AUDUBON, Pa., May 03, 2017 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the first quarter ended March 31, 2017.
- Worldwide sales were $155.8 million, an increase of 11.9% as reported, or 12.1% in constant currency
- First quarter net income was $28.7 million, or 18.4% of sales
- Diluted earnings per share (EPS) were $0.30
- Non-GAAP diluted EPS were $0.32
- Non-GAAP adjusted EBITDA was 37.1% of sales
David Paul, Chairman and CEO said, “Our worldwide sales for the first quarter were $155.8 million, an increase of 11.9% over the first quarter of 2016. Our adjusted EBITDA margins remained at an outstanding 37.1% and we also delivered non GAAP EPS of $0.32.
“We are very pleased with our performance during the first quarter. We launched three new spine products, received our first trauma 510(k) clearance, had a strong competitive rep hiring quarter, further expanded our in-house manufacturing capacity, and continued to run an extremely efficient organization with best in class adjusted EBITDA margins. We remain confident in our long-term growth prospects and our ability to sustain industry-leading profitability by continuing to execute on our strategy of rapid product introduction, expansion of our U.S. and international sales footprints, and diligent expense control.”
First quarter sales in the U.S. increased by 1.6% compared to the first quarter of 2016. International sales increased by 123.4% over the first quarter of 2016 on an as reported basis and 126.5% on a constant currency basis due to the Alphatec acquisition included in the first quarter of 2017. Sales from the Alphatec acquisition contributed $15.2 million in the quarter.
First quarter GAAP net income was $28.7 million, an increase of 2.5% over the same period last year. Diluted EPS for the first quarter was $0.30, as compared to $0.29 for the first quarter 2016. Non-GAAP diluted EPS for the first quarter was $0.32, compared to $0.30 in the first quarter of 2016.
The company generated net cash provided by operating activities of $53.4 million and non-GAAP free cash flow of $41.9 million in the first quarter. Cash, cash equivalents and marketable securities ended the quarter at $389.2 million. The company remains debt free.
2017 Annual Guidance
The company reaffirms guidance for full year 2017 sales of $625 million and non-GAAP fully diluted earnings per share of $1.27.
Conference Call Information
Globus Medical will hold a teleconference to discuss its 2017 first 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 Participants
1-720-545-0060 International Participants
There 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 investors.globusmedical.com.
