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Globus Medical Reports 2013 Third Quarter Results

Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the quarter ended September 30, 2013.
  • Worldwide sales were $107.2 million, a 13.1% increase from the third quarter of 2012
  • Net income was $20.3 million or $0.22 per diluted share
  • Non-GAAP Adjusted EBITDA was 33.4% of sales

“We are very pleased with our industry leading top line growth and profitability this quarter. Our growth this quarter is again attributable to the increased adoption and success of newer, more disruptive products, which are designed to provide better treatment for the patient, and are safer and easier to use for the surgeon,” commented David Paul, Chairman and CEO. “During the quarter we launched CREO™, our next generation pedicle screw platform, one of the most significant projects in our history. CREO™ offers surgeons significant intraoperative adaptability to tailor the construct to best meet individual patients’ needs in treating complex spinal pathologies.”

Mr. Paul continued, “This quarter, we also continued our trend from the first half of the year in attracting and retaining key sales force talent. Our excellent product development execution and robust sales force expansion have us well positioned to continue to take share in the spine market into 2014 and beyond.”

Third quarter net sales were $107.2 million, compared to $94.8 million last year, representing a 13.1% increase. US and international sales grew by 12.6% and 19.1%, respectively, over the same quarter in 2012. International sales represented 8.5% of worldwide third quarter sales.

Net income for the quarter was $20.3 million, or $0.22 per diluted share, as compared to $16.5 million, or $0.18 per diluted share, for the third quarter of 2012. Non-GAAP Adjusted EBITDA for the quarter was 33.4% of net sales, compared to 35.1% for the same period last year. The Medical Device Excise Tax, which was not in effect in 2012, reduced Adjusted EBITDA by 1.8% for the third quarter of 2013.

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