Strong Financial Performance
Globus Medical delivered Q2 sales of $745 million and non-GAAP EPS of $0.86 per share, growing 18.4% and 14.1% respectively over the prior year quarter. Free cash flow was $31.3 million, growing 18% despite the impact of the Nevro acquisition and higher CapEx spending.
U.S. Spine Business Growth
The U.S. Spine business led the way commercially, growing 5.7% as reported or 7.4% on a day-adjusted basis. Growth has been consistent, driven by increasing set and inventory availability, competitive rep hiring, and increased surgeon engagement.
Enabling Technologies Bounce Back
Enabling technologies experienced a bounce back in Q2, growing 58% sequentially to finish at $35.2 million. Despite the sequential improvement, Q2 sales were lower by 4% compared to the prior year quarter.
Nevro Acquisition and Integration
The Nevro acquisition contributed $95 million in revenue during the quarter. Significant progress was made with rolling out cost controls within Nevro, and the business finished at a near breakeven adjusted EBITDA.
Innovation and Product Launches
Globus received FDA clearance for Excelsius XR, an augmented reality navigation headset. Since the beginning of 2024, Globus has launched 21 new products across spine, trauma, and joint categories.