Globus Medical (GMED) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $789.6 million, up 5.9% year-over-year, with U.S. sales up 3% and international sales up 18%, driven by strong U.S. and international spine growth.

• Fully diluted non-GAAP EPS was $1.34, up 55.8% year-over-year; adjusted EBITDA margin rose to 35.4%.

• GAAP net income was $151.6 million, down from $202.8 million in Q2 2025 due to the absence of a prior-year bargain purchase gain.

• Share repurchases totaled $136 million for 1.6 million shares in Q2, with $253.9 million authorization remaining.

• Organic growth, NuVasive merger, and Nevro acquisition contributed to scale and market share gains.

Financial highlights

• Net sales: $789.6 million (+5.9% year-over-year); U.S.: $619.1 million (+3.0%), International: $170.5 million (+18.0%).

• Adjusted gross profit margin improved to 69.4%, up 200 basis points year-over-year.

• Musculoskeletal sales were $763.5 million, up 8% year-over-year; Enabling Technologies contributed $26.1 million, down from $35.2 million.

• Cash and equivalents rose to $840.5 million, driven by $412.1 million in operating cash flow.

• No outstanding borrowings under the $400 million credit facility as of June 30, 2026.

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 $4.95–$5.05, up from $4.70–$4.80.

• Adjusted gross profit margin expected in the 69%–70% range for 2026.

• R&D expense expected at 5%–6% of net sales for 2026, with ramp-up in the second half.

• Non-GAAP tax rate guidance lowered to 23%–24%.