Globus Medical develops and sells spinal and orthopedic implants, biologics, surgical instruments, spinal cord stimulation systems, neuromonitoring services, and surgical imaging, navigation and robotics technology. Its shares trade on the NYSE as GMED.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001562762-24-000032 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001562762-25-000026 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001628280-26-011209 | Feb 24, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Globus has become a substantially larger surgical-device business through NuVasive and Nevro, but acquisition timing and accounting explain much of its headline growth and earnings volatility. In 2025, revenue reached $2.939 billion and operating cash flow reached $753.4 million. Revenue excluding Nevro grew 5.0%, while the profit rebound benefited from lower inventory step-up charges, a noncash bargain-purchase gain and tax benefits. Subsequent first-half 2026 results show stronger operating profitability and cash generation, despite slightly lower GAAP net income as prior-year benefits disappeared. Spine and neuromonitoring growth coexist with weaker domestic equipment placements and lower second-quarter U.S. Nevro sales. Liquidity has rebuilt after debt repayment and repurchases, but integration, litigation, regulatory remediation and concentrated voting control remain important qualifications.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-24 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · DEF 14A COMPLETE ORIGINAL REDLINE VIEW · 2026-06-03
Globus earns most revenue from Musculoskeletal Solutions, encompassing implants, biologics, instruments, neuromonitoring and, following Nevro, spinal cord stimulation. Enabling Technologies supplies imaging, navigation and robotics. These are two operating segments aggregated into one reportable segment; category revenue does not reveal separate profitability. Representatives and distributors support surgeon adoption, often attending procedures. Consigned implants remain company inventory until used, while reusable surgical sets generally earn no separate payment. Growth therefore requires inventory, instruments, training and sales coverage—not simply additional manufacturing volume. Equipment purchases also depend on hospital capital budgets and installation requirements.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
For the year ended December 31, 2025, sales increased 16.7% to $2.939 billion. Nevro contributed $293.6 million after its April 3 acquisition; the company's Nevro-excluded base business grew 5.0%, or 4.3% at constant currency. That adjustment is narrower than a comprehensive organic-growth measure. Enabling Technologies sales declined to $141.0 million, with fewer domestic placements outweighing international gains. GAAP operating income rose to $479.8 million, substantially helped by the disappearance of 2024's large NuVasive inventory step-up expense. Net income of $537.9 million additionally included a $117.7 million noncash bargain gain and favorable tax effects. Nevro's post-acquisition net loss was $37.5 million excluding that gain.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-24
Operating cash flow reached $753.4 million in 2025, compared with $520.6 million in 2024. Lower cash taxes and reduced receivable and inventory cash absorption helped, alongside noncash expense adjustments; cash flow is not profit. Cash equipment purchases were $164.7 million. The company also repaid approximately $450 million of convertible notes and spent $300.5 million on repurchases. Cash and marketable securities consequently fell to $629.1 million at year-end. By June 30, 2026, that broader liquidity balance had recovered to $840.5 million, including $507.7 million of cash. The undrawn $400 million revolver is conditional financing capacity, not additional cash. Lease, litigation and acquisition obligations remain despite zero note and revolver balances.
Sources: 10-K · 2025-12-31 · EX-99.1 · 2026-02-24 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
The August 6, 2026 filings report first-half revenue of $1.549 billion and operating income of $332.8 million, versus $1.343 billion and $173.1 million. The revenue comparison includes six months of Nevro against only its post-April 3 contribution in 2025. Second-quarter sales grew 5.9%, but domestic Nevro sales and equipment placements declined. First-half net income edged down to $275.9 million because the earlier bargain gain and tax benefits did not recur at comparable levels. Operating cash flow nevertheless increased to $412.1 million. Management reaffirmed 2026 revenue guidance of $3.18–$3.22 billion and raised adjusted diluted EPS guidance to $4.95–$5.05. This conditional, non-GAAP outlook supersedes earlier earnings ranges and has no quantitative GAAP EPS reconciliation.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06 · 8-K · 2026-08-06
Surgeon adoption, reimbursement, sales-personnel retention and qualified suppliers determine whether the expanded portfolio produces durable returns. The ExcelsiusGPS FDA warning letter remained open at the February 24, 2026 annual filing; the supplied later evidence establishes no closure. Pimenta litigation produced a $43.1 million liability including interest and costs, and the latest quarter confirms an appeal rather than resolution. Other patent cases retain unquantified damages and injunction exposure. David Paul and family controlled approximately 66.1% of voting power at December 31, 2025. Although the board has an independent majority, compensation and nomination committees are not entirely independent. Revenue-linked bonuses and time-vesting options do not directly ensure acquisition returns or cash conversion.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · DEF 14A COMPLETE ORIGINAL REDLINE VIEW · 2026-06-03
USD 1.568476 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 1.568476 bn | — |
Consolidated GAAP net sales; NuVasive included from September 1, 2023.
Sources: 10-K · 2025-12-31
USD 2.938931 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.938931 bn | 16.7% |
| 2024 | USD 2.519355 bn | — |
Consolidated GAAP net sales; acquired businesses included from acquisition dates.
Sources: 10-K · 2025-12-31
USD 102.984 m
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 102.984 m | -16.2% |
| 2023 | USD 122.873 m | — |
Consolidated GAAP income after income taxes.
Sources: 10-K · 2025-12-31
USD 537.868 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 537.868 m | — |
Consolidated GAAP income after income taxes, including acquisition and other nonrecurring effects.
Sources: 10-K · 2025-12-31
USD 753.447 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 753.447 m | 44.7% |
| 2024 | USD 520.638 m | 113.8% |
| 2023 | USD 243.499 m | — |
GAAP operating cash flow after working-capital changes and operating-classified acquisition-liability payments.
Sources: 10-K · 2025-12-31
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