AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) posted record financial results for both the fourth quarter and full year of 2024, reflecting outstanding revenue growth fueled by its merger with NuVasive and strong performance across its portfolio of spine products and enabling technology.
For the fourth quarter, Globus Medical reported worldwide net sales of $657.3 million, marking a 6.6% year-over-year increase on an as-reported basis and 6.9% on a constant currency basis. U.S. sales rose 6.3%, while international revenue grew 7.7% as-reported and 8.9% in constant currency. GAAP net income for the quarter reached $26.5 million, representing a 76.3% increase compared to the same period in 2023. Non-GAAP diluted EPS climbed to $0.84, a 35.7% jump year-over-year.
For the full year, the company achieved worldwide net sales of $2.52 billion, a remarkable 60.6% increase as-reported and 61.1% in constant currency compared to 2023. U.S. sales surged 56.3%, while international sales soared 79.9% as-reported and 82.7% in constant currency. Annual GAAP net income was $103 million, while non-GAAP adjusted EBITDA stood at $735 million, accounting for 29.2% of total net sales.
“I’m proud of our team at Globus Medical, delivering incredible results for 2024. We made significant progress integrating the business and creating a strong foundation for future growth while remaining focused on improving patient outcomes,” stated Dan Scavilla, President and CEO. “Our spine sales force is the most dedicated and talented team in the market. Our innovation engine delivered a record amount of new product launches in 2024 and remains unmatched in our industry.”
The merger with NuVasive played a vital role in driving growth, elevating sales volumes in spine-related products and advancing Globus Medical’s enabling technologies. COO-CFO Keith Pfeil commented, “Our financial results demonstrate the potential of our combined organization and the growing value creation from the merger. Despite the complexities of integration, we delivered record fourth quarter and full year sales, while maintaining our disciplined approach to operational excellence and cost management.” Pfeil praised the company’s ability to exceed strategic objectives during a complex integration process, unlocking operational efficiencies and delivering record cash flow.
Looking ahead to 2025, Globus Medical reaffirmed its annual revenue guidance of $2.66 billion to $2.69 billion, with non-GAAP earnings per share expected between $3.40 and $3.50. Anticipating the closing of its acquisition of Nevro, Inc. by mid-year, the company projected revenue to increase to a range of $2.80 billion to $2.90 billion, with non-GAAP EPS between $3.10 and $3.40.
With record-breaking performance in 2024 and a solid growth trajectory, Globus Medical is positioned to redefine the spine care market further, delivering both innovation and operational excellence.
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