AUDUBON, Pa., Feb. 4 /PRNewswire/ -- Globus Medical, Inc., the largest privately held spinal implant manufacturer in the world, today announced record revenue for the year ending December 31, 2007. The company recorded revenue of $123 million -- an increase of 50 percent over the $82 million it achieved in 2006.
The record revenue capped a series of significant milestones achieved by the Company during 2007. “This has been an outstanding year for Globus Medical. Our rapid growth has continued unabated, driven by the development of numerous innovative technologies at a pace unmatched in the industry, and the expansion of our distribution footprint to several new markets,” said David Paul, Chief Executive Officer, Globus Medical, Inc. “These achievements, coupled with the $110 million capital infusion in 2007 have positioned Globus for a breakthrough year in 2008.”
During 2007, Globus Medical significantly expanded its sales and distribution infrastructure, adding a net total of 42 sales professionals across the U.S. Twenty of these individuals had at least five years of successful sales experience with major spinal implant manufacturers before joining Globus.
The speed and efficiency of Globus Medical’s product development engine continued to drive major technological advancements in fusion, MIS, and biomaterials. The company introduced a total of 13 new systems, and announced two “world’s first” surgeries using its posterior-lateral disc replacement systems.
In the 3rd quarter, the Company announced the closing of a $110 million financing round-the biggest venture capital deal of 2007. Clarus Ventures, LLC led the round and was joined by AIG SunAmerica and other large, institutional private equity (Clarus Ventures, LLC; AIG SunAmerica) funds.
About Globus Medical, Inc.
Globus Medical, Inc. is one of the ten largest spinal implant manufacturers in the world. Based in Audubon, Pa., the privately held company was founded in 2003 by an experienced team of spine professionals with a shared vision to create products that enable spine surgeons to employ both fusion and non-fusion solutions to promote healing in patients with spinal disorders. Globus Medical has a full portfolio of spinal fusion products, burgeoning initiatives in biomaterials development and minimally invasive approaches, and is among the world leaders in the development of motion sparing technology. Additional information can be accessed at www.globusmedical.com.
CONTACT: Sara Brown Meehan of Levick Strategic Communications,
+1-202-286-1995, sbmeehan@levick.com, for Globus Medical, Inc.
Web site: http://www.globusmedical.com/
