Here are 1-2 brief analogies for Globus Medical (GMED):

• The Intuitive Surgical for spinal and orthopedic robotics.
• The Edwards Lifesciences for spinal and orthopedic implants.

• Spinal Implants: Devices such as pedicle screws, rods, plates, and interbody cages used for spinal fusion and stabilization.
• Enabling Technologies: Robotic navigation systems (e.g., ExcelsiusGPS), intraoperative imaging, and computer-assisted surgery tools designed to enhance surgical precision and outcomes.
• Orthobiologics: Biologic products, including bone graft substitutes, designed to promote bone growth and fusion in spinal and other orthopedic procedures.

Globus Medical (GMED) sells primarily to other companies (Business-to-Business, B2B).

Due to the fragmented nature of the medical device market and the large number of healthcare providers globally, Globus Medical does not typically have a few "major customer companies" that individually account for a significant portion of its revenue, nor does it publicly disclose specific hospital systems as major customers. Instead, its customer base consists of a wide array of healthcare institutions and professionals.

Its primary customer categories include:

• Hospitals: This encompasses a vast network of acute care hospitals, university medical centers, and community hospitals across various geographies. These institutions are where most complex spinal, orthopedic, and neurosurgical procedures utilizing Globus Medical's products are performed.
• Ambulatory Surgical Centers (ASCs): These are outpatient facilities that perform surgical procedures, often for less complex cases, where Globus Medical's products may also be used.
• Healthcare Systems and Group Purchasing Organizations (GPOs): While not direct end-users of the products, GPOs play a crucial role in the sales process by negotiating contracts and standardizing purchasing for their member hospitals and healthcare facilities. Globus Medical sells its products to hospitals and ASCs, often through contractual agreements established with these larger healthcare systems and GPOs.

Keith Pfeil, President and Chief Executive Officer

Keith Pfeil was appointed President and Chief Executive Officer of Globus Medical in July 2025. He joined Globus Medical as Chief Financial Officer in August 2019, and in 2024, he was promoted to Executive Vice President, Chief Operating Officer, and Chief Financial Officer. Before his tenure at Globus Medical, Mr. Pfeil spent over 15 years at CSS Industries, Inc., a publicly traded consumer products company, where his last role was Executive Vice President and Chief Financial Officer. He also has experience with Ernst & Young and KPMG. Mr. Pfeil played a key role in leading the company's acquisition of NuVasive and served on the Executive Steering Committee for its integration. He earned a bachelor's degree in accounting from Elizabethtown College and an executive MBA from Saint Joseph's University.

Kyle Kline, Senior Vice President and Chief Financial Officer

Kyle Kline has served as Senior Vice President and Chief Financial Officer since July 2025. He previously held the position of Senior Vice President of Finance at Globus Medical and has taken on roles of increasing responsibility in accounting and finance since joining the company as Assistant Controller in May 2017. Prior to joining Globus, Mr. Kline spent nearly 10 years at Deloitte & Touche, LLP, where he held several leadership roles in the audit practice, most recently as Senior Manager. During his time at Deloitte, he worked with both large multinational public companies and private equity-owned portfolio organizations, primarily in the life sciences and manufacturing industries. Mr. Kline holds a Bachelor of Science in accounting from Bloomsburg University.

David C. Paul, Executive Chairman

David C. Paul is the founder of Globus Medical, establishing the company in 2003. He served as the Chief Executive Officer from the company's inception until August 2017, when he transitioned into the role of Executive Chairman. Before founding Globus, Mr. Paul was employed at Synthes in various positions, including Director of Product Development, and worked as a Research Engineer in biomaterials research at Temple University. He is an inventor named on approximately 225 patents and published applications. Mr. Paul holds a B.S. in Mechanical Engineering from the University of Madras and an M.S. in Computer Integrated Mechanical Engineering Systems from Temple University. He also serves on the Board of Free Flow Medical and Cross Ventures, LLC.

Kelly G. Huller, Esquire, General Counsel

Kelly G. Huller has served as General Counsel for Globus Medical since December 2018. She began her career at Globus in 2006 as the company's first in-house counsel. Over her tenure, she has overseen more than 10 mergers and acquisitions, including the company's acquisition of NuVasive, Inc., which was an all-stock deal valued at $3 billion. Ms. Huller's efforts have contributed to the growth of Globus Medical into a $2B+ musculoskeletal global technology company with five business units and over 5,000 employees.

There are two clear emerging threats for Globus Medical (GMED):

1. The rapid advancement and potential widespread adoption of biological and regenerative medicine solutions for musculoskeletal conditions. These therapies, including stem cell treatments, gene therapies, and advanced biomaterials, aim to repair or regenerate damaged tissues (e.g., spinal discs, cartilage) rather than relying on surgical fusion or replacement with artificial implants. Significant research and clinical trials are underway globally in this field. If successful and broadly adopted, these non-implant-based treatments could fundamentally reduce the addressable market for many of Globus Medical's core spinal and orthopedic implant products, representing a paradigm shift from "replacement" to "restoration."

2. The emergence of highly autonomous, AI-driven surgical systems and platforms that offer significantly superior outcomes, precision, and cost-efficiency compared to current robot-assisted or traditional surgical approaches. While Globus Medical has its ExcelsiusGPS system, the broader medical technology landscape is seeing substantial investment in artificial intelligence and machine learning to enable more advanced surgical planning, real-time adaptive guidance, and higher levels of automation. If a competitor (either an an established medical device giant or a disruptive tech entrant) introduces a platform that revolutionizes surgical procedures through unprecedented levels of autonomy and AI integration, it could make current-generation robot-assisted systems less competitive and potentially shift the market preference away from traditional implant-centric surgical workflows to platform-centric solutions.

Globus Medical (GMED) operates in several significant addressable markets within the musculoskeletal and medical device industry. The primary markets for their products and services include spinal implants, trauma and extremities, general orthopedic devices, enabling technologies, and neuromodulation.

Spinal Implants and Devices

• The global spinal implants and devices market was valued at approximately USD 14.16 billion in 2024 and is projected to reach USD 24.50 billion by 2034, growing at a compound annual growth rate (CAGR) of 5.64% from 2025 to 2034.
• In North America, this market dominated the global share, accounting for 48.5% in 2024.
• The U.S. spinal implants and devices market size was estimated at USD 5.49 billion in 2024 and is projected to grow to approximately USD 9.53 billion by 2034, with a CAGR of 5.67% from 2025 to 2034.

Trauma and Extremities Devices

• The global trauma and extremities devices market size was estimated at USD 14.94 billion in 2024 and is predicted to increase from USD 15.73 billion in 2025 to approximately USD 24.90 billion by 2034, accelerating at a CAGR of 5.24% from 2025 to 2034.
• The North America trauma and extremities devices market surpassed USD 7.02 billion in 2024 and is expected to expand at a CAGR of 5.36% during the forecast period (2025-2034).
• The U.S. trauma and extremities devices market size was approximately USD 6.32 billion in 2024 and is projected to reach around USD 10.70 billion by 2034, growing at a CAGR of 5.41% from 2025 to 2034.

Orthopedic Devices (General)

• The global orthopedic devices market size was valued at USD 59.9 billion in 2023 and is poised to grow from USD 62.36 billion in 2024 to USD 86 billion by 2032, at a CAGR of 4.1% during the forecast period (2025-2032).
• Another estimate indicates the global orthopedic devices market revenue surpassed USD 65.79 billion in 2025 and is predicted to reach around USD 92.42 billion by 2033, with a CAGR of 4.34%.
• North America dominated the global orthopedic devices market with a 55.6% market share in 2024.
• The U.S. orthopedic devices market was valued at USD 28.3 billion in 2024.

Enabling Technologies (Surgical Robotics and Navigation)

• While Globus Medical offers products like the ExcelsiusGPS surgical robotic system, specific addressable market sizes for "enabling technologies" as a standalone category were not consistently identified in the provided search results beyond Globus Medical's own revenue for this segment. However, these technologies contribute to and enhance procedures within the broader orthopedic and spinal markets.

Neuromodulation (Spinal Cord Stimulation)

• Following the acquisition of Nevro Corp., Globus Medical expanded into the neuromodulation market.
• The global neuromodulation device market was estimated to be worth USD 6.6 billion in 2024 and is forecast to grow to USD 12.6 billion by 2034.
• Spinal Cord Stimulation (SCS) is expected to contribute a significant share to this total, reaching around USD 4.6 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for Globus Medical (GMED) over the next 2-3 years:

1. Nevro Integration and Growth: The successful integration of the recently acquired Nevro business is a significant driver. Nevro has consistently contributed substantially to Globus Medical's sales, with the company emphasizing its continued growth and the strength of the integration strategy for future expansion.
2. U.S. Spine Business Momentum: Globus Medical's U.S. Spine business continues to exhibit robust growth, driven by strong surgeon engagement, competitive representative recruitment, and broad demand across its product portfolio and geographies. Management anticipates continued high single-digit growth in this segment, which remains a highly profitable and key driver of margin expansion.
3. New Product Launches and Innovation (Core Implant Products): The company's commitment to innovation and delivering differentiated technologies is expected to fuel consistent organic growth. This includes a steady pipeline for new core implant products that support the U.S. Spine business and generally aid in market penetration.
4. International Expansion: Beyond the U.S. market, international net sales have shown growth, and expanded market reach globally is identified as a short-term catalyst for future revenue increases.
5. Growth in Enabling Technologies (Robotics/Capital Sales): Despite some recent fluctuations, Globus Medical maintains optimism regarding its Enabling Technologies business. The company believes it possesses a leading capital portfolio and is focused on strategic capital placements and the development of durable capital programs designed to drive implant sales growth. This segment is expected to contribute to future revenue as placements continue.

Share Repurchases

• Globus Medical announced a new share repurchase program of up to $500 million, authorized by its Board of Directors on May 15, 2025. This program has no set time limit and may be discontinued at any time.
• The company repurchased $40 million of shares in the third quarter of 2025, bringing the total repurchases to $255.5 million through the first nine months of 2025.
• Prior authorizations included an additional $200.0 million on March 4, 2022, and $350.0 million on September 27, 2023, expanding the existing share repurchase program.

Share Issuance

• In April 2023, Globus Medical shareholders approved the issuance of Class A common stock in connection with the merger with NuVasive.
• NuVasive shareholders received 0.75 of a share of Globus Medical Class A common stock for each share of NuVasive common stock.
• The number of shares outstanding increased by 20.27% from 0.115 billion in 2023 to 0.138 billion in 2024, primarily due to the NuVasive merger.

Outbound Investments

• Globus Medical completed the acquisition of NuVasive in September 2023, valued at $3.1 billion in an all-stock transaction, significantly expanding its presence in the spine and musculoskeletal markets.
• In February 2025, the company acquired Nevro for $250 million in an all-cash deal, expanding its portfolio into neuromodulation and pain management solutions for musculoskeletal and spine surgeries.
• In October 2020, Globus Medical acquired Synoste for $23.5 million.

Capital Expenditures

• Globus Medical's capital expenditures averaged $77.661 million annually from fiscal year 2020 to 2024.
• Capital expenditures increased from $56.898 million in December 2021 to $115.4 million in 2024, peaking at $141.7 million in June 2025.
• The primary focus of capital expenditures includes investing in research and development for new product solutions, enhancing manufacturing efficiencies, insourcing to achieve cost savings, and advancing enabling technologies such as robotic surgical systems and navigation platforms.