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 Jan. 3; they go into effect March 5, according to the notice. The eliminated positions range widely: administrative, sales, legal, marketing, quality, engineering, and more.
The news comes more than four months after Audubon, Pennsylvania–based Globus Medical completed its merger with NuVasive, creating the second-largest spine tech company behind Medtronic.
In a statement shared with MassDevice, Globus Medical said: “As part of our ongoing integration, we recently announced some organizational restructuring across the combined company in support of our committed synergy delivery. We are not sharing the total number of impacts, as is our standard practice.”
Globus Medical announced on Jan. 10 that it expects $2.450–2.475 billion in revenue and $2.68–2.70 in adjusted EPS this year. BTIG analysts at the time described the forecast as not meeting the Wall Street consensus even as Q4 2023 looked solid. Ryan Zimmerman and Iseult McMahon at BTIG mentioned concerns that the integration still poses some risk in the first half of 2024. But they also said that Globus Medical could overcome the fears with more solid results.
