Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal
solutions company, today announced its financial results for the
quarter ended March 31, 2023.
- Worldwide net sales were $276.7 million, an increase of 20.0%,
or 21.0% on a constant currency basis
- GAAP net income for the quarter was
$49.1 million
- GAAP diluted earnings per share
(“EPS”) was $0.48 and non-GAAP diluted EPS was $0.53
- Non-GAAP adjusted EBITDA was $85.1
million, or 30.8% of net sales
“Globus achieved a record quarter, delivering
our highest quarterly revenue yet of $277 million, an increase of
21% over the first quarter of 2022 on a constant currency basis.
Non-GAAP EPS was $0.53, an increase of 25% as earnings grew faster
than sales due to operational efficiencies and disciplined
spending,” said Dan Scavilla, President and CEO. “Our U.S. Spine
business grew an impressive 14%, with notable gains across our
product portfolio in expandables, biologics, MIS screws, and 3D
printed implants. International Spine sales increased 21% on an
as-reported basis, and 28% on a constant currency basis as we
continue to increase our brand recognition on the global healthcare
stage. Enabling Technologies grew 91% to $25 million, driven by
continued robotic system demand and new interest in our
Excelsius3D™ imaging system.”
“We are also excited about our pending merger
with NuVasive,” said Mr. Scavilla. “Last week, shareholders of both
companies provided overwhelming support for this combination of
leading innovators in spine care. Globus Medical remains well
positioned to continue providing innovative procedural solutions to
help patients with musculoskeletal disorders.”
Worldwide net sales for the first quarter of
2023 were $276.7 million, an
as-reported increase of 20.0% over the first
quarter of 2022, and an increase of 21.0% on a constant currency
basis. U.S. net sales for the first quarter of 2023 increased
by 19.2% compared to the first quarter of 2022.
International net sales increased by 24.7% over the first
quarter of 2022 on an as-reported basis, and an increase of 31.5%
on a constant currency basis.
GAAP net income for the first quarter of 2023
was $49.1 million, an increase of 29.0% over the
same period in the prior year. Diluted EPS for the first quarter
was $0.48, compared to $0.37 for the first quarter
of 2022. Non-GAAP diluted EPS for the first quarter of 2023 was
$0.53, compared to $0.42 in the first quarter of 2022 an increase
of 24.7% driven primarily by higher net sales.
Net cash provided by operating activities
was $53.3 million, and non-GAAP free cash flow
was $37.3 million for the first quarter of 2023. The
Company remains debt free.
2023 Annual
Guidance
The Company today reaffirmed its full year 2023 guidance of $1.1
billion in net sales and non-GAAP diluted earnings per share of
$2.30.
Conference Call Information
Globus Medical will hold a teleconference to
discuss its first quarter 2023 results with the investment
community at 4:30 p.m. Eastern Time today. Participants may access
the conference call live via webcast on the Investors page of
Globus Medical’s website at
https://www.investors.globusmedical.com/news-events/events-webcasts.
To participate via telephone, please register in
advance at this link. Upon registration, all telephone participants
will receive a confirmation email detailing how to join the
conference call, including the dial-in number along with a unique
passcode and registrant ID that can be used to access the call. The
audio archive will be available after the call on the Investor page
of the Globus Medical website.
About Globus Medical, Inc.
Based in Audubon, Pennsylvania, Globus 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.
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, 2023
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, 2023
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, the occurrence of
any change, event, series of events or circumstances that could
give rise to the termination of the Merger Agreement, including a
termination of the Merger Agreement under circumstances that could
require Globus to pay a termination fee to NuVasive or require
NuVasive to pay a termination fee to Globus; the inability to
complete the Merger due to the failure to satisfy any of the
conditions to the completion of the Merger, including receipt of
the necessary approval under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 (the “HSR Act”), in a timely manner or
otherwise; any unexpected costs, liabilities or delays related to
the NuVasive transaction; the respective businesses of Globus and
NuVasive may suffer as a result of uncertainty surrounding the
transaction; the effect of the announcement of the transaction on
the ability of Globus or NuVasive to retain and hire key personnel
and maintain relationships with customers, suppliers and others
with whom Globus or NuVasive does business, or on Globus’ or
NuVasive’s operating results and business generally; 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 U.S. 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 U.S. 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) |
|
2023 |
|
2022 |
|
Net sales |
|
$ |
276,688 |
|
$ |
230,549 |
|
Cost of goods sold |
|
|
70,825 |
|
|
59,167 |
|
Gross profit |
|
|
205,863 |
|
|
171,382 |
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
Research and development |
|
|
21,082 |
|
|
17,412 |
|
Selling, general and administrative |
|
|
122,416 |
|
|
100,748 |
|
Provision for litigation |
|
|
— |
|
|
2,341 |
|
Amortization of intangibles |
|
|
4,601 |
|
|
4,512 |
|
Acquisition related costs |
|
|
1,361 |
|
|
(76) |
|
Total operating expenses |
|
|
149,460 |
|
|
124,937 |
|
|
|
|
|
|
|
|
Operating income/(loss) |
|
|
56,403 |
|
|
46,445 |
|
|
|
|
|
|
|
|
Other
income/(expense), net |
|
|
|
|
|
|
Interest income/(expense), net |
|
|
6,497 |
|
|
2,543 |
|
Foreign currency transaction gain/(loss) |
|
|
212 |
|
|
(391) |
|
Other income/(expense) |
|
|
77 |
|
|
301 |
|
Total other income/(expense), net |
|
|
6,786 |
|
|
2,453 |
|
|
|
|
|
|
|
|
Income/(loss) before income taxes |
|
|
63,189 |
|
|
48,898 |
|
Income tax provision |
|
|
14,060 |
|
|
10,814 |
|
|
|
|
|
|
|
|
Net
income/(loss) |
|
$ |
49,129 |
|
$ |
38,084 |
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss), net of tax: |
|
|
|
|
|
|
Unrealized gain/(loss) on marketable securities |
|
|
4,298 |
|
|
(8,828) |
|
Foreign currency translation gain/(loss) |
|
|
910 |
|
|
(1,567) |
|
Total other comprehensive
income/(loss), net of tax |
|
|
5,208 |
|
|
(10,395) |
|
Comprehensive
income/(loss) |
|
$ |
54,337 |
|
$ |
27,689 |
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
Basic |
|
$ |
0.49 |
|
$ |
0.37 |
|
Diluted |
|
$ |
0.48 |
|
$ |
0.37 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
100,279 |
|
|
101,600 |
|
Diluted |
|
|
102,196 |
|
|
104,077 |
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
(In thousands, except
share and per share values) |
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
217,685 |
|
|
$ |
150,466 |
|
Short-term marketable
securities |
|
|
286,685 |
|
|
|
295,592 |
|
Accounts receivable, net of
allowances of $5,514 and $4,724, respectively |
|
|
222,783 |
|
|
|
213,247 |
|
Inventories |
|
|
321,033 |
|
|
|
298,981 |
|
Prepaid expenses and other
current assets |
|
|
19,201 |
|
|
|
20,997 |
|
Income taxes receivable |
|
|
3,042 |
|
|
|
4,061 |
|
Total current assets |
|
|
1,070,429 |
|
|
|
983,344 |
|
Property and equipment, net of
accumulated depreciation of $353,868 and $343,036,
respectively |
|
|
245,098 |
|
|
|
243,729 |
|
Long-term marketable
securities |
|
|
480,025 |
|
|
|
495,852 |
|
Intangible assets, net |
|
|
59,194 |
|
|
|
63,574 |
|
Goodwill |
|
|
198,710 |
|
|
|
197,471 |
|
Other assets |
|
|
44,985 |
|
|
|
43,311 |
|
Deferred income taxes |
|
|
51,179 |
|
|
|
48,845 |
|
Total assets |
|
$ |
2,149,620 |
|
|
$ |
2,076,126 |
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
39,835 |
|
|
$ |
36,101 |
|
Accrued expenses |
|
|
83,998 |
|
|
|
94,705 |
|
Income taxes payable |
|
|
16,389 |
|
|
|
990 |
|
Business acquisition
liabilities |
|
|
13,784 |
|
|
|
13,308 |
|
Deferred revenue |
|
|
13,541 |
|
|
|
14,100 |
|
Total current liabilities |
|
|
167,547 |
|
|
|
159,204 |
|
Business acquisition
liabilities, net of current portion |
|
|
52,486 |
|
|
|
54,950 |
|
Deferred income taxes |
|
|
1,369 |
|
|
|
1,779 |
|
Other liabilities |
|
|
13,398 |
|
|
|
13,820 |
|
Total liabilities |
|
|
234,800 |
|
|
|
229,753 |
|
Equity: |
|
|
|
|
|
|
Class A common stock; $0.001
par value. Authorized 500,000,000 shares; issued and outstanding
77,904,573 and 77,762,282 shares at March 31, 2023 and
December 31, 2022, respectively |
|
|
78 |
|
|
|
78 |
|
Class B common stock; $0.001
par value. Authorized 275,000,000 shares; issued and outstanding
22,430,097 and 22,430,097 shares at March 31, 2023 and
December 31, 2022, respectively |
|
|
22 |
|
|
|
22 |
|
Additional paid-in
capital |
|
|
645,062 |
|
|
|
630,952 |
|
Accumulated other
comprehensive income/(loss) |
|
|
(19,422) |
|
|
|
(24,630) |
|
Retained earnings |
|
|
1,289,080 |
|
|
|
1,239,951 |
|
Total equity |
|
|
1,914,820 |
|
|
|
1,846,373 |
|
Total liabilities and equity |
|
$ |
2,149,620 |
|
|
$ |
2,076,126 |
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
(In
thousands) |
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
49,129 |
|
|
$ |
38,084 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
18,108 |
|
|
|
16,837 |
|
Amortization of premium (discount) on marketable securities |
|
|
482 |
|
|
|
1,690 |
|
Write-down for excess and obsolete inventories, net |
|
|
2,055 |
|
|
|
1,834 |
|
Stock-based compensation expense |
|
|
8,953 |
|
|
|
8,152 |
|
Allowance for doubtful accounts |
|
|
810 |
|
|
|
(728) |
|
Change in fair value of business acquisition liabilities |
|
|
(446) |
|
|
|
(263) |
|
Change in deferred income taxes |
|
|
(3,979) |
|
|
|
(2,994) |
|
(Gain)/loss on disposal of assets, net |
|
|
81 |
|
|
|
115 |
|
Payment of business acquisition related liabilities |
|
|
(772) |
|
|
|
(743) |
|
(Increase)/decrease in: |
|
|
|
|
|
|
Accounts receivable |
|
|
(9,861) |
|
|
|
(1,614) |
|
Inventories |
|
|
(22,470) |
|
|
|
(17,939) |
|
Prepaid expenses and other assets |
|
|
836 |
|
|
|
547 |
|
Increase/(decrease) in: |
|
|
|
|
|
|
Accounts payable |
|
|
3,916 |
|
|
|
4,160 |
|
Accrued expenses and other liabilities |
|
|
(9,969) |
|
|
|
(15,428) |
|
Income taxes payable/receivable |
|
|
16,440 |
|
|
|
12,980 |
|
Net cash provided
by/(used in) operating activities |
|
|
53,313 |
|
|
|
44,690 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of marketable securities |
|
|
(69,141) |
|
|
|
(142,145) |
|
Maturities of marketable securities |
|
|
85,546 |
|
|
|
106,549 |
|
Sales of marketable securities |
|
|
13,240 |
|
|
|
42,673 |
|
Purchases of property and equipment |
|
|
(15,991) |
|
|
|
(19,971) |
|
Acquisition of businesses, net of cash acquired and purchases of
intangible and other assets |
|
|
(2,662) |
|
|
|
(1,000) |
|
Net cash provided
by/(used in) investing activities |
|
|
10,992 |
|
|
|
(13,894) |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payment of business acquisition liabilities |
|
|
(1,919) |
|
|
|
(1,699) |
|
Proceeds from exercise of stock options |
|
|
4,859 |
|
|
|
7,746 |
|
Net cash provided
by/(used in) financing activities |
|
|
2,940 |
|
|
|
6,047 |
|
Effect of foreign exchange
rates on cash |
|
|
(26) |
|
|
|
(123) |
|
Net
increase/(decrease) in cash and cash equivalents |
|
|
67,219 |
|
|
|
36,720 |
|
Cash and cash equivalents at
beginning of period |
|
|
150,466 |
|
|
|
193,069 |
|
Cash and cash
equivalents at end of period |
|
$ |
217,685 |
|
|
$ |
229,789 |
|
Supplemental disclosures of
cash flow information: |
|
|
|
|
|
|
Income taxes paid |
|
$ |
1,724 |
|
|
$ |
572 |
|
Purchases of property and equipment included in accounts payable
and accrued expenses |
|
$ |
6,493 |
|
|
$ |
4,105 |
|
Supplemental Financial
Information
Net Sales by Product
Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
(In
thousands) |
|
2023 |
|
2022 |
|
Musculoskeletal Solutions |
|
$ |
251,607 |
|
$ |
217,402 |
|
Enabling Technologies |
|
|
25,081 |
|
|
13,147 |
|
Total net sales |
|
$ |
276,688 |
|
$ |
230,549 |
|
Liquidity and Capital
Resources:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
(In
thousands) |
|
2023 |
|
2022 |
Cash and cash equivalents |
|
$ |
217,685 |
|
$ |
150,466 |
Short-term marketable
securities |
|
|
286,685 |
|
|
295,592 |
Long-term marketable
securities |
|
|
480,025 |
|
|
495,852 |
Total cash, cash equivalents
and marketable securities |
|
$ |
984,395 |
|
$ |
941,910 |
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) |
2023 |
|
2022 |
|
Net income/(loss) |
$ |
49,129 |
|
$ |
38,084 |
|
Interest (income)/expense,
net |
|
(6,497) |
|
|
(2,543) |
|
Provision for income
taxes |
|
14,060 |
|
|
10,814 |
|
Depreciation and
amortization |
|
18,109 |
|
|
16,837 |
|
EBITDA |
|
74,801 |
|
|
63,192 |
|
Stock-based compensation
expense |
|
8,953 |
|
|
8,152 |
|
Provision for litigation |
|
— |
|
|
2,341 |
|
Acquisition related
costs/licensing |
|
1,375 |
|
|
657 |
|
Adjusted EBITDA |
$ |
85,129 |
|
$ |
74,342 |
|
|
|
|
|
|
|
Net income/(loss) as a
percentage of net sales |
|
17.8% |
|
|
16.5% |
|
Adjusted EBITDA as a
percentage of net sales |
|
30.8% |
|
|
32.2% |
|
Non-GAAP Net Income Reconciliation
Table:
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
(In
thousands) |
2023 |
|
|
2022 |
|
Net income/(loss) |
$ |
49,129 |
|
|
$ |
38,084 |
|
Provision for litigation |
|
— |
|
|
|
2,341 |
|
Amortization of
intangibles |
|
4,601 |
|
|
|
4,512 |
|
Acquisition related
costs/licensing |
|
1,375 |
|
|
|
657 |
|
Tax effect of adjusting
items |
|
(1,329) |
|
|
|
(1,661) |
|
Non-GAAP net
income/(loss) |
$ |
53,776 |
|
|
$ |
43,933 |
|
Non-GAAP Diluted Earnings Per Share
Reconciliation Table:
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
(In
thousands) |
2023 |
|
|
2022 |
|
Diluted earnings per share, as reported |
$ |
0.48 |
|
|
$ |
0.37 |
|
Provision for litigation |
|
— |
|
|
|
0.02 |
|
Amortization of
intangibles |
|
0.05 |
|
|
|
0.04 |
|
Acquisition related
costs/licensing |
|
0.01 |
|
|
|
0.01 |
|
Tax effect of adjusting
items |
|
(0.01) |
|
|
|
(0.02) |
|
Non-GAAP diluted earnings per
share |
$ |
0.53 |
|
|
$ |
0.42 |
|
*amounts might not add due to rounding
Non-GAAP Free Cash Flow Reconciliation
Table:
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
(In
thousands) |
2023 |
|
|
2022 |
|
Net cash provided by operating activities |
$ |
53,313 |
|
|
$ |
44,690 |
|
Purchases of property and
equipment |
|
(15,991) |
|
|
|
(19,971) |
|
Free cash flow |
$ |
37,322 |
|
|
$ |
24,719 |
|
Non-GAAP 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) |
|
2023 |
|
2022 |
|
Growth |
|
Period Net Sales |
|
Growth |
United States |
|
$ |
234,120 |
|
$ |
196,403 |
|
19.2% |
|
$ |
— |
|
|
19.2% |
International |
|
|
42,568 |
|
|
34,146 |
|
24.7% |
|
|
(2,347) |
|
|
31.5% |
Total net sales |
|
$ |
276,688 |
|
$ |
230,549 |
|
20.0% |
|
$ |
(2,347) |
|
|
21.0% |
Contact:Brian KearnsSenior
Vice President, Business Development and Investor RelationsPhone:
(610) 930-1800Email:
investors@globusmedical.comwww.globusmedical.com
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