Globus Medical (GMED) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $759.9 million, up 27% year-over-year, driven by strong growth in core businesses and the Nevro acquisition.

• GAAP net income was $124.3 million, a 64.7% increase from Q1 2025, with diluted EPS at $0.90 and non-GAAP EPS at $1.12.

• Over 30 new products launched since 2022, with significant investments in innovation and operational efficiency.

• International sales grew 35.6% year-over-year, now representing 20.4% of total net sales.

• Company is debt-free, with $799.3 million in cash and marketable securities as of March 31, 2026.

Financial highlights

• Adjusted EBITDA margin was 32.3% in Q1 2026; adjusted EBITDA was $245.3 million, up from $177.8 million in Q1 2025.

• Adjusted gross profit margin improved to 69.2% from 67.3% year-over-year.

• Operating cash flow was $202.4 million, with free cash flow at $162.7 million.

• SG&A expenses were $297.8 million (39.2% of sales); R&D expenses were $36.5 million (4.8% of sales).

• Cash and cash equivalents at quarter-end were $560.95 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $3.18–$3.22 billion, implying 8.2–9.6% growth over 2025.

• Non-GAAP EPS guidance raised to $4.70–$4.80, up from $4.40–$4.50, reflecting 18.1–20.6% growth.

• Adjusted gross margin expected to remain in the 69–70% range for 2026, with a long-term target in the mid-70s.

• Management expects continued margin expansion and sustained earnings growth.

• Investments in R&D and sales force expansion are planned to support new product launches and market penetration.