If Globus Medical helps you stand up straight, then the company's products are working. Globus Medical makes medical devices used during spinal surgery to treat a variety of spinal disorders and assist surgeons with different types of spinal procedures, from screws and plates to disc replacement systems and biomaterials for bone grafts. Top sellers include the REVERE screw-and-rod system (about a quarter of sales) and the COALITION cervical fusion device (10% of sales). Altogether Globus Medical has more than 100 spinal devices on the market in the US, but its products are sold in more than 15 other countries. Globus Medical went public in 2012.
The company divides its products into two categories -- innovative fusion or disruptive technologies. Innovative fusion products are used in spinal fusion surgery, a common and traditional procedure where two individual vertebrae are fused together. This division accounts for almost 70% of sales. The other 30% is made up of products in the disruptive technologies segment, a category of newer generation products used in novel surgical procedures or as improvements to existing procedures, as well as for minimally invasive procedures used as an alternative to surgery.
Putting new products on the market is crucial in the medical device industry, and Globus Medical has launched more than 40 new products since 2009. These products, with about two years on the market, accounted for almost half of all sales in 2011. In addition, it is conducting clinical trials for three new devices -- the SECURE-C Cervical Artificial Disc, the ACADIA Facet Replacement System, and the TRIUMPH Lumbar Disc. With its overall product pipeline, the company expects to introduce between five and 10 new products a year through 2014.
Globus Medical uses direct sales and a network of about 20 distributors to sell its products in the US. While US sales accounted for more than 95% of revenues in 2011, the company also employs an international sales team and uses seven distributors in other countries, mostly in Europe but also Australia, South Africa, and Israel. By the end of 2012 it aims to have a sales presence in eight additional countries. Even though international sales accounts for a small portion of its overall revenues, sales outside the US doubled in 2011. Overall sales grew 15% that year, and the company has been steadily profitable since 2008.
Globus Medical was founded in 2003 by CEO David Paul, a former product development director at bone-related medical device maker Synthes. Globus Medical has received funding from life sciences venture capital firm Clarus Ventures. It hasn't outlined any specific plans for its IPO proceeds other than working capital and general corporate purposes, expanding sales and marketing efforts, and investing in research and development. – less
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