ProMedEx notified of contract non-renewal by Globus Medical

21/07/2024 Argaam
Logo ofProfessional Medical Expertise Co. (ProMedEx)

Logo of Professional Medical Expertise Co. (ProMedEx)

Professional Medical Expertise Co. (ProMedEx) received on July 18 a notice from its client Globus Medical, Inc. stating its intention not to renew the exclusive sales agency contract for products related to deformities and degenerative diseases of the lumbar spine and cervical vertebrae, spinal trauma and robotic surgery.

 

In a statement to Tadawul, ProMedEx said the last effective day for selling Globus Medical’s products will be Dec. 31, 2024, coinciding with the expiration of the current contract

 

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The company also clarified that the sale of Globus Medical’s brand amounted to SAR 32.2 million, representing 13% of the group's consolidated sales for the fiscal year ended Dec. 31, 2023.

 

This decision will have a financial impact as sales of Globus Medical’s brand will cease beginning Jan. 1, 2025, ProMedEx said.

 

Any updates related to this announcement will be promptly disclosed, the statement added.

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