Sunday, February 24, 2019

News: Globus Medical Reports Third Quarter 2018 Results


AUDUBON, Pa.Nov. 08, 2018 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the third quarter ended September 30, 2018.
  • Worldwide sales were $169.2 million, an increase of 11.5% as reported -
  1. Third quarter net income was $35.2 million, an increase of 37.6%
  2. Diluted earnings per share (EPS) was $0.35 and non-GAAP diluted EPS was $0.39
  3. Non-GAAP diluted EPS increased 29.2% compared to third quarter of 2017
  4. Non-GAAP adjusted EBITDA was 34.1% of sales
“The third quarter marks the fourth consecutive quarter of double-digit organic growth for Globus Medical, as our U.S. Spine business continues to take market share, growing by 7.5%; our international revenue increased by 16.8%; and Emerging Technologies contributed $6.3 million," said Dave Demski, CEO.  "During the third quarter, we completed the acquisition of Surgimap®, the leading surgical planning software for spine.  The addition of Surgimap® will further strengthen Globus Medical’s ExcelsiusGPS® platform by streamlining workflow and enabling superior data analytics.  The level of adoption we are seeing by surgeons in accounts with our ExcelsiusGPS® robotic system continues to show positive momentum and the pipeline for potential robotic sales is robust."
Worldwide sales for the third quarter were $169.2 million, an increase of 11.5% over the third quarter of 2017.  Revenue from Emerging Technologies was primarily due to continued demand for our ExcelsiusGPS® robotics and navigation system.
Third quarter sales in the U.S., including robotics, increased by 10.5% compared to the third quarter of 2017.  International sales increased by 16.8% over the third quarter of 2017 on an as-reported basis and 18.5% on a constant currency basis.
Third quarter GAAP net income was $35.2 million, an increase of 37.6% over the same period last year.  Diluted EPS for the third quarter was $0.35, as compared to $0.26 for the third quarter 2017.  Non-GAAP diluted EPS for the third quarter was $0.39, compared to $0.30 in the third quarter of 2017, an increase of 29.2%.
The company generated net cash provided by operating activities of $51.8 million and non-GAAP free cash flow of $36.4 million in the third quarter, and ended the quarter with cash, cash equivalents and marketable securities of $541.6 million.  The company remains debt free.
2018 Annual Guidance
The company today issued new guidance for full year 2018 sales of $705 million and non-GAAP diluted earnings per share of $1.62.  2018 guidance was previously sales of $700 million and non-GAAP diluted earnings per share of $1.55.
About Globus Medical, Inc.
Based in Audubon, PennsylvaniaGlobus Medical, Inc. 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. Additional information can be accessed at www.globusmedical.com.
Source - 
http://www.investors.globusmedical.com/news-releases/news-release-details/globus-medical-reports-third-quarter-2018-results

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