Globus Medical, Inc. GMED develops and commercializes healthcare solutions for patients with musculoskeletal disorders. At present, the company has two major product categories, Musculoskeletal Solutions and Enabling Technologies, with an extensive portfolio of more than 200 products. The market is full of optimism given the impressive top-line growth along with improvements in the company’s United States revenues led by the U.S. spine and Enabling Technologies businesses in the last-reported first quarter. Pull-through from robotics, contributions from product introductions and recovery in biologics business drove first-quarter growth.Over the past year, this Zacks Rank #2 (Buy) stock has gained 67% compared with 13.5% growth of the industry and 36.8% rise of the S&P 500 composite.The renowned global medical device company has a market capitalization of $8.31 billion. Its last-reported first-quarter 2021 earnings surpassed the Zacks Consensus Estimate by 36.1%.Over the past five years, the company registered earnings growth of 5.5%, way ahead of the industry’s 4.1% rise and the S&P 500’s 2.8% increase. The long-term expected growth rate is estimated at 9.6% compared with the industry’s growth projection of 16.5% and the S&P 500’s 11.1% growth.Image Source: Zacks Investment ResearchLet’s delve deeper.Key DriversSteady Pace of Product Development: We are upbeat about the introduction of two new products from Globus Medical during the first quarter, including the CORBEL Lateral ALIF system comprising a novel retractor and an innovative interbody spacer, and the CREO ONE pedicle screw designed specifically for robotic spine surgery with ExcelsiusGPS. The company’s imaging, navigation and robotic (INR) portfolio of the Enabling Technologies business boosted the first-quarter top line. The Enabling Technologies arm not only saw a sequential improvement but also surged 85.8% year over year. At present, Globus Medical is on track with the development of several enhancements to the Enabling Technologies business.Spine Arm Grows Domestically: The market is full of optimism given the 22% growth in Globus Medical’s U.S. revenues in the first quarter of 2021 on continued strength in the U.S. spine business. Growth in the spine arm was driven by product launches, resurgence in the biologics business (up 30% during the quarter) and pull-through from robotics during the quarter. Continued robust adoption of SABLE, HEDRON line of 3D-printed inner body spacers and RESONATE were registered. The company has also been witnessing strong adoption of single-position lateral and prone lateral procedures, which are enhanced by the capabilities of ExcelsiusGPS. In July, Globus Medical’s ExcelsiusGPS Robotic Navigation system reached a new surgical milestone, being utilized in more than 20,000 spine procedures.Strong Solvency Position: Globus Medical exited the first quarter of 2021 with cash and cash equivalents, and short-term marketable securities of $403.6 million. The company also reported no debt on its balance sheet, implying a strong cash balance.DownsidesCompetitive Landscape: Globus Medical faces significant competition from a large number of players in the musculoskeletal devices market. The company is exposed to intense competition from MedTech bigwigs like Zimmer Biomet Holdings, Inc. ZBH, particularly in the orthopedic industry. Globus Medical needs to constantly introduce or acquire products to withstand the competitive pressure and maintain its market share.Exposure to Currency Movement: Globus Medical records 15.8% of its sales from the international market. A significant portion of the company’s foreign revenues and expenses is generated in Japan, the Euro zone, the United Kingdom and Australia. This makes it highly vulnerable to currency fluctuations.Estimate TrendGlobus Medical has been witnessing a positive estimate revision trend for 2021. Over the past 90 days, the Zacks Consensus Estimate for its earnings has moved 3.3% up to $1.90.The Zacks Consensus Estimate for second-quarter 2021 revenues (slated to be reported on Aug 4) is pegged at $226.96 million, suggesting a 52.4% surge from the year-ago reported number.Key PicksA few better-ranked stocks from the broader medical space include Apollo Medical Holdings, Inc. AMEH and Intuitive Surgical, Inc. ISRG.Apollo Medical, sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 20%. You can see the complete list of today’s Zacks #1 Rank stocks here.Intuitive Surgical, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 9.4%. 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(GMED): Free Stock Analysis Report Zimmer Biomet Holdings, Inc. (ZBH): Free Stock Analysis Report Apollo Medical Holdings, Inc. (AMEH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research