins for the quarter.
 
Globus increased its fiscal 2023 revenue guidance from $1.125 billion to $1.55 billion, however. In August, the company rolled out its MARVEL growing rod system for pediatric patients with early onset scoliosis.
 
“We are now focused on executing our integration plan over the next several months to unlock the growth engine associated with a combined culture of unparalleled product development and unsurpassed customer service,” Scavilla added. “Our long-term business plan remains unchanged as we move forward to help surgeons and healthcare providers deliver better care for patients with musculoskeletal disorders. We are looking forward to the combined organization transforming the future of surgery.”