AUDUBON, Pa., Feb. 27, 2017 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the fourth quarter and year ended December 31, 2016.
Fourth Quarter:
- Worldwide sales increased 6.3% as reported to $151.6 million, or an increase of 6.5% on a constant currency basis
- Fourth quarter net income was $24.3 million, or 16.0% of sales
- Diluted earnings per share (EPS) were $0.25
- Non-GAAP diluted EPS were $0.31
- Non-GAAP adjusted EBITDA was 37.7% of sales
Full Year 2016:
- Worldwide sales increased 3.5% as reported to $564.0 million, or an increase of 3.8% on a constant currency basis
- Net income for the year was $104.3 million, or 18.5% of sales
- Diluted EPS were $1.08
- Non-GAAP diluted EPS were $1.19
- Non-GAAP adjusted EBITDA was 37.4% of sales
David Paul, Chairman and CEO said, “Fourth quarter sales were $151.6 million, a year-over-year increase of 6.3%. Despite our increased spending in support of our pending robotics and trauma launches, our adjusted EBITDA margins was an outstanding 37.7%. We also delivered EPS of $0.25 and non GAAP EPS of $0.31.
“During the fourth quarter, we continued to make progress with product development, sales force development and integration of Alphatec’s international business. We also further expanded our in-house manufacturing capacity. We are proud of our innovation and product development efforts, which resulted in a total of 17 new product launches in 2016. We have addressed our sales force expansion challenges and are optimistic that we will return to more robust growth rates in the second half of 2017. We also 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.”
Fourth quarter sales in the U.S. decreased by 2.7% compared to the fourth quarter of 2015, primarily due to one less selling day in the fourth quarter of 2016. International sales increased by 109.0% over the fourth quarter of 2015 on an as reported basis and 111.8% on a constant currency
