Globus Medical announced that it promoted CFO Keith Pfeil to the position of chief operating officer (COO). Pfeil first took over the CFO post in August 2019. Globus Medical hopes his new expanded role can help further drive its strategic roadmap through business and operational planning in addition to financial performance management. He continues reporting […]
Globus Medical
Globus Medical lays off 157 at former NuVasive headquarters
Globus Medical (NYSE:GMED) is letting go of 157 workers at NuVasive’s former headquarters campus in San Diego, according to a WARN report filed with the state of California. The notice, dated Jan. 3 and shared by the California Employment Development Department with MassDevice, says the campus will stay open. Workers received notice of the layoffs on […]
Former Orthofix CEO and Globus Medical CEO join Alphatec board
Alphatec this week announced it appointed Dave Demski and Keith Valentine to its board. Demski is the former director and CEO of Globus Medical, which completed its merger with NuVasive in September. He was appointed as an independent director to Alphatec’s board. Valentine is the former CEO of Orthofix, and will become a special advisor […]
Globus Medical, NuVasive complete merger
Globus Medical and Nuvasive today announced the completion of their previously announced merger. The news sent GMED shares down more than 1% to $53.30 apiece by midday today, while MassDevice‘s MedTech 100 Index was up slightly. Truist analysts cited investor fears over the deal causing near-term business disruptions. Globus Medical officials plan to discuss the […]
The 10 largest orthopedic device companies in the world
Two of the world’s largest orthopedic device companies expect accelerated revenue growth this year. Stryker and Zimmer Biomet both upped their 2023 guidance during recent earnings calls, a sign that orthopedic procedures are bouncing back from the COVID-19 pandemic. GlobalData predicted earlier this year that the recovery will lift the ortho devices market to nearly $50 […]
Globus Medical beats The Street in Q2 as it prepares for spine tech merger
Globus Medical (NYSE: GMED) reported second-quarter results that beat analyst expectations, upping its full-year sales guidance as it prepares to merge with NuVasive. The news yesterday evening came a day after NuVasive reported mixed results heading into the merger, which would create the world’s second-largest spine tech company after Medtronic. The CEOs of both Globus Medical […]
NuVasive reports mixed Q2 results ahead of expected merger with Globus Medical
NuVasive officials still plan to close the spine tech company’s merger with Globus Medical in the present quarter, despite the FTC scrutiny. Along with reporting mixed second-quarter results, NuVasive CEO Chris Barry yesterday evening stuck by plans to merge with Globus Medical in the third quarter and create what would be the second-largest spine tech […]
FDA approves Globus Medical’s non-fusion scoliosis correction system
Globus Medical this week announced it received FDA approval for its Reflect non-fusion scoliosis correction system for young patients. The Audubon, Pennsylvania-based company designed Reflect to correct progressive scoliosis in young patients while preserving motion, maintaining stability and allowing for future modulated growth. “Treating scoliosis in the growing spine presents challenges related to reduced spinal […]
NuVasive, Globus Medical shareholders approve merger
NuVasive (Nasdaq:NUVA) and Globus Medical (NYSE:GMED) both saw shareholders approve their proposed merger yesterday. In February, the companies announced an agreement to combine in an all-stock transaction. The deal values NuVasive at $3.1 billion, with Globus shareholders owning roughly three-fourths of the newly merged company. BTIG analysts raised the question of potential anti-trust challenges for the deal. […]
Globus Medical grows sales nearly 10% in Q4
Globus Medical (NYSE:GMED) this week posted fourth-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates. The Audubon, Pennsylvania-based company reported profits of $50 million, or 49¢ per share, on sales of $274.5 million for the three months ended Dec. 31, 2022, for a bottom-line gain of 231.4% on sales growth […]
Could 2023 be a boom year for orthopedic devices?
The orthopedic devices market is expected to reach nearly $50 billion this year as procedures bounce back from COVID-19, according to GlobalData. GlobalData predicts the orthopedic surgical robotics space will be even hotter this year, growing 25.6% year-over-year to $984 million. “Boosted by artificial intelligence (AI) and machine learning, new generations of orthopedic robots are […]