Globus Medical had a strong third quarter with strength in spine and robotics, but some decreases in enabling technology, leaders said in a Nov. 6 earnings call.
Five things to know:
1. U.S. spine revenue has grown week over week in the third quarter, CEO Keith Pfeil said, as transcribed by Seeking Alpha. At the time of its earnings call, Globus Medical is at 32 consecutive weeks of U.S. spine growth.
2. Enabling technology sales decreased 27% year-over-year, and Globus Medical hasn’t closed sales at the same pace as before, Mr. Pfeil said. However the company has increased its flexibility of capital deal structures while overall goals stay focused on spine implant growth, he said.
3. Robotics remains a strong revenue driver, and Globus Medical robotic procedures have surpassed 115,000 cases, Mr. Pfeil said.
4. Globus Medical earned FDA 510(k) clearance for ExcelsiusGPS instruments for additional interbody fusion devices including Modulus XLIF, Modulus TLIF-O, Cohere XLIF, Cohere TLIF-O, HEDRON L and HEDRON P so far in the fourth quarter, Mr. Pfeil said.
5. Nevro, which Globus Medical acquired in April, brought in $99.3 million of revenue during the third quarter, CFO Kyle Kline said in the earnings call. Revenue from the acquisition grew 4.9% sequentially compared to the second quarter.
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