Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal
solutions company, today announced its financial results for the
quarter ended March 31, 2021.
- Worldwide net sales were
$227.3 million, an increase of 19.3% as compared to the first
quarter of 2020
- GAAP net income for the quarter was
$45.3 million, or 19.9% of net sales, which is an increase of
74.7% as compared to the first quarter of 2020
- GAAP diluted earnings per share
(“EPS”) was $0.44 and non-GAAP diluted EPS was $0.49
- Non-GAAP adjusted EBITDA was $81.0
million, or 35.2% of net sales
“We got off to a great start in the first
quarter, continuing the momentum we established in 2020,” said Dave
Demski, President and CEO. “On a day-adjusted basis, our U.S. Spine
business grew by almost 22% over last year, as we continue to take
meaningful market share. Pull through from robotics; contributions
from new product introductions; a resurgence in our biologics
business; and competitive recruiting were all factors driving
growth. Enabling Technologies revenue increased 86%, as surgeon
recognition of the clinical superiority of our robotic technology
produced back-to-back quarters of strong year-over-year
growth.”
Worldwide net sales for the first quarter of
2021 was $227.3 million, an as-reported increase of 19.3% over
the first quarter of 2020, and an increase of 18.7% on a constant
currency basis. U.S. net sales for the first quarter of 2021,
including robotics, increased by 22.0% compared to the first
quarter of 2020. International net sales for the first quarter of
2021 increased by 5.9% over the first quarter of 2020 as-reported
and increased 2.1% on a constant currency basis.
GAAP net income for the first quarter of 2021
was $45.3 million, an increase of 74.7% over the same period
last year. GAAP diluted EPS for the first quarter of 2021 was
$0.44, compared to $0.25 for the first quarter 2020, an increase of
74.2%. Non-GAAP diluted EPS for the first quarter of 2021 was
$0.49, compared to $0.29 in the first quarter of 2020, an increase
of 66.9%.
The Company generated net cash from operating
activities of $63.6 million and non-GAAP free cash flow of
$49.9 million during the first quarter of 2021. Cash, cash
equivalents and marketable securities were $838.4 million as
of March 31, 2021. The Company remains debt free.
2021 Annual Guidance
The Company today increased guidance for full year 2021 net
sales from $880 million to $925 million and non-GAAP diluted
earnings per share of $1.83 to $1.89.
Conference Call Information
Globus Medical will hold a teleconference to
discuss its first quarter 2021 results with the investment
community at 4:30 p.m. Eastern Time today. Globus invites all
interested parties to join the call by dialing:
1-855-533-7141 United States
Participants1-720-545-0060 International ParticipantsThere is no
pass code for the teleconference.
For interested parties who do not wish to ask
questions, the teleconference will be webcast live and may be
accessed through a link on the Globus Medical website at
www.globusmedical.com/investors.
The call will be archived until Thursday, May
13, 2021. The audio archive can be accessed by calling
1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the U.S.
The passcode for the audio replay is 991-6828.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading
musculoskeletal solutions 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. Additional
information can be accessed at www.globusmedical.com.
Non-GAAP Financial Measures
To supplement our financial statements prepared
in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”), management uses certain non-GAAP financial measures.
For example, non-GAAP Adjusted EBITDA, which represents net income
before interest income, net and other non-operating expenses,
provision for income taxes, depreciation and amortization,
stock-based compensation expense, provision for litigation,
acquisition related costs/licensing, and acquisition of in-process
research and development, is useful as an additional measure of
operating performance, and particularly as a measure of comparative
operating performance from period to period, as it is reflective of
changes in pricing decisions, cost controls and other factors that
affect operating performance, and it removes the effect of our
capital structure, asset base, income taxes and interest income and
expense. Our management also uses non-GAAP Adjusted EBITDA for
planning purposes, including the preparation of our annual
operating budget and financial projections. Provision for
litigation represents costs incurred for litigation settlements or
unfavorable verdicts when the loss is known or considered probable
and the amount can be reasonably estimated, or in the case of a
favorable settlement, when income is realized. Acquisition related
costs/licensing represents the change in fair value of
business-acquisition-related contingent consideration; costs
related to integrating recently acquired businesses, including but
not limited to costs to exit or convert contractual obligations,
severance, and information system conversion; and specific costs
related to the consummation of the acquisition process such as
banker fees, legal fees, and other acquisition related professional
fees, as well as one-time licensing fees. Acquisition of in-process
research and development represents the expensing of acquired
assets with no alternative future use and related fees.
In addition, for the period ended March 31, 2021
and for other comparative periods, we are presenting non-GAAP net
income and non-GAAP Diluted Earnings Per Share, which represent net
income and diluted earnings per share excluding the provision for
litigation, amortization of intangibles, acquisition related
costs/licensing, acquisition of in-process research and
development, and the tax effects of all of the foregoing
adjustments. The tax effect adjustment represents the tax effect of
the pre-tax non-GAAP adjustments excluded from non-GAAP net income.
The tax impact of the non-GAAP adjustments is calculated based on
the consolidated effective tax rate on a GAAP basis, applied to the
non-GAAP adjustments, unless the underlying item has a materially
different tax treatment, in which case the estimated tax rate
applicable to the adjustment is used. We believe these non-GAAP
measures are also useful indicators of our operating performance,
and particularly as additional measures of comparative operating
performance from period to period as they remove the effects of
litigation, amortization of intangibles, acquisition related
costs/licensing, acquisition of in-process research and
development, and the tax effects of all of the foregoing
adjustments, which we believe are not reflective of underlying
business trends. Additionally, for the period ended March 31,
2021 and for other comparative periods, we also define the non-GAAP
measure of free cash flow as the net cash provided by operating
activities, adjusted for the impact of restricted cash, less the
cash impact of purchases of property and equipment. We
believe that this financial measure provides meaningful information
for evaluating our overall financial performance for comparative
periods as it facilitates an assessment of funds available to
satisfy current and future obligations and fund
acquisitions. Furthermore, the non-GAAP measure of
constant currency net sales growth is calculated by translating
current year net sales at the same average exchange rates in effect
during the applicable prior year period. We believe
constant currency net sales growth provides insight to the
comparative increase or decrease in period net sales, in dollar and
percentage terms, excluding the effects of fluctuations in foreign
currency exchange rates.
Non-GAAP adjusted EBITDA, non-GAAP net income,
non-GAAP diluted earnings per share, free cash flow and constant
currency net sales growth are not calculated in conformity with
U.S. GAAP. Non-GAAP financial measures have limitations
as analytical tools and should not be considered in isolation or as
a substitute for financial measures prepared in accordance with
U.S. GAAP. These measures do not include certain
expenses that may be necessary to evaluate our liquidity or
operating results. Our definitions of non-GAAP adjusted
EBITDA, non-GAAP net income, non-GAAP diluted earnings per share,
free cash flow and constant currency net sales growth may differ
from that of other companies and therefore may not be
comparable.Safe Harbor Statements
All statements included in this press release
other than statements of historical fact are forward-looking
statements and may be identified by their use of words such as
“believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “plan” and other
similar terms. These forward-looking statements are based on our
current assumptions, expectations and estimates of future events
and trends. Forward-looking statements are only predictions and are
subject to many risks, uncertainties and other factors that may
affect our businesses and operations and could cause actual results
to differ materially from those predicted. These risks and
uncertainties include, but are not limited to, health epidemics,
pandemics and similar outbreaks, including the COVID-19 pandemic,
factors affecting our quarterly results, our ability to manage our
growth, our ability to sustain our profitability, demand for our
products, our ability to compete successfully (including without
limitation our ability to convince surgeons to use our products and
our ability to attract and retain sales and other personnel), our
ability to rapidly develop and introduce new products, our ability
to develop and execute on successful business strategies, our
ability to comply with laws and regulations that are or may become
applicable to our businesses, our ability to safeguard our
intellectual property, our success in defending legal proceedings
brought against us, trends in the medical device industry, general
economic conditions, and other risks. For a discussion of these and
other risks, uncertainties and other factors that could affect our
results, you should refer to the disclosure contained in our most
recent annual report on Form 10-K filed with the Securities
and Exchange Commission, including the sections labeled “Risk
Factors” and “Cautionary Note Concerning Forward-Looking
Statements,” and in our Forms 10-Q, Forms 8-K and other filings
with the Securities and Exchange Commission. These documents
are available at www.sec.gov. Moreover, we operate in an
evolving environment. New risk factors and uncertainties emerge
from time to time and it is not possible for us to predict all risk
factors and uncertainties, nor can we assess the impact of all
factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
Given these risks and uncertainties, readers are cautioned not to
place undue reliance on any forward-looking statements.
Forward-looking statements contained in this press release speak
only as of the date of this press release. We undertake no
obligation to update any forward-looking statements as a result of
new information, events or circumstances or other factors arising
or coming to our attention after the date hereof.
GLOBUS MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
INCOME(unaudited)
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except
per share amounts) |
|
2021 |
|
|
2020 |
|
Net sales |
|
$ |
227,344 |
|
|
$ |
190,577 |
|
Cost of goods sold |
|
|
55,027 |
|
|
|
48,864 |
|
Gross profit |
|
|
172,317 |
|
|
|
141,713 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Research and development |
|
|
14,924 |
|
|
|
15,402 |
|
Selling, general and administrative |
|
|
97,891 |
|
|
|
93,539 |
|
Provision for litigation |
|
|
(94 |
) |
|
|
— |
|
Amortization of intangibles |
|
|
4,774 |
|
|
|
3,776 |
|
Acquisition related costs |
|
|
274 |
|
|
|
548 |
|
Total operating expenses |
|
|
117,769 |
|
|
|
113,265 |
|
|
|
|
|
|
|
|
Operating income/(loss) |
|
|
54,548 |
|
|
|
28,448 |
|
|
|
|
|
|
|
|
Other
income/(expense), net |
|
|
|
|
|
|
Interest income/(expense), net |
|
|
2,712 |
|
|
|
4,324 |
|
Foreign currency transaction gain/(loss) |
|
|
(280 |
) |
|
|
(468 |
) |
Other income/(expense) |
|
|
214 |
|
|
|
194 |
|
Total other income/(expense), net |
|
|
2,646 |
|
|
|
4,050 |
|
|
|
|
|
|
|
|
Income/(loss) before income taxes |
|
|
57,194 |
|
|
|
32,498 |
|
Income tax provision |
|
|
11,865 |
|
|
|
6,549 |
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
$ |
45,329 |
|
|
$ |
25,949 |
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss): |
|
|
|
|
|
|
Unrealized gain/(loss) on marketable securities, net of tax |
|
|
(1,666 |
) |
|
|
(3,842 |
) |
Foreign currency translation gain/(loss) |
|
|
(4,113 |
) |
|
|
474 |
|
Total other comprehensive
income/(loss) |
|
|
(5,779 |
) |
|
|
(3,368 |
) |
Comprehensive
income/(loss) |
|
$ |
39,550 |
|
|
$ |
22,581 |
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
Basic |
|
$ |
0.45 |
|
|
$ |
0.26 |
|
Diluted |
|
$ |
0.44 |
|
|
$ |
0.25 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
99,866 |
|
|
|
99,635 |
|
Diluted |
|
|
102,420 |
|
|
|
102,146 |
|
|
|
|
|
|
|
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(unaudited)
|
|
March 31, |
|
December 31, |
(In thousands, except
share and per share values) |
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash |
|
$ |
184,848 |
|
|
$ |
239,397 |
Short-term marketable
securities |
|
|
218,711 |
|
|
|
187,344 |
Accounts receivable, net of
allowances of $4,358 and $4,408, respectively |
|
|
160,939 |
|
|
|
141,676 |
Inventories |
|
|
232,007 |
|
|
|
229,153 |
Prepaid expenses and other
current assets |
|
|
16,132 |
|
|
|
17,771 |
Income taxes receivable |
|
|
1,736 |
|
|
|
6,424 |
Total current assets |
|
|
814,373 |
|
|
|
821,765 |
Property and equipment, net of
accumulated depreciation of $282,346 and $276,451,
respectively |
|
|
216,186 |
|
|
|
216,879 |
Long-term marketable
securities |
|
|
434,877 |
|
|
|
358,522 |
Intangible assets, net |
|
|
80,414 |
|
|
|
86,949 |
Goodwill |
|
|
155,373 |
|
|
|
156,716 |
Other assets |
|
|
28,693 |
|
|
|
32,039 |
Deferred income taxes |
|
|
7,974 |
|
|
|
6,615 |
Total assets |
|
$ |
1,737,890 |
|
|
$ |
1,679,485 |
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
22,409 |
|
|
$ |
18,205 |
Accrued expenses |
|
|
69,908 |
|
|
|
78,334 |
Income taxes payable |
|
|
8,434 |
|
|
|
1,101 |
Business acquisition
liabilities |
|
|
6,048 |
|
|
|
5,777 |
Deferred revenue |
|
|
8,653 |
|
|
|
8,125 |
Payable to broker |
|
|
8,225 |
|
|
|
9,250 |
Total current liabilities |
|
|
123,677 |
|
|
|
120,792 |
Business acquisition
liabilities, net of current portion |
|
|
29,973 |
|
|
|
31,493 |
Deferred income taxes |
|
|
5,925 |
|
|
|
6,202 |
Other liabilities |
|
|
15,321 |
|
|
|
14,701 |
Total liabilities |
|
|
174,896 |
|
|
|
173,188 |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Class A common stock; $0.001
par value. Authorized 500,000,000 shares; issued and outstanding
77,587,013 and 77,284,007 shares at March 31, 2021 and
December 31, 2020, respectively |
|
|
78 |
|
|
|
77 |
Class B common stock; $0.001
par value. Authorized 275,000,000 shares; issued and outstanding
22,430,097 shares at March 31, 2021 and December 31,
2020 |
|
|
22 |
|
|
|
22 |
Additional paid-in
capital |
|
|
474,307 |
|
|
|
457,161 |
Accumulated other
comprehensive income (loss) |
|
|
(1,824 |
) |
|
|
3,955 |
Retained earnings |
|
|
1,090,411 |
|
|
|
1,045,082 |
Total equity |
|
|
1,562,994 |
|
|
|
1,506,297 |
Total liabilities and equity |
|
$ |
1,737,890 |
|
|
$ |
1,679,485 |
|
|
|
|
|
|
|
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(unaudited)
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2021 |
|
|
2020 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
45,329 |
|
|
$ |
25,949 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
17,157 |
|
|
|
14,568 |
|
Amortization of premium (discount) on marketable securities |
|
|
520 |
|
|
|
20 |
|
Write-down of excess and obsolete inventories |
|
|
1,550 |
|
|
|
679 |
|
Stock-based compensation expense |
|
|
7,698 |
|
|
|
6,807 |
|
Allowance for doubtful accounts |
|
|
80 |
|
|
|
756 |
|
Change in fair value of business acquisition liabilities |
|
|
258 |
|
|
|
506 |
|
Change in deferred income taxes |
|
|
(808 |
) |
|
|
(2,895 |
) |
(Gain)/loss on disposal of assets, net |
|
|
103 |
|
|
|
207 |
|
(Increase)/decrease in: |
|
|
|
|
|
|
Accounts receivable |
|
|
(20,346 |
) |
|
|
14,131 |
|
Inventories |
|
|
(3,997 |
) |
|
|
(12,108 |
) |
Prepaid expenses and other assets |
|
|
4,516 |
|
|
|
(205 |
) |
Increase/(decrease) in: |
|
|
|
|
|
|
Accounts payable |
|
|
4,212 |
|
|
|
(283 |
) |
Accrued expenses and other liabilities |
|
|
(4,783 |
) |
|
|
(13,702 |
) |
Income taxes payable/receivable |
|
|
12,081 |
|
|
|
7,863 |
|
Net cash provided by
operating activities |
|
|
63,570 |
|
|
|
42,293 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(185,110 |
) |
|
|
(57,418 |
) |
Maturities of marketable securities |
|
|
39,850 |
|
|
|
71,766 |
|
Sales of marketable securities |
|
|
33,818 |
|
|
|
5,374 |
|
Purchases of property and equipment |
|
|
(13,672 |
) |
|
|
(22,314 |
) |
Net cash used in
investing activities |
|
|
(125,114 |
) |
|
|
(2,592 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Payment of business acquisition related liabilities |
|
|
(1,537 |
) |
|
|
(566 |
) |
Proceeds from exercise of stock options |
|
|
9,101 |
|
|
|
5,763 |
|
Repurchase of common stock |
|
|
— |
|
|
|
(73,864 |
) |
Net cash used
in/provided by financing activities |
|
|
7,564 |
|
|
|
(68,667 |
) |
Effect of foreign exchange
rates on cash |
|
|
(569 |
) |
|
|
(16 |
) |
Net increase in cash,
cash equivalents, and restricted cash |
|
|
(54,549 |
) |
|
|
(28,982 |
) |
Cash, cash equivalents, and
restricted cash at beginning of period |
|
|
239,397 |
|
|
|
195,724 |
|
Cash, cash
equivalents, and restricted cash at end of period |
|
$ |
184,848 |
|
|
$ |
166,742 |
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
570 |
|
|
$ |
1,791 |
|
Purchases of property and equipment included in accounts payable
and accrued expenses |
|
$ |
2,620 |
|
|
$ |
5,287 |
|
Supplemental Financial
Information
Net Sales by Geographic
Area:
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2021 |
|
2020 |
United States |
|
$ |
193,317 |
|
$ |
158,447 |
International |
|
|
34,027 |
|
|
32,130 |
Total net sales |
|
$ |
227,344 |
|
$ |
190,577 |
|
|
|
|
|
|
|
Net Sales by Product
Category:
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2021 |
|
2020 |
Musculoskeletal Solutions |
|
$ |
212,416 |
|
$ |
182,542 |
Enabling Technologies |
|
|
14,928 |
|
|
8,035 |
Total net sales |
|
$ |
227,344 |
|
$ |
190,577 |
|
|
|
|
|
|
|
Liquidity and Capital
Resources:
|
|
March 31, |
|
December 31, |
(In
thousands) |
|
2021 |
|
2020 |
Cash, cash equivalents, and restricted cash |
|
$ |
184,848 |
|
$ |
239,397 |
Short-term marketable
securities |
|
|
218,711 |
|
|
187,344 |
Long-term marketable
securities |
|
|
434,877 |
|
|
358,522 |
Total cash, cash equivalents,
restricted cash and marketable securities |
|
$ |
838,436 |
|
$ |
785,263 |
|
|
|
|
|
|
|
The following tables reconcile GAAP to Non-GAAP
financial measures.
Non-GAAP Adjusted EBITDA Reconciliation
Table:
|
|
Three Months Ended |
|
|
March 31, |
(In thousands, except
percentages) |
|
2021 |
|
|
2020 |
|
Net income/(loss) |
|
$ |
45,329 |
|
|
$ |
25,949 |
|
Interest income/(expense),
net |
|
|
(2,712 |
) |
|
|
(4,324 |
) |
Provision for income
taxes |
|
|
11,865 |
|
|
|
6,549 |
|
Depreciation and
amortization |
|
|
17,157 |
|
|
|
14,568 |
|
EBITDA |
|
|
71,639 |
|
|
|
42,742 |
|
Stock-based compensation
expense |
|
|
7,698 |
|
|
|
6,807 |
|
Provision for litigation |
|
|
(94 |
) |
|
|
— |
|
Acquisition related
costs/licensing |
|
|
883 |
|
|
|
957 |
|
Adjusted EBITDA |
|
$ |
80,126 |
|
|
$ |
50,506 |
|
|
|
|
|
|
|
|
Net income as a
percentage of net sales |
|
|
19.9 |
% |
|
|
13.6 |
% |
Adjusted EBITDA as a
percentage of net sales |
|
|
35.2 |
% |
|
|
26.5 |
% |
Non-GAAP Net Income Reconciliation
Table:
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2021 |
|
|
2020 |
|
Net income/(loss) |
|
$ |
45,329 |
|
|
$ |
25,949 |
|
Provision for litigation |
|
|
(94 |
) |
|
|
— |
|
Amortization of
intangibles |
|
|
4,774 |
|
|
|
3,776 |
|
Acquisition related
costs/licensing |
|
|
883 |
|
|
|
957 |
|
Tax effect of adjusting
items |
|
|
(1,154 |
) |
|
|
(956 |
) |
Non-GAAP net income |
|
$ |
49,738 |
|
|
$ |
29,726 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP Diluted Earnings Per Share
Reconciliation Table:
|
|
Three Months Ended |
|
|
March 31, |
(Per share
amounts) |
|
2021 |
|
|
2020 |
|
Diluted earnings per share, as reported |
|
$ |
0.44 |
|
|
$ |
0.25 |
|
Provision for litigation |
|
|
— |
|
|
|
— |
|
Amortization of
intangibles |
|
|
0.05 |
|
|
|
0.04 |
|
Acquisition related
costs/licensing |
|
|
0.01 |
|
|
|
0.01 |
|
Tax effect of adjusting
items |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Non-GAAP diluted earnings per
share |
|
$ |
0.49 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
|
|
|
* Amounts might not add due to rounding
Non-GAAP Free Cash Flow Reconciliation
Table:
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2021 |
|
|
2020 |
|
Net cash provided by operating activities |
|
$ |
63,570 |
|
|
$ |
42,293 |
|
Purchases of property and
equipment |
|
|
(13,672 |
) |
|
|
(22,314 |
) |
Free cash flow |
|
$ |
49,898 |
|
|
$ |
19,979 |
|
|
|
|
|
|
|
|
|
|
Net Sales on a Constant Currency Basis
Comparative Table:
|
|
Three Months Ended |
|
Reported |
|
CurrencyImpact on |
|
ConstantCurrency |
|
|
March 31, |
|
Net Sales |
|
Current |
|
Net Sales |
(In thousands, except
percentages) |
|
2021 |
|
2020 |
|
Growth |
|
Period Net Sales |
|
Growth |
United States |
|
$ |
193,317 |
|
$ |
158,447 |
|
22.0 |
% |
|
$ |
— |
|
22.0 |
% |
International |
|
|
34,027 |
|
|
32,130 |
|
5.9 |
% |
|
|
1,208 |
|
2.1 |
% |
Total net sales |
|
$ |
227,344 |
|
$ |
190,577 |
|
19.3 |
% |
|
$ |
1,208 |
|
18.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact:Brian KearnsSenior
Vice President, Business Development and Investor RelationsPhone:
(610) 930-1800Email:
investors@globusmedical.com www.globusmedical.com
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