Globus Medical, Inc., a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. It offers approximately 120 products that address an array of spinal pathologies, anatomies, and surgical approaches. The company’s fusion products are used in cervical, thoracolumbar, sacral, and interbody/corpectomy fusion procedures to treat degenerative, deformity, tumor, and trauma conditions. Its disruptive technology products provide material improvements to fusion procedures, such as minimally invasive surgical techniques, as well as new treatment alternatives, which include motion preservation tec...
2560 General Armistead Avenue
Audubon, PA 19403
Founded in 2003
Globus Medical, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Full Year 2014
Aug 5 14
Globus Medical, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported sales of $113,573,000 against $107,009,000 a year ago. Operating income was $31,553,000 against $11,192,000 a year ago. Income before income taxes was $31,878,000 against $10,971,000 a year ago. Net income was $20,647,000 or $0.22 per diluted share against $7,426,000 or $0.08 per diluted share a year ago. EBITDA was $37,070,000 against $15,569,000 a year ago. Adjusted EBITDA was $40,154,000 against $36,338,000 a year ago. Non-GAAP net income was $21,501,000 or $0.23 per diluted share against $20,042,000 or $0.21 per diluted share a year ago. Free cash flow was $6.3 million for the quarter and $29.4 million year-to-date.
For the six months, the company reported sales of $227,783,000 against $212,027,000 a year ago. Operating income was $63,795,000 against $40,423,000 a year ago. Income before income taxes was $64,365,000 against $40,481,000 a year ago. Net income was $41,786,000 or $0.44 per diluted share against $27,317,000 or $0.29 per diluted share a year ago. Net cash provided by operating activities was $41,582,000 against $27,256,000 a year ago. Purchases of property and equipment were $12,231,000 against $12,956,000 a year ago. EBITDA was $74,653,000 against $49,643,000 a year ago. Adjusted EBITDA was $82,209,000 against $71,844,000 a year ago. Non-GAAP net income was $44,283,000 or $0.46 per diluted share against $39,965,000 or $0.23 per diluted share a year ago.
The company revised its 2014 revenue guidance and now expects full year net sales to be in the range of $460 to $465 million. Non-GAAP diluted earnings per share guidance remained unchanged, and expected to be in the range of $0.90 to $0.92 per share of common stock.
Globus Medical Seeks Acquisitions
Aug 5 14
Globus Medical, Inc. (NYSE:GMED) will consider acquisitions. Rick Baron, Senior Vice President of Finance and Chief Financial Officer said, "We still view that right now, that the cash is there. We have still the potential for appropriate acquisitions, and that may be the best use of the cash into the future."