Financial

Globus Medical Reports Second Quarter 2015 Results

AUDUBON, Pa.–(BUSINESS WIRE)–Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the second quarter ended June 30, 2015.

  • Worldwide sales increased 17.6% to $133.6 million, or 19.1% on a constant currency basis
  • Second quarter net income increased 16.5% to $24.1 million
  • Fully diluted earnings per share (EPS) were $0.25
  • Non-GAAP Adjusted EBITDA was 35.0% of sales
  • Company increases 2015 guidance for sales to $524 million and EPS to $1.04

David Paul, Chairman and CEO said, “We are pleased to report second quarter sales of $133.6 million, a year-over-year increase of 17.6% as reported and 19.1% on a constant currency basis. Once again the Globus team achieved strong sales growth and market share gains while maintaining strong profitability, with quarterly net income of $24.1 million, or 16.5% higher than the same quarter last year. During the second quarter, we also launched 5 new products and made further progress on integrating our two most recent acquisitions. We remain confident in our long term growth prospects and our ability to sustain our industry leading profitability by the continued execution of our strategy of introducing innovative products, expanding our U.S. and international sales footprint, and controlling our expenses.”

Second quarter sales in the U.S. grew by 19.5% over the second quarter of 2014. International sales increased by 1.2% over the second quarter of 2014 on an as reported basis and 15.4% on a constant currency basis.

Second quarter net income was $24.1 million, an increase of 16.5% over $20.6 million in the second quarter 2014. Fully diluted EPS for the second quarter was $0.25, as compared to $0.22 for the second quarter 2014.

Cash, cash equivalents and marketable securities ended the quarter at $281.2 million. The company remains debt free.

2015 Annual Guidance

The company today increased guidance on sales by $10 million to $524 million and earnings per share by $0.02 to $1.04.

Conference Call Information

Globus Medical will hold a teleconference to discuss its 2015 second quarter results with the investment community at 5:30 p.m. Eastern Time today. Globus invites all interested parties to join the call by dialing:

1-855-533-7141 United States Participants
1-720-545-0060 International Participants
There 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 investors.globusmedical.com.

If you are unable to participate during the live teleconference, the call will be archived until Thursday, August 13, 2015. 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 8132-2678.

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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