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Globus Medical Reports 2013 Second Quarter Results

Globus Medical, Inc. ( NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the quarter ended June 30, 2013.

  • Worldwide sales were $107.0 million, a 11.5% increase from the second quarter of 2012
  • Net income was $7.4 million or $0.08 per diluted share; Non-GAAP diluted EPS was $0.21
  • Non-GAAP Adjusted EBITDA was 34.0% of sales

David Paul, Chairman and CEO commented, “We are very pleased with our performance this quarter and for the first half of 2013. Our revenue growth and profitability margins remain at industry leading levels, driven by our focus on rapid product innovation, expanding our sales footprint, and efficient operational execution. This quarter we launched six new products, including LATIS TM, the first laterally expanding unitary interbody fusion spacer on the market to offer the benefits of a traditional anterior implant through a posterior approach.”

Second quarter net sales were $107.0 million, compared to $96.0 million last year, representing an 11.5% increase. Sales in the US and international grew by 10.8% and 20.3%, respectively, over the same quarter in 2012. International sales currently represents 8.3% of total sales.

Net income for the quarter was $7.4 million, or $0.08 per diluted share, as compared to $19.0 million, or $0.21 per diluted share, for the second quarter of 2012. Non-GAAP earnings per diluted share were $0.21 and $0.20 for the quarters ending June 30, 2013 and 2012, respectively. The non-GAAP earnings per diluted share excludes the after-tax effect of the provisions for litigation losses. Non-GAAP Adjusted EBITDA for the quarter was 34.0% of net sales, compared to 36.1% for the same period last year. The Medical Device Excise Tax, which was not in effect in 2012, reduced Adjusted EBITDA by 1.6% for the second quarter of 2013.

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