Source: Form 10-K For the fiscal year ended December 31, 2025
- 1. Quick Facts / Company Snapshot
- 2. Company Overview
- 3. Business Segments
- 4. History and Evolution
- 5. Products and Services
- 6. Brand Portfolio
- 7. Geographical Presence
- 8. Board of Directors and Leadership Team
- 9. Future Strategy
- 10. Key Strengths
- 11. Key Challenges and Risks
- 12. Conclusion and Strategic Outlook
- 13. Official Site
- 14. Income Statement / Profit and loss
- 15. Balance sheet
- 16. Cash flow
- 17. Subsidiaries & Joint Ventures
- 18. Other Investments & Holdings
- 19. Physical properties
- 20. Investments and capital expenditure
- 21. Shareholding pattern / Ownership
- 22. Frequently Asked Questions
Quick Facts / Company Snapshot
| Metric | Details |
|---|---|
| Company Name | Globus Medical, Inc. |
| Stock Ticker | NYSE: GMED |
| Founding Year | 2003 |
| Global Headquarters | 2560 General Armistead Avenue, Audubon, PA 19403-5214 |
| Executive Leadership | David C. Paul (Executive Chairman), Keith W. Pfeil (President and CEO) |
| Global Headcount | Over 6,000 employees |
| Global Presence | Operations across 65 countries worldwide |
| Primary Operating Categories | Musculoskeletal Solutions, Enabling Technologies |
| Fiscal Year 2025 Total Net Sales | $2,938,931 thousand |
Company Overview
Globus Medical, Inc. is an engineering-driven medical device company dedicated to developing and commercializing healthcare solutions that advance patient care and improve the quality of life for individuals suffering from musculoskeletal disorders. Founded in 2003 and based in Audubon, Pennsylvania, the Company partners closely with healthcare providers, ambulatory surgery centers, and surgeons to translate clinical insights into functional, high-precision products.
Globus Medical manages its business globally within two primary product and service categories: Musculoskeletal Solutions and Enabling Technologies. Across its global footprint, which spans 65 countries worldwide, the Company has scaled its commercial operations organically and via major strategic combinations, notably the merger with NuVasive, Inc. in September 2023 and the acquisition of Nevro Corp. in April 2025.
Business Segments
The Company reports its operations in two primary operating segments that are aggregated into a single reportable segment:
- Musculoskeletal Solutions: This segment includes implantable devices, biologics, accessories, specialized surgical instruments, intraoperative neuromonitoring (IONM) services, and spinal cord stimulation (SCS) therapies designed for spine, orthopedic trauma, hip, knee, and extremity procedures. In fiscal year 2025, Musculoskeletal Solutions generated net sales of $2,797,923 thousand compared to $2,365,352 thousand in 2024.
- Enabling Technologies: This segment comprises advanced computer-assisted intelligent systems, including imaging, navigation, and robotics (INR) platforms, designed to streamline surgical workflows, reduce intraoperative radiation exposure, and improve surgical accuracy. In fiscal year 2025, Enabling Technologies generated net sales of $141,008 thousand compared to $154,003 thousand in 2024.
History and Evolution
Globus Medical was incorporated in Delaware in March 2003 with a foundational focus on spine surgery innovation. Over two decades, the Company developed an integrated development cycle that enabled rapid iteration and continuous commercialization of musculoskeletal devices.
- 2003: Globus Medical founded in Audubon, Pennsylvania.
- 2012: Completed initial public offering of Class A common stock on the New York Stock Exchange under the ticker symbol GMED.
- 2018: Expanded footprint in Enabling Technologies by acquiring Nemaris Inc., the developer of the Surgimap surgical planning software platform.
- 2020: Acquired Synoste Oy, a Finnish engineering company specializing in limb lengthening systems.
- 2021: Acquired Capstone Surgical Technologies, LLC, expanding robotic surgery platforms and drill systems.
- 2022: Acquired Harvest Biologics LLC, expanding autologous biologics systems, and commercially launched the Excelsius3D intraoperative imaging platform.
- 2023: Completed the transformative merger with NuVasive, Inc. on September 1, 2023, creating a leading procedural spine company and adding IONM services and magnetic adjustable implant technologies.
- 2024: Commercialized the ExcelsiusHub and ExcelsiusFlex systems, and acquired a biotechnology company focused on hemostasis research and development.
- 2025: Completed the merger with Nevro Corp. on April 3, 2025, acquiring the HFX spinal cord stimulation platform and proprietary 10kHz Therapy for chronic pain management, while launching the ExcelsiusXR extended reality navigation headset.
Products and Services
Globus Medical maintains an expansive portfolio of musculoskeletal and computer-assisted technologies:
- Spine Hardware & Implants: Comprehensive open and minimally invasive surgery (MIS) solutions, including expandable interbody fusion spacers, corpectomy systems, pedicle screws and rods, cervical plates, motion preservation technologies such as total disc replacements (SECURE-C and Simplify), and scoliosis systems (REFLECT).
- Regenerative Biologics: Allografts, demineralized bone matrices, and synthetic alternatives, including the Osteocel Plus and Osteocel Pro product families.
- Orthopedic Trauma & Joint Reconstruction: Fracture plating systems (ANTHEM), intramedullary nailing platforms for hips, femurs, and tibias, external fixation systems, cannulated screws, the PRECICE limb reconstruction platform, and partial and total hip and knee arthroplasty implants.
- Spinal Cord Stimulation (SCS): Neuromodulation technologies acquired through Nevro, featuring the Senza SCS platform and proprietary 10kHz Therapy providing paresthesia-free treatment for chronic pain of the trunk, limbs, and painful diabetic neuropathy.
- Neuromonitoring Services (IONM): Integrated software and nerve avoidance systems operated via NuVasive Clinical Services, offering onsite and remote real-time clinical monitoring for complex neurosurgical and spine procedures.
- Enabling Technologies (Robotics & Navigation): The Excelsius ecosystem, including ExcelsiusGPS (robotic guidance and navigation), Excelsius3D (multimodal intraoperative imaging), ExcelsiusHub (spine navigation array and registration platform), ExcelsiusFlex (robotic total knee arthroplasty platform), and ExcelsiusXR (wearable extended reality navigation headset).
Brand Portfolio
The Company protects its innovations through 984 registered trademarks and 199 pending trademarks worldwide. Core proprietary brands, systems, and platforms include:
- ExcelsiusGPS, Excelsius3D, ExcelsiusHub, ExcelsiusFlex, and ExcelsiusXR
- Surgimap
- HFX and 10kHz Therapy
- Senza
- Osteocel, Osteocel Plus, and Osteocel Pro
- SECURE-C and Simplify
- REFLECT
- ANTHEM and PRECICE
- COALITION MIS, CORBEL, MAGNIFY, HEDRON IA, INDEPENDENCE MIS, FORTIFY, XPAND, SABLE, RISE, ELSA, ALTERA, ARIEL, and CALIBER
Geographical Presence
Globus Medical operates across domestic and international territories, generating revenue in the United States and 64 other nations. Domestic net sales reached $2,367,596 thousand (80.6% of total revenue) in 2025, while international markets contributed $571,335 thousand (19.4% of total net sales), led by operations in Europe, the Middle East, Asia Pacific, and Latin America.
The Company maintains specialized infrastructure across its global operational network:
- Corporate Headquarters: Audubon, Pennsylvania (owned).
- Manufacturing and Fulfillment: Owned facilities in Audubon, Eagleville, and Limerick, Pennsylvania; West Carrollton, Ohio; Methuen, Massachusetts; and Memphis, Tennessee; in addition to cleanroom and device manufacturing in Costa Rica.
- Biologics Processing: Specialized facilities located in Audubon, Pennsylvania and San Antonio, Texas.
- Offices, Research, & Training: Domestic facilities in Arizona, California, Colorado, Illinois, Maryland, New Jersey, North Carolina, and Texas, accompanied by leased distribution warehouses and administrative offices in fourteen international jurisdictions.
Board of Directors and Leadership Team
The leadership structure of Globus Medical combines specialized medical technology expertise and operating governance:
- David C. Paul: Executive Chairman and Director
- Keith W. Pfeil: President, Chief Executive Officer, and Director
- Kyle R. Kline: Senior Vice President and Chief Financial Officer
- Kelly G. Huller: Executive Vice President and General Counsel
- Board Members: David D. Davidar, Robert A. Douglas, Daniel T. Lemaitre, Ann D. Rhoads, James R. Tobin, Stephen T. Zarrilli, John A. DeFord, Daniel J. Wolterman, and Leslie V. Norwalk.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Keith W. Pfeil, President and Chief Executive Officer
Future Strategy
The Company’s forward-looking strategic initiatives center on four key pillars:
- Leverage Product Development Capabilities: Drive rapid product cycles from concept to commercialization through the collaboration of surgeons, engineers, and dedicated in-house mechanical, kinematic, and cadaveric testing laboratories.
- Expand and Optimize the U.S. Commercial Network: Expand the footprint and technical specialization of directly-employed and distributor sales forces to increase account penetration across hospitals and ambulatory surgery centers.
- Scale International Market Penetration: Commercialize existing and new Musculoskeletal Solutions and Enabling Technologies platforms across key global regions, including Europe, Japan, Australia, and emerging markets.
- Drive Acquisition Synergies and Integration: Complete the post-merger integration of NuVasive and Nevro, harvesting supply chain efficiencies, harmonizing organizational structures, and realizing commercial cross-selling opportunities across spine, neuromodulation, and Enabling Technologies.
Key Strengths
- Vertically Integrated Manufacturing and R&D: In-house machine shops, robotics integration centers, testing laboratories, and biologics facilities reduce time-to-market for complex device families.
- Expansive Global Intellectual Property Portfolio: Proprietary position supported by 3,374 issued U.S. patents, 832 pending U.S. patent applications, 2,311 issued foreign patents, and 401 foreign applications as of December 31, 2025.
- Differentiated Enabling Ecosystem: Seamless procedural integration connecting preoperative software (Surgimap), multimodal intraoperative imaging (Excelsius3D), robotic guidance (ExcelsiusGPS), and heads-up navigation (ExcelsiusXR).
- Dedicated Clinical Support Model: Operating room representation by specialized technical representatives and real-time oversight from clinical neurophysiologists.
Key Challenges and Risks
- Third-Party Coverage and Reimbursement Headwinds: Dependence on Medicare, Medicaid, and private payor coverage determinations, prior authorization requirements, and shifting migration toward lower-reimbursed outpatient and ambulatory surgery centers.
- Integration Complexities: Potential operational challenges, restructuring friction, retention of key sales and technical personnel, and systems harmonization following large-scale integrations of NuVasive and Nevro.
- Supplier and Human Tissue Dependencies: Concentration of key third-party component suppliers and reliance on a limited number of tissue recovery banks for donor allograft bone tissue.
- Product Liability and Stringent Regulatory Environment: Compliance with FDA premarket requirements (510(k), PMA, HDE), international regulations (such as EU MDR), unannounced audits, warning letters, and industry-wide product liability exposure.
- Intellectual Property and Commercial Litigation: Significant exposure to industry patent litigation, trade secret claims, non-compete disputes, and contractual claims, including the Pimenta litigation verdict.
Conclusion and Strategic Outlook
With consolidated net sales reaching $2.94 billion in 2025, Globus Medical continues to solidify its role as a global contender across musculoskeletal healthcare, chronic pain management, and robotic surgery. Through the combination of NuVasive’s procedural access systems, Nevro’s proprietary 10kHz SCS platforms, and continuous in-house development of its Excelsius robotic ecosystem, the Company enters 2026 positioned to leverage operational scale and drive comprehensive surgical solutions globally.
Official Site
The official corporate website of Globus Medical, Inc. is located at: http://www.globusmedical.com
Income Statement / Profit and loss
All values are expressed in thousands of United States Dollars (USD), except per share data.
| Financial Metric | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Net sales | $2,938,931 | $2,519,355 | +16.65% |
| Cost of sales (exclusive of amortization of intangibles) | $957,802 | $1,035,479 | -7.50% |
| Research and development | $147,246 | $163,754 | -10.08% |
| Selling, general and administrative | $1,178,498 | $981,362 | +20.09% |
| Amortization of intangibles | $118,194 | $119,373 | -0.99% |
| Acquisition-related costs | $42,326 | $29,623 | +42.88% |
| Restructuring costs | $15,049 | $23,773 | -36.70% |
| Operating income | $479,816 | $165,991 | +189.06% |
| Interest income/(expense), net | $7,141 | $(4,189) | +70.47% |
| Foreign currency transaction gain/(loss) | $(3,006) | $(43,285) | -93.06% |
| Bargain purchase gain | $117,704 | $0 | N/A |
| Other income/(expense) | $3,413 | $2,205 | +54.78% |
| Total other income/(expense), net | $125,252 | $(45,269) | +176.68% |
| Income before income taxes | $605,068 | $120,722 | +401.21% |
| Income tax provision | $67,200 | $17,738 | +278.85% |
| Net income | $537,868 | $102,984 | +422.28% |
| Basic earnings per share | $3.98 | $0.76 | +423.68% |
| Diluted earnings per share | $3.92 | $0.75 | +422.67% |
| Weighted average shares outstanding – basic | 135,215 | 135,726 | -0.38% |
| Weighted average shares outstanding – diluted | 137,056 | 137,863 | -0.59% |
Balance sheet
All values are expressed in thousands of United States Dollars (USD), except per share data.
| Balance Sheet Item | As of December 31, 2025 | As of December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Cash and cash equivalents | $526,156 | $784,438 | -32.93% |
| Short-term marketable securities | $31,087 | $105,619 | -70.57% |
| Accounts receivable, net | $678,938 | $557,697 | +21.74% |
| Inventories | $759,277 | $659,233 | +15.18% |
| Prepaid expenses and other current assets | $65,426 | $49,640 | +31.80% |
| Income taxes receivable | $64,727 | $20,633 | +213.71% |
| Total current assets | $2,125,611 | $2,177,260 | -2.37% |
| Property and equipment, net | $564,452 | $561,909 | +0.45% |
| Operating lease right of use assets | $63,786 | $49,647 | +28.48% |
| Long-term marketable securities | $71,819 | $66,134 | +8.60% |
| Intangible assets, net | $745,064 | $795,117 | -6.30% |
| Goodwill | $1,435,033 | $1,432,387 | +0.18% |
| Other assets | $78,781 | $75,096 | +4.91% |
| Deferred income taxes | $218,215 | $94,200 | +131.65% |
| Total assets | $5,302,761 | $5,251,750 | +0.97% |
| Accounts payable | $98,852 | $75,118 | +31.60% |
| Accrued expenses | $333,586 | $260,591 | +28.01% |
| Operating lease liabilities, current | $14,738 | $10,249 | +43.80% |
| Income taxes payable | $4,155 | $10,725 | -61.26% |
| Senior convertible notes | $0 | $443,351 | -100.00% |
| Business acquisition liabilities, current | $19,513 | $33,739 | -42.16% |
| Deferred revenue | $27,655 | $22,140 | +24.91% |
| Total current liabilities | $498,499 | $855,913 | -41.76% |
| Business acquisition liabilities, net of current portion | $81,995 | $89,496 | -8.38% |
| Operating lease liabilities, non-current | $103,918 | $83,588 | +24.32% |
| Deferred income taxes and other tax liabilities | $23,756 | $23,889 | -0.56% |
| Other liabilities | $21,343 | $21,531 | -0.87% |
| Total liabilities | $729,511 | $1,074,417 | -32.10% |
| Class A common stock | $113 | $115 | -1.74% |
| Class B common stock | $22 | $22 | 0.00% |
| Additional paid-in capital | $3,169,812 | $3,031,244 | +4.57% |
| Accumulated other comprehensive income/(loss) | $15,346 | $(6,861) | +123.67% |
| Retained earnings | $1,387,957 | $1,152,813 | +20.40% |
| Total equity | $4,573,250 | $4,177,333 | +9.48% |
| Total liabilities and equity | $5,302,761 | $5,251,750 | +0.97% |
Cash flow
All values are expressed in thousands of United States Dollars (USD).
| Cash Flow Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | YoY Growth (%) |
|---|---|---|---|
| Net income | $537,868 | $102,984 | +422.28% |
| Bargain purchase gain | $(117,704) | $0 | N/A |
| Acquired in-process research and development | $0 | $12,613 | -100.00% |
| Depreciation and amortization | $276,842 | $253,389 | +9.26% |
| Provision for excess and obsolete inventory | $22,119 | $23,359 | -5.31% |
| Amortization of acquisition accounting fair value step-up | $26,112 | $242,050 | -89.21% |
| Stock-based compensation expense | $49,779 | $54,191 | -8.14% |
| Allowance for expected credit losses | $10,223 | $16,986 | -39.82% |
| Change in fair value of business acquisition liabilities | $13,462 | $26,521 | -49.24% |
| Change in deferred income taxes | $18,625 | $(125,902) | -85.21% |
| (Gain)/loss on disposal of assets, net | $12,525 | $5,552 | +125.59% |
| Payment of business acquisition-related liabilities | $(17,018) | $(18,763) | -9.30% |
| Net (gain)/loss from foreign currency adjustment | $(12,591) | $25,212 | -50.06% |
| Change in accounts receivable | $(52,182) | $(78,062) | -33.15% |
| Change in inventories | $(17,598) | $(29,860) | -41.06% |
| Change in prepaid expenses and other assets | $11,132 | $1,059 | +951.18% |
| Change in accounts payable | $8,487 | $17,663 | -51.95% |
| Change in accrued expenses and other liabilities | $34,217 | $5,023 | +581.21% |
| Change in income taxes payable/receivable | $(50,851) | $(13,377) | +280.14% |
| Net cash provided by operating activities | $753,447 | $520,638 | +44.72% |
| Purchases of marketable securities | $(107,531) | $(113,504) | -5.26% |
| Maturities of marketable securities | $63,880 | $58,666 | +8.89% |
| Sales of marketable securities | $115,608 | $11,851 | +875.51% |
| Purchases of property and equipment | $(164,679) | $(115,429) | +42.67% |
| Acquisition of businesses, net of cash acquired and assets purchased | $(252,546) | $(17,635) | +1332.07% |
| Acquisition of intangible assets | $(9,746) | $0 | N/A |
| Net cash used in investing activities | $(355,014) | $(176,051) | +101.65% |
| Payment of business acquisition-related liabilities | $(15,572) | $(45,619) | -65.87% |
| Net proceeds from exercise of stock options | $89,757 | $110,439 | -18.73% |
| Payments related to tax withholdings for share-based compensation | $(2,909) | $(6,729) | -56.77% |
| Repurchase of common stock | $(300,451) | $(85,787) | +250.23% |
| Repayment of senior convertible notes | $(449,985) | $0 | N/A |
| Net cash used in financing activities | $(679,160) | $(27,696) | +2352.20% |
| Effect of foreign exchange rates on cash | $22,445 | $255 | +8701.96% |
| Net increase/(decrease) in cash and cash equivalents | $(258,282) | $317,146 | -18.56% |
| Cash and cash equivalents at beginning of period | $784,438 | $467,292 | +67.87% |
| Cash and cash equivalents at end of period | $526,156 | $784,438 | -32.93% |
Subsidiaries & Joint Ventures
Material operating subsidiaries and corporate legal entities of Globus Medical, Inc. as of December 31, 2025:
- Branch Medical Group, LLC (Delaware)
- Fibriant BV (Netherlands)
- Globus Medical B.V. (Netherlands)
- Globus Medical Brazil LTDA (Brazil)
- Globus Medical Ireland LTD (Ireland)
- Globus Medical Japan GK (Japan)
- Globus Medical North America LLC (Pennsylvania)
- Globus Medical Technology International, LLC (Delaware)
- KB Medical SA (Switzerland)
- Nemaris, Inc. (Delaware)
- Nevro Medical SRL (Costa Rica)
- Nevro, LLC (Delaware)
- NuVasive (AUST/NZ) Pty. Ltd. (Australia)
- NuVasive Clinical Services Monitoring Inc. (Delaware)
- NuVasive Germany GmbH (Germany)
- NuVasive Italia S.r.l. (Italy)
- NuVasive Japan K.K. (Japan)
- NuVasive Netherlands B.V. (Netherlands)
- NuVasive, LLC (Delaware)
- Simplify Medical Pty. Ltd. (Australia)
- Transplant Technologies of Texas LTD (Texas)
Other Investments & Holdings
- Strategic Cost Method Investments: Recognized a gain on cost method investments of $2,400 thousand during 2025.
- Available-For-Sale Marketable Securities: Held a diversified portfolio valued at $102,906 thousand as of December 31, 2025 ($31,087 thousand short-term and $71,819 thousand long-term). The portfolio includes municipal bonds ($9,556 thousand), corporate debt securities ($37,427 thousand), commercial paper ($15,627 thousand), asset-backed securities ($19,178 thousand), and government, agency, and sovereign obligations ($21,118 thousand).
- Derivative Financial Instruments: Forward foreign currency contracts with an aggregate notional amount of $12,500 thousand were outstanding as of December 31, 2025 to mitigate intercompany exchange rate exposure.
- Biotechnology Share Acquisition: Completed a share acquisition of a research and development biotechnology business focused on hemostasis solutions for $12,000 thousand cash, with an additional $22,000 thousand in potential regulatory and manufacturing contingent milestone payments.
Physical properties
- Global Corporate Headquarters: Audubon, Pennsylvania (Company-owned facility).
- Domestic Manufacturing and Fulfillment Facilities: Eagleville, Pennsylvania; Limerick, Pennsylvania; West Carrollton, Ohio; Methuen, Massachusetts; and Memphis, Tennessee (Company-owned).
- International Manufacturing Facility: Alajuela, Costa Rica (acquired via the Nevro Merger).
- Domestic Administrative, Research, and Training Facilities: Leased locations in Arizona, California, Colorado, Illinois, Maryland, New Jersey, North Carolina, and Texas, along with one owned facility in San Antonio, Texas.
- International Warehousing and Distribution Hubs: Leased distribution warehouses and commercial operating facilities across 14 countries outside the United States.
Investments and capital expenditure
- Property and Equipment Additions: Cash capital expenditures totaled $164,679 thousand in 2025 compared to $115,429 thousand in
- In addition, accrued capital expenditures for property and equipment were $13,454 thousand as of December 31, 2025.
* Surgical Instrumentation Investments: Capitalized surgical instruments, modules, and cases amounted to $813,488 thousand at gross cost as of December 31, 2025, compared to $741,125 thousand as of December 31, 2024.
* Research and Development Expenditures: Expensed $147,246 thousand in 2025 compared to $163,754 thousand in 2024.
* Acquisitions and Technology Licenses:
- Nevro Merger cash purchase price: $252,546 thousand, net of cash acquired.
- Software and Technology Licenses: €8,000 thousand ($9,400 thousand) agreement for INR division software, and $5,000 thousand for spinal patent portfolio licenses.
Shareholding pattern / Ownership
Holdings and voting rights distribution as of December 31, 2025:
| Shareholder Category | Shares Held | % Equity Stake | Previous % Stake |
|---|---|---|---|
| David C. Paul and Family (Class A and Class B Common Stock) | 22,284,112 | 16.50% | Not Disclosed |
| All Executive Officers and Directors as a Group (Affiliates) | 22,554,222 | 16.70% | Not Disclosed |
| Other Class A Common Stockholders (Public and Institutional) | 90,340,904 | 66.89% | Not Disclosed |
| Other Class B Common Stockholders | 145,985 | 0.11% | Not Disclosed |
- Dual-Class Capital Structure: Holders of Class A Common Stock are entitled to 1 vote per share, while holders of Class B Common Stock are entitled to 10 votes per share.
- Voting Power Concentration: David C. Paul and family members controlled approximately 66.1% of the total voting power as of December 31, 2025. All executive officers and directors as a group controlled approximately 66.3% of the total voting power as of December 31, 2025.
- Outstanding Share Totals: As of December 31, 2025, there were 112,625,126 shares of Class A Common Stock and 22,430,097 shares of Class B Common Stock issued and outstanding (135,055,223 total common shares). As of February 20, 2026, there were 135,253,051 total common shares outstanding.