Globus Medical and NuVasive both raked in more than $1 billion in 2022 revenue, along with fourth quarter sales increases ahead of their planned merger.
Globus Medical saw $274.5 million in the fourth quarter, a 9.8 percent increase year-over-year, according to financial results posted Feb. 21. In 2022, the company surpassed $1 billion in revenue. President and CEO Dan Scavilla said Globus Medical saw record U.S. spine sales in the fourth quarter.
NuVasive saw $1.2 billion in net sales during 2022, a 5.5 percent increase compared to 2021, according to financial results posted Feb. 22. In the fourth quarter, NuVasive saw $305.4 million, a 1.1 percent increase year-over-year. However, net sales were negatively impacted by about $34 million in 2022 due to fluctuations in foreign currency exchange rates.
Both companies will combine later in 2023. Globus Medical plans to acquire NuVasive in a deal valuing the devicemaker at $3.1 billion.