Globus Medical Reports Third Quarter 2026 Results and Announces a $500 Million Increase to the Share Repurchase Program
GLOBUS MEDICAL INC (GMED) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Globus Medical Reports Third Quarter 2026 Results and Announces a $500 Million Increase to the Share Repurchase Program AUDUBON, PA., November 5, 2026: Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal technology company, today announced its financial resu
How this was made
The 30-second read
Why it matters
Updated guidance and a sizable share‑repurchase program are the primary catalysts for short‑term price movement.
Market read
Earnings and guidance updates are core drivers for the stock; the downward revenue revision may trigger a modest decline.
What to watch
Strong free cash flow generation and a $500 M share‑repurchase increase could support the stock despite lower revenue guidance.
Globus Medical Reports Third Quarter 2026 Results and Announces a $500 Million Increase to the Share Repurchase Program
Third-quarter net sales declined 0.7% as reported and full-year revenue guidance was reduced to $3.09 billion from $3.18 billion to $3.22 billion, while gross margins, GAAP earnings, operating cash flow and free cash flow improved and the Board authorized an additional $500 million for repurchases.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30, 2026GAAP | $763.7M | – | (0.7%) |
| Net sales, nine months ended September 30, 2026GAAP | $2.31B | – | 9.5% |
| Base business net sales, three months ended September 30, 2026non-GAAP | $690.0M | – | 3.0% |
| Nevro products net sales, three months ended September 30, 2026other | $73.70M | – | – |
| Base business net sales, nine months ended September 30, 2026non-GAAP | $2.08B | – | – |
| Nevro products net sales, nine months ended September 30, 2026other | $237.4M | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | $232.9M | – | – |
| Research and development expense, three months ended September 30, 2026GAAP | $34.53M | – | – |
| Selling, general and administrative expense, three months ended September 30, 2026GAAP | $288.5M | – | – |
| Amortization of intangibles, three months ended September 30, 2026GAAP | $29.57M | – | – |
| Acquisition-related costs, three months ended September 30, 2026GAAP | $720K | – | – |
| Restructuring costs, three months ended September 30, 2026GAAP | −$43K | – | – |
| Gross profit, three months ended September 30, 2026GAAP | $509.2M | – | – |
| Gross profit as a percentage of net sales, three months ended September 30, 2026GAAP | 66.7% | – | an increase of 2.5% |
| Adjusted gross profit, three months ended September 30, 2026non-GAAP | $530.8M | – | – |
| Adjusted gross profit as a percentage of net sales, three months ended September 30, 2026non-GAAP | 69.5% | – | an increase of 1.4% |
| Operating income, three months ended September 30, 2026GAAP | $177.6M | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | $183.3M | – | – |
| Income tax provision, three months ended September 30, 2026GAAP | $42.10M | – | – |
| Net income, three months ended September 30, 2026GAAP | $141.2M | – | 18.7% |
| Net income as a percentage of net sales, three months ended September 30, 2026GAAP | 18.5% | – | – |
| Diluted earnings per share, three months ended September 30, 2026GAAP | $1.04 | – | 18.2% |
| Non-GAAP net income, three months ended September 30, 2026non-GAAP | $167.0M | – | – |
| Non-GAAP diluted earnings per share, three months ended September 30, 2026non-GAAP | $1.23 | – | 4.4% |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $262.2M | – | – |
| Adjusted EBITDA as a percentage of net sales, three months ended September 30, 2026non-GAAP | 34.3% | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $510.4M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $417.0M | – | – |
| Diluted earnings per share, nine months ended September 30, 2026GAAP | $3.04 | – | – |
| Non-GAAP net income, nine months ended September 30, 2026non-GAAP | $506.2M | – | – |
| Non-GAAP diluted earnings per share, nine months ended September 30, 2026non-GAAP | $3.69 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $787.3M | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $265.2M | – | – |
| Free cash flow, three months ended September 30, 2026non-GAAP | $224.8M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $677.3M | – | – |
| Purchases of property and equipment, nine months ended September 30, 2026GAAP | −$113.2M | – | – |
| Free cash flow, nine months ended September 30, 2026non-GAAP | $564.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Musculoskeletal Solutions, three months ended September 30, 2026No product-category growth driver was provided. | $728.9M | – | – |
| Enabling Technologies, three months ended September 30, 2026The Company said it deployed 73% more robot and navigation units as compared to the prior year quarter. | $34.86M | – | 24% |
| United States net sales, three months ended September 30, 2026U.S. Spine faced difficult prior year comparables and grew 2% in the third quarter, according to the Chief Executive Officer. | $621.0M | – | 0.5% |
| International net sales, three months ended September 30, 2026International net sales decreased 5.0% on a constant currency basis. | $142.7M | – | (5.7%) |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Full-year fiscal 2026 outlook
- Revenue$3.09 billion
- NoteNon-GAAP fully diluted EPS: $4.95 to $5.05
- NoteRevenue growth as compared to fiscal 2025: 5.1%
- NoteGrowth over fiscal 2025 non-GAAP fully diluted EPS: 24.4% to 26.9%
Capital returns
- On November 2, 2026, the Board of Directors authorized an additional $500 million of common-stock repurchases under the existing Repurchase Program.
- The Repurchase Program does not have an expiration date.
- Repurchase of common stock for the nine months ended September 30, 2026 was $(279,001), compared with $(255,451) for the nine months ended September 30, 2025.
What drove it
- Base business sales, excluding Nevro, were $690.0 million and increased 3.0%, as reported.
- Enabling Technologies delivered revenue growth of 24%.
- Cost of sales decreased $19.6 million and operating expenses decreased $25.9 million in comparison to the third quarter of 2025, which the Company identified as the primary drivers of GAAP net income growth.
- Adjusted gross profit margin expanded to 69.5% from 68.1% in the prior-year quarter.
- The Company said this was the eighth straight quarter of sequential adjusted gross profit margin expansion.
Concerns
- Worldwide net sales decreased 0.7% as reported and decreased 0.5% on a constant currency basis.
- International net sales decreased 5.7% as reported and decreased 5.0% on a constant currency basis.
- Nevro products net sales were $73,701 for the third quarter of 2026, compared with $99,254 for the third quarter of 2025.
- Full-year 2026 revenue guidance was updated to $3.09 billion from the previous range of $3.18 billion to $3.22 billion.
- U.S. Spine grew 2% in the third quarter against difficult prior-year comparables, according to the Chief Executive Officer.
What to watch
- Execution against full-year fiscal 2026 revenue guidance of $3.09 billion.
- The trajectory of U.S. Spine sales following 2% third-quarter growth and difficult prior-year comparables.
- International sales performance after a 5.7% as-reported decline and a 5.0% constant-currency decline.
- Nevro product sales following third-quarter net sales of $73,701.
- Whether adjusted gross profit margin continues its sequential expansion trend.
- The timing and actual number of shares repurchased under the expanded Repurchase Program.
Balance sheet and cash flow
- Cash and cash equivalents were $441,272 at September 30, 2026, compared with $526,156 at December 31, 2025.
- Short-term marketable securities were $76,163 and long-term marketable securities were $353,738 at September 30, 2026.
- Total cash, cash equivalents and marketable securities were $871,173 at September 30, 2026, compared with $629,062 at December 31, 2025.
- Total assets were $5,528,193, total liabilities were $731,943, and total equity was $4,796,250 at September 30, 2026.
- Inventories were $824,144 at September 30, 2026, compared with $759,277 at December 31, 2025.
- Cash, cash equivalents, and restricted cash at end of period were $487,687 at September 30, 2026, compared with $371,769 at September 30, 2025.
Analysis
Globus Medical reported third-quarter net sales of $763,719, down 0.7% from $769,048 in the prior-year period. U.S. net sales increased 0.5% to $620,980, while international net sales fell 5.7% to $142,739, or 5.0% on a constant currency basis. Base business sales were $690,018, up 3.0%, but Nevro product sales were $73,701 versus $99,254. The Chief Executive Officer described difficult U.S. Spine comparisons and said U.S. Spine grew 2%.
Profitability improved materially despite the sales decline. GAAP gross profit margin was 66.7%, compared with 64.2%, and non-GAAP adjusted gross profit margin was 69.5%, compared with 68.1%. Cost of sales was $232,917 versus $252,533, while selling, general and administrative expense was $288,471 versus $313,597. Operating income rose to $177,551 from $137,363, and GAAP net income increased to $141,171 from $118,966. GAAP diluted EPS was $1.04 versus $0.88, while non-GAAP diluted EPS was $1.23 versus $1.18.
Cash generation remained strong. Third-quarter operating cash flow was $265,227 and free cash flow was $224,838, compared with $249,696 and $213,879, respectively. For the nine months ended September 30, 2026, operating cash flow was $677,332 and free cash flow was $564,160. The Company held $871,173 of total cash, cash equivalents and marketable securities at September 30, 2026. It also repurchased $279,001 of common stock during the first nine months and received authorization for an additional $500 million under its existing repurchase program.
The outlook is the principal offset to the stronger margins and cash flow. Globus updated full-year 2026 revenue guidance to $3.09 billion from the previous range of $3.18 billion to $3.22 billion, while reaffirming non-GAAP fully diluted EPS guidance of $4.95 to $5.05. The revised revenue target represents 5.1% growth as compared to fiscal 2025, and the EPS range represents 24.4% to 26.9% growth over fiscal 2025 non-GAAP fully diluted EPS. Investors should focus on the revenue reset, international demand, Nevro sales, and whether margin expansion and free cash flow remain durable while the Company executes its technology deployment strategy.
Management, verbatim
Third quarter revenue finished at $764 million, down slightly from the prior year quarter.
Keith Pfeil, President and Chief Executive Officer
Our Enabling Technologies strategy continued to make progress, delivering revenue growth of 24%, while simultaneously deploying 73% more robot and navigation units as compared to the prior year quarter, reflecting continued strong demand for our technology and execution against our capital deployment plan.
Keith Pfeil, President and Chief Executive Officer
Our third quarter results highlight our Company’s commitment to delivering consistent adjusted gross profit margin expansion, bottom-line profit, and free cash flow generation, as we delivered the eighth straight quarter of sequential adjusted gross profit margin expansion and record quarterly operating cash flow and free cash flow generation.
Kyle Kline, Chief Financial Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so comparison of actual results with prior guidance is unavailable.
- Prior-quarter figures and sequential changes were not reported for the listed key metrics.
- Full-year fiscal 2026 guidance for gross margin, operating expenses, tax rate, operating cash flow and free cash flow was not provided.
- A GAAP or non-GAAP effective tax rate was not reported.
- Debt balances were not reported as a balance-sheet line item.
- Product-category year-over-year changes for Musculoskeletal Solutions were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing provides the first public disclosure of Globus Medical's Q3 performance and revised FY2026 outlook.
Ticker impact
Globus Medical disclosed Q3 2026 results and updated full-year revenue guidance to $3.09 B, lower than the prior range, in an SEC 8‑K filing.
likely pressure as the market prices in updated guidance
Revenue guidance was revised downward, which historically triggers downside sentiment for growth‑oriented med‑tech stocks.
Market effects
May weigh on other musculoskeletal‑technology and med‑tech peers as investors reassess growth expectations.
Limited to U.S. listed med‑tech sector; no broader regional effect.
Minimal global impact beyond sector specialists.
Counterpoint
If the company can accelerate robot and navigation unit deployments, the revenue dip may be temporary, offering a buying opportunity.
Key entities
- companyGlobus Medical Inc.
Musculoskeletal technology firm reporting Q3 results and guidance.
