Globus Medical saw a 119.3% year-over-year increase in first quarter sales, according to financial results posted May 7.
Six notes:
1. Worldwide net sales were $505.7 million in the first quarter, and U.S. net sales grew 106.3% compared to the first quarter of 2023.
2. Globus Medical saw a net loss of $7.1 million in the quarter.
3. Globus Medical expects full year sales to reach about $2.5 billion.
4. The company is about nine months into its merger with NuVasive. Since closing the deal, Globus Medical spent about $308.9 million to repurchase 5.9 million shares of stock, COO and CFO Keith Pfeil said in a May 7 earnings call.
5. Although other medtech companies are growing their own orthopedic robot lineup, CEO Dan Scavilla said Globus Medical has a pathway through the NuVasive merger to continue strengthening its enabling technologies.
"We've always recognized the competition would someday come and may someday come. That's not a deterrent for us to stay or change anything," he said, as transcribed by Motley Fool. "We're going to remain on course with our heavy investments, our focus and belief in our sales team, and the ability to get in and get the best technology in the surgeon's hands."
6. The company is working to integrate NuVasive's Pulse platform into its enabling technologies, but Mr. Scavilla said he didn't think it would be a growth driver.