Business Description

Globus Medical, Inc. is a medical device company that develops and commercializes healthcare solutions for patients with musculoskeletal disorders. Headquartered in Pennsylvania, the company primarily focuses on spinal and orthopedic implants, as well as advanced surgical robotics and navigation systems. It is distinctive for its rapid product development cycle and its Excelsius platform, which integrates robotics and navigation for spine surgery.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues2,938,9312,519,3551,568,4761,022,843
Cost of Sales957,8021,035,479548,174263,725
Gross Profit1,981,1291,483,8761,020,302759,118
Selling, General & Administrative Expenses1,178,498981,362643,844432,117
Depreciation & Amortization Expenses118,194119,37351,03217,735
Research & Development Expenses147,246163,754124,01073,015
Other Operating Expenses57,37553,39668,2748,300
Operating Profit479,816165,991133,142227,951
Non-Operating Income125,252(45,269)32,25115,068
Total Non-Operating Income125,252(45,269)32,25115,068
Income Before Provision for Income Taxes605,068120,722165,393243,019
Provision for Income Taxes67,20017,73842,52052,850
Consolidated Net Income537,868102,984122,873190,169
Net Income Attributable to Common Shareholders537,868102,984122,873190,169
Basic EPS3.980.761.091.89
Diluted EPS3.920.751.071.85
Basic Weighted Average Shares Outstanding135,215135,726113,087100,469
Diluted Weighted Average Shares Outstanding137,056137,863114,630102,643
Shares Outstanding135,055137,420136,336100,192
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents526,156784,438467,292150,466
Short-Term Investments31,087105,61950,497295,592
Total Cash and Cash Equivalents557,243890,057517,789446,058
Accounts Receivable678,938557,697503,235213,247
Other Receivables64,72720,6331,6354,061
Total Trade Receivables743,665578,330504,870217,308
Inventories759,277659,233848,135298,981
Other Current Assets65,42649,64044,58020,997
Total Current Assets2,125,6112,177,2601,915,374983,344
Net Property, Plant & Equipment628,238611,556646,863249,717
Net Intangible Assets745,064795,117924,60363,574
Goodwill1,435,0331,432,3871,434,540197,471
Long-Term Investments71,81966,13475,428495,852
Other Long-Term Assets296,996169,29689,27586,168
Total Assets5,302,7615,251,7505,086,0832,076,126
Accounts Payable98,85275,11856,67136,101
Accrued Expenses337,741271,316244,30593,159
Short-Term Debt—443,351——
Current Portion of Leases14,73810,24911,9672,536
Unearned Revenue27,65522,14018,36914,100
Other Current Liabilities19,51333,73961,03513,308
Total Current Liabilities498,499855,913392,347159,204
Long-Term Debt——417,400—
Leases103,91883,58891,0373,475
Other Long-Term Liabilities127,094134,916187,34067,074
Total Long-Term Liabilities231,012218,504695,77770,549
Total Liabilities729,5111,074,4171,088,124229,753
Common Stock135137136100
Additional Paid-in Capital3,169,8123,031,2442,870,749630,952
Accumulated Other Comprehensive Income15,346(6,861)(10,192)(24,630)
Retained Earnings1,387,9571,152,8131,137,2661,239,951
Total Common Shareholders' Equity4,573,2504,177,3333,997,9591,846,373
Total Shareholders' Equity4,573,2504,177,3333,997,9591,846,373
Total Liabilities and Shareholders' Equity5,302,7615,251,7505,086,0832,076,126
FY 2025FY 2024FY 2023FY 2022
Net Income537,868102,984122,873190,169
Depreciation & Amortization276,842253,389145,52668,252
Share-Based Compensation Expense49,77954,19152,74232,810
Other Adjustments(44,247)207,62838,956(7,501)
Changes in Trade Receivables(52,182)(78,062)(49,914)(50,843)
Changes in Inventories(17,598)(29,860)(70,328)(61,745)
Changes in Accounts Payable8,48717,663(14,223)14,418
Changes in Accrued Expenses34,2175,02317,1276,087
Changes in Income Taxes Payable(50,851)(13,377)(408)(2,887)
Changes in Other Operating Activities11,1321,0591,148(10,292)
Cash from Operating Activities753,447520,638243,499178,468
Capital Expenditure(164,679)(115,429)(78,274)(74,047)
Purchases of Intangible Assets(9,746)———
Purchases of Investments(107,531)(113,504)(100,643)(419,534)
Proceeds from Sale of Investments179,48870,517777,913414,654
Payments for Business Acquisitions(252,546)(17,635)(296,028)(31,435)
Cash from Investing Activities(355,014)(176,051)302,968(110,362)
Repayments of Long-Term Debt(449,985)———
Net Issuance / (Repayments) of Long-Term Debt(449,985)———
Issuance of Common Shares89,757110,43912,39741,716
Repurchases of Common Shares(303,360)(92,516)(236,179)(144,493)
Net Issuance / (Repurchases) of Common Shares(213,603)17,923(223,782)(102,777)
Other Financing Activities(15,572)(45,619)(8,039)(7,185)
Cash from Financing Activities(679,160)(27,696)(231,821)(109,962)
Effect of Exchange Rate Changes on Cash and Cash Equivalents22,4452552,180(747)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(258,282)317,146316,826(42,603)

Key Metrics & Ratios

MetricValue
Market Cap$11.79B
P/E22.27x
P/S4.01x
EV/EBITDA15.00x
Return on Equity12.3%
Return on Invested Capital10.4%
Current Ratio4.26x
Free Cash Flow Margin20.0%

Margins

Gross margin
67.4%
Operating margin
16.3%
Net margin
18.3%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $790M +5.9% 23.1% $182M
Q1 2026 $760M +27.0% 19.8% $150M
Q4 2025 $826M +25.7% 20.5% $169M
Q3 2025 $769M +22.9% 17.9% $137M
Q2 2025 $745M — 10.2% $76M
Q1 2025 $598M — 16.2% $97M
Q4 2024 $657M — 9.2% $60M
Q3 2024 $626M — 7.7% $48M

More on Globus Medical, Inc.

Figures compiled from public company filings.

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