脊柱手术机器人是一种专用于脊柱外科手术的智能辅助手术系统，通过集成精准定位、三维影像导航、机械臂控制及实时反馈技术，帮助外科医生在复杂 脊柱手术中实现更高的手术精度与安全性。该系统能够在椎体置钉、椎间融合及脊柱畸形矫正等手术环节中，提供稳定的手术轨迹规划、减少手术创伤和 并发症风险，同时提升手术效率和患者恢复质量，体现了数字化、微创化和智能化手术发展的趋势。 全球 脊柱手术机器人 市场前 9 强生产商排名及市场占有率（基于 2 024 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内脊柱手术机器人生产商主要包括 Medtronic 、 Globus Medical 、 Zimmer Biomet 、天智航、 Brainlab 等。 2024 年，全球前四大厂商占有大约 94.0% 的市场份额。 脊柱手术机器人 ，全球市场规模，按产品类型细分，引导式手术机器人处于主导地位 就产品类型而言，目前引导式手术机器人是最主要的细分产品，占据大约 99.0% 的份额。 据 QYResearch 调研团队最新报告"全球脊柱手术机器人市场报告 2025-2031 ...

Core Insights - Globus Medical, Inc. (GMED) is experiencing strong demand for its Musculoskeletal Solutions products, with a series of product launches expected to drive growth in upcoming quarters [1][4] - The company has faced a 16.6% decline in stock value over the past year, compared to a 15.2% decline in the industry and a 17.4% increase in the S&P 500 [2] - GMED has a market capitalization of $7.94 billion and an earnings yield of 5.4%, significantly higher than the industry's -4.9% yield [2] Tailwinds for GMED Stock - The U.S. Spine business has shown a year-over-year growth of 5.7% in the second quarter, contributing positively to GMED's market share in musculoskeletal solutions [4] - The core trauma product portfolio has experienced a remarkable 35% year-over-year growth, driven by new investments and an expansion strategy [4] - The recent acquisition of Nevro opens up a $2.5 billion market opportunity, enhancing GMED's presence in the musculoskeletal market [5] - New product launches, including DuraPro and Verzera, demonstrate GMED's commitment to research and development [6][9] Headwinds for GMED Stock - GMED is exposed to currency exchange rate fluctuations, with international sales accounting for approximately 19.4% of total net sales in the second quarter of 2025 [10] - The competitive landscape in the musculoskeletal devices market is intense, requiring GMED to continuously innovate and acquire new products to maintain market share [11] Financial Estimates - The Zacks Consensus Estimate for GMED's 2025 earnings per share (EPS) has increased by 1.3% to $3.21, while the revenue estimate is projected at $2.85 billion, indicating a 13% rise from the previous year [12]

Core Viewpoint - Globus Medical, Inc. has won a patent infringement case against Life Spine, Inc., affirming the strength of its intellectual property and innovation in expandable spinal fusion implants [1][2][3] Group 1: Legal Outcome - A Delaware jury found that Life Spine's Prolift family of implants infringed several claims of a valid Globus patent [2] - The jury awarded Globus both lost profits and reasonable royalty damages [2] Group 2: Company Statements - The CEO of Globus expressed satisfaction with the jury's decision, highlighting the company's role as a leading innovator in the musculoskeletal field [3] - The company is committed to protecting its intellectual property and continues to focus on innovation that benefits patients globally [3] Group 3: Ongoing Litigation - Globus has a separate patent infringement litigation pending against Alphatec, Inc. involving expandable implant and retractor technology [3] Group 4: Company Overview - Globus Medical, Inc. is dedicated to solving unmet clinical needs and advancing care in various areas including spine, orthopedic trauma, and joint reconstruction [4]

Core Insights - Globus Medical, Inc. (GMED) reported second-quarter 2025 adjusted earnings per share (EPS) of 86 cents, exceeding the Zacks Consensus Estimate by 13.16% and reflecting a year-over-year increase of 14.1% [1][9] - The company's revenues for the quarter reached $745.3 million, marking an 18.4% increase year over year and surpassing the Zacks Consensus Estimate by 0.49% [3][9] - GMED's gross profit rose 34.3% year over year to $496.6 million, with a gross margin expansion of 792 basis points to 66.6% [6][9] Revenue Performance - Worldwide sales increased to $745.3 million, driven by a $95 million contribution from the recently acquired Nevro [3][9] - U.S. net sales grew 20.3% year over year to $600.8 million, while international revenues rose 11% to $144.6 million [4] Product Performance - Musculoskeletal Solutions generated revenues of $710.2 million, up 19.8% year over year, while Enabling Technologies saw a decline of 4.4% to $35.2 million [5] Margin and Profitability - Adjusted operating profit was $153 million, a 65.4% increase from the previous year, with an adjusted operating margin of 20.5% [7] - SG&A expenses increased by 26.8% to $303.6 million, while research and development expenses rose 5.9% to $40 million [6] Cash Position - At the end of Q2 2025, GMED had combined cash and cash equivalents of $229.4 million, down from $461.3 million at the end of Q1 [8] - Net cash provided by operating activities was $255.2 million, compared to $106.6 million in the prior year [8] Guidance - GMED reaffirmed its full-year 2025 guidance, projecting net sales between $2.80 billion and $2.90 billion, with adjusted EPS expected in the range of $3.00 to $3.30 [10] Market Position - The company experienced strong momentum in the U.S. Spine business, achieving its highest sequential revenue growth since Q2 2022, with notable growth in the EMEA region [11] - GMED is increasing investment and output to enhance product delivery and engagement with surgeon partners [12]

Core Insights - Globus Medical reported revenue of $745.34 million for the quarter ended June 2025, marking an 18.4% year-over-year increase and exceeding the Zacks Consensus Estimate of $741.7 million by 0.49% [1] - The company's EPS for the same period was $0.86, up from $0.75 a year ago, and also surpassed the consensus EPS estimate of $0.76 by 13.16% [1] Revenue Breakdown - International revenues reached $144.56 million, exceeding the average estimate of $140.52 million, reflecting an 11% year-over-year increase [4] - U.S. revenues totaled $600.78 million, surpassing the average estimate of $586.71 million, with a year-over-year growth of 20.3% [4] Product Category Performance - Net sales from Enabling Technologies were $35.16 million, below the five-analyst average estimate of $37.43 million, representing a decline of 4.4% year-over-year [4] - Net sales from Musculoskeletal Solutions amounted to $710.18 million, exceeding the average estimate of $679.67 million, with a year-over-year increase of 19.8% [4] Stock Performance - Shares of Globus Medical have declined by 7.8% over the past month, contrasting with the Zacks S&P 500 composite's increase of 1.2% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Company Performance - Globus Medical reported quarterly earnings of $0.86 per share, exceeding the Zacks Consensus Estimate of $0.76 per share, and up from $0.75 per share a year ago, representing an earnings surprise of +13.16% [1] - The company posted revenues of $745.34 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.49%, and an increase from $629.69 million year-over-year [2] - Over the last four quarters, Globus Medical has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance and Outlook - Globus Medical shares have declined approximately 36.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.81 on revenues of $732.08 million, and for the current fiscal year, it is $3.17 on revenues of $2.84 billion [7] Industry Context - The Medical - Instruments industry, to which Globus Medical belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]

Financial Data and Key Metrics Changes - Globus Medical reported Q2 sales of $745 million, with non-GAAP EPS of $0.86, reflecting growth of 18.4% and 14.1% respectively compared to the prior year quarter [14][42] - Free cash flow was $31.3 million, growing 18% despite the impact of the Nevro acquisition and higher CapEx spending [14][36] - Adjusted EBITDA margins for the base Globus business were 32.3%, growing 210 basis points over the prior year quarter [36][52] Business Line Data and Key Metrics Changes - The base business generated $651 million in revenue during Q2, growing 3.3% as reported and 4.9% day adjusted [14][46] - Nevro contributed $95 million in revenue during the quarter, with operational challenges largely subsided [15][47] - The U.S. Spine business grew 5.7% as reported or 7.4% on a day adjusted basis, driven by key procedures and consistent growth [16][17] Market Data and Key Metrics Changes - U.S. revenue during Q2 was $600.8 million, growing 20.3% as reported [49] - International revenue was $144.6 million, growing 11% as reported and 7.5% on a constant currency basis [51] - The EMEA region saw growth led by the UK, Spain, Germany, Ireland, and Italy, while the APAC region focused on Japan and Australia [21][23] Company Strategy and Development Direction - The company aims to become the preeminent musculoskeletal technology company, focusing on improving clinical outcomes and addressing unmet clinical needs [10][11] - There is a strong emphasis on integrating merged and acquired entities, accelerating product development, and maintaining financial discipline [12][13] - The strategy includes expanding the product portfolio and enhancing the sales force through competitive rep conversions [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the market and the potential for organic growth, particularly in the U.S. Spine business [12][34] - The integration of Nevro is expected to drive top-line growth while rightsizing profitability [59] - The leadership transition is viewed as an inflection point for growth, with confidence in the new CEO and CFO [88][90] Other Important Information - The company remains debt-free while generating strong free cash flow and investing in business growth [36][57] - The acquisition of Nevro was seen as a strategic opportunity, enhancing the product portfolio and addressing a broader continuum of care [30][45] - The company has launched 21 new products since the beginning of 2024, with a focus on innovation and filling gaps in the product portfolio [32][33] Q&A Session Summary Question: Progress with Nevro - Management expressed cautious optimism about the integration of Nevro, highlighting energized sales force and early benefits from cost containment activities [66][70] Question: Enabling Technology and Robots - Enabling Technologies saw a bounce back in Q2, with the pipeline remaining active and no significant loss of deals to competition [71][73] Question: Investor Communication Strategy - The company plans to enhance investor outreach and will hold an Investor Day in the future [78][79] Question: Augmented Reality Headset Launch - The launch plan for the augmented reality headset is underway, with a focus on integrating it into the Excelsius ecosystem [81][83] Question: Leadership Transition - Management reassured investors about the continuity in leadership and the depth of the leadership bench, emphasizing stability and strategic focus [87][88] Question: Nevro's Growth Strategy - The strategy for Nevro includes stability in approach, honing product development, and consistent commercial strategy to ensure long-term growth [91][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 GLOBUS MEDICAL, INC. or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission File No. 001-35621 (Exact name of registrant as specified in its charter) DELAWARE 04-3744954 (State or othe ...

Core Insights - Globus Medical, Inc. reported strong financial results for Q2 2025, with worldwide net sales reaching $745.3 million, an increase of 18.4% year-over-year [2][7]. - The U.S. Spine business was a significant contributor, growing by 5.7% as reported and 7.4% on a day-adjusted basis, marking the highest sequential revenue growth since Q2 2022 [2][3]. - The company achieved a GAAP net income of $202.8 million, a remarkable increase of 538.7% compared to the same period last year, primarily due to a bargain purchase gain of $110.6 million [3][7]. Financial Performance - Q2 2025 non-GAAP diluted EPS was $0.86, up 14.1% from $0.75 in Q2 2024, while GAAP diluted EPS was $1.49 compared to $0.23 in the prior year [3][39]. - Operating cash flow for Q2 2025 was $77.9 million, with non-GAAP free cash flow at $31.3 million [4][41]. - The company reaffirmed its full-year 2025 revenue guidance in the range of $2.80 to $2.90 billion and non-GAAP fully diluted EPS guidance of $3.00 to $3.30 [5]. Business Strategy - The company is focused on accelerating deal timelines from its pipeline to establish robotic-assisted surgery as the standard of care [2]. - Investment in new product launches and competitive recruiting for the sales force remains a priority to drive organic growth [2][3]. - The integration of the recently acquired Nevro, Inc. is underway, with efforts to identify and execute synergy actions [3]. Market Position - The company reported above-market growth in its base business during Q2 2025, indicating strong operational efficiency and a focus on long-term profitable growth [2][3]. - International net sales increased by 11.0% year-over-year, with a 7.5% increase on a constant currency basis [2][7]. Product Performance - Musculoskeletal Solutions generated $710.2 million in sales for Q2 2025, up from $592.9 million in Q2 2024 [25]. - Enabling Technologies saw a slight decline in sales, with Q2 2025 sales at $35.2 million compared to $36.8 million in Q2 2024 [25]. Liquidity and Capital Resources - As of June 30, 2025, cash and cash equivalents were reported at $229.4 million, down from $784.4 million at the end of 2024 [19][27]. - The total cash, cash equivalents, and marketable securities amounted to $229.4 million, significantly lower than $956.2 million at the end of 2024 [27].

Core Insights - Wall Street analysts forecast that Globus Medical (GMED) will report quarterly earnings of $0.76 per share, reflecting a year-over-year increase of 1.3% and revenues of $741.7 million, which is an increase of 17.8% compared to the previous year [1] Earnings Estimates - Over the last 30 days, there has been a downward revision of 0.7% in the consensus EPS estimate for the quarter, indicating a collective reconsideration by covering analysts [2] - Changes in earnings estimates are crucial for predicting potential investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock price performance [3] Revenue Projections - Analysts project 'Net Sales by Product Category- Enabling Technologies' at $37.43 million, suggesting a year-over-year change of +1.8% [5] - The consensus estimate for 'Net Sales by Product Category- Musculoskeletal Solutions' is $679.67 million, indicating a year-over-year change of +14.6% [5] - 'Geographic Revenues- International' is expected to reach $140.52 million, reflecting a change of +7.9% from the year-ago quarter [5] - 'Geographic Revenues- United States' is projected to be $586.71 million, suggesting a year-over-year change of +17.5% [6] Stock Performance - Shares of Globus Medical have experienced a change of -5.2% in the past month, contrasting with the +0.5% move of the Zacks S&P 500 composite [6] - With a Zacks Rank 4 (Sell), GMED is expected to underperform the overall market in the near future [6]