AUDUBON, PA — Globus Medical, Inc. (NYSE: GMED) announced robust financial results for the quarter ending June 30, 2024, showing a significant increase in worldwide net sales.
The company reported worldwide net sales of $629.7 million, marking an impressive 115.9% increase from the same period last year. U.S. net sales rose by 103.5%, while international net sales surged by 182.3% on an as-reported basis. On a constant currency basis, international sales increased by 191.3%.
GAAP net income for the quarter was $31.8 million, with diluted earnings per share (EPS) at $0.23. Non-GAAP diluted EPS stood at $0.75. Non-GAAP adjusted EBITDA was $190.4 million, representing 30.2% of net sales.
“I’m pleased with the quarterly results, demonstrating our team’s strong performance as we continue to execute our long-term growth strategy, deliver on NuVasive integration plans, launch meaningful new products into the market and drive strong financial performance,” said Dan Scavilla, President and Chief Executive Officer. “I believe the potential for Globus has never been greater, as we redefine surgery with procedural solutions built around enabling technology.”
“Our second quarter results demonstrate our continued commitment to achieving excellence in commercial execution, while driving integration objectives to achieve synergy goals,” commented Keith Pfeil, COO-CFO. “I am pleased with our results thus far in 2024 and I believe we remain well positioned to deliver against our objectives for the remainder of this year, as well as into the future. Looking ahead, we will continue to focus on commercial initiatives to drive profitable growth and operational initiatives to drive enhanced efficiencies.”
The company raised its full-year 2024 revenue guidance to a range of $2.47 to $2.49 billion. Non-GAAP fully diluted earnings per share are projected to be between $2.80 and $2.90.
Buy, Sell, or Hold?
Globus Medical’s substantial revenue growth and improved guidance suggest a positive outlook. The company’s successful integration of NuVasive and ongoing product launches strengthen its market position. However, the decrease in GAAP net income due to amortization and restructuring costs warrants caution. Given these factors, Globus Medical is a Hold. Investors should monitor the company’s progress on integration and new product performance for future investment decisions.
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