AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) recently announced its financial results for the quarter ended March 31, 2023.
- Worldwide net sales were $276.7 million, an increase of 20.0%, or 21.0% on a constant currency basis
- GAAP net income for the quarter was $49.1 million
- GAAP diluted earnings per share (“EPS”) was $0.48 and non-GAAP diluted EPS was $0.53
- Non-GAAP adjusted EBITDA was $85.1 million, or 30.8% of net sales
“Globus achieved a record quarter, delivering our highest quarterly revenue yet of $277 million, an increase of 21% over the first quarter of 2022 on a constant currency basis. Non-GAAP EPS was $0.53, an increase of 25% as earnings grew faster than sales due to operational efficiencies and disciplined spending,” said Dan Scavilla, President and CEO. “Our U.S. Spine business grew an impressive 14%, with notable gains across our product portfolio in expandables, biologics, MIS screws, and 3D printed implants. International Spine sales increased 21% on an as-reported basis, and 28% on a constant currency basis as we continue to increase our brand recognition on the global healthcare stage. Enabling Technologies grew 91% to $25 million, driven by continued robotic system demand and new interest in our Excelsius3D™ imaging system.”
“We are also excited about our pending merger with NuVasive,” said Mr. Scavilla. “Last week, shareholders of both companies provided overwhelming support for this combination of leading innovators in spine care. Globus Medical remains well positioned to continue providing innovative procedural solutions to help patients with musculoskeletal disorders.”
Worldwide net sales for the first quarter of 2023 were $276.7 million, an as-reported increase of 20.0% over the first quarter of 2022, and an increase of 21.0% on a constant currency basis. U.S. net sales for the first quarter of 2023 increased by 19.2% compared to the first quarter of 2022. International net sales increased by 24.7% over the first quarter of 2022 on an as-reported basis, and an increase of 31.5% on a constant currency basis.
GAAP net income for the first quarter of 2023 was $49.1 million, an increase of 29.0% over the same period in the prior year. Diluted EPS for the first quarter was $0.48, compared to $0.37 for the first quarter of 2022. Non-GAAP diluted EPS for the first quarter of 2023 was $0.53, compared to $0.42 in the first quarter of 2022 an increase of 24.7% driven primarily by higher net sales.
Net cash provided by operating activities was $53.3 million, and non-GAAP free cash flow was $37.3 million for the first quarter of 2023. The Company remains debt free.
2023 Annual Guidance
The Company has reaffirmed its full year 2023 guidance of $1.1 billion in net sales and non-GAAP diluted earnings per share of $2.30.
Additional information can be accessed at www.globusmedical.com.
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