ProMedEx Announces Non-Renewal of Exclusive Sales Agency Contract with Globus Medical Inc.

Professional Medical Expertise Company, also known as ProMedEx, announced on Sunday that it has received a notice dated July 18, 2024, from its supplier, Globus Medical Inc., indicating that it will not renew the exclusive agency contract for the sale of its products. The contract covers products related to deformities and degenerative diseases of the lumbar spine and cervical vertebrae, spinal trauma, and robotic surgery.

The last effective day for the sale of Globus Medical Inc.’s products by ProMedEx will be December 31, 2024, upon the expiration of the current contract.

ProMedEx disclosed the following information to its shareholders:

• Sales Impact: Sales of the Globus Medical Inc. brand amounted to SAR 32.2 million, representing 13% of the group’s consolidated sales for the financial year ending December 31, 2023.

• Financial Impact: The company expects a financial impact from this decision, with the end of sales of the Globus Medical Inc. brand starting from January 1, 2025.

• Future Developments: ProMedEx assured shareholders that any further developments related to this announcement will be communicated immediately.