Globus Medical's planned merger with NuVasive will likely close in the third quarter of 2023 instead of mid-year, CEO Dan Scavilla said in a May 4 first quarter earnings call.
Three notes:
1. Shareholders approved the merger, and the companies are working with the FTC to address questions. Mr. Scavilla said this would affect the deal closure time.
"However, it does not alter our commitment to the deal," he said, as transcribed by Motley Fool. "Our belief [is] that this combination will benefit the surgeons and patients in the markets where we compete. We're placing all resources required to quickly address the FTC questions and drive to a successful outcome."
2. The first quarter of 2023 was a record for robot sales, Mr. Scavilla said. Interest in the ExcelsiusGPS robot has grown, and robotic procedures grew 51 percent in the first quarter year-over-year. More than 49,000 procedures have been completed so far.
3. Mr. Scavilla remains confident in Globus Medical's robotics pipeline as other medtech companies seek to enter spine robotics.
"We are not talking to customers who are thinking about what could happen in 24 months," he said. "Right now, they're understanding what the technology is. They recognize ours as the best. And so we'll continue to go ahead and push with that and continue to look and add options and offerings to our platform that's going to create more value for our customers."