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Globus Medical Reports Full Year And Fourth Quarter 2012 Results

Stocks in this article: GMED

Globus Medical, Inc. (NYSE:GMED), a leading spinal implant manufacturer, today announced its financial results for the year and fourth quarter ended December 31, 2012.

Full Year 2012:

  • Worldwide sales were $386.0 million, up 16.4% over 2011
  • Net income increased 21.5% to $73.8 million compared to $60.8 million in 2011
  • 2012 earnings per fully diluted share increased 19.4% to $0.80 compared to $0.67 in 2011
  • Non-GAAP Adjusted EBITDA was 35.4% of sales, compared to 35.8% in 2011

Fourth Quarter:

  • Worldwide sales were $100.5 million, a 14.3% increase from the fourth quarter of 2011
  • Fourth quarter net income increased by 53.0% to $20.8 million compared to $13.6 million in 2011
  • Earnings per fully diluted share increased 46.7% in the fourth quarter of 2012 to $0.22 compared to $0.15 for the same quarter of 2011
  • Non-GAAP Adjusted EBITDA was 34.6% of sales, compared to 34.4% in the fourth quarter of 2011

David Paul, Chairman and CEO, commented, “2012 was a tremendous year for Globus with industry leading revenue growth, continued strong profitability, the completion of a successful IPO, and the launch of 14 new products, including our first PMA approval with the SECURE ®-C device. Our product development engine continues to perform at a high level creating the solutions of tomorrow for patients with spinal disorders."

Dave Demski, President and COO, added, "We performed extremely well in the fourth quarter with record sales of $100.5 million and an increase in diluted EPS of 46.7% over fourth quarter 2011. We maintained the strong pace of our U.S. sales force recruitment. Outside the United States, we added new distribution territories, providing us with a sales presence in 24 countries. Late in the quarter, we purchased a 112,000 square foot building adjacent to our existing facility. With nearly 250,000 square feet of real estate, we have adequate space to support our future growth. In the fourth quarter we generated $17.2 million of cash flow and achieved 34.6% adjusted EBITDA despite our continuing investment in Algea Therapies. Excluding investments made in Algea Therapies, our adjusted EBITDA for the fourth quarter was 38.0%."

Cash and cash equivalents ended the year at $212.4 million, increasing by $69.7 million during year, which was inclusive of proceeds from the company's IPO, acquisitions, facility purchase, and product launch capital expenditures. The company remains debt free.

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