NEW YORK, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Globus Medical, Inc. ("Globus Medical" or "the Company") (NYSE: GMED). Investors who purchased Globus Medical securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/GMED. Investigation Details On August 13, 2024, in a filing with the U.S. Securities and Exchange Commission, Gl ...

Globus Medical, Inc. (GMED) reported second-quarter 2024 adjusted earnings per share (EPS) of 75 cents, which beat the Zacks Consensus Estimate by 10.3%. The figure increased 19% year over year. The adjusted EPS excludes certain non-recurring expenses and benefits, such as the amortization of intangibles, merger and acquisition-related costs/licensing and provision for litigation, among others. Without adjustments, the company registered a GAAP diluted EPS of 23 cents, down 59.6% from the year-ago quarter's ...

Financial Data and Key Metrics Changes - Globus Medical reported Q2 2024 sales of $630 million, a growth of 116% or $338 million compared to the previous year [4] - Non-GAAP EPS was $0.75, increasing 20% year-over-year despite a 35% increase in outstanding shares due to the merger [4][20] - Free cash flow for the quarter was $26 million, with adjusted EBITDA exceeding 30% [5][20] - GAAP net income for Q2 was $31.8 million, resulting in $0.23 of fully diluted earnings per share [19] - Q2 adjusted EBITDA was 30.2%, with a GAAP gross profit margin of 58.7%, down from 73.8% in the prior year [20][23] Business Line Data and Key Metrics Changes - U.S. spine revenue grew 100% in Q2, driven by strong performance across various product categories [6] - Musculoskeletal revenue reached $592.9 million, growing 130.8% year-over-year, primarily due to the NuVasive merger [20] - Enabling Technologies revenue grew 5.8% in Q2, with a notable increase in robotic procedures, which grew 26% year-over-year [10][21] - The combined trauma and NSO business saw a remarkable growth of 321% in Q2 [11] Market Data and Key Metrics Changes - U.S. revenue was $499.5 million, growing 103.5% year-over-year, while international revenue reached $130.2 million, growing 182.3% [21][22] - International spinal implant business delivered record sales, growing 200% on a constant currency basis [10] - The company experienced strong implant uptake in the EMEA and LATAM regions, contributing to international growth [22] Company Strategy and Development Direction - The company is focused on integrating the Globus and NuVasive field organizations to create a unified team and product portfolio [5][14] - Investment in next-generation systems is aimed at expanding surgical applications and enhancing signal analytics and automation [14][16] - The company aims to achieve $170 million in cost synergies from the merger, with a focus on operational efficiencies and product cross-training [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, emphasizing the importance of maintaining a conservative approach while integrating operations [30] - The company anticipates a strong second half of 2024, with expectations for continued growth in both U.S. and international markets [29][30] - Management highlighted the potential for record recruiting in 2024, driven by the appeal of the combined product offerings [6] Other Important Information - The company launched four new products in Q2, bringing the total to nine for the year, with plans for more launches in the coming months [5][7] - The company received FDA 510(k) clearance for significant components of its arthroplasty business, enhancing its product offerings [12][13] - Cash, cash equivalents, and marketable securities totaled $520.7 million as of June 30, 2024 [26] Q&A Session All Questions and Answers Question: Plans for updating pro forma numbers post-NuVasive acquisition - Management indicated that after the third quarter, they would reassess performance and provide insights on integration and long-term opportunities [32][34] Question: Expectations for EBITDA margins for the full year - Management expects a slight step-down in EBITDA margins in Q3 but aims to approach 30% for the full year [39][40] Question: Competitive landscape regarding new spine robots - Management remains confident in their long-term enabling tech plan and does not see recent competitor developments as a threat to their strategy [41][42] Question: Insights on robotics growth and sales force impact - Management noted strong market adoption of their technology and the potential for increased placements due to a larger sales force [45][46] Question: Update on U.S. market growth and pricing - Management indicated that pricing remains stable, with long-term market growth projected around 3% [50][51] Question: Guidance on revenue and earnings adjustments - Management expressed a conservative approach to guidance, raising expectations slightly but remaining cautious due to ongoing integration [56][57] Question: Synergies and cross-selling opportunities - Management confirmed that cross-selling is improving incrementally and expects further enhancements as product availability increases [68][70]

Globus Medical (GMED) reported $629.69 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 115.9%. EPS of $0.75 for the same period compares to $0.63 a year ago. The reported revenue represents a surprise of +2.39% over the Zacks Consensus Estimate of $615 million. With the consensus EPS estimate being $0.68, the EPS surprise was +10.29%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Globus Medical (GMED) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 10.29%. A quarter ago, it was expected that this medical device company would post earnings of $0.55 per share when it actually produced earnings of $0.72, delivering a surprise of 30.91%. Over the last four quarte ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission File No. 001-35621 GLOBUS MEDICAL, INC. (Exact name of registrant as specified in its charter) DELAWARE 04-3744954 (State or othe ...

Exhibit 99.1 Globus Medical Reports Second Quarter 2024 Results AUDUBON, PA, August 6, 2024: Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced its financial results for the quarter ended June 30, 2024. · Worldwide net sales were $629.7 million, an increase of 115.9% or 117.3% on a constant currency basis · GAAP net income for the quarter was $31.8 million · GAAP diluted earnings per share ("EPS") was $0.23 and non-GAAP diluted EPS was $0.75 · Non-GAAP adjusted E ...

AUDUBON, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced its financial results for the quarter ended June 30, 2024. Worldwide net sales were $629.7 million, an increase of 115.9% or 117.3% on a constant currency basis GAAP net income for the quarter was $31.8 million GAAP diluted earnings per share ("EPS") was $0.23 and non-GAAP diluted EPS was $0.75 Non-GAAP adjusted EBITDA was $190.4 million, or 30.2% of net sales "I'm ...

Globus Medical is gaining market share in the musculoskeletal solutions space, banking on the strong performance of its implantable devices, biologics, accessories and unique surgical instruments used in an expansive range of spinal, orthopedic and neurosurgical procedures. In line with the company's business strategy to focus on its integrated product development, Globus Medical is consistently making efforts in research and development. Per the company, its team-oriented approach, active surgeon input and ...

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