Globus Medical rebounds in Q2, sticks by guidance

Globus Medical (NYSE:GMED) reported second-quarter results that beat the overall consensus on Wall Street.

The Audubon, Pennsylvania-based musculoskeletal device company reported profits of $54.6 million, or 53¢ per share, on sales of $263.6 million for the three months ended June 30, for a bottom-line gain of 31.4% on sales growth of 5.03% compared with Q2 2021.

Adjusted to exclude one-time items, earnings per share were 56¢, 3¢ ahead of The Street, where analysts were looking for sales of $259.39 million.

“Our second quarter record sales grew 6.5% on a constant currency basis and accelerated from last quarter as we continue to make market share gains, despite headwinds of a difficult prior year comparative and unfavorable foreign currency fluctuations,” President and CEO Dan Scavilla said in a news release.

“Our Enabling Technologies business had a record-breaking quarter, increasing 41.7% to $29.4 million, driven by strong robotic systems deman…

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The 10 largest orthopedic device companies in the world

Stryker, Johnson & Johnson’s DePuy Synthes and Zimmer Biomet top the list of largest orthopedic device companies. [Adobe Stock image]With elective procedure numbers rebounded after the darkest days of the COVID-19 pandemic, most of the world’s largest orthopedic device companies saw their revenues increase by double-digit percentages during their most recent fiscal years.

Here are the world’s 10 largest orthopedic device companies, ranked by ortho business revenue pulled from their most recent annual reports:

Largest orthopedic device companies Annual revenue (% change) Headquarters 1 Stryker $17.1 billion (+19.2%) Kalamazoo, Michigan 2 Johnson & Johnson – DePuy Synthes $8.6 billion (+10.6%) Locations: Raynham, Massachusetts.; West Chester, Pennsylvania; Warsaw, Indiana; Palm Beach Gardens, Florida 3 Zimmer Biomet (minus ZimVie spinoff) $6.8 billion (+11.6%) Warsaw, Indiana 4 Medtronic – Cranial & Spinal Technologies $4.5 billion (+3.9%) Locat…
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The biggest medtech personnel moves so far in 2022

In the ever-changing world of medtech, those who are leading the companies are bound to move around a bit.

At the end of last year, we compiled a list of medtech’s biggest personnel changes in 2021. Throughout just over half of 2022, we’ve already seen a slew of major moves around some of the space’s most powerful players.

Here is a list of some of the biggest personnel changes in medtech so far in 2022:

3M’s healthcare president retires 3M Health Care Business Group President Mojdeh Poul [Image courtesy of 3M]Mojdeh Poul, the president of 3M’s healthcare business, announced in May that she would retire from the position and her retirement was made effective on July 1.

Poul joined 3M in 2011 as the global business VP of critical and chronic care solutions. She later became VP and general manager of the company’s food safety business and president of numerous 3M divisions, including infection prevention, 3M Canada, and sa…

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Globus Medical announces first surgeries with Excelsius3D

Globus Medical (NYSE:GMED) announced today that the first surgeries were performed with its Excelsius3D imaging platform.

Audobon, Pennsylvania-based Globus Medical designed its intelligent, intraoperative 3-in-1 imaging platform as a mobile X-ray system for 2D fluoroscopy, 2D digital radiography and 3D imaging of adult and pediatric patients. Its indication covers where a physician benefits from 2D and 3D information on anatomic structures and high-contrast objects with high x-ray attenuation, such as bony anatomy and metallic objects.

Dr. Paul C. McAfee and Dr. Mesfin A. Lemma of Medstar Union Memorial Hospital (Baltimore), Dr. Roland Kent of Northwest Specialty Hospital (Post Falls, Idaho) and Dr. Jeffrey A. Goldstein of NYU Langone Health (New York) each performed the first clinical cases using Excelsius3D with ExcelsiusGPS.

Excelsius3D combined with ExcelsiusGPS offers an intraoperative, image-guided robotic navigation solution for improving implant…

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Globus Medical misses with Q1 results

Globus Medical (NYSE:GMED) posted first-quarter results today that missed the consensus forecast on Wall Street and reaffirmed its outlook for the rest of the year.

The Audubon, Pennsylvania–based musculoskeletal solutions developer reported profits of $38.1 million, or $0.37 per diluted share, on sales of $230.5 million for the three months ended March 31, 2022, for a bottom-line decrease of 16% and sales growth of 1.4% compared with Q1 2021.

President and CEO Dan Scavilla — promoted from CCO last month to replace Dave Demski as CEO — said COVID-19 deferrals of elective procedures were particularly challenging in January and early February.

“Importantly, U.S. Spine sales recovered and had a record-breaking month in March, which continued at a healthy pace in April,” Scavilla said in a news release.  “After a record fourth quarter, Enabling Technologies sales in the quarter were also negatively impacted by COVID-19; however, the clinical supe…

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Globus Medical stock down after surprise CEO transition

Globus Medical (NYSE: GMED) stock is down more than 11% today, a day after the musculoskeletal repair tech company announced the surprise resignation of its CEO.

Dave Demski said in a news release that he was stepping down as CEO to pursue other opportunities, with the board promoting Chief Commercial Officer Daniel Scavilla into the corner office.

GMED shares were down more than 11% at $69.85 apiece in morning trading today.

The surprise CEO transition came at the same time that the company announced that it expects to report roughly $230.5 million for the quarter ended March 31, 2022, up 1.4% from Q1 2021. The Street had expected nearly $236 million in revenue. (Globus Medical plans to announce first-quarter results after the market closes on May 10.)

BTIG analysts related that Demski in a conference call after the resignation announcement said he had nothing specific lined up, just that it was time to step aside and seek a new challenge.

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Globus Medical rises on Street-beating Q4

Globus Medical (NYSE:GMED) shares ticked up this morning on fourth-quarter results that topped the consensus forecast.

The Audubon, Pennsylvania-based musculoskeletal solutions developer posted profits of $15.1 million, or 14¢ per share, on sales of $250 million for the three months ended Dec. 31, 2021, for a 71.5% bottom-line slide despite sales growth of 7.1%.

Adjusted to exclude one-time items, earnings per share were 49¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $243 million.

The company’s U.S. spine business grew by 18%, while its international spine grew 12% and its trauma business grew 39%.

“Our fourth-quarter results topped off another record-breaking year for Globus Medical, as we continued to perform well above our peers in growth as well as profitability,” Globus Medical President and CEO Dave Demski said in a news release. “I want to thank all of our customers and team members for their belief and support…

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Globus Medical accuses Medtronic and former sales employees of stealing business

Globus Medical (NYSE:GMED) has accused four former sales employees of wrongfully joining Medtronic (NYSE:MDT) and taking business with them, saying in a lawsuit that Medtronic knew what was happening.

Audubon, Pennsylvania-based Globus filed the lawsuit on Jan. 28 in Pennsylvania’s Eastern U.S. District Court against Medtronic, three former Globus spine territory managers and one former associate spine specialist.

Fridley, Minnesota-based Medtronic has not yet responded to the lawsuit in court, but offered a statement to Medical Design & Outsourcing today.

“The company believes its conduct has been proper and will defend itself vigorously against these claims,” Medtronic said in the statement. “Medtronic remains committed to fair competition and employment practices that comply with the law and enable the company to attract and retain a best-in-class, highly talented and innovative workforce dedicated to improving lives through medical technology.” Read more

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Globus Medical could be eying NuVasive

Globus Medical (NYSE: GMED) has made an offer to acquire fellow spine surgery tech company NuVasive (Nasdaq:NUVA), according to Bloomberg and Reuters.

Both media outlets cited people familiar with the matter during their reports yesterday.

If it takes place, the deal would create one of the largest players in the spine space, with a 17% market share, according to Truist analysts Samuel Brodovsky and David Rescott.

“Within NuVasive’s portfolio, we see the Pulse system and Simplify Cervical Disc as being two of the company’s larger growth drivers over the next several years, and think that both could be attractive to Globus,” Brodovsky and Rescott said in a report posted after the Bloomberg news story.

However, the Truist analysts also thought the deal unlikely because Globus Medical has a track record of executing smaller transactions and growing organically.

“We think that large orthopedic integrations can be m…

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Globus Medical launches Anthem Mini Fragment fracture system

Globus Medical this week announced that it has launched its Anthem Mini Fragment fracture system at the annual Orthopedic Trauma Association meeting in Fort Worth, Texas.

Audubon, Pennsylvania-based Globus Medical designed the Anthem system for fracture fixation of small bones and non-load-bearing stabilization of long bones in the upper and lower extremities.

The implants are titanium and stainless steel and have eight plate styles in a broad range of sizes. The plates have a 30º polyaxial locking technology to accommodate diverse patient anatomies and fracture patterns, according to the company.

“This innovative addition to our growing Globus trauma portfolio aligns with the upward trend among surgeons to supplement treatment of complex long bone fractures with mini fragment plates,” Dan Scavilla, president of orthopedics at Globus Medical, said in news release. “With Anthem Mini Fragment, surgeons now have an adaptable small plating system designed to…

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Globus Medical Excelsius3D imaging system wins FDA clearance

Globus Medical recently announced that it has received FDA 510(k) clearance for its Excelsius3D intelligent intraoperative 3-in-1 imaging system.

Audubon, Pa.-based Globus Medical designed the image platform with 360º cone-beam CT, fluoroscopy and high-resolution digital radiography to eliminate the need for multiple imaging systems in one procedure.

Get the full story on our sister site, Medical Design & Outsourcing.

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