Globus Medical Reports Second Quarter 2024 Results

Core Viewpoint - Globus Medical, Inc. reported strong financial results for Q2 2024, with significant increases in net sales driven by the integration of NuVasive and growth in spine product sales and enabling technology products [1][2]. Financial Performance - Worldwide net sales for Q2 2024 reached $629.7 million, marking an increase of 115.9% compared to Q2 2023 [1][2]. - U.S. net sales increased by 103.5% year-over-year, while international net sales surged by 182.3% on an as-reported basis and 191.3% on a constant currency basis [1][2][26]. - GAAP net income for Q2 2024 was $31.8 million, a decrease of 45.0% from the previous year, primarily due to amortization and restructuring costs [2][12]. - Non-GAAP diluted EPS for Q2 2024 was $0.75, up 20.0% from $0.63 in Q2 2023 [2][24]. Operational Highlights - Non-GAAP adjusted EBITDA for Q2 2024 was $190.4 million, representing 30.2% of net sales [1][20]. - The company raised its full-year 2024 revenue guidance to a range of $2.47 to $2.49 billion, with non-GAAP fully diluted EPS expected between $2.80 and $2.90 [4]. Cash Flow and Liquidity - Net cash provided by operating activities was $54.3 million, with non-GAAP free cash flow at $26.5 million for Q2 2024 [3][25]. - As of June 30, 2024, cash and cash equivalents totaled $410.4 million, down from $467.3 million at the end of 2023 [19]. Product Performance - Musculoskeletal solutions accounted for $592.9 million in net sales for Q2 2024, while enabling technologies contributed $36.8 million [18]. - The total net sales for the first half of 2024 reached $1.236 billion, compared to $568.3 million in the same period of 2023 [18][27].