AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) has announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2023, and the figures are impressive. The company anticipates Q4 2023 sales to be approximately $615.5 million, which is a striking increase of 124.2 percent over Q4 2022. Full year sales for 2023 are expected to reach around $1.567 billion, marking a 53.2 percent increase over the previous year.
The robust sales growth can be attributed to the successful merger with NuVasive, which according to CEO Dan Scavilla, positioned Globus Medical as “the most innovative technology company in the spine market.” The integration is proceeding as planned, and the company has seen record-setting revenues for both the full year and Q4 of 2023.
Globus Medical’s focus on product innovation, superior customer service, and operational excellence seems to be paying off, and the company is poised for an exciting year ahead with the introduction of new enabling technologies. While the spine market remains its core competency, the company is gearing up for future growth drivers in the broader musculoskeletal market.
CFO Keith Pfeil highlighted that excluding the impacts of the merger with NuVasive, Inc., legacy Globus fourth quarter revenue was approximately $302.9 million, a 10.4 percent increase over the prior year fourth quarter. Full year 2023 legacy Globus revenue was approximately $1.152 billion, a 12.7 percent rise over the previous year.
Looking ahead, the company has established its full year 2024 revenue guidance range of $2.450 billion to $2.475 billion, and fully diluted non-GAAP earnings per share range between $2.68 to $2.70.
These robust sales figures and promising outlook are likely to be welcomed by investors, who will be keeping a keen eye on the company’s performance as it seeks to advance its vision of becoming the leading musculoskeletal technology company. The official fourth quarter and full year 2023 financial results will be announced on February 20, 2024.
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