Last week, Globus Medical reported its Q1 2025 results, and truth be told, many of us in the spine market were left with mixed feelings. Not disappointment, exactly, but perhaps a sense that expectations, particularly those fueled by previous quarters, weren’t fully met this time.
Since the acquisition of NuVasive, Globus has made no secret of its ambition to catch and surpass Medtronic as the global leader in the spine market. And make no mistake: as we’ve mentioned before, they’re either very close or may have already done it. We’ll have a clearer view on May 21, when Medtronic releases its quarterly results.
Now, I want to be clear. I don’t favor Globus over Medtronic out of personal or professional bias. I have deep respect for the teams at both companies, as well as for all the professionals working tirelessly across the spine industry. But having been part of this sector for many years, I can’t help but feel some admiration for what Globus has accomplished. When the company was founded, Medtronic already held nearly half of the global spine market. To see Globus rise through focus, determination, and a deep understanding of this complex space—well, it’s impressive by any measure.
That’s why last Thursday left me with a slightly bitter taste. Not because the results were poor—they weren’t—but because Wall Street’s reaction was sharp, and in my opinion, missed the broader picture.
From a pure sales standpoint, Q1 2025 was a strong quarter. Revenues grew an estimated 6% year-over-year, from $606.7M in Q1 2024 to approximately $643M this year. This performance reflects a stable and effective post-merger integration with NuVasive and a consolidation of Globus’ position in the spine device market. The growth is more measured compared to the explosive 119% jump seen the year prior, but that’s to be expected after a major acquisition cycle. More importantly, Globus continues to outpace the market average, which strongly suggests they are gaining share, likely at the expense of Medtronic. Again, though, we’ll be able to confirm that shortly.
Today, Globus Medical stands clearly as the number two global spine company, and in specific areas such as minimally invasive surgery and enabling technologies, it already plays a leadership role. Whether it crosses the final line to become number one this year remains to be seen, but its trajectory speaks for itself.
In short, while the numbers may not have thrilled Wall Street, they continue to validate Globus’s long-term strategy. For those of us who have followed this industry closely for years, there’s a certain satisfaction in seeing a challenger rise to the top, not out of preference but out of recognition for how hard that journey is.
Let’s see what Medtronic has to say on May 21. We will publish about it. Stay Tuned!
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Cover Photo: https://www.freepik.com/