Globus Medical delivered a strong finish to 2025, with accelerated revenue growth and significant margin expansion in the fourth quarter, driven by the successful integration of Nevro and strong performance across its core spine and enabling technologies businesses. The company is focused on scaling growth and sustainable operating leverage in 2026, supported by a new product pipeline and sales force expansion.
Worldwide net sales increased 25.7% to $826.4 million in Q4 2025, accelerating from prior periods.
positiveNon-GAAP diluted EPS increased 52.1% to $1.28 in Q4 2025.
positiveFull year 2025 worldwide net sales increased 16.7% to $2,938.9 million.
positiveFull year 2025 non-GAAP diluted EPS increased 30.8% to $3.98.
positiveRecord quarterly and full-year non-GAAP earnings per share were achieved.
positiveUS Spine business grew revenue 10% over the prior-year quarter.
positiveEnabling Technologies grew 19% over the fourth quarter of 2024.
positiveAdjusted Gross Profit margin improved to 69.2% in Q4 2025 from 67.1% in Q4 2024.
positiveFree cash flow for the year was $588.8 million, an increase of 45.2% YoY.
positiveInventories increased by $100 million YoY to $759.3 million, representing a 15.2% increase, outpacing revenue growth.
attentionAmortization of intangibles was $29.4 million in Q4 2025, a slight decrease from $29.9 million in Q4 2024.
neutralMerger and acquisition-related costs were $17.9 million in Q4 2025, down from $64.6 million in Q4 2024, but still a significant expense.
attentionRestructuring costs were $3.5 million in Q4 2025, compared to minimal costs in the prior year.
attentionCash and cash equivalents decreased by $258.3 million YoY to $526.2 million.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Musculoskeletal Solutions | N/A | — | — | — |
Enabling Technologies | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Momentum built throughout 2025 accelerated in the fourth quarter, capping off a strong finish to the year with double-digit sales and earnings growth.
We delivered above market, top-line growth, across the portfolio, including our core spine franchise, while delivering meaningful margin expansion – reflecting disciplined execution.
Looking ahead to 2026, our focus lies in driving durable momentum, centered on scaling growth and sustainable operating leverage.
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