Globus Medical CEO steps down
The president and CEO of Globus Medical, a musculoskeletal solutions company, is stepping down from his role after nearly 20 years with the company.
Dave Demski, who served as CEO the last four and a half years at Globus, has resigned, the company announced April 21. Demski is leaving the role to pursue other opportunities, he said. He is succeeded by Daniel Scavilla, who was appointed by the board of directors as CEO and president, effective immediately. Scavilla previously served as CFO and chief commercial officer at Globus.
Globus Medical, based in Audubon, Pennsylvania, develops, manufactures and distributes musculoskeletal device solutions. Founded in 2003, the company has raised $128.5 million to date, according to Crunchbase.
“Dave has been a great partner to me and a truly integral part of Globus, from its humble beginnings in 2003 to a global, publicly-traded medical device company with annual revenue approaching $1 billion,” Globus Medical Founder and Executive Chairman David C. Paul said in a statement. “I want to personally thank him for his countless contributions over the years and wish him well as he pursues other opportunities. Dave will remain with the Company to assist with the transition through June 30, 2022.”
In addition to the CEO transition, Globus announced its latest quarterly earnings report. For the first quarter of 2022, ending March 31, Globus reported $230.5 million in sales, an increase of 1.4% over the first quarter of 2021. The company also reaffirmed its full year 2022 guidance, with expected net sales of $1.025 billion and non-GAAP diluted earnings per share of $2.10.
“We’re pleased to deliver year on year growth against a strong comp coupled with lingering COVID impacts and softer capital purchasing in Q1,” Scavilla said in a statement.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."