Globus Medical, Inc. (NYSE: GMED) has reported a significant increase in its sales for the fourth quarter and full year ending December 31, 2023. The company anticipates fourth quarter 2023 sales of approximately $615.5 million, marking a substantial 124.2 percent increase over the fourth quarter of 2022. Full year 2023 sales are expected to be approximately $1.567 billion, representing a noteworthy 53.2 percent increase over the prior year.
Dan Scavilla, President and CEO of Globus Medical, expressed his satisfaction with the company's performance, stating, "2023 was a monumental year for Globus Medical. We completed our merger with NuVasive to create the most innovative technology company in the spine market. Our integration is proceeding according to plan and we are pleased with our sales retention thus far. To cap off this eventful year, our revenue for the full year and fourth quarter of 2023 were both record-setting, breaking previous highs in both U.S. spine and enabling technologies." He added, "2024 is expected to be a very exciting year for product launches, including the introduction of new enabling technologies. While our core competencies and expertise have, and will remain focused on the spine market, we are sowing the seeds today to position our company for future growth drivers in the broader musculoskeletal market. Globus Medical remains well positioned to advance our vision of becoming the preeminent musculoskeletal technology company to promote healing in patients."
Keith Pfeil, CFO of Globus Medical, also commented on the company's performance, stating, "We are pleased with our strong finish in Q4 and our overall full year performance. Excluding the impacts of the September 1, 2023 merger with NuVasive, Inc., legacy Globus fourth quarter revenue was approximately $302.9 million, an increase of 10.4 percent over the prior year fourth quarter. Full year 2023 legacy Globus revenue was approximately $1.152 billion or 12.7 percent higher over the prior year."
The company has set its full year 2024 revenue guidance range at $2.450 billion to $2.475 billion and fully diluted non-GAAP earnings per share range between $2.68 to $2.70. These preliminary results are unaudited and are based on management's initial analysis of operations for the periods ended December 31, 2023, and are therefore subject to change. Globus Medical expects to announce its fourth quarter and full year 2023 financial results on February 20, 2024, after the market close.
Globus Medical, Inc. is a leading musculoskeletal solutions company based in Audubon, PA, founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $713 | $785 | $789 | $958 | $1,023 | $1,226 |
| Revenue Growth | n/a | 10.15% | 0.47% | 21.43% | 6.76% | 19.91% |
| Operating Margins | 24% | 22% | 14% | 18% | 22% | 14% |
| Net Margins | 22% | 20% | 13% | 16% | 19% | 13% |
| Net Income (MM) | $156 | $155 | $102 | $149 | $190 | $158 |
| Net Interest Expense (MM) | $13 | $17 | $14 | $9 | $14 | $28 |
| Depreciation & Amort. (MM) | $42 | $53 | $46 | $51 | $51 | $63 |
| Earnings Per Share | $1.54 | $1.52 | $1.01 | $1.44 | $1.85 | $1.54 |
| EPS Growth | n/a | -1.3% | -33.55% | 42.57% | 28.47% | -16.76% |
| Diluted Shares (MM) | 101 | 102 | 101 | 104 | 103 | 115 |
| Free Cash Flow (MM) | $122 | $101 | $135 | $219 | $104 | $129 |
| Capital Expenditures (MM) | $60 | $71 | $64 | $57 | $74 | $74 |
| Current Ratio | 6.56 | 6.17 | 6.8 | 6.17 | 6.18 | 4.47 |
