Globus Medical (GMED) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered record net sales of $769 million, up 22.9% year-over-year, with U.S. sales up 24.6% and international sales up 16.5%.

• GAAP net income rose to $119 million, more than doubling year-over-year, with GAAP EPS of $0.88 and non-GAAP EPS of $1.18, up 42.6%.

• Nevro acquisition contributed $99.3 million in Q3 revenue, with integration ahead of schedule and positive EBITDA margin.

• Profitability expanded due to improved gross margins, operating leverage, and synergy realization from cost actions.

• Share repurchases totaled $255.5 million year-to-date, with program expanded by $500 million.

Financial highlights

• GAAP net income was $119 million; non-GAAP net income was $159.4 million, up 39.8% year-over-year.

• Adjusted EBITDA margin was 32.8%; legacy Globus adjusted EBITDA margin reached 35.3%.

• Musculoskeletal revenue was $741 million, up 26.2% year-over-year; enabling technologies revenue declined 26.8% to $28 million.

• Operating cash flow was $249.7 million in Q3; cash, equivalents, and marketable securities were $407.2 million at quarter-end.

• Gross margin improved to 68.1% (adjusted), up from 66.5% year-over-year.

Outlook and guidance

• 2025 net sales guidance raised to $2.86–$2.9 billion, implying 13.5%–15.1% growth over 2024.

• 2025 non-GAAP EPS guidance increased to $3.75–$3.85, implying 23.2%–26.5% growth.

• Nevro expected to be accretive to non-GAAP EPS in 2025, ahead of prior expectations.

• Management expects continued growth from Nevro integration and Musculoskeletal Solutions.