AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) has unveiled its financial success for the third quarter of 2024, showcasing notable growth driven by strategic acquisitions and product innovations. The company reported worldwide net sales of $625.7 million, marking a remarkable 63.1% increase compared to the same period last year. This surge was significantly propelled by the integration of NuVasive and a heightened demand for spine products and enabling technologies.
Dan Scavilla, President and CEO, expressed satisfaction with the company’s trajectory, stating, “Our third quarter results reflect the enduring strength of our business. We’ve continued to deliver on our business objectives to drive sales growth, launch new products, and execute our integration plans, all while delivering strong financial results.”
The quarter’s GAAP net income stood at $51.8 million, with a GAAP diluted EPS of $0.38, a substantial increase from $0.01 in the previous year. Non-GAAP diluted EPS also saw an impressive rise, reaching $0.83 from $0.57, attributed to strong sales and reduced acquisition-related costs.
COO-CFO Keith Pfeil highlighted the operational achievements, noting, “The execution of our objectives is clearly visible in our third quarter financial results. We delivered meaningful sales growth across our portfolio and generated strong earnings growth, all of which delivered record operating and free cash results in the quarter, while continuing to invest for the long-term.”
Reflecting its robust performance, Globus Medical has adjusted its annual revenue guidance, projecting full-year 2024 revenue between $2.49 billion and $2.50 billion. Non-GAAP fully diluted earnings per share are now expected to range from $2.90 to $3.00.
With strategic investments and a focus on innovation, Globus Medical is set to maintain momentum into 2025, underscoring its commitment to enhancing the quality of life for patients with musculoskeletal disorders.
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