Globus Medical, Inc. (NYSE: GMED): Corporate Profile & Financials
Source: Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025
Quick Facts / Company Snapshot
| Metric / Attribute | Disclosed Detail |
|---|---|
| Legal Name | Globus Medical, Inc. |
| Common Name | Globus Medical |
| Headquarters | 2560 General Armistead Avenue, Audubon, PA 19403-5214, United States |
| Date of Incorporation | March 2003 (State of Delaware) |
| Official Website | https://www.globusmedical.com |
| Exchange & Ticker Symbol | New York Stock Exchange (NYSE): GMED |
| Industry | Medical Devices & Healthcare Solutions |
| Fiscal Year-End | December 31 |
| Principal Operating Regions | United States, Europe & Middle East, Asia Pacific, Latin America (commercial operations in 65 countries) |
| Principal Product Categories | Musculoskeletal Solutions, Enabling Technologies |
Company Overview
Globus Medical, Inc. is an engineering-driven medical device company dedicated to developing and commercializing healthcare solutions for patients with musculoskeletal disorders. Headquartered in Audubon, Pennsylvania, and founded in 2003, the company designs, manufactures, and markets advanced products and clinical solutions to help surgeons effectively treat conditions affecting the spine, orthopedic trauma, and joint reconstruction. Globus Medical works closely with healthcare providers, ambulatory surgery centers, and hospitals to deliver procedurally integrated technologies aimed at improving clinical outcomes and operating room efficiency.
Globus Medical operates globally under one reportable segment while categorizing its offerings into two main product categories: Musculoskeletal Solutions and Enabling Technologies. The company sells its solutions primarily through an exclusive sales model. In the United States, distribution is handled by a combination of directly employed sales representatives and exclusive independent distributor representatives. Internationally, products and services are commercialized through direct sales personnel and exclusive or non-exclusive independent international distributors across 64 foreign countries.
The company operates a network of wholly owned subsidiaries and consolidated operating entities. Key historical and recent acquisitions include NuVasive, Inc. (acquired September 1, 2023) and Nevro Corp. (acquired April 3, 2025). Globus Medical also operates NuVasive Clinical Services, which provides intraoperative neuromonitoring (IONM) services in tandem with contracted professional physician practices (PCs) that are evaluated as variable interest entities (VIEs) and consolidated within its financial statements.
Business Segments
Globus Medical manages its global operations under a single reportable operating segment structure. For sales analysis and commercial disclosure, management categorizes revenues into two distinct product and service groups:
Musculoskeletal Solutions
Musculoskeletal Solutions represents the company’s core implantable products, regenerative biologics, orthopedic hardware, neuromodulation platforms, and clinical services. These products address a wide spectrum of degenerative, traumatic, deformity, tumor, and pain pathologies across spine, extremities, and joints. In fiscal year 2025, Musculoskeletal Solutions generated net sales of $2,797,923 thousand (comprising 95.2% of total net sales), compared to $2,365,352 thousand in 2024 and $1,448,260 thousand in 2023.
Enabling Technologies
Enabling Technologies encompasses advanced computer-assisted intelligent systems, including imaging, navigation, and robotics (INR) platforms and surgical planning software. These solutions are engineered to enhance surgical precision, reduce intraoperative radiation exposure, minimize invasiveness, and shorten surgical procedure times. In fiscal year 2025, Enabling Technologies generated net sales of $141,008 thousand (comprising 4.8% of total net sales), compared to $154,003 thousand in 2024 and $120,216 thousand in 2023.
History and Evolution
Since its founding in March 2003, Globus Medical has evolved from a spine-focused implant maker into a comprehensive medical technology supplier covering broad musculoskeletal pathologies, trauma, arthroplasty, spinal cord stimulation, and surgical robotics. Key milestones in the company’s evolution include:
- 2003: Globus Medical, Inc. is incorporated in Delaware and establishes headquarters in Audubon, Pennsylvania.
- 2012: The company completes its initial public offering on the New York Stock Exchange under the ticker “GMED.”
- 2018: Globus Medical expands its digital healthcare portfolio by acquiring Nemaris Inc., developer of the Surgimap® cloud-based surgical planning software. The company also officially enters the orthopedic trauma commercial market.
- 2020: The company acquires Synoste Oy, a Finnish engineering company specializing in active limb lengthening technologies.
- 2021: Acquisition of Capstone Surgical Technologies, LLC, expanding intellectual property in drill and robotic platforms.
- 2022: Acquisition of Harvest Biologics LLC, focused on autologous biologic production systems. Commercial launch of the Excelsius3D™ imaging system.
- September 1, 2023: Globus completes the merger with NuVasive, Inc. through an all-stock transaction valued at approximately $2.604 billion, acquiring leading lateral spine access tools, magnetically adjustable implants, and an established intraoperative neuromonitoring service organization.
- 2024: Acquires a biotechnology company focused on research and development for hemostasis solutions. Commercial launches of the ExcelsiusHub® navigation system and ExcelsiusFlex® total knee arthroplasty robotic platform.
- April 3, 2025: Globus completes the acquisition of Nevro Corp. for $5.85 cash per share (total purchase consideration of $252.5 million), expanding its therapeutic reach into spinal cord stimulation (SCS) and chronic pain management.
- 2025: Launch of Excelsius XR®, a wearable extended reality navigation headset, and commercial release of the Reline™ 3D Towers for complex spine procedures.
Products and Services
Globus Medical provides a procedurally integrated clinical portfolio designed around surgeon workflow, patient anatomy, and procedural flexibility:
Spine & Joint Implants (Musculoskeletal Solutions)
- Fusion Systems: Comprehensive pedicle screw and rod fixation systems, cervical/thoraco-lumbar plating systems, interbody fusion spacers, and corpectomy devices designed for minimally invasive surgery (MIS) and open surgical techniques. Includes expandable interbody and corpectomy technology platforms.
- Motion Preservation & Non-Fusion: Total disc replacement technology, including the SECURE-C® and Simplify® Cervical Artificial Discs, dynamic stabilization devices, and interspinous distraction implants.
- Deformity Correction: Specialized complex deformity implants, including the REFLECT™ Scoliosis Correction System, approved under Humanitarian Device Exemption (HDE) rules.
- Regenerative Biologics: Advanced bone graft substitutes, allograft tissues, cellular matrices, and synthetic solutions, anchored by the Osteocel Plus and Osteocel Pro product lines.
- Orthopedic Trauma: Comprehensive upper/lower extremity and pelvic fracture systems, including the PRECICE™ limb lengthening platform and the ANTHEM™ fracture plating system, along with intramedullary nails and cannulated screws.
- Joint Arthroplasty: Primary and revision total hip and partial/total knee reconstruction systems.
Spinal Cord Stimulation & Neuromonitoring Services (Musculoskeletal Solutions)
- Spinal Cord Stimulation (SCS): Acquired through Nevro, the HFX™ SCS platform and Senza® SCS system deliver proprietary 10kHz Therapy™ for non-pharmacological relief of chronic trunk and limb pain, failed back surgery syndrome, and painful diabetic neuropathy.
- Intraoperative Neuromonitoring (IONM): Provided through NuVasive Clinical Services, offering onsite and remote real-time monitoring of patients’ neurological systems during complex spinal and neurosurgical procedures.
Enabling Technologies
- ExcelsiusGPS®: Flagship robotic guidance and navigation system supporting rigid arm positioning and real-time intraoperative tracking for spine and cranial applications.
- Excelsius3D™: A 3D/2D mobile intraoperative imaging system offering fluoroscopy, 2D, and 3D computerized tomography (CT) imaging modalities with position memory.
- ExcelsiusHub®: A compact spine navigation platform featuring patient array monitoring, tissue-sparing drills, and flexible registration options.
- ExcelsiusFlex®: A robotic total knee arthroplasty platform offering imageless and CT-based registration workflows.
- Excelsius XR®: A wearable extended reality headset providing surgeons with heads-up intraoperative visualization and cockpit-like surgical control.
- Surgimap®: A cloud-based surgical planning software platform utilizing predictive alignment algorithms and visual guidance for spine deformity procedures.
Brand Portfolio
As of December 31, 2025, Globus Medical’s global intellectual property portfolio included 984 registered trademarks and 199 pending trademarks. Key corporate and product brands owned by the company include:
| Category | Trademarks & Brand Names |
|---|---|
| Enabling Technologies Platforms | Excelsius®, ExcelsiusGPS®, Excelsius3D™, ExcelsiusHub®, ExcelsiusFlex®, Excelsius XR®, Surgimap® |
| Spine & Motion Preservation | SECURE-C®, Simplify®, REFLECT™, COALITION MIS®, CORBEL®, MAGNIFY®-S, HEDRON IA™, INDEPENDENCE MIS®, FORTIFY®, XPAND®, SABLE®, RISE®, ELSA®, ALTERA®, ARIEL®, CALIBER®, Modulus®, Reline™ 3D Towers |
| Neuromodulation & Pain Therapy | HFX™, Senza®, 10kHz Therapy™ |
| Trauma & Biologics | PRECICE™, ANTHEM™, Osteocel Plus, Osteocel Pro |
Geographical Presence
Globus Medical sells its solutions across 65 countries globally, maintaining direct or distributor sales operations in the United States and 64 foreign jurisdictions. Commercial revenue generated by region is summarized below:
| Geographic Region | FY 2025 Net Sales ($ in thousands) | % of Total Net Sales | FY 2024 Net Sales ($ in thousands) | Latest YoY (%) |
|---|---|---|---|---|
| United States | $2,367,596 | 80.6% | $2,000,067 | +18.38% |
| International | $571,335 | 19.4% | $519,288 | +10.02% |
| Total Consolidated | $2,938,931 | 100.0% | $2,519,355 | +16.65% |
Within international markets, revenue growth in 2025 was led by the Europe and Middle East region (up $49.9 million) and the Asia Pacific region (up $4.6 million), partially offset by a $2.4 million decline in Latin America. Property and equipment net book value outside the U.S. stood at $59,733 thousand as of December 31, 2025, compared to $504,719 thousand located in the U.S.
Primary Facilities:
- Corporate Headquarters: Audubon, Pennsylvania (Owned administrative, R&D, and biologics facility).
- Manufacturing & Assembly: Facilities in Eagleville, PA; Limerick, PA; West Carrollton, OH; San Antonio, TX; Methuen, MA (robotic system assembly); and Costa Rica (SCS device manufacturing facility acquired via Nevro).
- International Logistics & Warehousing: Leased administrative and warehouse facilities in 14 foreign countries.
Competitor Analysis
The medical device industry surrounding musculoskeletal disorders, spinal implants, spinal cord stimulation, and surgical robotics is highly competitive and rapidly consolidating. Globus Medical competes directly with major global medical technology manufacturers as well as specialized spinal device companies:
- Major Competitors Identified in Filing: Medtronic, DePuy Synthes (Johnson & Johnson), Stryker, Zimmer Biomet, and Smith + Nephew.
- Other Specialized Competitors: Alphatec Holdings, Orthofix, Integra LifeSciences, ZimVie, VB Spine, and Boston Scientific.
Competitive Dimensions: Globus Medical competes primarily on the speed and responsiveness of its product development engine, product quality and clinical performance, breadth of procedurally integrated solutions, robotic and navigation technology, intellectual property enforcement, and the clinical expertise and availability of its dedicated sales representatives in the operating room. The market is also influenced by Physician-Owned Distributorships (PODs), which create regional competitive and pricing pressure. Globus Medical does not sell or distribute any of its products through PODs.
Operating Performance and Business Drivers
Consolidated net sales reached $2,938,931 thousand in fiscal 2025, representing a year-over-year increase of $419,576 thousand, or 16.7%. Growth was driven primarily by the inclusion of Nevro revenues ($293.6 million total, including $254.2 million in domestic sales and $39.4 million internationally) and an organic expansion in domestic Musculoskeletal Solutions of $125.7 million. Domestic Enabling Technologies sales experienced a modest decline of $17.3 million due to lower unit placements, while international Enabling Technologies sales rose by $4.3 million.
Gross margin performance improved significantly during 2025. Cost of sales (exclusive of amortization of intangibles) decreased by $77,677 thousand (7.5%) to $957,802 thousand, representing 32.6% of net sales compared to 41.1% in fiscal 2024. The primary driver of gross margin expansion was the burn-off of acquisition-related inventory fair value step-up amortization. In 2024, cost of sales included $215.4 million of step-up amortization related to NuVasive inventory, whereas 2025 reflected $19.3 million of step-up amortization related to Nevro inventory.
Operating expenses shifted due to acquisition integration and litigation matters:
- Research & Development (R&D): R&D expenses decreased 10.1% to $147,246 thousand (5.0% of net sales) from $163,754 thousand in 2024. The reduction was attributable to a $21.9 million drop in core employee-related expenses and a $12.6 million decrease in acquired in-process research, partially offset by $15.2 million of incremental R&D expenses from Nevro.
- Selling, General & Administrative (SG&A): SG&A expenses increased 20.1% to $1,178,498 thousand (40.1% of net sales) compared to $981,362 thousand in 2024. This growth was driven by $160.2 million in operating expenses from Nevro and a $37.4 million net increase in litigation provisions, highlighted by a $43.1 million third-quarter legal accrual for the Pimenta litigation.
- Bargain Purchase Gain: Operating results benefited from a non-taxable $117,704 thousand gain on bargain purchase recorded upon completing the Nevro acquisition, driven primarily by the fair value of net operating loss (NOL) deferred tax assets exceeding the cash purchase price.
- Net Income: Consolidated net income for fiscal year 2025 was $537,868 thousand ($3.92 diluted earnings per share), compared to $102,984 thousand ($0.75 diluted earnings per share) in 2024.
Board of Directors and Leadership Team
Globus Medical is led by an executive management team and a 10-member Board of Directors:
Executive Management
- David C. Paul: Executive Chairman of the Board of Directors
- Keith W. Pfeil: President, Chief Executive Officer, and Director (appointed CEO in July 2025, succeeding former CEO Daniel T. Scavilla)
- Kyle R. Kline: Senior Vice President and Chief Financial Officer
- Kelly G. Huller: Executive Vice President and General Counsel
Board of Directors
The Board of Directors consists of David C. Paul (Executive Chairman), Keith W. Pfeil, 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. Because Executive Chairman David C. Paul controls approximately 66.1% of the total voting power of Globus capital stock as of December 31, 2025, Globus Medical qualifies for and utilizes the “controlled company” exemptions under New York Stock Exchange corporate governance rules.
Future Strategy and Business Priorities
Globus Medical’s overarching strategy is to achieve global leadership in musculoskeletal healthcare technology through four strategic pillars:
- Product Development Engine: Maintain a rapid pace of commercial innovation by launching complex procedurally integrated technologies. Following 9 product launches in 2025, the company intends to expand its Excelsius® ecosystem (combining robotics, 3D imaging, navigation, and XR software) across spine and joint arthroplasty applications.
- Sales Force Expansion: Continue expanding the size, geographic reach, and clinical expertise of its exclusive direct and independent distributor sales forces in the U.S., driving market share gains in core spine, trauma, and neuromodulation.
- International Commercial Scale: Increase market penetration in direct markets and expand foreign distributor presence across Europe, Asia Pacific, and Latin America.
- Selective Strategic M&A: Pursue disciplined acquisitions and technology licensing opportunities that provide complementary technology platforms, expand market access, or deliver operational synergies—similar to the integration of NuVasive and Nevro.
Key Strengths
- Integrated Engineering & In-House Manufacturing: Centralized design, rapid prototyping, biomechanical testing, cadaveric laboratories, and internal precision manufacturing capabilities in Pennsylvania, Ohio, Massachusetts, and Costa Rica accelerate time-to-market.
- Procedurally Integrated Portfolio: Broad technology footprint combining implants, biologics, spinal cord stimulation, IONM services, and digital surgery tools (INR systems).
- Excelsius® Ecosystem: Proprietary hardware and software integration uniting intraoperative robotic guidance, 3D imaging, navigation tracking, and extended reality visualization.
- Exclusive Direct & Distributor Sales Force: High level of operating room support and technical expertise provided by dedicated sales representatives.
- Robust Intellectual Property: Ownership of 3,374 issued U.S. patents and 2,311 issued foreign patents protecting core product mechanisms and software platforms.
Key Challenges and Risks
- Acquisition Integration Risks: Challenges in realizing expected commercial synergies, operational cost savings, and organizational alignment following the large-scale acquisitions of NuVasive and Nevro.
- Regulatory Oversight & Inspections: Exposure to stringent FDA pre-market and post-market controls. In July 2024, Globus Medical received an FDA Warning Letter citing deficiencies in complaint handling, risk reconciliation, and MDR reporting procedures related to the ExcelsiusGPS® system. The warning letter remained open as of February 24, 2026.
- Intellectual Property & Legal Proceedings: Ongoing patent litigation and contractual disputes. In November 2025, a jury awarded $28.7 million in damages against NuVasive in the Pimenta Litigation, resulting in a total accrued liability of $43.1 million (including statutory interest and costs) as of December 31, 2025.
- Coverage & Reimbursement Pressures: Dependence on third-party payor reimbursement levels, prior authorization policies, and restrictive medical policies for spinal fusion, artificial discs, and SCS therapies.
- Supplier & Tissue Dependencies: Reliance on single-source or limited suppliers for critical component parts and raw human tissue for allograft biologics processing under National Organ Transplant Act (NOTA) standards.
- Voting Control Concentration: Executive Chairman David C. Paul controls 66.1% of aggregate voting power through Class B Common stock ownership, limiting the influence of Class A public stockholders.
Conclusion and Strategic Outlook
Globus Medical has established a comprehensive scale in musculoskeletal technology, expanding its foundation in spinal implants and surgical robotics into spinal cord stimulation, pain management, and specialized trauma care. Through the successful execution of its product development model and the integration of major acquisitions like NuVasive and Nevro, the company generated $2.94 billion in net sales in fiscal year 2025. Moving forward, management’s strategic focus centers on extracting commercial and operational synergies, resolving regulatory and legal contingencies, driving international adoption, and expanding the clinical footprint of the Excelsius® digital surgery ecosystem.
Official Site
Official Corporate Website: https://www.globusmedical.com
Financial Statements
Unless otherwise stated, all monetary figures are presented in U.S. Dollars ($) and in thousands, except share and per share data.
Earnings, Expenses, & Take-Home Profits
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Latest YoY (%) |
|---|---|---|---|
| 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/(loss) | 479,816 | 165,991 | +189.06% |
| Interest income/(expense), net | 7,141 | (4,189) | N/M |
| Foreign currency transaction gain/(loss) | (3,006) | (43,285) | -93.06% |
| Bargain purchase gain | 117,704 | — | – |
| Other income/(expense) | 3,413 | 2,205 | +54.78% |
| Total other income/(expense), net | 125,252 | (45,269) | N/M |
| Income/(loss) before income taxes | 605,068 | 120,722 | +401.21% |
| Income tax provision/(benefit) | 67,200 | 17,738 | +278.85% |
| Net income/(loss) | $537,868 | $102,984 | +422.28% |
| Earnings per share – Basic | $3.98 | $0.76 | +423.68% |
| Earnings per share – Diluted | $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% |
Assets, Debts, & Corporate Wealth
| Line Item | As of December 31, 2025 | As of December 31, 2024 | Latest YoY (%) |
|---|---|---|---|
| Cash and cash equivalents | $526,156 | $784,438 | -32.93% |
| Short-term marketable securities | 31,087 | 105,619 | -70.57% |
| Accounts receivable, net of allowances of $33,434 and $15,505, respectively | 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 | 14,738 | 10,249 | +43.80% |
| Income taxes payable | 4,155 | 10,725 | -61.26% |
| Senior convertible notes | — | 443,351 | – |
| Business acquisition liabilities | 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 | 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; $0.001 par value | 113 | 115 | -1.74% |
| Class B common stock; $0.001 par value | 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) | N/M |
| 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: Tracking the Money Movement
| Line Item | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Latest YoY (%) |
|---|---|---|---|
| Net income | $537,868 | $102,984 | +422.28% |
| Bargain purchase gain | (117,704) | — | – |
| Acquired in-process research and development | — | 12,613 | – |
| 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) | N/M |
| (Gain)/loss on disposal of assets, net | 12,525 | 5,552 | +125.59% |
| Payment of business acquisition-related liabilities (operating) | (17,018) | (18,763) | -9.30% |
| Net (gain)/loss from foreign currency adjustment | (12,591) | 25,212 | N/M |
| (Increase) decrease in accounts receivable | (52,182) | (78,062) | -33.15% |
| (Increase) decrease in inventories | (17,598) | (29,860) | -41.06% |
| (Increase) decrease in prepaid expenses and other assets | 11,132 | 1,059 | +951.18% |
| Increase (decrease) in accounts payable | 8,487 | 17,663 | -51.95% |
| Increase (decrease) in accrued expenses and other liabilities | 34,217 | 5,023 | +581.21% |
| Increase (decrease) in income taxes payable/receivable | (50,851) | (13,377) | +280.14% |
| Net cash provided by/(used in) 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 purchases of intangible and other assets | (252,546) | (17,635) | +1332.07% |
| Acquisition of intangible assets | (9,746) | — | – |
| Net cash provided by/(used in) investing activities | (355,014) | (176,051) | +101.65% |
| Payment of business acquisition-related liabilities (financing) | (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) | — | – |
| Net cash provided by/(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 | N/M |
| 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
| Entity Name | Country or Jurisdiction | Relationship | Disclosed Ownership Interest |
|---|---|---|---|
| NuVasive, Inc. | United States | Consolidated Subsidiary | 100% |
| Zebra Merger Sub Inc. | United States | Merged into NuVasive, Inc. | 100% (prior to merger) |
| Nevro Corp. | United States | Consolidated Subsidiary | 100% |
| Palmer Merger Sub, Inc. | United States | Merged into Nevro Corp. | 100% (prior to merger) |
| Synoste Oy | Finland | Consolidated Subsidiary | 100% |
| Capstone Surgical Technologies, LLC | United States | Consolidated Subsidiary | 100% |
| Harvest Biologics LLC | United States | Consolidated Subsidiary | 100% |
| Nemaris Inc. | United States | Consolidated Subsidiary | 100% |
| NuVasive Clinical Services Monitoring, Inc. | United States | Consolidated Subsidiary / Guarantor | 100% |
| Branch Medical Group | United States | Consolidated Subsidiary / Guarantor | 100% |
| Physician Practices (PCs) associated with NuVasive Clinical Services | United States | Variable Interest Entities (Consolidated) | Not Disclosed |
Other Investments & Holdings
The filing discloses the following minority/cost method investments and asset acquisitions:
- R&D Biotechnology Acquisition: In the first quarter of 2024, the Company completed a share acquisition of a biotechnology company focused on research and development for hemostasis solutions, obtaining IPR&D technology.
- Cost Method Investments: During the year ended December 31, 2025, the Company recognized a gain on cost method investments of $2.4 million in other income/(expense).
Physical Properties
| Facility Location | Facility Type / Function | Ownership / Lease Status |
|---|---|---|
| Audubon, Pennsylvania | Corporate Headquarters, Administrative, Biologics Processing | Owned |
| San Antonio, Texas | Administrative / Research / Biologics Processing | Owned |
| Eagleville, Pennsylvania | Manufacturing (Implants) | Owned |
| Limerick, Pennsylvania | Manufacturing (Implants) | Owned |
| West Carrollton, Ohio | Manufacturing (Implants) | Owned |
| Methuen, Massachusetts | Assembly (Excelsius Robotic Systems) | Owned |
| Memphis, Tennessee | Manufacturing & Fulfillment | Owned |
| Costa Rica | Manufacturing (Senza SCS Platform / Spinal Cord Stimulation) | Owned (via Nevro Merger) |
| Arizona, California, Colorado, Illinois, Maryland, New Jersey, North Carolina, Texas | Administrative Offices, Research, and Training Facilities | Leased |
| 14 Foreign Countries | Distribution Warehouses and Administrative Offices | Leased |
Investments and Capital Expenditure
| Expenditure / Commitment Category | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Latest YoY (%) |
|---|---|---|---|
| Purchases of property and equipment (Capital Expenditure) | $164,679 | $115,429 | +42.67% |
| Research and development expense | $147,246 | $163,754 | -10.08% |
| Acquisition of intangible assets | $9,746 | — | – |
| Acquisition of businesses, net of cash acquired | $252,546 | $17,635 | +1332.07% |
Contractual Purchase Obligations: As of December 31, 2025, total minimum annual volume commitments to purchase inventory under supplier contracts were $36,147 thousand ($34,756 thousand due in less than 1 year, $1,035 thousand in 1–3 years, and $356 thousand in 3–5 years).
Share Capital and Outstanding Shares
| Share Class or Item | Reported Shares / Amount | Reporting Date / Basis |
|---|---|---|
| Class A Common Stock ($0.001 par value) – Authorized | 500,000,000 shares | As of December 31, 2025 |
| Class A Common Stock ($0.001 par value) – Issued and Outstanding | 112,625,126 shares | As of December 31, 2025 |
| Class A Common Stock ($0.001 par value) – Issued and Outstanding | 114,990,219 shares | As of December 31, 2024 |
| Class B Common Stock ($0.001 par value) – Authorized | 275,000,000 shares | As of December 31, 2025 |
| Class B Common Stock ($0.001 par value) – Issued and Outstanding | 22,430,097 shares | As of December 31, 2025 |
| Class B Common Stock ($0.001 par value) – Issued and Outstanding | 22,430,097 shares | As of December 31, 2024 |
| Total Common Stock Shares Outstanding (Class A & Class B) | 135,253,051 shares | As of February 20, 2026 |
| Preferred Stock ($0.001 par value) – Authorized | 35,000,000 shares | As of December 31, 2025 |
| Preferred Stock ($0.001 par value) – Issued and Outstanding | 0 shares | As of December 31, 2025 |
| Class A Common Stock Repurchased and Retired | 4,288 thousand shares | Year Ended December 31, 2025 |
| Class A Common Stock Repurchased and Retired | 1,627 thousand shares | Year Ended December 31, 2024 |
| Weighted-Average Shares – Basic | 135,215 thousand shares | Year Ended December 31, 2025 |
| Weighted-Average Shares – Diluted | 137,056 thousand shares | Year Ended December 31, 2025 |
Frequently Asked Questions
What are the core business categories of Globus Medical?
Globus Medical categorizes its revenues into two main groups: Musculoskeletal Solutions (spinal fusion implants, artificial discs, scoliosis correction, regenerative biologics, trauma hardware, joint implants, spinal cord stimulation platforms, and IONM clinical services) and Enabling Technologies (imaging, navigation, robotics platforms, and surgical planning software).
When did Globus Medical acquire NuVasive and Nevro Corp.?
Globus Medical completed the acquisition of NuVasive, Inc. on September 1, 2023, in an all-stock transaction valued at approximately $2.604 billion. Globus completed the acquisition of Nevro Corp. on April 3, 2025, in an all-cash transaction valued at $252.5 million ($5.85 per share).
What are Globus Medical’s primary surgical robotics and navigation offerings?
The company’s digital surgery line is led by the Excelsius® platform, which includes the ExcelsiusGPS® robotic guidance system, the Excelsius3D™ intraoperative imaging platform, the ExcelsiusHub® compact navigation system, the ExcelsiusFlex® robotic total knee platform, and the Excelsius XR® extended reality headset, supported by Surgimap® planning software.
What was Globus Medical’s net sales and net income for fiscal year 2025?
For the fiscal year ended December 31, 2025, Globus Medical reported total net sales of $2,938,931 thousand (a 16.7% increase over 2024) and net income of $537,868 thousand. Net income included a $117,704 thousand non-taxable bargain purchase gain associated with the Nevro acquisition.
Who serves as Chief Executive Officer of Globus Medical?
Keith W. Pfeil serves as President, Chief Executive Officer, and Director of Globus Medical, having been appointed CEO in July 2025. David C. Paul serves as Executive Chairman of the Board of Directors.
Note: Financial ratios, margins, year-over-year (YoY) growth rates, and percentage shares of revenue are calculated by FirmsWorld based on figures reported in the company’s official SEC filing.