GLOBUS MEDICAL INC
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
GMED$71.05-12.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-032290
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001628280-26-054450
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 84 current paragraphs.
43 unchanged; 16 reworded; 21 added; 2 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 11 previous and 21 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
In the U.S., net sales increased by $18.3 million, or 3.0%, for the three months ended June 30, 2026. From a product standpoint, the increase was primarily driven by Musculoskeletal Solutions sales of $45.7 million, which were driven by increased spine implantable devices sales of $32.3 million and neuromonitoring sales of $10.4 million. This increase was partially offset by decreases in Nevro sales of $15.1 million and decreased domestic Enabling Technology sales of $12.3 million, driven by lower unit placement.
Current report
The $7.3 million, or 2.9%, decrease in cost of sales for the three months ended June 30, 2026 was primarily driven by Nevro amortization of inventory step up of $6.0 million in the prior-year period, with no comparable event in the current-year period. Additionally, there was a decrease in product costs of $7.3 million. This was partially offset by an increase in freight costs of $3.5 million and an increase in depreciation of $1.3 million.
Current report
The $3.6 million, or 9.1%, decrease in research and development expenses was driven by a decrease of $4.0 million in employee-related expenses.
Current report
The decrease of $16.8 million, or 5.5%, in selling, general and administrative expenses was primarily driven by a decrease of $19.0 million in employee-related expenses partially offset by an increase of $2.7 million in provision for litigation.
Current report
Amortization of intangibles decreased by $0.6 million, or 2.1%, primarily driven by the finalization of amortization of intangible assets as compared to the three months ended June 30, 2025.
Current report
The $110.6 million decrease was due to the bargain purchase gain related to the Nevro Merger as of June 30, 2025, with no comparable event in the current period.
Current report
Other income/(expense) increased by $5.9 million, or 391.3%, primarily due to a $5.7 million increase in interest income.
Current report
For the three and six months ended June 30, 2026, the increase in the effective tax rate was due to a one-time tax benefit in the prior period related to state valuation allowance release and the impact of the non-taxable bargain purchase gain.
Current report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current report
Net Sales
Current report
Cost of Sales
Current report
Research and Development Expenses
Current report
Research and development expenses remained materially consistent period over period, decreasing $0.2 million, or 0.3%, in the current-year period.
Current report
Selling, General and Administrative Expenses
Current report
Amortization of Intangibles
Current report
Acquisition-Related Costs
Current report
Restructuring Costs
Current report
Bargain Purchase Gain
Current report
Other Income/(Expense), Net
Current report
Income Tax Provision/(Benefit)
Current report
For the three and six months ended June 30, 2026, the increase in the effective tax rate was due to a one-time tax benefit in the prior period related to state valuation allowance release and the impact of the non-taxable bargain purchase gain.
Removed paragraphs (2)
Previous report
The $3.4 million, or 10.4%, increase in research and development expenses was primarily driven by an increase of $3.9 million for Nevro research and development expenses.
Previous report
For the three months ended March 31, 2026, the decrease in the effective tax rate was driven by integration benefits in the current year.
Reworded paragraphs (16)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes that appear in Item 1 of this Quarterly Report on Form 10-Q and with our audited consolidated financial statements and related notes for the year ended December 31, 2025, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” generally discusses the three months ended March 31, 2026 and 2025 and provides comparisons between the periods. A discussion of our Results of Operations for the three months ended March 31, 2025, can be found in “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Results of Operations; Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024” on our Quarterly Report on Form 10-Q filed with the SEC on May 8, 2025.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and related notes that appear in Item 1 of this Quarterly Report on Form 10-Q (this “Quarterly Report”) and with our audited consolidated financial statements and related notes for the year ended December 31, 2025, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the United States (“U.S”) Securities and Exchange Commission (the “SEC”) on February 24, 2026. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” generally discusses the three and six months ended June 30, 2026 and 2025 and provides comparisons between the periods. A discussion of our Results of Operations for the three and six months ended June 30, 2025, can be found in “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Results of Operations; Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024” and “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Results of Operations; Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 7, 2025.
Previous wording
Globus Medical, Inc. (together, as applicable, with its consolidated subsidiaries, “Globus,” “we,” “us” or “our”), headquartered in Audubon, Pennsylvania, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. Founded in 2003, Globus is committed to medical device innovation and delivering exceptional service to hospitals, ambulatory surgery centers and physicians to advance patient care and improve efficiency. Since inception, Globus has listened to the voice of the surgeon to develop practical solutions and products to help surgeons effectively treat patients and improve lives.
Current wording
Globus Medical, Inc. (together, as applicable, with its consolidated subsidiaries, the “Company,” “Globus,” “we,” “us” or “our”), headquartered in Audubon, Pennsylvania, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. Founded in 2003, Globus is committed to medical device innovation and delivering exceptional service to hospitals, ambulatory surgery centers and physicians to advance patient care and improve efficiency. Since inception, Globus has listened to the voice of the surgeon to develop practical solutions and products to help surgeons effectively treat patients and improve lives.
Previous wording
During the three months ended March 31, 2026, international net sales accounted for approximately 20.4% of our total net sales. We have sold our products and services in approximately 57 countries other than the U.S. through a combination of sales representatives employed by us and exclusive international distributors. We believe there are significant opportunities for us to increase our presence in both existing and new international markets through the continued expansion of our direct and distributor sales forces and through the commercialization of additional products.
Current wording
During the six months ended June 30, 2026, international net sales accounted for approximately 21.0% of our total net sales. We have sold our products and services in approximately 61 countries other than the U.S. through a combination of sales representatives employed by us and exclusive international distributors. We believe there are significant opportunities for us to increase our presence in both existing and new international markets through the continued expansion of our direct and distributor sales forces and through the commercialization of additional products.
Previous wording
International net sales increased by $40.7 million, or 35.6%, for the three months ended March 31, 2026. From a product standpoint, the increase was primarily driven by Musculoskeletal Solutions sales of $20.7 million and Nevro sales of $15.5 million. Enabling Technology sales increased by $4.6 million as compared to the same period in the prior-year period, primarily driven by increased unit placement. From a geographic standpoint, international net sales in the Europe and Middle East region increased by $30.9 million, sales in the Latin American region increased $5.2 million and sales in the Asia Pacific region increased by $4.6 million.
Current wording
International net sales increased by $25.9 million, or 18.0%, for the three months ended June 30, 2026. From a product standpoint, the increase was primarily driven by Musculoskeletal Solutions sales of $21.2 million and Nevro sales of $1.5 million. Enabling Technology sales increased by $3.2 million as compared to the same period in the prior-year period, primarily driven by increased unit placement. From a geographic standpoint, international net sales in the Europe and Middle East region increased $15.7 million, sales in the Latin American region increased $8.8 million and sales in the Asia Pacific region increased $1.4 million.
Previous wording
Acquisition-related costs increased by $5.3 million, or 503.3%, primarily driven by the change in the fair value of business acquisition liabilities. For the period ended March 31, 2026, acquisition-related costs included $6.4 million of charges recorded from changes in the fair value of business acquisition liabilities driven by changes in market conditions and the achievement of certain performance conditions, compared to the $0.2 million recorded for the period ended March 31, 2025.
Current wording
Acquisition-related costs decreased by $22.1 million, or 66.6%, primarily driven by the $26.1 million in expenses related to the Nevro Merger that were incurred during the three months ended June 30, 2025, with no comparable event in the current period. This decrease was partially offset by the change in the fair value of business acquisition liabilities. For the three months ended June 30, 2026, acquisition-related costs included $9.7 million of charges recorded from changes in the fair value of business acquisition liabilities driven by changes in market conditions and the achievement of certain performance conditions, compared to the $5.2 million recorded for the three-month period ended June 30, 2025.
Previous wording
The increase in restructuring costs of $5.2 million compared to the same period of the prior-year period was primarily due to higher employee termination benefit expenses from the 2024 Synergy Plan and the 2025 Strategic Integration Plan during the three months ended March 31, 2026 compared to the expenses from the 2024 Synergy Plan for the three months ended March 31, 2025.
Current wording
The decrease in restructuring costs of $11.6 million, or 85.6% was primarily due to lower employee termination benefit expenses related to the 2024 Synergy Plan and the 2025 Strategic Integration Plan in the current-year period. Refer to“Part I; Item 1. Financial Statements; Notes to Condensed Consolidated Financial Statements (Unaudited); Note 15. Restructuring and Other Costs” for further information regarding the 2024 Synergy Plan and the 2025 Strategic Integration Plan.
Previous wording
In the U.S., net sales increased by $121.0 million, or 25.0%, for the three months ended March 31, 2026. From a product standpoint, the increase was primarily driven by Nevro sales of $67.2 million and increased Musculoskeletal Solutions sales of $53.7 million, which such sales were driven by increased spine implantable devices sales of $38.9 million and neuromonitoring sales of $10.1 million.
Current wording
In the U.S., net sales increased by $139.4 million, or 12.8%, for the six months ended June 30, 2026. From a product standpoint, the increase was primarily driven by Nevro sales of $52.2 million and increased Musculoskeletal Solutions sales of $99.4 million, which were driven by increased spine implantable devices sales of $71.1 million and neuromonitoring sales of $20.5 million.
Previous wording
The $38.7 million, or 19.8%, increase in cost of sales for the three months ended March 31, 2026 was primarily driven by the cost of sales from Nevro products of $26.2 million, an increase in product cost of $4.0 million driven primarily by higher volume, and an increase in freight cost of $4.0 million.
Current wording
The $31.3 million, or 7.1%, increase in cost of sales for the six months ended June 30, 2026 was primarily driven by the cost of sales from Nevro products of $8.9 million, an increase in freight cost of $7.9 million, an increase in product cost of $6.9 million driven primarily by higher volume, and an increase in depreciation of $3.3 million.
Previous wording
The increase of $55.0 million, or 22.6%, in selling, general and administrative expenses was primarily driven by an increase of $46.1 million for Nevro expenses. The remaining increases include an increase of $8.1 million in employee-related expenses, an increase of $3.3 million in outside consulting fees and an increase of $1.4 million in provision for litigation. This was partially offset by a decrease of $3.0 million in taxes and fees.
Current wording
The increase of $38.2 million, or 7.0%, in selling, general and administrative expenses was primarily driven by an increase of $27.3 million for Nevro expenses, as well as a $9.1 million increase in employee-related expenses, a $4.1 million increase in provision for litigation, a $2.5 million increase in meeting expenses and a $1.3 million increase in outside consulting fees. These increases were partially offset by a decrease of $6.3 million in taxes and fees.
Previous wording
Amortization of intangibles increased by $0.7 million, or 2.5%, primarily driven by the acquisition of intangibles in connection with the Nevro Merger contributing $1.7 million in expense, partially offset by the finalization of amortization of other intangible assets as compared to the three months ended March 31, 2025.
Current wording
Amortization of intangibles increased by $0.1 million, or 0.2%, primarily driven by the acquisition of intangibles in connection with the Nevro Merger, which contributed $3.4 million in expense in the current period as compared to $1.5 million in the same period of the prior year. This increase was partially offset by the finalization of amortization of other intangible assets as compared to the six months ended June 30, 2025.
Previous wording
The increase of $1.1 million was due to the measurement period adjustments related to the Nevro Merger as of March 31, 2026.
Current wording
The $109.4 million decrease was due to the bargain purchase gain related to the Nevro Merger as of June 30, 2025 compared to the $1.1 million measurement period adjustments booked as of the six months ended June 30, 2026.
Previous wording
Other income/(expense) decreased by $1.1 million, or 16.4%, primarily due to $2.1 million of foreign currency loss in the current period compared to a $4.3 million gain in the same period of the prior year. The foreign currency loss was partially offset by a net increase in interest income of $3.8 million, which was driven by a $6.6 million decrease in interest expense (refer to Note 11. Debt), partially offset by a $2.9 million decrease in interest income.
Current wording
Other income/(expense) increased by $4.8 million, or 58.6%, primarily driven by a net increase in interest income of $10.1 million, which was driven by a $7.3 million decrease in interest expense and a $2.9 million increase in interest income. This was offset by a foreign currency loss in the current period compared to a $4.3 million gain in the same period of the prior year. Refer to“Part I; Item 1. Financial Statements; Notes to Condensed Consolidated Financial Statements (Unaudited); Note 11. Debt” for further information regarding the decrease in interest expense.
Previous wording
The higher net cash provided by operating activities for the three months ended March 31, 2026 was primarily the result of a higher net income of $48.8 million, favorable changes in deferred income taxes of $7.5 million, fair value of business acquisition liabilities of $6.2 million and accounts payable of $6.0 million. This increase was partially offset by unfavorable changes in accounts receivable of $36.0 million and inventory of $9.1 million.
Current wording
The higher net cash provided by operating activities for the six months ended June 30, 2026, was primarily the result of a higher income before taxes of $55.1 million, favorable changes in income taxes paid of $62.6 million and non-cash adjustments of $128.5 million. This was primarily due to the bargain purchase gain recognized during the six months ended June 30, 2025. This increase was partially offset by unfavorable changes in accounts receivable of $47.6 million and inventory of $32.8 million.
Previous wording
The higher net cash used in investing activities for the three months ended March 31, 2026, was primarily due to an increase in purchases of marketable securities of $144.6 million and a decrease in sales and maturities of marketable securities of $114.6 million and $51.4 million, respectively.
Current wording
The higher net cash used in investing activities for the six months ended June 30, 2026, was primarily due to an increase in purchases of marketable securities of $252.3 million and a decrease in sales and maturities of marketable securities of $113.8 million and $39.0 million, respectively. This was partially offset by acquisition of businesses, net of cash acquired and purchases of intangible and other assets of $251.1 million.
Previous wording
The higher net cash provided by financing activities for the three months ended March 31, 2026, was primarily due to the absence of senior convertible note repayments in 2026, as 2025 reflected the final payment of the 2025 Notes(as defined in Note 11. Debt). Additionally, no repurchases of Class A Common Stock in 2026, compared to repurchases in 2025, and an increase of $14.7 million in net proceeds from the exercise of stock options also contributed to the increase in cash provided by financing activities during the three months ended March 31, 2026.
Current wording
The lower net cash used in financing activities for the six months ended June 30, 2026, was primarily due to the absence of senior convertible note repayments in 2026, as 2025 reflected the final payment of the 2025 Notes(as defined in Note 11. Debt). Additionally, a decrease in repurchases of the Company's Class A Common Stock (“Class A Common”) of $79.4 million, and an increase of $21.0 million in net proceeds from the exercise of stock options also contributed to the decrease in cash used in financing activities during the six months ended June 30, 2026.
Previous wording
In connection with the Nevro Merger, the Company acquired additional obligations and commitments, including, operating lease obligations. Refer“Part I; Item 1. Financial Statements; Notes to Condensed Consolidated Financial Statements (Unaudited); Note 16. Leases” above for further information.
Current wording
In connection with the Nevro Merger, the Company acquired additional obligations and commitments, including, operating lease obligations. Refer to“Part I; Item 1. Financial Statements; Notes to Condensed Consolidated Financial Statements (Unaudited); Note 16. Leases” above for further information.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The following table sets forth, for the periods indicated, our net sales by geography expressed as dollar amounts and the changes in net sales between the specified periods expressed in dollar amounts and as percentages:
Current report — wording carried from elsewhere
International net sales increased by $66.7 million, or 25.8%, for the six months ended June 30, 2026. From a product standpoint, the increase was primarily driven by Musculoskeletal Solutions sales of $41.9 million and Nevro sales of $17.0 million. Enabling Technology sales increased by $7.8 million as compared to the six-month period ended June 30, 2025, primarily driven by increased unit placement. From a geographic standpoint, international net sales in the Europe and Middle East region increased $46.6 million, sales in the Latin American region increased $14.0 million and sales in the Asia Pacific region increased $6.0 million.
Current report — wording carried from elsewhere
Acquisition-related costs decreased by $16.8 million, or 49.0%, primarily driven by the $26.1 million in expenses related to the Nevro Merger that were incurred during the six months ended June 30, 2025, with no comparable event in the current period. This decrease was partially offset by the change in the fair value of business acquisition liabilities. For the six months ended June 30, 2026, acquisition-related costs included $16.1 million of charges recorded from changes in the fair value of business acquisition liabilities driven by changes in market conditions and the achievement of certain performance conditions, compared to the $5.4 million recorded for the six-month period ended June 30, 2025.
Current report — wording carried from elsewhere
The $6.4 million, or 47.1%, decrease in restructuring costs was primarily due to lower employee termination benefit expenses related to the 2024 Synergy Plan and the 2025 Strategic Integration Plan during the current-year period. Refer to“Part I; Item 1. Financial Statements; Notes to Condensed Consolidated Financial Statements (Unaudited); Note 15. Restructuring and Other Costs” for further information regarding the 2024 Synergy Plan and the 2025 Strategic Integration Plan.