globus medical inc - a (GMED) Key Developments
Globus Medical, Inc. Provides Sales Guidance for the Fourth Quarter of 2014 and Earnings Guidance for the Full Year of 2015; Revises Sales Guidance for the Full Year 2014
Jan 6 15
Globus Medical, Inc. provided sales guidance for the fourth quarter of 2014 and earnings guidance for the full year of 2015. The company anticipates fourth quarter
2014 sales of approximately $128.5 million, an 11.5% increase over fourth quarter 2013
The company expects 2015 sales to be approximately $510 million, with earnings per fully diluted share of approximately $1.01.
For the full year 2014, the company expects sales to increase approximately $474 million or 9.1% over the prior year, exceeding the company's previous guidance range of $462-467 million.
Globus Medical Launches its Minimally Invasive Fully Articulating Expandable Spacer for Spinal Fusion
Nov 14 14
Globus Medical launched its minimally invasive fully articulating expandable spacer for spinal fusion, ALTERA. The spacer is designed for restoring lordosis, maintaining sagittal balance and reducing the challenges of insertion. Additionally, ALTERA allows for in-situ delivery of autogenous bone graft into, as well as around, the implant after it has been expanded.
Globus Medical, Inc. Launches ALTERA, New Minimally Invasive Fully Articulating Expandable Spacer for Spinal Fusion
Nov 12 14
Globus Medical, Inc. announced the launch of ALTERA(TM), the first new minimally invasive fully articulating expandable spacer for spinal fusion. Designed for restoring lordosis and maintaining sagittal balance while reducing the challenges of insertion, the spacer is inserted at a minimized height, articulated into an anterior position, and then expanded vertically to optimize fit. The company is showcasing ALTERA(TM) as well as several recently launched products at the North American Spine Society (NASS) Annual Meeting, being held in San Francisco this week, Booth #1119. ALTERA(TM) is the latest addition to company's family of expandable spacers, and delivers the benefits of minimized insertion height, continuous expansion and optimized fit. Because of the articulation into anterior placement and the option for 8deg or 15deg profile angles, ALTERA(TM) optimizes lordosis compared to standard static transforaminal lumbar interbody fusion (TLIF) crescent-shaped spacers. Additionally, ALTERA(TM) allows for in-situ delivery of autogenous bone graft into, as well as around, the implant after it has been expanded. The ALTERA(TM) Spacer is an interbody fusion device intended for use in patients with degenerative disc disease (DDD) at one or two contiguous levels of the lumbosacral spine (L2-S1). DDD is defined as discogenic back pain with degeneration of the disc confirmed by history and radiographic studies. These patients should be skeletally mature and have had at least six (6) months of non-operative treatment. In addition, these patients may have up to Grade 1 spondylolisthesis or retrolisthesis at the involved level(s). The ALTERA(TM) Spacer is to be filled with autogenous bone graft material. These devices are intended to be used with supplemental fixation.
Globus Medical, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Oct 30 14
Globus Medical, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, sales were $117.787 million against $107.187 million a year ago. Operating income was $34.923 million against $29.503 million a year ago. Income before income taxes was $34.799 million against $29.700 million a year ago. Net income was $23.061 million or $0.24 per diluted share against $20.310 million or $0.22 per diluted share a year ago. EBITDA was $39.991 million against $34.413 million a year ago. Adjusted EBITDA was $41.961 million against $35.765 million a year ago. Non-GAAP net income was $23.091 million or $0.24 per diluted share against $20.375 million or $0.22 per diluted share a year ago. Non-GAAP free cash flow was $32.217 million against $28.038 million a year ago.
For the nine months, sales were $345.570 million against $319.214 million a year ago. Operating income was $98.718 million against $69.926 million a year ago. Income before income taxes was $99.164 million against $70.181 million a year ago. Net income was $64.847 million or $0.68 per diluted share against $47.627 million or $0.51 per diluted share a year ago. Net cash provided by operating activities was $77.227 million against $60.813 million a year ago. EBITDA was $114.644 million against $84.056 million a year ago. Adjusted EBITDA was $124.170 million against $107.609 million a year ago. Non-GAAP net income was $67.375 million or $0.71 per diluted share against $60.340 million or $0.64 per diluted share a year ago. Non-GAAP free cash flow was $61.568 million against $42.338 million a year ago.
Globus Medical, Inc. Announces Management Changes
Oct 30 14
Globus Medical Inc. announced the resignation of Rick Baron, senior vice president and chief financial officer. Baron, who is resigning to pursue other interests, will remain with the company to assist with the transition during the search for his replacement. Dave Demski, the company's president and chief operating officer, will assume the role of CFO on an interim basis. Demski previously served as the company's CFO from 2003 until his promotion to COO in 2008.