Globus Medical, Inc.

globusmedical.com

What Do They Do?

Sells devices and services for musculoskeletal conditions to hospitals, ambulatory surgery centers and physicians, alongside computer-assisted systems for surgeons.

How Do They Make Money?

Hospitals buy implants and related disposables, with sales tied to use in surgery or delivery of the goods. Imaging and robotic systems generate sales when shipped, delivered or installed; neuromonitoring fees are tied to when the service is performed.

revenue

Segment	Share	Revenue	How money arrives
Musculoskeletal Solutions Sold outright	95% FY2022: 91%		Sold outright
Enabling Technologies Sold outright	4.8% FY2022: 9.4%		Sold outright

Who Are Their Customers?

Hospitals are the main buyers of implants; Globus sells through its direct sales representatives and exclusive distributors, while hip and knee products are sold mainly through independent agents.

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025 and turned 20 cents into free cash flow.

Operating income, FY2025

16% of revenue

▲ +189% vs FY2024 ($166M, 7%)

Net income, FY2025

18% of revenue

▲ +422% vs FY2024 ($103M, 4%)

Free cash flow, FY2025

20% of revenue

▲ +45% vs FY2024 ($405.2M, 16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +6%; vs $745.3M in Q2 FY2025
Net income: ▼ −25%; vs $202.8M in Q2 FY2025

Musculoskeletal Solutions share of revenue vs 95.3% in Q2 FY2025

Aug 6, 2026 Raises full-year non-GAAP earnings guidance The company reaffirmed 2026 revenue guidance at $3.18 billion to $3.22 billion and raised non-GAAP diluted EPS guidance from $4.70 to $4.80 to $4.95 to $5.05.

Growing. Revenue grew 3.1x in 4 years, from $958.1M in FY2021 to $2.9B in FY2025, about 32% a year.

Expanded into pain therapy and monitoring The older description focuses on implants, biologics, accessories and instruments; the latest also includes spinal cord stimulation therapy and neuromonitoring services.

Revenue over time

Musculoskeletal Solutions Enabling Technologies

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Medtronic, DePuy Synthes, Stryker, Zimmer Biomet, Smith + Nephew, Alphatec Holdings, Orthofix, Integra LifeSciences, ZimVie, VB Spine, and Boston Scientific

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