AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) this week announced its financial results for the fourth quarter and year ended December 31, 2022.
Fourth Quarter 2022:
- Worldwide net sales were $274.5 million, an increase of 9.8%, or 11.7% on a constant currency basis
- GAAP net income for the quarter was $50.1 million
- GAAP diluted earnings per share (“EPS”) was $0.49 and non-GAAP diluted EPS was $0.59
- Non-GAAP adjusted EBITDA was $90.2 million, or 32.8% of net sales
Full Year 2022:
- Worldwide net sales were $1,022.8 million, an increase of 6.8%, or 8.2% on a constant currency basis
- GAAP net income for the year was $190.2 million
- GAAP diluted EPS was $1.85 and non-GAAP diluted EPS was $2.06
- Non-GAAP adjusted EBITDA was $339.2 million, or 33.2% of net sales
“Globus Medical was founded twenty years ago with a small group of talented engineers who had a vision of improving care for patients with musculoskeletal disease,” said Dan Scavilla, President and CEO. “I’m proud to announce that in 2022, Globus Medical exceeded $1 billion in net sales. The journey from startup to $1 billion in sales is certainly worthy of note and particularly so at this milestone anniversary of the company’s founding. The fourth quarter of 2022 was a record-setting quarter, with record-breaking total sales, U.S. Spine sales, and Enabling Technologies sales. Our future continues to look bright as we improve the lives of patients, surgeons, employees and shareholders by working to further achieve our vision. We plan to build on our legacy of product innovation, superior customer services, and operational execution this year and in the future as we continue to help patients with musculoskeletal disease.”
Worldwide net sales for the fourth quarter were $274.5 million, an as-reported increase of 9.8% over the fourth quarter of 2021, and an increase of 11.7% on a constant currency basis. U.S. net sales for the fourth quarter of 2022 increased by 9.5% compared to the fourth quarter of 2021. International net sales increased by 11.4% over the fourth quarter of 2021 on an as-reported basis, and an increase of 24.2% on a constant currency basis.
Worldwide net sales for the full year of 2022 were $1,022.8 million, an increase of 6.8% as compared to the full year of 2021, and an increase of 8.2% on a constant currency basis. U.S. net sales for the full year of 2022 increased by 6.4% compared to the full year of 2021. International net sales increased by 8.9% over the full year of 2021 on an as-reported basis, and an increase of 19.1% on a constant currency basis.
GAAP net income for the fourth quarter was $50.1 million, an increase of 231.4% over the same period in the prior year, driven primarily by higher net sales and the acquisition of in-process research and development during the fourth quarter in 2021. Diluted EPS for the fourth quarter was $0.49, compared to $0.14 for the fourth quarter of 2021. Non-GAAP diluted EPS for the fourth quarter of 2022 was $0.59, compared to $0.49 in the fourth quarter of 2021, an increase of 20.0% driven primarily by higher net sales.
Net cash provided by operating activities was $178.5 million, and non-GAAP free cash flow was $104.4 million for the full year of 2022. The Company remains debt free.
2023 Annual Guidance
The Company also announced full year stand-alone 2023 guidance with expected net sales of $1.1 billion and non-GAAP diluted earnings per share of $2.30.
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