Globus Medical, Inc.
TypePublic
NYSE: GMED (Class A)
S&P 400 Component
IndustryMedical Technology
Founded2003
FoundersDavid C. Paul
HeadquartersAudubon, Pennsylvania, US
Key people
ProductsMedical Devices
RevenueIncrease US$712 million (2018) [2]
Increase US$384 million (2018)[2]
Increase US$156 million (2018)[2]
Number of employees
1,800 (2018) [2]
Websitewww.globusmedical.com

Globus Medical, Inc. is a publicly traded medical device company headquartered in Audubon, Pennsylvania, United States. Globus is focused on the design, development, and commercialization of products that enable surgeons to promote healing in patients with musculoskeletal disorders.[3]

Products

Globus develops, manufactures, and markets orthopedic implants including spine, trauma, artificial joints.

Globus makes the ExcelsiusGPS surgical robotic system for spine surgery.[4] The robot is used for transpedicular drilling and screw placement.[5]

Acquisitions

In January 2014, Globus Medical acquired Excelsius Surgical. The Excelsius system is designed to integrate intra-operative digital imaging with a robotic surgery device to hold patients in place during surgeries "with sub-millimeter accuracy".[6]

In October 2014, Globus Medical acquired allograft tissue processor Transplant Technologies of Texas, Ltd. (TTOT). TTOT is a provider of human tissue products including bone allografts, biomaterials, and soft tissue products for spine, orthopedics, sports medicine, dental, and wound care markets.[7]

In February 2015, Globus Medical acquired Branch Medical Group, a third party manufacturer of high precision medical devices.[8]

In July 2016, Globus Medical acquired Alphatec Holdings, an international operations and distribution channel, for $80 million. As part of the transaction, Globus has agreed to provide Alphatec a five-year senior secured credit facility of up to $30 million.[9]

In September 2018, Globus Medical acquired Nemaris, developers of Surgimap, a pre-operative planning software for spinal surgeons.[10]

In August 2019, Globus Medical acquired privately-owned StelKast, manufacturer of implants and instruments for hip and knee replacement.[11]

Controversies

In August 2007 Globus Medical settled a lawsuit initially filed by Synthes in 2004 over alleged stolen trade secrets.[12] Former Synthes employees, who then worked for Globus, were accused of stealing 2300 electronic files containing blueprints for Synthes' products, safety-testing plans, and verbatim 510(k) filing documents.[13] Globus paid Synthes $13.5 million and did not admit any wrongdoing.[14]

In 2011, Synthes filed a second lawsuit against Globus Medical for infringing three patents, "asking the court to force the defendant to destroy its allegedly infringing products." Orthopedic Design & Technology Magazine reports that, "There was no finding of willful infringement in this lawsuit." A $16 million monetary damage was paid by Globus Medical in 2013.[15]

References

  1. 1 2 "Globus Medical Inc. Profile". MarketWatch.com. Retrieved January 7, 2020.
  2. 1 2 3 4 "Globus Medical, Inc. Form 10-K, Annual Report 2018, Filing Date: 21 February 2019". sec.gov. Retrieved 22 April 2019.
  3. ↑ "Investor Overview". investors.globusmedical.com. Retrieved 22 April 2019.
  4. ↑ Jiang B, Ahmed AK, Zygourakis CC, Kalb S, Zhu AM, Godzik J, Molina CA, Blitz AM, Bydon A, Crawford N, Theodore N (2018). "Pedicle screw accuracy assessment in ExcelsiusGPS® robotic spine surgery: evaluation of deviation from pre-planned trajectory". Chinese Neurosurgical Journal. 4 (23). doi:10.1186/s41016-018-0131-x. PMC 7398380.
  5. ↑ Ahmed AK, Zygourakis CC, Kalb S, Zhu AM, Molina CA, Jiang B, Blitz AM, Bydon A, Crawford NR, Theodore N (2019). "First spine surgery utilizing real-time image-guided robotic assistance". Computer Assisted Surgery. 1 (1): 13–17. doi:10.1080/24699322.2018.1542029. PMID 30821536.
  6. ↑ "Globus Medical Acquires Excelsius Surgical". Robotics Business Review. February 6, 2014. Archived from the original on January 8, 2020. Retrieved January 7, 2020.
  7. ↑ "Globus Medical Announces Acquisition of Transplant Technologies of Texas". www.businesswire.com. 23 October 2014. Retrieved 20 December 2018.
  8. ↑ Dyrda, Laura. "Globus Medical acquires device manufacturer — 5 key notes". www.beckersspine.com. Retrieved 20 December 2018.
  9. ↑ Inc, Alphatec Holdings (26 July 2016). "Alphatec Holdings Announces Sale of International Business to Globus Medical". GlobeNewswire News Room. Retrieved 20 December 2018. {{cite web}}: |last= has generic name (help)
  10. ↑ "Globus Medical Acquires Surgimap(R)". MarketWatch.com. September 13, 2018. Archived from the original on January 8, 2020. Retrieved January 7, 2020.
  11. ↑ "Globus Medical Acquires StelKast, Hip and Knee Device Company". ORTHOWORLD INC. 2 August 2019. Archived from the original on 4 August 2019. Retrieved 4 August 2019.
  12. ↑ "Synthes, Globus settle suit on secrets". Retrieved 20 December 2018.
  13. ↑ "Spine-product rivals now battle in court". Retrieved 20 December 2018.
  14. ↑ Tindera, Michela (November 16, 2018). "A Spine-Surgery Robot Turned This Entrepreneur Into A Billionaire. But How Well Does His Robot Work?". Forbes.
  15. ↑ "Globus Medical To Pay $16 Million In Patent Lawsuit". Covering the specialized field of orthopedic product development and manufacturing. Retrieved 2020-04-15.
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