Best Smidcap Ideas: We See A Plausible Path To Double-Digit Top-Line Growth

研报英文原文证据摘录

Best Smidcap Ideas: We See A Plausible Path To Double-Digit Top-Line Growth

TD Cowen Globus Medical

Global Research June 22, 2026

Growth Input #2: GMED remains poised to outpace US Spine market growth. GMED's

US Spine business represents about 60% of total group revenue and is therefore the

most consequential top- and bottom-line growth driver. In our view, innovative

portfolio additions, ongoing rep recruitment and enabling technology can all support

accelerated US Spine share capture for GMED. The company's product breadth and

fast pace of innovation help recruit (and retain) sales reps and convert physicians

from competitors. Additionally, our work suggests GMED's Enabling Technologies

portfolio (discussed below) remains well-positioned to drive share gains through

implant pull-through.

We think GMED has the necessary levers in place to increase US Spine market share

given already in-place drivers. Prior to 2020, GMED captured about 25 bps of US

market share per annum (median) by our math. On our current estimates, we believe

GMED can double annual market share capture to about 50 bps annually from 2026

through 2030.

Growth Input #3: International Spine: A more credible growth trajectory with

headwinds now in the rear-view. Outside of the US Spine franchise, Enabling

Technology gets most of the airtime. But in reality, turning the International Spine

business around is much more critical for worldwide GMED growth. While currently

selling in more than sixty countries, GMED's commercial strategy prioritizes market

density over geographic expansion with an emphasis on focusing resources on

existing core markets rather than pursuing additional territories.

Entering 2026, GMED resolved prior operational hurdles that tempered International

results below historic levels.