The earnings call for Globus Medical (NYSE: GMED) for the fourth quarter and full year ending December 31, 2024, took place on February 20, 2025, at 4:30 p.m. ET. The event included prepared remarks, a Q&A session, and several participants from the company’s leadership team.
The operator welcomed participants to the earnings call and introduced Brian Kearns, the Senior Vice President of Business Development and Investor Relations at Globus Medical. Kearns provided an overview and highlighted that the webcast and accompanying documents were available on the company’s website, emphasizing the potential forward-looking nature of some statements during the call.
President and CEO Daniel T. Scavilla recapped the company’s strong performance in the fourth quarter and full year. Globus Medical reported a record revenue of $2.519 billion for 2024, an increase of 61% from the previous year, alongside a record non-GAAP EPS of $3.04. The company achieved significant milestones, including maintaining industry-leading profitability and becoming debt-free early in 2025 due to strong free cash flow.
The company also launched 18 new products throughout 2024, enhancing its product offerings in various markets. Scavilla highlighted strong performance in the company’s U.S. Spine segment and the significant growth in enabling technology sales, particularly in robotics and imaging systems.
CFO Keith W. Pfeil provided financial details, stating that revenue for the fourth quarter was $657.3 million, with an adjusted gross profit margin of 67.1%. He noted that non-GAAP net income for the year was $419.6 million, representing a substantial increase from the previous year, despite an increase in diluted shares.
Additionally, Globus Medical announced a definitive agreement to acquire Nevro Corporation for approximately $250 million, further expanding its reach in the musculoskeletal market. The acquisition is expected to close in the second quarter of 2025, pending approvals.
Looking forward, Globus Medical reaffirmed its 2025 revenue guidance of $2.66 billion to $2.69 billion, with plans to increase this range upon closing the Nevro acquisition. The company’s ongoing focus remains on product innovation, expanding enabling technologies, and achieving synergy targets resulting from its recent strategic moves.
During the Q&A session, participants discussed various topics, including the rationale behind the Nevro acquisition, the integration progress with NuVasive, and future growth prospects within different segments of the business. Both Scavilla and Pfeil expressed confidence in the company’s ability to continue driving growth and innovation in the coming years.
