GMEDGLOBUS MEDICAL INC

Surgical & Medical Instruments & Apparatus

Revenue: $2.9B; 17% YoY
Operating margin: 16.3%; 148% YoY
EBITDA: $757M; 80% YoY
Market cap: $7.6B
Employees: 6,000; $490K revenue each
Net debt / EBITDA: —
AI in 10-K: 1.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
140% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
40% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
26% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$490K · 69th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$18M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$958M	$1.0B	$1.6B	$2.5B	$2.9B	17%
Operating income	$172M	$228M	$133M	$166M	$480M	189%
Net income	$149M	$190M	$123M	$103M	$538M	422%
Operating cash flow	$276M	$178M	$243M	$521M	$753M	45%
Capex	$57M	$74M	$78M	$115M	$165M	43%
Stock-based comp	$31M	$33M	$53M	$54M	$50M	8.1%
Buybacks	—	$144M	$226M	$86M	$300M	250%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $18M · 14
Net: −$18M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	134	127
FY2024	—	—	127	117
FY2023	—	—	82	106
FY2022	—	—	114	97
FY2021	—	—	111	119