Next-Gen Excelsius Patent Filing Discovered – Findings Are Very Encouraging

研报英文原文证据摘录

Next-Gen Excelsius Patent Filing Discovered – Findings Are Very Encouraging

C O M P A NY N O TE

J u n e 9 , 2 0 2 6

 May Drive a Replacement Cycle for GMED. We estimate that about 105 systems might

be ready for an upgrade or more than $100M in robot sales (a figure that should only

grow) assuming an outright purchase, which might end up being a nice top-line tailwind

that investors are not contemplating for GMED should a next gen system be in the offing.

 Stock Thoughts. GMED shares are down mid-to-high single digits YTD, a pullback that

seems overdone given strong Q1 results (with the exception of NVRO), a robust financial

profile, and compelling R&D pipeline. Our findings here reinforce that GMED will likely

persist as a sizeable market share-gainer in the large global spine industry. We

encourage investors to buy into this compelling story and reiterate our OW rating.

Findings from Next-Gen Excelsius Patent Filing

We came across a recent patent filing from Globus, which appears to be an extension of the

current ExcelsiusGPS navigation-robotic system that contains several meaningful technological

updates. This leads us to believe Globus is in the process of developing a next-generation robotic

system that many people in the investment community may not be aware of yet. This filing comes

at an important time, as Medtronic just recently announced the FDA approval of its next-gen AXiS

spine robot, intended to launch by the end of CY’26, which has sparked investor concerns that

there will be increased competitive pressure for future GMED robot installs.

We are encouraged by the details disclosed in the GMED patent application and believe that the

updates the company is working on will further extend Globus’s market leadership in the spine