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Globus Medical's assessed fair value has been cut from $107.42 to $103.23, a 3.9% reduction reflecting more cautious growth expectations. Analysts remain divided on the medical device company's prospects. BMO Capital and Wells Fargo highlight strong earnings power, with NuVasive synergies ahead of schedule and Nevro turning accretive faster than expected. Wells Fargo noted Q2 earnings per share of $1.34 exceeded expectations, with management raising 2026 EPS guidance to $4.95–$5.05. However, Stifel slashed its price target from $95 to $80, citing weaker Nevro and Enabling Technologies performance. UBS initiated coverage at Neutral with an $82 target, describing spine market procedure growth as low single digit. The fair value reduction reflects revenue growth trimmed from 6.30% to 5.83%, though profit margins improved from 18.40% to 20.58%.

6 orthopedic companies with strong first halves. by Dan Cook on Aug 12, 2026 Summer is winding down, and the reporting of first-half revenue numbers is in full swing across the orthopedic industry, providing a glimpse into the public companies that have shown continued growth, capitalized on the momentum provided by new product launches and focused on developing devices that attract new surgeon customers. Here are the players Bonezone is watching in six key segments, based on ORTHOWORLD(R) Inc. reporting. Joint replacement. Shoulder Innovations reported second-quarter sales of $17.2 million, up 56% from the same period last year. First-half sales totaled $33.9 million, 60% more than the first half of 2025. The company owes a lot of its growth over the past year to targeted surgeon education programs, which have doubled the number of new customers and contributed to a 50% increase in implant sales volume. "We continue to invest in our surgeon-to-surgeon education programs, which we view as central to our commercial strategy," said Shoulder Innovations CEO and Co-founder Rob Ball. "Our Customer Experience and Medical Educationteam has reached hundreds of surgeons, and the organic peer advocacy these events fosters remains a key differentiator for our commercial model." In April, the company began the full commercial launch of the InSet I-135RFX humeral stem, which is indicated for use in primary, revision and fracture total shoulder replacements. It's the third addition to the company's InSet Humeral Stem System, a line based on Shoulder Innovations' lateral surgical approach philosophy that is said to reduce post-op complications and improve the shoulder's range of motion following anatomic and reverse replacement procedures. Enabling technology is becoming a near must-have in joint replacement portfolios for growth-minded players, and Shoulder Innovations is no different. The company is developing the shoulder-specific InSet Neo micro-robot and plans to move forward with the FDA submission during the first half of next year. Shoulder Innovations has used the momentum of a strong first half, along with $50 million in credit facilities that will help scale the company, to up its 2026 sales forecast to between $67 million and $69 million, a 44% increase over last year's total. Spine. Carlsmed's aprevo technology platform combines patient-specific surgical planning and 3D-printed implants with a data-driven feedback loop with the aim of improving the outcomes of lumbar and cervical fusions. "Every patient is unique - their pathology and anatomy deserve a solution that's tailored to them," said Niall Casey, Chief Intellectual Property Officer and Co-founder of Carlsmed. "That's where medicine is going. Now we need to make sure that we can do that at scale, which is a real challenge." Carlsmed's big bet on the potential of personalized spine surgery appears to be paying off so far. The company reported second-quarter sales of $18.9 million, up 57% from a year ago, and expects full-year sales of $74 million to $78 million. Carlsmed also grew its surgeon user base by more than 60% since last year, a rate that it said reflects a growing interest in personalized spine surgery. The company continues to score wins on the reimbursement front, a key driver of successful commercialization. In early August, CMS assigned three new MS-DRG codes - which will take effect in October - to inpatient lumbar fusions involving the aprevo implants. The payment policy comes a year after CMS granted New Technology Add-On Payment (NTAP) reimbursement to cervical fusions involving aprevo implants. The favorable reimbursement policies will improve patient access to Carlsmed's personalized implant technology and should drive future growth. Trauma. Globus Medical nearly eclipsed $790 million in second-quarter sales, almost 6% more than the same quarter last year, and totaled about $1.5 billion in revenue during the first half of the year, a more than 15% jump from the first half of 2025. About 5% of the company's sales derive from trauma products. The company is on a roll, thanks in large part to products introduced in the trauma segment: the AUTOBAHN Hip fastener and TENSOR Suture button system, two of the 25 new orthopedic devices the company has introduced over the past three years. Globus has leveraged its comprehensive core trauma portfolio to capture the business of surgeons at Level 1 and Level 2 trauma centers and increase its first-quarter revenue in the segment by 30%. The company's ANTHEM Elbow Fracture System, which provides surgeons with versatile, anatomically contoured plating options that simplify fracture management, has been a top performer in the trauma segment. "We are actively capturing [trauma] market share and attracting top sales talent as our product portfolio has grown and has become differentiated," said Globus CEO Keith Pfeil. "We see our trauma business as a long-term growth driver moving ahead." Globus expects to generate between $3.18 billion and $3.22 billion in revenue by year's end. Sports medicine. CONMED reported first-half sales of nearly $300 million, up 7.5% from a year ago, with sales of BioBrace the primary growth driver. The resorbable bioinductive implant supports tendons and promotes healing following sports medicine procedures and is generating strong growth potential in the rotator cuff repair market, in which 1 million procedures are performed annually. CONMED's share of the sports medicine market was about 7% in 2025, and the company's CAGR is 2.4% over the past decade, half as much as the rest of the market. Still, CONMED remains bullish on the future, even as reports surfaced that suggest leadership is contemplating selling the company. "From a pure number standpoint, we've lost market share," said CONMED CEO Pat Beyer. "The good news is that with a platform like BioBrace, we're still driving forward, and we're on offense there. The platform continues to put us in a good position going forward." Enabling technology. Stryker was forced to overcome an eventful start to the year. In March, a cyberattack shut down the company's global network, impacting its first-quarter operations and revenue potential. The company appeared to recover nicely, however, racking up $3.3 billion in second-quarter sales, a 9% increase over last year's total. For the first half of the year, Stryker reported $6.4 billion in revenue, almost 5% more than in the first half of 2025. About 5% of the company's orthopedic sales come from its enabling technologies. Over the past six months, Stryker reported the best-ever number of Mako installations for a second quarter and began the U.S. commercial launch of Mako RPS (Robotic Power System) for total knee replacements. Mako RPS expands the platform's offerings into the handheld robotics market, giving Stryker a way to access new customers among surgeons who want an intuitive robotic assistance experience. The move also strengthens Stryker's position in robotic-assisted surgery while creating opportunities to pull other products and technologies into its ecosystem. "We're getting tremendous feedback from customers who felt that the move all the way to Mako was too big a leap," said Stryker CEO Kevin Lobo. "The actual transition to RPS is much easier for a surgeon than going all the way to Mako. There were some competitive surgeons that felt that they really like the idea of going to a robotic solution, obviously, with haptic boundaries. But just the move to Mako was just a little bit too intimidating." Orthobiologics. BONESUPPORT continues to achieve impressive results after boasting a 46% CAGR between 2020 and 2025. The company's momentum continued in the second quarter of this year, with worldwide sales increasing by 30% over the same period last year to $37.3 million. In the U.S. market, which has fueled the company's staggering growth, second-quarter sales grew 31% compared to the second quarter in 2025. For the first half of 2026, BONESUPPORT reported $71.4 million in total sales, up 31% compared to the first half of 2025. The company has adjusted its estimated sales growth in 2026 to between 33% and 36%. The positive news keeps rolling in for the company. In August, CMS finalized Diagnosis-Related Groups (DRG) reassignment for BONESUPPORT's CERAMENT G synthetic bone void filler in the final Medicare Inpatient Prospective Payment System (IPPS) rule for fiscal year 2027. The decision improves payments for the use of CERAMENT G in the treatment of complex orthopedic infections, including periprosthetic joint infection and fracture-related infections. The final IPPS rule also confirms the establishment of a new procedure code for vancomycin-eluting bone void fillers. If FDA grants De Novo classification for BONESUPPORT's CERAMENT V, the product is expected to be the only therapy eligible under this code and to qualify for the same DRG reassignment as CERAMENT G. "We continue to experience strong growth of CERAMENT G, driven by both increased access through new accounts and new surgeons, as well as wider adoption among existing users," said Torbjörn Sköld, BONESUPPORT CEO. "We see growth from all three prioritized platforms, foot and ankle, trauma, and arthroplasty." Dan Cook is a Senior Editor at ORTHOWORLD. He develops content focused on important industry trends, top thought leaders and innovative technologies.