Globus Medical CEO's plan to remain No. 1 in spine

Spinal Tech

Globus Medical ended 2023 on a high note with full year sales of $1.6 billion, a 53.3% increase from 2022, and the company doesn't plan to take its foot off the gas.

CEO Dan Scavilla expressed confidence in Globus Medical's position in the spine market and its plans for the future.

"Our intellectual property portfolio has been No. 1 in the spinal industry for the last decade, and we are committed to further expanding this lead, especially in the enabling tech arenas as we continue to be at the forefront of imaging, navigation, and robotics," Mr. Scavilla said in a Feb. 20 earnings call transcribed by Motley Fool.

On top of its overall revenue growth, Globus Medical's fourth quarter and full-year enabling technologies business saw increases. In the fourth quarter, the company posted $32.7 million in enabling technologies sales, which is year-over-year growth of 10.9%, and , and $120.2 million in sales for the full year, which is a 25% year-over-year gain.

Part of the company's plan is to continue work on existing spine projects, Mr. Scavilla said. Globus Medical also has a strong presence on the West Coast focused on spine and enabling technology. 

The company also is looking to grow its physician reach.

"We're enhancing our surgeon engagement programs to increase our impact with surgeons and further strengthen how we interact with them in all aspects of our business," Mr. Scavilla said. "Our professional affairs team has been expanded, and we've added scientific affairs, marketing, and communication teams, all with talented individuals. In addition, we're increasing our research and clinical investments, expanding the coordination of education programs, and enhancing our presence in teaching institutions."

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