Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant
manufacturer, today announced its financial results for the third
quarter ended September 30, 2016.
- Worldwide sales decreased 1.0% as reported to $135.7 million,
or a decrease of 0.7% on a constant currency basis
- Third quarter net income was $26.2 million, or 19.3% of
sales
- Diluted earnings per share (EPS) were $0.27
- Non-GAAP diluted EPS were $0.29
- Non-GAAP adjusted EBITDA (AEBITDA) remained at 37.0% of
sales
- Company issues new 2016 guidance for sales of $560 million
David Paul, Chairman and CEO said, “Third
quarter sales were $135.7 million, a year-over-year decrease of
1%. Despite our increased spending in support of our pending
robotics and trauma launches, our EBITDA margins remained stable
with the prior year, at 37.0%. We also delivered non-GAAP EPS of
$0.29, in line with the prior year.
"During the third quarter, we continued progress
with product development, sales force expansion and completed the
acquisition of Alphatec's international business. We also
made further progress expanding our in-house manufacturing
capacity. We launched 7 new products in the third quarter,
bringing our 2016 total to 15. We remain confident in our
long term growth prospects and our ability to sustain our industry
leading profitability by the continued execution of our strategy of
introducing innovative products, expanding our U.S. and
international sales footprint, and diligent expense control.”
Third quarter sales in the U.S. decreased by
4.1% compared to the third quarter of 2015. International
sales increased by 34.1% over the third quarter of 2015 on an as
reported basis and 38.0% on a constant currency basis.
Third quarter net income was $26.2 million, a
decrease of 1.0% over the same period last year. Diluted EPS
for the third quarter was $0.27, as compared to $0.28 for the third
quarter 2015. Non-GAAP diluted EPS for the third quarter, was
$0.29, consistent with the third quarter of 2015.
The company generated net cash provided by
operating activities of $41.9 million and non-GAAP free cash flow
of $24.6 million in the third quarter. Cash, cash equivalents
and marketable securities ended the quarter at $322.4
million. The company remains debt free.
2016 and 2017 Annual
GuidanceThe company today issued new guidance for full
year 2016 sales of $560 million and GAAP earnings per share of
approximately $1.13. Guidance for non-GAAP diluted EPS remains
unchanged at $1.20 per share. The company currently projects
2017 full year sales of $625 million and expects to provide further
guidance at the fourth quarter call.
Conference Call
InformationGlobus Medical will hold a teleconference to
discuss its 2016 third quarter results with the investment
community at 5:30 p.m. Eastern Time today. Globus invites all
interested parties to join the call by dialing:
1-855-533-7141
United States
Participants1-720-545-0060
International
ParticipantsThere is no pass code for the teleconference.
For interested parties who do not wish to ask
questions, the teleconference will be webcast live and may be
accessed through a link on the Globus Medical website at
http://www.globusmedical.com/investors/.
If you are unable to participate during the live
teleconference, the call will be archived until Tuesday, November
15, 2016. The audio archive can be accessed by calling
1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the
U.S. The passcode for the audio replay is 1961965.
About Globus Medical,
Inc.Globus Medical, Inc. is a leading musculoskeletal
implant company based in Audubon, PA. The company was 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.
Non-GAAP Financial MeasuresTo supplement our
financial statements prepared in accordance with U.S. generally
accepted accounting principles (“U.S. GAAP”), management uses
certain non-GAAP financial measures. For example, non-GAAP
adjusted EBITDA, which represents net income before interest
income, net and other non-operating expenses, provision for income
taxes, depreciation and amortization, stock-based compensation,
provisions for litigation, and acquisition related costs, is useful
as an additional measure of operating performance, and particularly
as a measure of comparative operating performance from period to
period, as it is reflective of changes in pricing decisions, cost
controls and other factors that affect operating performance, and
it removes the effect of our capital structure, asset base, income
taxes and interest income and expense. Our management also
uses non-GAAP adjusted EBITDA for planning purposes, including the
preparation of our annual operating budget and financial
projections. Provision for litigation represents costs
incurred for litigation settlements or unfavorable verdicts when
the loss is known or considered probable and the amount can be
reasonably estimated, or in the case of a favorable settlement,
when income is realized. Acquisition related costs represents the
change in fair value of business acquisition related contingent
consideration; costs related to integrating recently acquired
businesses including but not limited to costs to exit or convert
contractual obligations, severance, and information system
conversion; and specific costs related to the consummation of the
acquisition process such as banker fees, legal fees, and other
acquisition related professional fees.
In addition, for the period ended
September 30, 2016 and for other comparative periods, we are
presenting non-GAAP net income and non-GAAP diluted earnings per
share, which represents net income and diluted earnings per share
excluding the provision for litigation, amortization of
intangibles, acquisition related costs, and the tax effects of such
adjustments. We believe these non-GAAP measures are also
useful indicators of our operating performance, and particularly as
additional measures of comparative operating performance from
period to period as they remove the effects of litigation,
amortization of intangibles, acquisition related costs, and the tax
effects of such adjustments, which we believe are not reflective of
underlying business trends. Additionally, for the periods
ended September 30, 2016 and for other comparative periods, we
also define the non-GAAP measure of free cash flow as the net cash
provided by operating activities, adjusted for the impact of
restricted cash, less the cash impact of purchases of property and
equipment. We believe that this financial measure provides
meaningful information for evaluating our overall financial
performance for comparative periods as it facilitates an assessment
of funds available to satisfy current and future obligations and
fund acquisitions. Furthermore, the non-GAAP measure of
constant currency sales growth is calculated by translating current
year sales at the same average exchange rates in effect during the
applicable prior year period. We believe constant currency
sales growth provides insight to the comparative increase or
decrease in period sales, in dollar and percentage terms, excluding
the effects of fluctuations in foreign currency exchange rates.
Non-GAAP adjusted EBITDA, non-GAAP net income,
non-GAAP diluted earnings per share, free cash flow and constant
currency sales growth are not calculated in conformity with U.S.
GAAP. Non-GAAP financial measures have limitations as
analytical tools and should not be considered in isolation or as a
substitute for financial measures prepared in accordance with U.S.
GAAP. These measures do not include certain expenses that may
be necessary to evaluate our liquidity or operating results.
Our definitions of non-GAAP adjusted EBITDA, non-GAAP net income,
non-GAAP diluted earnings per share, free cash flow and constant
currency sales growth may differ from that of other companies and
therefore may not be comparable. Additionally, we have recast
prior periods for non-GAAP net income and non-GAAP diluted earnings
per share.
Safe Harbor StatementsAll statements included
in this press release other than statements of historical fact are
forward-looking statements and may be identified by their use of
words such as “believe,” “may,” “might,” “could,” “will,” “aim,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan”
and other similar terms. These forward-looking statements are
based on our current assumptions, expectations and estimates of
future events and trends. Forward-looking statements are only
predictions and are subject to many risks, uncertainties and other
factors that may affect our businesses and operations and could
cause actual results to differ materially from those
predicted. These risks and uncertainties include, but are not
limited to, factors affecting our quarterly results, our ability to
manage our growth, our ability to sustain our profitability, demand
for our products, our ability to compete successfully (including
without limitation our ability to convince surgeons to use our
products and our ability to attract and retain sales and other
personnel), our ability to rapidly develop and introduce new
products, our ability to develop and execute on successful business
strategies, our ability to successfully integrate the international
operations acquired from Alphatec, both in general and on our
anticipated timeline, our ability to transition Alphatec’s
international customers to Globus products, our ability to realize
the expected benefits to our results from the Alphatec acquisition,
our ability to comply with laws and regulations that are or may
become applicable to our businesses, our ability to safeguard our
intellectual property, our success in defending legal proceedings
brought against us, trends in the medical device industry, general
economic conditions, and other risks. For a discussion of
these and other risks, uncertainties and other factors that could
affect our results, you should refer to the disclosure contained in
our most recent annual report on Form 10-K filed with the
Securities and Exchange Commission, including the sections labeled
“Risk Factors” and “Cautionary Note Concerning Forward-Looking
Statements,” and in our Forms 10-Q, Forms 8-K and other filings
with the Securities and Exchange Commission. These documents
are available at www.sec.gov. Moreover, we operate in an
evolving environment. New risk factors and uncertainties
emerge from time to time and it is not possible for us to predict
all risk factors and uncertainties, nor can we assess the impact of
all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking
statements. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on any forward-looking
statements. Forward-looking statements contained in this
press release speak only as of the date of this press
release. We undertake no obligation to update any
forward-looking statements as a result of new information, events
or circumstances or other factors arising or coming to our
attention after the date hereof.
GLOBUS MEDICAL, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
INCOME |
(unaudited) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
(In thousands,
except per share amounts) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Sales |
|
$ |
135,651 |
|
|
$ |
136,992 |
|
|
$ |
412,404 |
|
|
$ |
402,166 |
|
Cost of goods sold |
|
31,453 |
|
|
32,927 |
|
|
95,703 |
|
|
97,393 |
|
Gross profit |
|
104,198 |
|
|
104,065 |
|
|
316,701 |
|
|
304,773 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
10,265 |
|
|
9,250 |
|
|
30,889 |
|
|
26,640 |
|
Selling, general and
administrative |
|
54,207 |
|
|
52,170 |
|
|
161,317 |
|
|
157,439 |
|
Provision for litigation |
|
— |
|
|
27 |
|
|
3,056 |
|
|
433 |
|
Amortization of intangibles |
|
884 |
|
|
393 |
|
|
1,673 |
|
|
1,172 |
|
Acquisition related costs |
|
1,192 |
|
|
1,550 |
|
|
1,347 |
|
|
2,864 |
|
Total operating
expenses |
|
66,548 |
|
|
63,390 |
|
|
198,282 |
|
|
188,548 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
37,650 |
|
|
40,675 |
|
|
118,419 |
|
|
116,225 |
|
Other income, net |
|
1,205 |
|
|
253 |
|
|
2,383 |
|
|
347 |
|
Income before income
taxes |
|
38,855 |
|
|
40,928 |
|
|
120,802 |
|
|
116,572 |
|
Income tax
provision |
|
12,628 |
|
|
14,447 |
|
|
40,759 |
|
|
41,389 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
26,227 |
|
|
$ |
26,481 |
|
|
$ |
80,043 |
|
|
$ |
75,183 |
|
|
|
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.84 |
|
|
$ |
0.79 |
|
Diluted |
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.83 |
|
|
$ |
0.78 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
95,739 |
|
|
95,138 |
|
|
95,575 |
|
|
94,970 |
|
Diluted |
|
96,492 |
|
|
96,119 |
|
|
96,404 |
|
|
96,026 |
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(unaudited) |
|
(In thousands,
except par value) |
|
September 30, 2016 |
|
December 31,2015 |
|
|
|
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
90,192 |
|
|
$ |
60,152 |
|
Restricted cash |
|
477 |
|
|
26,119 |
|
Short-term marketable
securities |
|
167,727 |
|
|
220,877 |
|
Accounts receivable,
net of allowances of $2,694 and $2,513, respectively |
|
86,708 |
|
|
77,681 |
|
Inventories |
|
115,606 |
|
|
105,260 |
|
Prepaid expenses and
other current assets |
|
11,605 |
|
|
7,351 |
|
Income taxes
receivable |
|
5,895 |
|
|
8,672 |
|
Deferred income
taxes |
|
— |
|
|
38,687 |
|
Total current
assets |
|
478,210 |
|
|
544,799 |
|
Property and equipment,
net of accumulated depreciation of $159,314 and $139,144,
respectively |
|
127,084 |
|
|
114,743 |
|
Long-term marketable
securities |
|
64,451 |
|
|
48,762 |
|
Note receivable |
|
25,000 |
|
|
— |
|
Intangible assets,
net |
|
67,438 |
|
|
33,242 |
|
Goodwill |
|
110,250 |
|
|
91,964 |
|
Other assets |
|
1,015 |
|
|
590 |
|
Deferred income
taxes |
|
28,295 |
|
|
— |
|
Total assets |
|
$ |
901,743 |
|
|
$ |
834,100 |
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
13,936 |
|
|
$ |
15,971 |
|
Accrued expenses |
|
43,287 |
|
|
53,769 |
|
Income taxes
payable |
|
3,696 |
|
|
763 |
|
Business acquisition
liabilities, current |
|
4,888 |
|
|
12,188 |
|
Total current
liabilities |
|
65,807 |
|
|
82,691 |
|
Business acquisition
liabilities, net of current portion |
|
15,020 |
|
|
21,126 |
|
Deferred income
taxes |
|
9,013 |
|
|
13,260 |
|
Other liabilities |
|
1,784 |
|
|
1,699 |
|
Total
liabilities |
|
91,624 |
|
|
118,776 |
|
Commitments and
contingencies |
|
|
|
|
Equity: |
|
|
|
|
Common stock; $0.001 par
value. Authorized 785,000 shares; issued and
outstanding 95,806 and 95,320 shares at September 30, 2016
and December 31, 2015, respectively |
|
96 |
|
|
95 |
|
Additional paid-in capital |
|
207,182 |
|
|
192,629 |
|
Accumulated other comprehensive
loss |
|
(1,760 |
) |
|
(1,958 |
) |
Retained earnings |
|
604,601 |
|
|
524,558 |
|
Total equity |
|
810,119 |
|
|
715,324 |
|
Total liabilities and
equity |
|
$ |
901,743 |
|
|
$ |
834,100 |
|
GLOBUS MEDICAL, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(unaudited) |
|
|
Nine Months Ended |
(In
thousands) |
September 30, 2016 |
|
September 30, 2015 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
80,043 |
|
|
$ |
75,183 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
21,536 |
|
|
17,669 |
|
Amortization of premium on
marketable securities |
3,067 |
|
|
2,352 |
|
Write-down for excess and obsolete
inventories |
6,919 |
|
|
7,122 |
|
Stock-based compensation
expense |
8,437 |
|
|
6,935 |
|
Excess tax benefit related to
nonqualified stock options |
(1,484 |
) |
|
(1,973 |
) |
Allowance for doubtful
accounts |
320 |
|
|
957 |
|
Change in deferred income
taxes |
(1,356 |
) |
|
(4,115 |
) |
(Increase)/decrease in: |
|
|
|
Restricted cash |
25,642 |
|
|
(2,015 |
) |
Accounts receivable |
3,111 |
|
|
(3,468 |
) |
Inventories |
(6,609 |
) |
|
(16,998 |
) |
Prepaid expenses and other
assets |
7,332 |
|
|
(1,368 |
) |
Increase/(decrease) in: |
|
|
|
Accounts payable |
(3,426 |
) |
|
(2,812 |
) |
Accounts payable to
related-party |
— |
|
|
(5,359 |
) |
Accrued expenses and other
liabilities |
(30,178 |
) |
|
6,042 |
|
Income taxes
payable/receivable |
6,643 |
|
|
(275 |
) |
Net cash
provided by operating activities |
119,997 |
|
|
77,877 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchases of marketable
securities |
(223,623 |
) |
|
(207,407 |
) |
Maturities of marketable
securities |
211,138 |
|
|
131,318 |
|
Sales of marketable securities |
47,109 |
|
|
46,064 |
|
Purchases of property and
equipment |
(26,701 |
) |
|
(36,606 |
) |
Issuance of note receivable |
(25,000 |
) |
|
— |
|
Acquisition of businesses, net of
cash acquired |
(76,068 |
) |
|
(48,513 |
) |
Net cash used
in investing activities |
(93,145 |
) |
|
(115,144 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Payment of business acquisition
liabilities |
(400 |
) |
|
(900 |
) |
Proceeds from exercise of stock
options |
4,428 |
|
|
4,313 |
|
Excess tax benefit related to
nonqualified stock options |
1,484 |
|
|
1,973 |
|
Net cash
provided by financing activities |
5,512 |
|
|
5,386 |
|
|
|
|
|
Effect of foreign
exchange rate on cash |
(2,324 |
) |
|
117 |
|
|
|
|
|
Net decrease in
cash and cash equivalents |
30,040 |
|
|
(31,764 |
) |
Cash and cash
equivalents, beginning of period |
60,152 |
|
|
82,265 |
|
Cash and cash
equivalents, end of period |
$ |
90,192 |
|
|
$ |
50,501 |
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
Interest paid |
23 |
|
|
9 |
|
Income taxes paid |
$ |
37,009 |
|
|
$ |
45,955 |
|
Supplemental Financial
Information |
|
Sales by Geographic Area: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(In
thousands) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
United States |
|
$ |
120,473 |
|
|
$ |
125,670 |
|
|
$ |
372,749 |
|
|
$ |
367,140 |
|
International |
|
15,178 |
|
|
11,322 |
|
|
39,655 |
|
|
35,026 |
|
Total sales |
|
$ |
135,651 |
|
|
$ |
136,992 |
|
|
$ |
412,404 |
|
|
$ |
402,166 |
|
Sales by Product Category: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(In
thousands) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Innovative Fusion |
|
$ |
68,498 |
|
|
$ |
72,490 |
|
|
$ |
207,985 |
|
|
$ |
214,431 |
|
Disruptive
Technology |
|
67,153 |
|
|
64,502 |
|
|
204,419 |
|
|
187,735 |
|
Total sales |
|
$ |
135,651 |
|
|
$ |
136,992 |
|
|
$ |
412,404 |
|
|
$ |
402,166 |
|
Liquidity and Capital Resources: |
|
(Unaudited) |
|
September 30, 2016 |
|
December 31, 2015 |
(In
thousands) |
|
|
|
|
Cash and cash
equivalents |
|
$ |
90,192 |
|
|
$ |
60,152 |
|
Short-term marketable
securities |
|
167,727 |
|
|
220,877 |
|
Long-term marketable
securities |
|
64,451 |
|
|
48,762 |
|
Total cash, cash
equivalents and marketable securities |
|
$ |
322,370 |
|
|
$ |
329,791 |
|
|
|
|
|
|
Available borrowing
capacity under revolving credit facility |
|
50,000 |
|
|
50,000 |
|
Working capital |
|
$ |
412,403 |
|
|
$ |
462,108 |
|
|
|
|
|
|
|
|
|
|
The following tables reconcile GAAP to Non-GAAP
financial measures.
Non-GAAP Adjusted EBITDA Reconciliation
Table: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(In thousands,
except percentages) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Net income |
|
$ |
26,227 |
|
|
$ |
26,481 |
|
|
$ |
80,043 |
|
|
$ |
75,183 |
|
Interest income,
net |
|
(795 |
) |
|
(342 |
) |
|
(1,893 |
) |
|
(898 |
) |
Provision for income
taxes |
|
12,628 |
|
|
14,447 |
|
|
40,759 |
|
|
41,389 |
|
Depreciation and
amortization |
|
7,838 |
|
|
6,090 |
|
|
21,536 |
|
|
17,669 |
|
EBITDA |
|
45,898 |
|
|
46,676 |
|
|
140,445 |
|
|
133,343 |
|
Stock-based
compensation expense |
|
2,747 |
|
|
2,266 |
|
|
8,437 |
|
|
6,935 |
|
Provision for
litigation |
|
— |
|
|
27 |
|
|
3,056 |
|
|
433 |
|
Acquisition related
costs, COGS |
|
304 |
|
|
— |
|
|
304 |
|
|
225 |
|
Acquisition related
costs |
|
1,192 |
|
|
1,550 |
|
|
1,347 |
|
|
2,864 |
|
Adjusted EBITDA |
|
$ |
50,141 |
|
|
$ |
50,519 |
|
|
$ |
153,589 |
|
|
$ |
143,800 |
|
|
|
|
|
|
|
|
|
|
Net income as a
percentage of sales |
|
19.3 |
% |
|
19.3 |
% |
|
19.4 |
% |
|
18.7 |
% |
Adjusted EBITDA as a
percentage of sales |
|
37.0 |
% |
|
36.9 |
% |
|
37.2 |
% |
|
35.8 |
% |
Non-GAAP Net Income Reconciliation
Table: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(In
thousands) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Net income |
|
$ |
26,227 |
|
|
$ |
26,481 |
|
|
$ |
80,043 |
|
|
$ |
75,183 |
|
Provision for
litigation |
|
— |
|
|
27 |
|
|
3,056 |
|
|
433 |
|
Amortization of
intangibles |
|
884 |
|
|
393 |
|
|
1,673 |
|
|
1,172 |
|
Acquisition related
items |
|
1,496 |
|
|
1,550 |
|
|
1,651 |
|
|
3,089 |
|
Tax effect of adjusting
items |
|
(776 |
) |
|
(784 |
) |
|
(2,112 |
) |
|
(1,676 |
) |
Non-GAAP net
income |
|
$ |
27,831 |
|
|
$ |
27,667 |
|
|
$ |
84,311 |
|
|
$ |
78,201 |
|
Non-GAAP Diluted Earnings Per Share
Reconciliation Table: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(Per share
amounts) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Diluted earnings per
share, as reported |
|
$ |
0.27 |
|
|
$ |
0.28 |
|
|
$ |
0.83 |
|
|
$ |
0.78 |
|
Provision for
litigation |
|
— |
|
|
— |
|
|
0.03 |
|
|
— |
|
Amortization of
intangibles |
|
0.01 |
|
|
— |
|
|
0.02 |
|
|
0.01 |
|
Acquisition related
items |
|
0.02 |
|
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
Tax effect of adjusting
items |
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.02 |
) |
|
(0.02 |
) |
Non-GAAP diluted
earnings per share* |
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
$ |
0.87 |
|
|
$ |
0.81 |
|
* amounts might not add
due to rounding |
|
|
|
|
|
|
|
|
Non-GAAP Free Cash Flow Reconciliation
Table: |
|
(Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
(In
thousands) |
|
September 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Net cash provided by
operating activities |
|
$ |
41,934 |
|
|
$ |
30,046 |
|
|
$ |
119,997 |
|
|
$ |
77,877 |
|
Adjustment for impact
of restricted cash |
|
(10,758 |
) |
|
703 |
|
|
(25,642 |
) |
|
2,015 |
|
Purchases of property
and equipment |
|
(6,559 |
) |
|
(11,480 |
) |
|
(26,701 |
) |
|
(36,606 |
) |
Non-GAAP free cash
flow |
|
$ |
24,617 |
|
|
$ |
19,269 |
|
|
$ |
67,654 |
|
|
$ |
43,286 |
|
Non-GAAP Sales on a Constant Currency Basis
Comparative Table: |
|
(Unaudited) |
|
Three Months Ended |
|
ReportedGrowth |
|
CurrencyImpact onCurrent
Period |
|
ConstantCurrencyGrowth |
(In thousands,
except percentages) |
|
September 30, 2016 |
|
September 30, 2015 |
|
|
|
United States |
|
$ |
120,473 |
|
|
$ |
125,670 |
|
|
(4.1 |
)% |
|
— |
|
|
(4.1 |
)% |
International |
|
15,178 |
|
|
11,322 |
|
|
34.1 |
% |
|
$ |
(445 |
) |
|
38.0 |
% |
Total sales |
|
$ |
135,651 |
|
|
$ |
136,992 |
|
|
(1.0 |
)% |
|
$ |
(445 |
) |
|
(0.7 |
)% |
(Unaudited) |
|
Nine Months Ended |
|
ReportedGrowth |
|
CurrencyImpact onCurrent
Period |
|
ConstantCurrencyGrowth |
(In thousands,
except percentages) |
|
September 30, 2016 |
|
September 30, 2015 |
|
|
|
United States |
|
$ |
372,749 |
|
|
$ |
367,140 |
|
|
1.5 |
% |
|
— |
|
|
1.5 |
% |
International |
|
39,655 |
|
|
35,026 |
|
|
13.2 |
% |
|
$ |
(1,268 |
) |
|
16.8 |
% |
Total sales |
|
$ |
412,404 |
|
|
$ |
402,166 |
|
|
2.5 |
% |
|
$ |
(1,268 |
) |
|
2.9 |
% |
Contact:
Daniel Scavilla
Senior Vice President, Chief Financial Officer
Phone: (610) 930-1800
Email: investors@globusmedical.com
www.globusmedical.com
Globus Medical (NYSE:GMED)
Historical Stock Chart
From Apr 2024 to May 2024
Globus Medical (NYSE:GMED)
Historical Stock Chart
From May 2023 to May 2024