Globus Medical shares surged to a 52-week high after the FDA approved its Secure-C spinal implant, but Wall Street's initial enthusiasm has waned since then.

Globus Medical (NYSE:GMED) won pre-market approval from the FDA for its Secure-C artificial cervical disc, based on a study showing that the spinal implant performed

The Secure-C device is designed to restore normal movement to the neck in patients with disc problems that produce neck and arm pain. It consists of 2 cobalt-chrome endplates and a central polyethylene core that mimics the function of a healthy spinal disc.