Globus Medical Inc.
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J&J, Smith & Nephew, Stryker, Zimmer Biomet and other companies in the orthopedic and spine surgery space have welcomed a recent rebound in orthopedic device demand, but the volume of elective knee surgeries is still behind its pre-pandemic level.
The company’s revenue was down just 1% year-over-year in the third quarter of fiscal 2021, despite the ongoing impact of the pandemic.
The resurgence of the pandemic during the fourth quarter of 2020 led to slowdown in elective procedures, negatively impacting sales of the four big ortho players.
Zimmer Biomet’s CEO Bryan Hanson expects the spin-off will help streamline the company and optimize resources for innovation.
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