AUDUBON, Pa., Nov. 06, 2019 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the third quarter ended September 30, 2019.
- Worldwide sales were $196.2 million, an increase of 15.9% as reported
- Third quarter net income was $38.3 million
- Diluted earnings per share (EPS) was $0.38 and non-GAAP diluted EPS was $0.43, an increase of 9.9%
- Non-GAAP adjusted EBITDA was 33.4% of sales
“Globus Medical had an outstanding third quarter, once again delivering above market growth and industry leading profitability,” said Dave Demski, President and CEO. “Enabling Technologies produced back-to-back strong quarters, generating $13.9 million in revenue, more than double our performance in the third quarter of last year. Musculoskeletal Solutions grew by 11.8% in the quarter, well in excess of the market across all sectors and significant geographies, driven by competitive recruiting, new product introductions and implant pull through from ExcelsiusGPS® installations. Non-GAAP EPS grew by 9.9% over third quarter of 2018 and our Adjusted EBITDA improved to 33.4% in the third quarter, compared to 31.5% for the first half of this year.”
Worldwide sales for the third quarter were $196.2 million, an increase of 15.9% over the third quarter of 2018 on an as-reported basis and 16.0% on a constant currency basis. Third quarter sales in the U.S., including robotics, increased by 17.0% compared to the third quarter of 2018. International sales increased by 11.2% over the third quarter of 2018 on an as-reported basis and 11.3% on a constant currency basis.
Third quarter GAAP net income was $38.3 million, an increase of 8.8% over the same period last year. Diluted EPS for the third quarter was $0.38, as compared to $0.35 for the third quarter 2018. Non-GAAP diluted EPS for the third quarter was $0.43, compared to $0.39 in the third quarter of 2018, an increase of 9.9%.
The Company generated net cash provided by operating activities of $55.9 million and non-GAAP free cash flow of $43.8 million in the third quarter, and ended the quarter with cash, cash equivalents and marketable securities of $660.7 million. The Company remains debt free.
2019 Annual Guidance
The Company today increased guidance for full year 2019 sales from $775 million to $783 million and reiterated guidance for non-GAAP diluted earnings per share of $1.72.