Globus Medical, Inc.

Second quarter 2026 revenue was $789.6 million, up 5.9% as reported and 5.6% constant currency. GAAP net income was $151.6 million, or $1.10 per diluted share, and non-GAAP net income was $184.3 million, or $1.34 per diluted share, up 55.8% year over year. GAAP gross margin was 66.8% versus 63.3% last year, while adjusted gross margin was 69.4% versus 67.4%; adjusted EBITDA margin was 35.4% versus 28.0%. For full-year 2026, management reaffirmed revenue guidance of $3.18 billion to $3.22 billion and raised non-GAAP diluted EPS guidance to $4.95 to $5.05 from $4.70 to $4.80. The company now expects 2026 adjusted gross margin of 69% to 70% and non-GAAP tax rate of 23% to 24%.

Keith Pfeil framed the quarter as evidence that Globus is scaling well across spine, trauma, enabling tech, and neuromodulation, while continuing to take share through product launches and sales-force expansion. He emphasized that the company has launched over 25 products in 36 months and now has more than 60 projects in process, with a heavy focus on in-house development, competitive recruiting, and a broader digital/surgical-intelligence ecosystem. His tone was confident and long-term oriented, repeatedly stressing that the business is being built for durable growth rather than the next quarter.

Kyle Kline highlighted seventh straight quarter of adjusted gross margin expansion, with Q2 adjusted gross margin at 69.4%, and noted a return to a mid-30s EBITDA margin at 35.4%. He said cash, cash equivalents and marketable securities were $840.5 million at June 30, 2026, up from $629.1 million at year-end, supported by $412.1 million of operating cash flow and offset by $136.1 million of share repurchases and $72.8 million of capex. He also detailed $36.3 million of R&D, or 4.6% of sales, $286.8 million of SG&A, and the increase in guidance for non-GAAP EPS due to better-than-expected margin expansion and operating leverage.

Analysts focused on international demand, U.S. Spine moderation, gross margin timing, Nevro’s recovery path, Enabling Technologies’ financing shift, and the ramp in R&D spending. Management said EMEA and international trends were in line with expectations, U.S. Spine growth is still strong but faces tougher comps in the second half, and the business expects double-digit international growth to continue. On Nevro, they said trial volumes should improve through Q3 and Q4 with the goal of returning to historical levels late in Q4, while Enabling Technologies is in a transition toward more flexible acquisition models that should support future implant, disposable, and service pull-through.