# GLOBUS MEDICAL INC (GMED) Informational only - not investment advice. CIK: 0001237831 SIC: 3841 Surgical & Medical Instruments & Apparatus SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1237831 Filing source: https://www.sec.gov/Archives/edgar/data/1237831/000162828026011209/gmed-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001628280-26-011209 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001237831.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,938,931,000 USD | 2025 | verified | | Net income | 537,868,000 USD | 2025 | verified | | Assets | 5,302,761,000 USD | 2025 | verified | | Free cash flow | 588,768,000 USD | 2025 | computed | | Net margin | 18.30% | 2025 | computed | | Operating margin | 16.33% | 2025 | computed | | Revenue YoY | +16.65% | 2025 | computed | | ROE | 11.76% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Medical devices and instruments](/compare/medical-devices/) · SIC 3841 Surgical & Medical Instruments & Apparatus No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including GMED - Medical devices and instruments: [peer review](/compare/medical-devices/) · [market-risk page](/compare/medical-devices/risk/) ### Peer percentile fingerprint | Ratio | GMED | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 18.3% | -6.0% | 90 | 63 | | Operating margin | 16.3% | -2.7% | 81 | 63 | | Revenue growth | 16.7% | 13.6% | 62 | 64 | | FCF margin | 20.0% | 0.2% | 90 | 63 | | ROE | 11.8% | -9.1% | 70 | 58 | | ROA | 10.1% | -4.8% | 84 | 65 | | Liabilities / equity | 0.16 | 0.89 | 6 | 63 | | Current ratio | 4.26 | 3.23 | 56 | 65 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2938931000 | USD | 2025 | 2026-02-24 | | Net income | 537868000 | USD | 2025 | 2026-02-24 | | Assets | 5302761000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001237831.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | 563,994,000 | 635,977,000 | 712,969,000 | 785,368,000 | 789,042,000 | 958,102,000 | 1,022,843,000 | 1,568,476,000 | 2,519,355,000 | 2,938,931,000 | | Net income | | | | | | | 104,341,000 | 107,348,000 | 156,474,000 | 155,210,000 | 102,285,000 | 149,191,000 | 190,169,000 | 122,873,000 | 102,984,000 | 537,868,000 | | Operating income | | | | | | | 154,141,000 | 161,840,000 | 169,325,000 | 171,989,000 | 111,433,000 | 171,953,000 | 227,951,000 | 133,142,000 | 165,991,000 | 479,816,000 | | Diluted EPS | | | | | | | 1.08 | 1.10 | 1.54 | 1.52 | 1.01 | 1.44 | 1.85 | 1.07 | 0.75 | 3.92 | | Operating cash flow | | | | | | | 147,823,000 | 159,058,000 | 181,643,000 | 171,975,000 | 198,793,000 | 276,274,000 | 178,468,000 | 243,499,000 | 520,638,000 | 753,447,000 | | Capital expenditures | | | | | | | 40,909,000 | 51,303,000 | 59,697,000 | 70,750,000 | 63,658,000 | 56,898,000 | 74,047,000 | 78,274,000 | 115,429,000 | 164,679,000 | | Share buybacks | 0.00 | 10,021,000 | 0.00 | 0.00 | | | | | | | 104,669,000 | | 144,493,000 | 225,562,000 | 85,787,000 | 300,451,000 | | Assets | | | | | | | 927,637,000 | 1,078,502,000 | 1,300,670,000 | 1,532,077,000 | 1,679,485,000 | 1,957,263,000 | 2,076,126,000 | 5,086,083,000 | 5,251,750,000 | 5,302,761,000 | | Liabilities | | | | | | | 95,559,000 | 110,724,000 | 115,154,000 | 129,625,000 | 173,188,000 | 215,875,000 | 229,753,000 | 1,088,124,000 | 1,074,417,000 | 729,511,000 | | Stockholders' equity | | | | | | | 832,078,000 | 967,778,000 | 1,185,516,000 | 1,402,452,000 | 1,506,297,000 | 1,741,388,000 | 1,846,373,000 | 3,997,959,000 | 4,177,333,000 | 4,573,250,000 | | Cash and cash equivalents | | | 212,400,000 | 89,962,000 | 82,265,000 | 57,651,000 | 66,954,000 | 118,817,000 | 139,647,000 | 195,474,000 | | | | | 784,438,000 | 526,156,000 | | Free cash flow | | | | | | | 106,914,000 | 107,755,000 | 121,946,000 | 101,225,000 | 135,135,000 | 219,376,000 | 104,421,000 | 165,225,000 | 405,209,000 | 588,768,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | 18.50% | 16.88% | 21.95% | 19.76% | 12.96% | 15.57% | 18.59% | 7.83% | 4.09% | 18.30% | | Operating margin | | | | | | | 27.33% | 25.45% | 23.75% | 21.90% | 14.12% | 17.95% | 22.29% | 8.49% | 6.59% | 16.33% | | Return on equity | | | | | | | 12.54% | 11.09% | 13.20% | 11.07% | 6.79% | 8.57% | 10.30% | 3.07% | 2.47% | 11.76% | | Return on assets | | | | | | | 11.25% | 9.95% | 12.03% | 10.13% | 6.09% | 7.62% | 9.16% | 2.42% | 1.96% | 10.14% | | Liabilities / equity | | | | | | | 0.11 | 0.11 | 0.10 | 0.09 | 0.11 | 0.12 | 0.12 | 0.27 | 0.26 | 0.16 | | Current ratio | | | | | | | 6.43 | 6.67 | 6.56 | 6.17 | 6.80 | 6.17 | 6.18 | 4.88 | 2.54 | 4.26 | ## As-reported value updates 3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/GMED/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001237831.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.47 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.48 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.57 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 383,639,000 | 998,000 | 0.01 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 616,534,000 | 15,034,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 606,666,000 | -7,117,000 | -0.05 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 629,691,000 | 31,760,000 | 0.23 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 625,705,000 | 51,836,000 | 0.38 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 657,293,000 | 26,505,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 598,121,000 | 75,462,000 | 0.54 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 745,342,000 | 202,846,000 | 1.49 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 769,048,000 | 118,966,000 | 0.88 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 826,420,000 | 140,594,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 759,854,000 | 124,302,000 | 0.90 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 789,612,000 | 151,569,000 | 1.10 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from GMED's latest 10-K: [/company/GMED/business/](/company/GMED/business/). ## Risk Factors Verbatim Item 1A Risk Factors from GMED's latest 10-K: [/company/GMED/risk-factors/](/company/GMED/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1237831/000162828026054450/gmed-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 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. Overview 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. We are an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to assist surgeons in effectively treating their patients and to address new treatment challenges. With numerous products launched since the founding of the Company, we offer a comprehensive portfolio of innovative and differentiated technologies that address a variety of musculoskeletal pathologies, anatomies and surgical approaches. We separate our products and services into two major categories: Musculoskeletal Solutions and Enabling Technologies. Nevro Merger As previously disclosed on February 6, 2025, the Company entered into an Agreement and Plan of Merger (the “Nevro Merger Agreement”) with Nevro Corp. (“Nevro”) and Palmer Merger Sub, Inc., a wholly owned subsidiary of the Company (“Palmer Merger Sub”). On April 3, 2025, pursuant to the terms of the Nevro Merger Agreement, Palmer Merger Sub merged with and into Nevro (the “Nevro Merger”), with Nevro surviving as a wholly owned subsidiary of the Company. Upon the consummation of the Nevro Merger, each issued and outstanding share of common stock of Nevro, $0.001 par value per share, was cancelled and converted into the right to receive cash in an amount equal to $5.85 per share of common stock of Nevro, without interest and subject to any applicable withholding taxes. Product & Service Categories While we group our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies, they are not limited to a particular technology, platform or surgical approach. Instead, our goal is to offer a comprehensive product suite that can be used to safely and effectively treat patients based on their specific anatomy and condition, and is customized to the surgeon’s training and surgical preference. Musculoskeletal Solutions Our Musculoskeletal Solutions consist primarily of implantable devices, biologics, accessories, unique surgical instruments, spinal cord stimulation treatment therapy, and neuromonitoring services, used in an expansive range of spinal, orthopedic and neurosurgical procedures. Musculoskeletal disorders are a leading driver of healthcare costs worldwide. Disorders range in severity from mild pain and loss of feeling to extreme pain and paralysis. These disorders are primarily caused by degenerative and congenital conditions, deformity, tumors and traumatic injuries. Treatment alternatives for musculoskeletal disorders range from non-operative conservative therapies to surgical interventions depending on the pathology. Conservative therapies include bed rest, medication, casting, bracing, and physical therapy. When conservative therapies are not indicated, or fail to provide adequate quality of life improvements, surgical interventions may be used. Surgical treatments for musculoskeletal disorders can be instrumented, which include the use of implants, or non-instrumented, which forego the use of hardware but may include biologics. Our spinal cord stimulation treatment therapy uses neuromodulation technology delivered by an implantable device that delivers electrical impulses to treat chronic pain. Our neuromonitoring services use proprietary software-driven nerve detection and avoidance technology and include intraoperative neuromonitoring (“IONM”) services to aid spine surgery. 29 Table of Contents Enabling Technologies Our Enabling Technologies are comprised of imaging, navigation and robotics (“INR”) solutions for assisted surgery which are advanced computer-assisted intelligent systems designed to enhance a surgeon’s capabilities and ultimately improve patient care and reduce radiation exposure for all involved by streamlining surgical procedures to be safer, less invasive, and more accurate. The market for our Enabling Technologies in spine, cranial and orthopedic surgery is still in its infancy stage and consists primarily of INR systems. In spine, a majority of these technologies are limited to surgical planning and assistance in implant placement for increased accuracy and time savings with less intraoperative radiation exposure to the patient and surgical staff. As our Enabling Technologies become more fully integrated with our Musculoskeletal Solutions, a continued rise in adoption is expected. Furthermore, we believe as new technologies such as augmented reality and artificial intelligence are introduced, Enabling Technologies have the potential to transform the way surgery is performed and most importantly, continue to improve patient outcomes. Geographic Information To date, the primary market for our products and services has been within the U.S., where we sell our products and services through a combination of direct sales representatives employed by us and distributor sales representatives employed by exclusive independent distributors, who distribute our products for a commission that is generally based on a percentage of sales. We believe there is significant opportunity to strengthen our position in the U.S. market by increasing the size of our U.S. sales force, and we intend to add additional direct and distributor sales representatives in the future. 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. Seasonality Our business is generally not seasonal in nature. However, sales of our Musculoskeletal Solutions products and neuromonitoring services may be influenced by summer vacation and winter holiday periods during which we have experienced fewer surgeries taking place, as well as more surgeries taking place later in the year when patients have met the deductibles under insurance plans. Sales of our Enabling Technologies products may be influenced by longer capital purchase cycles and the timing of budget approvals for major capital purchases. Critical Accounting Estimates The preparation of the condensed consolidated financial statements requires us to make assumptions, estimates and judgments that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of sales and expenses during the reporting periods. There have been no material changes to the critical accounting policies and estimates as previously disclosed in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation” of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 24, 2026. Results of Operations We manage our business globally within two operating segments, which is consistent with how our management reviews our business, makes investment and resource allocation decisions and assesses operating performance. We have concluded that these operating segments are aggregated into one reportable segment, based on the aggregation criteria. Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 Net Sales 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: 30 Table of Contents [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change"],["(In thousands, except percentages)","2026","","2025","","$","","%"],["U.S.","$","619,105","","","$","600,784","","","$","18,321","","","3.0","%"],["International","170,507","","","144,558","","","25,949","","","18.0","%"],["Total net sales","$","789,612","","","$","745,342","","","$","44,270","","","5.9","%"]] [[/GREPCENT_TABLE]] 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. 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 $1.4 million. Cost of Sales [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change"],["(In thousands, except percentages)","2026","","2025","","$","","%"],["Cost of sales (exclusive of amortization of intangibles)","$","241,439","","","$","248,765","","","$","(7,326)","","","(2.9","%)"],["Percentage of net sales","30.6","%","","33.4","%"]] [[/GREPCENT_TABLE]] The $7.3 million, or 2.9%, decrea [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1237831/000162828026011209/gmed-20251231.htm Complete FY 2025 MD&A: /company/GMED/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Annual Report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. You should review the “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements” sections of this Annual Report for a discussion of certain of the important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements described in the following discussion and analysis. Certain amounts and percentages in this discussion and analysis have been rounded for convenience of presentation. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” generally discusses the fiscal years ended December 31, 2025 and 2024 and provides year-to-year comparisons between the fiscal years ended December 31, 2025 and 2024. Discussions of the fiscal year ended December 31, 2024 and year-to-year comparisons between the fiscal years ended December 31, 2024 and 2023 that are not included in this Annual Report can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed on February 20, 2025. Overview We are an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to assist surgeons in effectively treating their patients and to address new treatment options. With numerous products launched since the founding of the Company, we offer a comprehensive portfolio of innovative and differentiated technologies that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches. We separate our products and services into two major categories: Musculoskeletal Solutions and Enabling Technologies. NuVasive Merger On September 1, 2023, pursuant to that certain merger agreement (the “NuVasive Merger Agreement”) with NuVasive, Inc. (“NuVasive”) and Zebra Merger Sub Inc. a wholly owned subsidiary of the Company (“Zebra Merger Sub”), Zebra Merger Sub merged with and into NuVasive, with NuVasive surviving as a wholly owned subsidiary of the Company (the “NuVasive Merger”). Under the NuVasive Merger Agreement, each share of common stock, par value $0.001 per share, of NuVasive issued and outstanding immediately prior to the effective time of the NuVasive Merger (other than certain excluded shares as described in the NuVasive Merger Agreement) was cancelled and converted into the right to receive 0.75 fully paid and non-assessable shares of Class A common stock of Globus, $0.001 par value per share, and the right to receive cash in lieu of fractional shares. Nevro Merger On April 3, 2025, pursuant to the terms of that certain merger agreement (the “Nevro Merger Agreement”) with Nevro Corp. (“Nevro”) and Palmer Merger Sub, Inc., a wholly owned subsidiary of the Company (“Palmer Merger Sub”), Palmer Merger Sub merged with and into Nevro (the “Nevro Merger” and, together with the NuVasive Merger, the “NuVasive and Nevro Mergers”), with Nevro surviving as a wholly owned subsidiary of the Company. Upon the consummation of the Nevro Merger, each issued and outstanding share of common stock of Nevro, $0.001 par value per share, was cancelled and converted into the right to receive cash in an amount equal to $5.85 per share of common stock of Nevro, without interest and subject to any applicable withholding taxes. Product & Service Categories While we group our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies, they are not limited to a particular technology, platform or surgical approach. Instead, our goal is to offer a comprehensive product suite that can be used to safely and effectively treat patients based on their specific anatomy and condition, and is customized to the surgeon’s training and surgical preference. Musculoskeletal Solutions Our Musculoskeletal Solutions consist primarily of implantable devices, biologics, accessories, unique surgical instruments, spinal cord stimulation treatment therapy, and neuromonitoring services, used in an expansive range of spinal, orthopedic and neurosurgical procedures. Musculoskeletal disorders are a leading driver of healthcare costs worldwide. Disorders range in severity from mild pain and loss of feeling to extreme pain and paralysis. These disorders are primarily caused by degenerative and congenital conditions, deformity, tumors and traumatic injuries. Treatment alternatives for musculoskeletal disorders range from non-operative conservative therapies to surgical interventions depending on the pathology. Conservative therapies include bed rest, medication, casting, bracing, and physical therapy. When conservative therapies are not indicated, or fail to provide adequate quality of life improvements, surgical interventions may be used. Surgical treatments for musculoskeletal disorders can be instrumented, which include the use of implants, or non-instrumented, which forego the use of hardware but may include biologics. Our spinal cord stimulation treatment therapy uses neuromodulation technology delivered by an implantable device that delivers electrical impulses to 50 Table of Contents treat chronic pain. Our neuromonitoring services use proprietary software-driven nerve detection and avoidance technology and include intraoperative neuromonitoring (“IONM”) services to aid spine surgery. Enabling Technologies Our Enabling Technologies are comprised of imaging, navigation and robotics (“INR”) solutions for assisted surgery which are advanced computer-assisted intelligent systems designed to enhance a surgeon’s capabilities, and ultimately improve patient care and reduce radiation exposure for all involved by streamlining surgical procedures to be safer, less invasive, and more accurate. The market for our Enabling Technologies in spine, cranial and orthopedic surgery is still in its infancy stage and consists primarily of INR systems. In spine, a majority of these technologies are limited to surgical planning and assistance in implant placement for increased accuracy and time savings with less intraoperative radiation exposure to the patient and surgical staff. As our Enabling Technologies become more fully integrated with our Musculoskeletal Solutions, a continued rise in adoption is expected. Furthermore, we believe as new technologies are introduced, Enabling Technologies have the potential to transform the way surgery is performed and most importantly, continue to improve patient outcomes. Geographic Information To date, the primary market for our products and services has been within the U.S., where we sell our products and services through a combination of direct sales representatives employed by us and distributor sales representatives employed by exclusive independent distributors, who distribute our products for a commission that is generally based on a percentage of sales. We believe there is significant opportunity to strengthen our position in the U.S. market by increasing the size of our U.S. sales force and we intend to add additional direct and distributor sales representatives in the future. During the year ended December 31, 2025, international net sales accounted for approximately 19.4% of our total net sales. We have sold our products and services in approximately 64 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. Seasonality Our business is generally not seasonal in nature. However, sales of our Musculoskeletal Solutions products and neuromonitoring services may be influenced by summer vacation and winter holiday periods during which we have experienced fewer surgeries taking place, as well as more surgeries taking place later in the year when patients have met the deductibles under insurance plans. Sales of our Enabling Technologies products may be influenced by longer capital purchase cycles and the timing of budget approvals for major capital purchases. Components of our Results of Operations We manage our business globally within two operating segments, which is consistent with how our management reviews our business, makes investment and resource allocation decisions and assesses operating performance. We have concluded that these operating segments are aggregated into one reportable segment, based on the aggregation criteria. Net Sales We sell implants and related disposables, primarily to hospitals, for use by surgeons to treat musculoskeletal disorders. We generally place surgical sets, which contain our implants, disposables, surgical instruments and cases, in the field with our sales representatives, and the surgical sets are maintained either with our sales representatives or at our hospital customers that purchase the surgical sets used in surgeries. We recognize revenue when the implants and related disposables have been implanted or used in a surgery, or for sets that are sold directly, when title to the goods and risk of loss are transferred to the customer and there are no remaining performance obligations which affect the customer’s final acceptance of the sale. We generally recognize INR solutions revenue when control transfers to the customer based on the terms of the arrangement, which typically occurs at the time the product is shipped or delivered. Depending on the terms of the arrangement, we may also defer the recognition of a portion of the consideration as we satisfy future performance obligations related to the provision of maintenance and support. Cost of Sales While we have increased our in-house implant product manufacturing capacity and assemble our INR systems in-house, we also have products manufactured by third-party suppliers. Substantially all of our suppliers manufacture our products in the U.S. Our cost of sales consists primarily of costs from our in-house manufacturing, costs of products purchased from third-party suppliers, 51 Table of Contents excess and obsolete inventory charges, depreciation of surgical instruments and cases, royalties, shipping, inspection and related costs incurred in making our products available for sale or use. Research and Development Expenses Research and development expenses primarily consist of engineering, product development, clinical and regulatory expenses, consulting services, outside prototyping services, internal and external research activities, materials, depreciation, and other costs associated with development of our products. Research and development expenses also include personnel and consultants’ compensation, stock-based compensation expense, and acquired research in process with no alternative future use. We expense research and development costs as they are incurred. We expect to incur additional research and development costs as we continue to develop new products. These costs will increase in absolute terms as we continue to expand our product pipeline and add personnel. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of salaries, benefits and other related costs, including stock-based compensation, for personnel employed in sales, marketing, finance, legal, compliance, administrative, information technology, medical education and trai [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/GMED/mda/fy2025/ All MD&A years: /company/GMED/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/GMED/mda/fy2024/): filed 2025-02-20; accession 0001562762-25-000026 (https://www.sec.gov/Archives/edgar/data/1237831/000156276225000026/gmed-20241231x10k.htm) - [FY 2023 MD&A](/company/GMED/mda/fy2023/): filed 2024-02-21; accession 0001562762-24-000032 (https://www.sec.gov/Archives/edgar/data/1237831/000156276224000032/gmed-20231231x10k.htm) - [FY 2022 MD&A](/company/GMED/mda/fy2022/): filed 2023-02-21; accession 0001562762-23-000048 (https://www.sec.gov/Archives/edgar/data/1237831/000156276223000048/gmed-20221231x10k.htm) - [FY 2021 MD&A](/company/GMED/mda/fy2021/): filed 2022-02-17; accession 0001562762-22-000037 (https://www.sec.gov/Archives/edgar/data/1237831/000156276222000037/gmed-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/GMED.md · JSON record: /company/GMED.json · verified financials: /company/GMED/financials.json / /company/GMED/financials.csv · machine TOC for the whole site: /llms.txt