Globus Medical Reports Fourth Quarter and Full Year 2025 Results
AUDUBON, PA, February 24, 2026: Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal technology solutions company, today announced its financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025:
•Worldwide net sales were $826.4 million, an increase of 25.7%, or an increase of 24.7% on a constant currency basis.
•Base business, excluding Nevro, net sales were $726.7 million, an increase of 10.6%, or an increase of 9.4% on a constant currency basis.
•GAAP net income for the quarter was $140.6 million.
•GAAP diluted earnings per share (“EPS”) was $1.03, an increase of 442.6%. Non-GAAP diluted EPS was $1.28, an increase of 52.1%.
Full Year 2025:
•Worldwide net sales were $2,938.9 million, an increase of 16.7%, or an increase of 16.2% on a constant currency basis.
•Base business, excluding Nevro, net sales were $2,645.3 million, an increase of 5.0%, or an increase of 4.3% on a constant currency basis.
•GAAP net income for the year was $537.9 million.
•GAAP diluted EPS was $3.92, an increase of 425.4%. Non-GAAP diluted EPS was $3.98, an increase of 30.8%.
“Momentum built throughout 2025 accelerated in the fourth quarter, capping off a strong finish to the year with double-digit sales and earnings growth,” commented Keith Pfeil, President and Chief Executive Officer. “We delivered above market, top-line growth, across the portfolio, including our core spine franchise, while delivering meaningful margin expansion – reflecting disciplined execution. Looking ahead to 2026, our focus lies in driving durable momentum, centered on scaling growth and sustainable operating leverage. We are confident in our ability to launch a robust new product pipeline and expand our high-touch sales force, while maintaining speed and agility, as we realize our long-term goal of addressing unmet clinical needs with differentiated procedural solutions. We are focused on achieving improved surgical outcomes through the Globus surgical intelligence closed loop ecosystem, bringing together patient selection, surgical techniques and complementary implants.”
“Our fourth quarter and full‑year results underscore the strength of our organization and the significant value being created through the successful integration of NuVasive and Nevro,” said Kyle Kline, Chief Financial Officer. “Our US Spine business capped-off 2025 by growing revenue 10% over the prior-year quarter and our record-setting results were punctuated by an exceptional quarter in Enabling Technologies, growing 19% over the fourth quarter of 2024. We delivered record quarterly and full‑year non‑GAAP earnings per share, driven by the performance of the Globus base business and further enhanced by the recently integrated Nevro acquisition. As we enter 2026, we are well positioned to further penetrate our markets, expand margins, and accelerate innovation, while creating long‑term value for our shareholders.”
Worldwide net sales for the fourth quarter of 2025 were $826.4 million, an as-reported increase of 25.7% over the fourth quarter of 2024. U.S. net sales for the fourth quarter of 2025 increased by 27.5% compared to the fourth quarter of 2024. International net sales increased by 19.0% over the fourth quarter of 2024 on an as-reported basis and increased by 14.2% on a constant currency basis.
Worldwide net sales for the full year of 2025 were $2,938.9 million, an as-reported increase of 16.7% over the full year of 2024. U.S. net sales for the full year of 2025 increased by 18.4% compared to the full year of 2024. International net sales increased by 10.0% over the full year of 2024 on an as-reported basis and increased by 7.8% on a constant currency basis.
GAAP net income for the fourth quarter of 2025 was $140.6 million, an increase of 430.4% over the same period in the prior year. The GAAP net income increase was primarily driven by higher sales of $169.1 million, with the sales from the acquisition of Nevro contributing $99.7 million. GAAP diluted EPS for the fourth quarter was $1.03, compared to $0.19 for the fourth quarter of 2024. Non-GAAP diluted EPS for the fourth quarter of 2025, which excludes, among other costs, amortization of intangibles, merger and acquisition-related costs, and restructuring-related costs, was $1.28, compared to $0.84 in the fourth quarter of 2024, an increase of 52.1%.
Retrospectively, as of January 1, 2024, we no longer include acquisition of in-process research and development costs as an adjustment to non-GAAP Adjusted EBITDA or non-GAAP net income.
2026 Annual Guidance
The Company reaffirms its guidance for full-year 2026 revenue to be in the range of $3.18 to $3.22 billion and updates its guidance for non-GAAP fully diluted EPS to be in the range of $4.40 to $4.50 from the previous range of $4.30 to $4.40.
Conference Call Information
Globus Medical will hold a teleconference to discuss its 2025 fourth quarter and full-year results with the investment community at 4:30 p.m. Eastern Time today. Participants may access the conference call live via webcast on the Investors page of Globus Medical’s website at http://www.investors.globusmedical.com/news-events/events-webcasts.
To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The audio archive will be available after the call on the Investor page of the Globus Medical website.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading global musculoskeletal company dedicated to solving unmet clinical needs and changing lives. We innovate with inspired urgency, provide world-class education and clinical support, and advance care throughout spine, orthopedic trauma, joint reconstruction, biomaterials and enabling technologies. Additional information can be accessed at www.globusmedical.com.
Non-GAAP Financial Measures
To supplement our financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), management uses certain non-GAAP financial measures. For example, non-GAAP Adjusted EBITDA, which represents net income before interest income, net and other non-operating expenses, provision for income taxes, depreciation and amortization, stock-based compensation expense, provision for litigation, merger and acquisition related costs, restructuring related costs, certain foreign currency acquisition-related impacts, bargain purchase gains, and gains and losses from strategic investments, is useful as an additional measure of operating performance, and particularly as a measure of comparative operating performance from period to period, as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our capital structure, asset base, income taxes and interest income and expense. We no longer include acquisition of in-process research and development as an adjustment to non-GAAP Adjusted EBITDA. Our management also uses non-GAAP Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Provision for litigation represents costs incurred for litigation settlements or unfavorable verdicts when the loss is known or considered probable and the amount can be reasonably estimated, or in the case of a favorable settlement, when income is realized. Merger and acquisition related costs represents the change in fair value of business-acquisition-related contingent consideration; costs related to integrating recently acquired businesses, including but not limited to costs to exit or convert contractual obligations, severance, retention bonus, duplicative costs and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees. Restructuring related costs include severance, retention bonus, accelerated stock-based compensation expense, legal and tax fees for legal entity reorganization and costs associated with consolidating facilities. We also adjusted for certain foreign currency impacts related to the acquisition costs and gains/losses on strategic investments within other assets as we believe these impacts are not a measure of our operating performance.
In addition, for the period ended December 31, 2025 and for other comparative periods, we are presenting non-GAAP net income and non-GAAP diluted EPS, which represent net income and diluted EPS excluding the provision for litigation, amortization of intangibles, merger and acquisition related costs, restructuring related costs, certain foreign currency impacts, gains and losses from strategic investments, bargain purchase gains, certain income tax net benefits and non-recurring tax adjustments, and the tax effects of all of the foregoing adjustments. We no longer include acquisition of in-process research and development as an adjustment to non-GAAP net income. We also present non-GAAP gross profit, which excludes the impacts of any inventory acquisition-related costs within cost of goods sold. The tax effect adjustment represents the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments, unless the underlying item has a materially different tax treatment, in which case the estimated tax rate applicable to the adjustment is used. We believe these non-GAAP measures are also useful indicators of our operating performance, and particularly as additional measures of comparative operating performance from period to period as they remove the effects of the foregoing items, which we believe are not reflective of underlying business trends.
Additionally, for the period ended December 31, 2025 and for other comparative periods, we also define the non-GAAP measure of free cash flow as the net cash provided by operating activities, adjusted for the impact of restricted cash, less the cash impact of purchases of property and equipment. We believe that this financial measure provides meaningful information for evaluating our overall financial performance for comparative periods as it facilitates an assessment of funds available to satisfy current and future obligations and fund acquisitions. Furthermore, the non-GAAP measure of constant currency net sales growth is calculated by translating current year net sales at the same average exchange rates in effect during the applicable prior year period. We believe constant currency net sales growth provides insight to the comparative increase or decrease in period net sales, in dollar and percentage terms, excluding the effects of fluctuations in foreign currency exchange rates. We are also presenting base business sales and base Adjusted EBIDTA, excluding the contribution from the recently acquired Nevro Corp. (“Nevro”) and its subsidiaries. We believe these provide insight to how the Company is performing without the impact of our most recent acquisition.
Non-GAAP Adjusted EBITDA, non-GAAP net income, non-GAAP diluted EPS, non-GAAP gross profit, free cash flow, constant currency net sales growth, base business sales, excluding the contribution from the recently acquired Nevro, and day-adjusted basis sales are not calculated in conformity with GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. These measures do not include certain expenses that may be necessary to evaluate our liquidity or operating results. Our definitions of these non-GAAP measures may differ from that of other companies and therefore may not be comparable. The tables included in this release reconcile the GAAP financial measures to the non-GAAP financial measures discussed above for the three months and full year ended December 31, 2025.
We are unable to present a quantitative reconciliation of our expected fully diluted GAAP EPS to non-GAAP diluted EPS as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of provision for litigation, amortization of intangibles, merger and acquisition-related costs, restructuring related costs, certain foreign currency acquisition-related impacts, bargain purchase gains, certain income tax net benefits from non-recurring tax adjustments, gains and losses from strategic investments, and the tax effects of all of the foregoing adjustments. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Income.
Safe Harbor Statements
All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, the risks and costs associated with health epidemics, pandemics and similar outbreaks, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, the successful integration of businesses that we have acquired or may acquire in the future, and other risks. For a discussion of these and other risks, uncertainties, and other factors that could affect our results, refer to the disclosures contained in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our subsequent filings with the SEC. These documents are available at www.sec.gov. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements contained in this press release speak only as of the date of this press release. Except as may be required by applicable law, we undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof. As used herein, the “Company”, “Globus”, “Globus Medical”, “we”, “us”, and “our” refers to Globus Medical, Inc.
GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
(In thousands, except per share amounts)
2025
2024
2023
2025
2024
2023
Net sales
$
826,420
$
657,293
$
616,534
$
2,938,931
$
2,519,355
$
1,568,476
Cost of Sales and Operating expenses:
Cost of sales (exclusive of amortization of intangibles)
261,107
263,437
265,486
957,802
1,035,479
548,174
Research and development
36,163
33,408
52,253
147,246
163,754
124,010
Selling, general and administrative
318,480
253,167
244,968
1,178,498
981,362
643,844
Amortization of intangibles
29,360
29,912
28,122
118,194
119,373
51,032
Acquisition-related costs
10,826
17,088
15,581
42,326
29,623
68,274
Restructuring costs
1,144
6
—
15,049
23,773
—
Operating income/(loss)
169,340
60,275
10,124
479,816
165,991
133,142
Other income/(expense), net:
Interest income/(expense), net
3,312
815
(2,581)
7,141
(4,189)
20,130
Foreign currency transaction gain/(loss)
(7,153)
(37,491)
19,908
(3,006)
(43,285)
14,259
Bargain purchase gain
3,343
—
—
117,704
—
—
Other income/(expense)
391
1,069
(2,456)
3,413
2,205
(2,138)
Total other income/(expense), net
(107)
(35,607)
14,872
125,252
(45,269)
32,251
Income/(loss) before income taxes
169,233
24,668
24,995
605,068
120,722
165,393
Income tax provision/(benefit)
28,639
(1,837)
9,960
67,200
17,738
42,520
Net income/(loss)
$
140,594
$
26,505
$
15,035
$
537,868
$
102,984
$
122,873
Other comprehensive income/(loss), net of tax:
Unrealized gain/(loss) on marketable securities
101
(238)
8,893
448
1,545
13,231
Foreign currency translation gain/(loss)
4,318
340
(18)
21,759
1,786
1,207
Total other comprehensive income/(loss), net of tax
4,419
102
8,875
22,207
3,331
14,438
Comprehensive income/(loss)
$
145,013
$
26,607
$
23,910
$
560,075
$
106,315
$
137,311
Earnings per share:
Basic
$
1.05
$
0.19
$
0.11
$
3.98
$
0.76
$
1.09
Diluted
$
1.03
$
0.19
$
0.11
$
3.92
$
0.75
$
1.07
Weighted average shares outstanding:
Basic
134,411
136,729
137,883
135,215
135,726
113,087
Diluted
136,574
139,711
139,021
137,056
137,863
114,630
GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31,
December 31,
(In thousands, except share and per share values)
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
526,156
$
784,438
Short-term marketable securities
31,087
105,619
Accounts receivable, net of allowances of $33,434 and $15,505, respectively
678,938
557,697
Inventories
759,277
659,233
Prepaid expenses and other current assets
65,426
49,640
Income taxes receivable
64,727
20,633
Total current assets
2,125,611
2,177,260
Property and equipment, net
564,452
561,909
Operating lease right of use assets
63,786
49,647
Long-term marketable securities
71,819
66,134
Intangible assets, net
745,064
795,117
Goodwill
1,435,033
1,432,387
Other assets
78,781
75,096
Deferred income taxes
218,215
94,200
Total assets
$
5,302,761
$
5,251,750
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
98,852
$
75,118
Accrued expenses
333,586
260,591
Operating lease liabilities
14,738
10,249
Income taxes payable
4,155
10,725
Senior convertible notes
—
443,351
Business acquisition liabilities
19,513
33,739
Deferred revenue
27,655
22,140
Total current liabilities
498,499
855,913
Business acquisition liabilities, net of current portion
81,995
89,496
Operating lease liabilities
103,918
83,588
Deferred income taxes and other tax liabilities
23,756
23,889
Other liabilities
21,343
21,531
Total liabilities
729,511
1,074,417
Equity:
Class A common stock; $0.001 par value. Authorized 500,000,000 shares; issued and outstanding 112,625,126 and 114,990,219 shares at December 31, 2025 and December 31, 2024, respectively
113
115
Class B common stock; $0.001 par value. Authorized 275,000,000 shares; issued and outstanding 22,430,097 and 22,430,097 shares at December 31, 2025 and December 31, 2024, respectively
22
22
Additional paid-in capital
3,169,812
3,031,244
Accumulated other comprehensive income/(loss)
15,346
(6,861)
Retained earnings
1,387,957
1,152,813
Total equity
4,573,250
4,177,333
Total liabilities and equity
$
5,302,761
$
5,251,750
GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Year Ended
December 31,
(In thousands)
2025
2024
2023
Cash flows from operating activities:
Net income
$
537,868
$
102,984
$
122,873
Adjustments to reconcile net income to net cash provided by operating activities:
Bargain purchase gain
(117,704)
—
—
Acquired in-process research and development
—
12,613
—
Depreciation and amortization
276,842
253,389
145,526
Provision for excess and obsolete inventory
22,119
23,359
10,959
Amortization of acquisition accounting fair value step-up
26,112
242,050
79,832
Stock-based compensation expense
49,779
54,191
52,742
Allowance for expected credit losses
10,223
16,986
3,658
Change in fair value of business acquisition liabilities
13,462
26,521
17,434
Change in deferred income taxes
18,625
(125,902)
(57,789)
(Gain)/loss on disposal of assets, net
12,525
5,552
1,541
Payment of business acquisition-related liabilities
(17,018)
(18,763)
(3,005)
Net (gain)/loss from foreign currency adjustment
(12,591)
25,212
(13,674)
(Increase) decrease in:
Accounts receivable
(52,182)
(78,062)
(49,914)
Inventories
(17,598)
(29,860)
(70,328)
Prepaid expenses and other assets
11,132
1,059
1,148
Increase (decrease) in:
Accounts payable
8,487
17,663
(14,223)
Accrued expenses and other liabilities
34,217
5,023
17,127
Income taxes payable/receivable
(50,851)
(13,377)
(408)
Net cash provided by/(used in) operating activities
753,447
520,638
243,499
Cash flows from investing activities:
Purchases of marketable securities
(107,531)
(113,504)
(100,643)
Maturities of marketable securities
63,880
58,666
240,190
Sales of marketable securities
115,608
11,851
537,723
Purchases of property and equipment
(164,679)
(115,429)
(78,274)
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets
(252,546)
(17,635)
(296,028)
Acquisition of intangible assets
(9,746)
—
—
Net cash provided by/(used in) investing activities
(355,014)
(176,051)
302,968
Cash flows from financing activities:
Payment of business acquisition-related liabilities
(15,572)
(45,619)
(8,039)
Net proceeds from exercise of stock options
89,757
110,439
12,397
Payments related to tax withholdings for share-based compensation
(2,909)
(6,729)
(10,617)
Repurchase of common stock
(300,451)
(85,787)
(225,562)
Repayment of senior convertible notes
(449,985)
—
—
Net cash provided by/(used in) financing activities
(679,160)
(27,696)
(231,821)
Effect of foreign exchange rates on cash
22,445
255
2,180
Net increase/(decrease) in cash and cash equivalents
(258,282)
317,146
316,826
Cash and cash equivalents at beginning of period
784,438
467,292
150,466
Cash and cash equivalents at end of period
$
526,156
$
784,438
$
467,292
Supplemental disclosures of cash flow information:
Income taxes paid, net
$
98,916
$
158,508
$
100,593
Non-cash investing and financing activities:
Equity issued in conjunction with the NuVasive Merger
$
—
$
—
$
2,153,860
Accrued purchases of property and equipment
$
13,454
$
9,281
$
7,100
Supplemental Financial Information
Net Sales by Product Category:
Three Months Ended
Year Ended
December 31,
December 31,
(In thousands)
2025
2024
2023
2025
2024
2023
Musculoskeletal Solutions
$
770,799
$
610,341
$
583,820
$
2,797,923
$
2,365,352
$
1,448,260
Enabling Technologies
55,621
46,952
32,714
141,008
154,003
120,216
Total net sales
$
826,420
$
657,293
$
616,534
$
2,938,931
$
2,519,355
$
1,568,476
Liquidity and Capital Resources:
Year Ended
December 31,
(In thousands)
2025
2024
Cash and cash equivalents
$
526,156
$
784,438
Short-term marketable securities
31,087
105,619
Long-term marketable securities
71,819
66,134
Total cash, cash equivalents and marketable securities
$
629,062
$
956,191
The following tables reconcile GAAP to non-GAAP financial measures.
As of September 30, 2024, we no longer include acquisition of in-process research and development as an adjustment to the non-GAAP financial measures. As previously disclosed, the Company incurred $12.6 million in the twelve months ended December 31, 2024 for acquisition of in-process research and development, which, when it was previously included, resulted in a 0.5% impact on Adjusted EBITDA as a percentage of net sales and $0.09 on non-GAAP diluted EPS.
(1)Merger and acquisition-related costs represent certain costs associated with acquisitions. These costs, presented on a before-tax effect basis, are included in Non-GAAP Merger and Acquisition-related Costs Table.
Non-GAAP Merger and Acquisition-related Costs Table:
Three Months Ended December 31,
Year Ended December 31,
(In thousands)
2025
2024
2025
2024
Amortization of inventory fair value step up
$
6,482
$
47,323
$
19,455
$
215,420
Change in fair value of business acquisition liabilities
10,793
16,966
13,474
25,575
Employee-related costs (b)
—
—
27,418
5,031
Other acquisition-related costs (a)
644
272
3,749
3,695
Merger and acquisition-related costs
$
17,919
$
64,561
$
64,096
$
249,721
(a)Primarily comprised of legal fees, advisory and consulting fees.
(b)Primarily comprised of severance, share based compensation and termination fees.