Financial

Globus Medical Reports Third Quarter 2019 Results

AUDUBON, Pa., Nov. 06, 2019 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the third quarter ended September 30, 2019.

  • Worldwide sales were $196.2 million, an increase of 15.9% as reported
  • Third quarter net income was $38.3 million
  • Diluted earnings per share (EPS) was $0.38 and non-GAAP diluted EPS was $0.43, an increase of 9.9%
  • Non-GAAP adjusted EBITDA was 33.4% of sales

“Globus Medical had an outstanding third quarter, once again delivering above market growth and industry leading profitability,” said Dave Demski, President and CEO. “Enabling Technologies produced back-to-back strong quarters, generating $13.9 million in revenue, more than double our performance in the third quarter of last year. Musculoskeletal Solutions grew by 11.8% in the quarter, well in excess of the market across all sectors and significant geographies, driven by competitive recruiting, new product introductions and implant pull through from ExcelsiusGPS® installations.  Non-GAAP EPS grew by 9.9% over third quarter of 2018 and our Adjusted EBITDA improved to 33.4% in the third quarter, compared to 31.5% for the first half of this year.”

Worldwide sales for the third quarter were $196.2 million, an increase of 15.9% over the third quarter of 2018 on an as-reported basis and 16.0% on a constant currency basis. Third quarter sales in the U.S., including robotics, increased by 17.0% compared to the third quarter of 2018. International sales increased by 11.2% over the third quarter of 2018 on an as-reported basis and 11.3% on a constant currency basis.

Third quarter GAAP net income was $38.3 million, an increase of 8.8% over the same period last year. Diluted EPS for the third quarter was $0.38, as compared to $0.35 for the third quarter 2018. Non-GAAP diluted EPS for the third quarter was $0.43, compared to $0.39 in the third quarter of 2018, an increase of 9.9%.

The Company generated net cash provided by operating activities of $55.9 million and non-GAAP free cash flow of $43.8 million in the third quarter, and ended the quarter with cash, cash equivalents and marketable securities of $660.7 million. The Company remains debt free.

2019 Annual Guidance

The Company today increased guidance for full year 2019 sales from $775 million to $783 million and reiterated guidance for non-GAAP diluted earnings per share of $1.72.

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Mike Adams

Mike Adams is a medical device sales leader with extensive clinical experience in spine and biologics and a nationwide distribution network built over the last 10+ years in the industry. He has held various leadership positions in healthcare and device including Distributor Partner, Hospital COO and Spine VP of Sales. He currently leads the commercialization strategy for OrthoSpine Partners and is a Distributor Principal at Novel Medical. Because of his unique career path, Mike has the ability to see the healthcare business from multiple perspectives making him passionate about building strategic partnerships that help reduce overall costs, drive innovation, and cultivate growth for new markets.

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