AUDUBON, Pa., May 03, 2016 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the first quarter ended March 31, 2016.
- Worldwide sales increased 5.8% as reported to $139.3 million, or 6.2% on a constant currency basis
- First quarter net income increased 13.6% to $28.0 million
- Fully diluted earnings per share (EPS) increased 13.2% to $0.29
- Non-GAAP Adjusted EBITDA was 38.2% of sales
- Company reiterates 2016 guidance for sales of $583 million and EPS of $1.20
David Paul, Chairman and CEO said, “First quarter sales were $139.3 million, a year-over-year increase of roughly 6%. The Globus team continued to take market share while maintaining industry leading profitability, with quarterly EPS of $0.29, which was 13.2% higher than the same quarter last year. Our non-GAAP Adjusted EBITDA for the quarter was 38.2% of sales, compared to 35.2% in the first quarter of 2015, marking the eighth consecutive year of mid-thirties EBITDA margin. During the first quarter, we also launched 6 new products and made further progress integrating our two most recent acquisitions. 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 controlling our expenses.”
First quarter sales in the U.S. grew by 6.3% over the first quarter of 2015. International sales increased by 0.7% over the first quarter of 2015 on an as reported basis and 5.3% on a constant currency basis.
First quarter net income was $28.0 million, an increase of 13.6% over the same period last year. Fully diluted EPS for the first quarter was $0.29, as compared to $0.26 for the first quarter 2015.
