Momentum seen coming out of our second quarter continued and accelerated as we progressed through 2025, resulting in a record Q4 performance. Our team delivered, showing great poise and determination during a period of growth and change. Focusing first on our top-level financial performance for the full year 2025, Globus delivered $2.939 billion of revenue and $3.98 of fully diluted non-GAAP earnings per share, growing 16.7% and 30.8% as reported, respectively. Full year 2025 base business revenue, excluding the contributions from Nevro, grew 5% as reported, with Nevro adding $293.6 million in revenue for the full year.
Shifting into Q4, revenue totaled $826.4 million, growing 25.7% versus the prior year quarter, while non-GAAP EPS finished at $1.28, growing 52.1% versus Q4 2024. Digging into this further, our base business revenue of $726.7 million grew 10.6% versus the prior year quarter and included double-digit U.S. spine growth, as well as record Enabling Technologies revenue for the quarter. Looking at the second half of 2025 versus the second half of 2024, our consolidated base business grew organically at 8.8%.
Our Q4 and full year 2025 results demonstrates our performance against those objectives. spine business grew 10% in Q4 as compared to the prior year quarter, coming off a third quarter where U.S. We've seen this trend continue and now sit at 48 weeks of consecutive growth, with this momentum continuing thus far into our first quarter of 2026. Operationally, we've leaned into inventory and set production to feed this growth, instilling confidence in the sales force while ensuring we can meet the needs of our customers and the patients they serve.
| Metric | Period | Current guidance |
|---|---|---|
| Adjusted gross profit margin | FY2026 | 69%-70% (at least 100 bps improvement) (improving) |
| R&D expense | FY2026 | ramp toward 5%-6% range (increasing) |
| CapEx | FY2026 | 5%-6% of sales (unchanged) |
| Base business sales growth | FY2026 | mid to high single digit (reiterated) |
| Metric | YoY | Note |
|---|---|---|
| Total Q4 revenue | +25.7% as reported (+24.7% constant currency) | Domestic spine, record Enabling Technologies, and Nevro contribution |
| Base business Q4 revenue | +10.6% as reported | Double-digit U.S. spine growth and record Enabling Technologies |
| U.S. spine | +9.7% as reported | Competitive rep recruiting, new products, and leaning into inventory and sets |
| Enabling Technologies | +18.5% as reported | Increased ExcelsiusGPS sales as elongated pipeline deals closed, primarily cash deals |
| Trauma | +26.8% as reported | Continued momentum after resolving Precice manufacturing constraints |
| Q4 international revenue | +19% as reported (+14.2% constant currency) | Led by Enabling Technologies and international spine across UK, Australia, Germany, Brazil, Mexico, Poland |
| Adjusted gross profit margin | 69.2% vs 67.1% | Favorable sales mix, sales leverage, and synergy execution |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Enabling Technologies deal structure | Primarily outright cash sales | Greater flexibility with operating leases and placements; higher lease mix expected in 2026 | Shifting |
| U.S. spine durability | Re-achieved 10% growth in Q3 | 10% growth in Q4, 48 weeks consecutive growth, viewed as durable | Sustained |
| Nevro turnaround | Targeted accretion within two years | EPS accretive within nine months, but lumpiness expected to continue into 2026 | Improving but lumpy |
| Gross margin path to mid-70s | Sequential improvement, in-sourcing manufacturing | Sixth consecutive quarter of expansion, targeting low 70s in 2H 2026 and mid-70s (72%+) beyond | Improving |