AUDUBON, Pa., Jan. 06, 2016 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2015, in advance of its annual national sales meeting being held later this week. The company anticipates fourth quarter 2015 sales of approximately $142.6 million, growing 10.7% as-reported or 11.5% in constant currency vs. fourth quarter 2014. Full year 2015 estimated sales are expected to be approximately $544.7 million, growing 14.8% as-reported or 16.0% in constant currency vs. the prior year, exceeding the company’s previous guidance of $539 million.
David Paul, Chairman and CEO, stated, “In 2015 we continued our focus on growing the business through expanding the sales force and launching innovative products. Our fourth quarter and full year results demonstrate the effective execution of our strategy, achieving strong sales growth and market share gains. We also continued to invest significantly in our Emerging Technologies platforms throughout the year for sustained, long-term growth potential. Looking to 2016, we are confident in our ability to continue to grow our business faster than the overall spine market.”
The company established full year 2016 guidance of $583 million in sales and fully diluted earnings per share of $1.20. “2016 EPS guidance reflects an increase in net income in line with our expected sales growth, as well as a positive contribution from the recently-announced suspension of the Medical Device Tax. The full impact of the suspended Medical Device Tax is expected to be about $0.06 per share. We plan to redirect approximately 40% of this benefit into increased job creation initiatives in R&D and Manufacturing in 2016. Our 2016 guidance reflects approximately 7% growth in sales and 10% growth in EPS over our expected 2015 results”, said Dan Scavilla, CFO.
These preliminary results are unaudited and are based on management's initial analysis of operations for the periods ended December 31, 2015, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2015 financial and operating results in late February.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal implant company based in Audubon, PA. The company was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders.
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Contact:Daniel ScavillaSenior Vice President, Chief Financial OfficerPhone: (610) 930-1800www.globusmedical.comEmail: firstname.lastname@example.org
Published at Nasdaq GlobeNewswire