0001562762-21-000186.txt : 20210504 0001562762-21-000186.hdr.sgml : 20210504 20210504161928 ACCESSION NUMBER: 0001562762-21-000186 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210504 DATE AS OF CHANGE: 20210504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBUS MEDICAL INC CENTRAL INDEX KEY: 0001237831 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 043744954 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35621 FILM NUMBER: 21888756 BUSINESS ADDRESS: STREET 1: 2560 GENERAL ARMISTEAD AVENUE CITY: AUDUBON STATE: PA ZIP: 19403 BUSINESS PHONE: 610-930-1800 MAIL ADDRESS: STREET 1: 2560 GENERAL ARMISTEAD AVENUE CITY: AUDUBON STATE: PA ZIP: 19403 8-K 1 gmed-20210504x8k.htm 8-K gmed-20210504x8k
false0001237831DE00012378312021-05-042021-05-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 4, 2021  

GLOBUS MEDICAL, INC.

(Exact name of registrant as specified in charter)

DELAWARE

 

001-35621

 

04-3744954

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

2560 GENERAL ARMISTEAD AVENUE, AUDUBON, PA 19403

(Address of principal executive offices) (Zip Code)

(610) 930-1800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of exchange on which registered

Class A Common Stock, par value $.001 per share

GMED

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02. Results of Operations and Financial Condition.

On October 28, 2020, we issued a press release reporting, among other things, our revenues and operating results for the three-month period ended September 30, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with general instruction B.2 to Form 8-K, the information included in this Item 2.02, and the exhibits attached hereto, shall be deemed to be “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.

Description

 

 

99.1

Press Release dated May 4, 2021

104

The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GLOBUS MEDICAL, INC.

 

 

(Registrant)

 

 

 

Dated:

May 4, 2021

/s/ KEITH PFEIL

 

 

 

 

 

Keith Pfeil

 

 

Senior Vice President

 

 

Chief Financial Officer

Chief Accounting Officer

(Principal Financial Officer)

 

 

EX-99.1 2 gmed-20210504xex99_1.htm EX-99.1 Exhibit 991 Earnings Release

Exhibit 99.1





Globus Medical Reports First Quarter 2021 Results



AUDUBON, PA, May 4, 2021: Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced its financial results for the quarter ended March 31, 2021.



·

Worldwide net sales were $227.3 million, an increase of 19.3% as compared to the first quarter of 2020



·

GAAP  net income for the quarter was $45.3 million,  or 19.9% of net sales, which is an increase of 74.7% as compared to the first quarter of 2020



·

GAAP  diluted earnings per share (EPS) was $0.44 and non-GAAP diluted EPS was $0.49



·

Non-GAAP adjusted EBITDA was $81.0 million, or 35.2% of net sales



“We got off to a great start in the first quarter, continuing the momentum we established in 2020,” said Dave Demski, President and CEO.  “On a day-adjusted basis, our U.S. Spine business grew by almost 22% over last year, as we continue to take meaningful market share.  Pull through from robotics; contributions from new product introductions; a resurgence in our biologics business; and competitive recruiting were all factors driving growth. Enabling Technologies revenue increased 86%, as surgeon recognition of the clinical superiority of our robotic technology produced back-to-back quarters of strong year-over-year growth.”



Worldwide net sales for the first quarter of 2021 was $227.3 million, an as-reported increase of 19.3% over the first quarter of 2020, and an increase of 18.7% on a constant currency basis.  U.S. net sales for the first quarter of 2021, including robotics, increased by 22.0% compared to the first quarter of 2020.  International net sales for the first quarter of 2021 increased by 5.9% over the first quarter of 2020 as-reported and increased 2.1% on a constant currency basis.



GAAP net income for the first quarter of 2021 was $45.3 million, an increase of 74.7% over the same period last year.  GAAP diluted EPS for the first quarter of 2021 was $0.44, compared to $0.25 for the first quarter 2020, an increase of 74.2%.   Non-GAAP diluted EPS for the first quarter of 2021 was $0.49, compared to $0.29 in the first quarter of 2020,  an increase of 66.9%.



The Company generated net cash from operating activities of $63.6 million and non-GAAP free cash flow of $49.9 million during the first quarter of 2021.  Cash, cash equivalents and marketable securities were $838.4 million as of March 31, 2021.   The Company remains debt free. 



2021 Annual Guidance



The Company today increased guidance for full year 2021 net sales from $880 million to $925 million and non-GAAP diluted earnings per share of $1.83 to $1.89.


 

Conference Call Information



Globus Medical will hold a teleconference to discuss its  first quarter 2021 results with the investment community at 4:30 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 www.globusmedical.com/investors.



The call will be archived until Thursday, May 13, 2021.  The audio archive can be accessed by calling 1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the U.S.  The passcode for the audio replay is 991-6828.



About Globus Medical, Inc.



Globus Medical, Inc. is a leading musculoskeletal solutions company based in Audubon, PA.  The company was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders. Additional information can be accessed at www.globusmedical.com.



Non-GAAP Financial Measures

 

To supplement our financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), management uses certain non-GAAP financial measures.  For example, non-GAAP Adjusted EBITDA, which represents net income before interest income, net and other non-operating expenses, provision for income taxes, depreciation and amortization, stock-based compensation expense, provision for litigation, acquisition related costs/licensing, and acquisition of in-process research and development, is useful as an additional measure of operating performance, and particularly as a measure of comparative operating performance from period to period, as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our capital structure, asset base, income taxes and interest income and expense.  Our management also uses non-GAAP Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections.  Provision for litigation represents costs incurred for litigation settlements or unfavorable verdicts when the loss is known or considered probable and the amount can be reasonably estimated, or in the case of a favorable settlement, when income is realized.  Acquisition related costs/licensing represents the change in fair value of business-acquisition-related contingent consideration; costs related to integrating recently acquired businesses, including but not limited to costs to exit or convert contractual obligations, severance, and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees, as well as one-time licensing fees.  Acquisition of in-process research and development represents the expensing of acquired assets with no alternative future use and related fees.



In addition, for the period ended March 31, 2021 and for other comparative periods, we are presenting non-GAAP net income and non-GAAP Diluted Earnings Per Share, which represent net income and diluted earnings per share excluding the provision for litigation, amortization of intangibles, acquisition related costs/licensing, acquisition of in-process research and development, and the tax effects of all of the foregoing adjustments.  The tax effect adjustment represents the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income.  The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments, unless the underlying item has a materially different tax treatment, in which case the estimated tax rate applicable to the adjustment is used.  We believe these non-GAAP measures are also useful indicators of our operating performance, and particularly as additional measures of comparative operating performance from period to period as they remove the effects of litigation, amortization of intangibles, acquisition related costs/licensing, acquisition of in-process research and development, and the tax effects of all of the foregoing adjustments, which we believe are not reflective of underlying business trends.  Additionally, for the period ended March 31, 2021 and for other comparative periods, we also define the non-GAAP measure of free cash flow as the net cash provided by operating activities, adjusted for the impact of restricted cash, less the cash impact of purchases of property and equipment.  We believe that this financial measure provides meaningful information for evaluating our overall financial performance for comparative periods as it facilitates an assessment of funds available to satisfy current and future obligations and fund acquisitions.  Furthermore, the non-GAAP measure of constant currency net sales growth is calculated by translating current year net sales at the same average exchange rates in effect during the applicable prior year period.  We believe constant currency net sales growth provides insight to the comparative increase or decrease in period net sales, in dollar and percentage terms, excluding the effects of fluctuations in foreign currency exchange rates.



Non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow and constant currency net sales growth are not calculated in conformity with U.S. GAAP.  Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP.  These measures do not include certain expenses that may be necessary to evaluate our liquidity or operating results.  Our definitions of non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, free cash flow and constant currency net sales growth may differ from that of other companies and therefore may not be comparable.


 

Safe Harbor Statements



All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms.  These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends.  Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted.  These risks and uncertainties include, but are not limited to, health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks.  For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the Securities and Exchange CommissionThese documents are available at www.sec.gov.   Moreover, we operate in an evolving environment.  New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.  Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements.  Forward-looking statements contained in this press release speak only as of the date of this press release.  We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof.


 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)





 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands, except per share amounts)

 

2021

 

2020

Net sales

 

$

227,344 

 

$

190,577 

Cost of goods sold

 

 

55,027 

 

 

48,864 

Gross profit

 

 

172,317 

 

 

141,713 



 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Research and development

 

 

14,924 

 

 

15,402 

Selling, general and administrative

 

 

97,891 

 

 

93,539 

Provision for litigation

 

 

(94)

 

 

 —

Amortization of intangibles

 

 

4,774 

 

 

3,776 

Acquisition related costs

 

 

274 

 

 

548 

Total operating expenses

 

 

117,769 

 

 

113,265 



 

 

 

 

 

 

Operating income/(loss)

 

 

54,548 

 

 

28,448 



 

 

 

 

 

 

Other income/(expense), net

 

 

 

 

 

 

Interest income/(expense), net

 

 

2,712 

 

 

4,324 

Foreign currency transaction gain/(loss)

 

 

(280)

 

 

(468)

Other income/(expense)

 

 

214 

 

 

194 

Total other income/(expense), net

 

 

2,646 

 

 

4,050 



 

 

 

 

 

 

Income/(loss) before income taxes

 

 

57,194 

 

 

32,498 

Income tax provision

 

 

11,865 

 

 

6,549 



 

 

 

 

 

 

Net income/(loss)

 

$

45,329 

 

$

25,949 



 

 

 

 

 

 

Other comprehensive income/(loss):

 

 

 

 

 

 

Unrealized gain/(loss) on marketable securities, net of tax

 

 

(1,666)

 

 

(3,842)

Foreign currency translation gain/(loss)

 

 

(4,113)

 

 

474 

Total other comprehensive income/(loss)

 

 

(5,779)

 

 

(3,368)

Comprehensive income/(loss)

 

$

39,550 

 

$

22,581 



 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

0.45 

 

$

0.26 

Diluted

 

$

0.44 

 

$

0.25 

Weighted average shares outstanding:

 

 

 

 

 

 

Basic

 

 

99,866 

 

 

99,635 

Diluted

 

 

102,420 

 

 

102,146 



 

 

 

 

 

 




 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)







 

 

 

 

 

 



 

 

 

 

 

 



 

March 31,

 

December 31,

(In thousands, except share and per share values)

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

$

184,848 

 

$

239,397 

Short-term marketable securities

 

 

218,711 

 

 

187,344 

Accounts receivable, net of allowances of $4,358 and $4,408, respectively

 

 

160,939 

 

 

141,676 

Inventories

 

 

232,007 

 

 

229,153 

Prepaid expenses and other current assets

 

 

16,132 

 

 

17,771 

Income taxes receivable

 

 

1,736 

 

 

6,424 

Total current assets

 

 

814,373 

 

 

821,765 

Property and equipment, net of accumulated depreciation of $282,346 and $276,451, respectively

 

 

216,186 

 

 

216,879 

Long-term marketable securities

 

 

434,877 

 

 

358,522 

Intangible assets, net

 

 

80,414 

 

 

86,949 

Goodwill

 

 

155,373 

 

 

156,716 

Other assets

 

 

28,693 

 

 

32,039 

Deferred income taxes

 

 

7,974 

 

 

6,615 

Total assets

 

$

1,737,890 

 

$

1,679,485 



 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

22,409 

 

$

18,205 

Accrued expenses

 

 

69,908 

 

 

78,334 

Income taxes payable

 

 

8,434 

 

 

1,101 

Business acquisition liabilities

 

 

6,048 

 

 

5,777 

Deferred revenue

 

 

8,653 

 

 

8,125 

Payable to broker

 

 

8,225 

 

 

9,250 

Total current liabilities

 

 

123,677 

 

 

120,792 

Business acquisition liabilities, net of current portion

 

 

29,973 

 

 

31,493 

Deferred income taxes

 

 

5,925 

 

 

6,202 

Other liabilities

 

 

15,321 

 

 

14,701 

Total liabilities

 

 

174,896 

 

 

173,188 



 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Class A common stock; $0.001 par value.  Authorized 500,000,000 shares; issued and outstanding 77,587,013 and 77,284,007 shares at March 31, 2021 and December 31, 2020, respectively

 

 

78 

 

 

77 

Class B common stock; $0.001 par value.  Authorized 275,000,000 shares; issued and outstanding 22,430,097 shares at March 31, 2021 and December 31, 2020

 

 

22 

 

 

22 

Additional paid-in capital

 

 

474,307 

 

 

457,161 

Accumulated other comprehensive income (loss)

 

 

(1,824)

 

 

3,955 

Retained earnings

 

 

1,090,411 

 

 

1,045,082 

Total equity

 

 

1,562,994 

 

 

1,506,297 

Total liabilities and equity

 

$

1,737,890 

 

$

1,679,485 




 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)





 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands)

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

45,329 

 

$

25,949 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

17,157 

 

 

14,568 

Amortization of premium (discount) on marketable securities

 

 

520 

 

 

20 

Write-down of excess and obsolete inventories

 

 

1,550 

 

 

679 

Stock-based compensation expense

 

 

7,698 

 

 

6,807 

Allowance for doubtful accounts

 

 

80 

 

 

756 

Change in fair value of business acquisition liabilities

 

 

258 

 

 

506 

Change in deferred income taxes

 

 

(808)

 

 

(2,895)

(Gain)/loss on disposal of assets, net

 

 

103 

 

 

207 

(Increase)/decrease in:

 

 

 

 

 

 

Accounts receivable

 

 

(20,346)

 

 

14,131 

Inventories

 

 

(3,997)

 

 

(12,108)

Prepaid expenses and other assets

 

 

4,516 

 

 

(205)

Increase/(decrease) in:

 

 

 

 

 

 

Accounts payable

 

 

4,212 

 

 

(283)

Accrued expenses and other liabilities

 

 

(4,783)

 

 

(13,702)

Income taxes payable/receivable

 

 

12,081 

 

 

7,863 

Net cash provided by operating activities

 

 

63,570 

 

 

42,293 

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of marketable securities

 

 

(185,110)

 

 

(57,418)

Maturities of marketable securities

 

 

39,850 

 

 

71,766 

Sales of marketable securities

 

 

33,818 

 

 

5,374 

Purchases of property and equipment

 

 

(13,672)

 

 

(22,314)

Net cash used in investing activities

 

 

(125,114)

 

 

(2,592)

Cash flows from financing activities:

 

 

 

 

 

 

Payment of business acquisition related liabilities

 

 

(1,537)

 

 

(566)

Proceeds from exercise of stock options

 

 

9,101 

 

 

5,763 

Repurchase of common stock

 

 

 —

 

 

(73,864)

Net cash used in/provided by financing activities

 

 

7,564 

 

 

(68,667)

Effect of foreign exchange rates on cash

 

 

(569)

 

 

(16)

Net increase in cash, cash equivalents, and restricted cash

 

 

(54,549)

 

 

(28,982)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

239,397 

 

 

195,724 

Cash, cash equivalents, and restricted cash at end of period

 

$

184,848 

 

$

166,742 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Income taxes paid

 

$

570 

 

$

1,791 

Purchases of property and equipment included in accounts payable and accrued expenses

 

$

2,620 

 

$

5,287 






 

Supplemental Financial Information



Net Sales by Geographic Area:



 



 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands)

 

2021

 

2020

United States

 

$

193,317 

 

$

158,447 

International

 

 

34,027 

 

 

32,130 

Total net sales

 

$

227,344 

 

$

190,577 



Net Sales by Product Category:







 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands)

 

2021

 

2020

Musculoskeletal Solutions

 

$

212,416 

 

$

182,542 

Enabling Technologies

 

 

14,928 

 

 

8,035 

Total net sales

 

$

227,344 

 

$

190,577 



Liquidity and Capital Resources:





 

 

 

 

 

 



 

 

 

 

 

 



 

March 31,

 

December 31,

(In thousands)

 

2021

 

2020

Cash, cash equivalents, and restricted cash

 

$

184,848 

 

$

239,397 

Short-term marketable securities

 

 

218,711 

 

 

187,344 

Long-term marketable securities

 

 

434,877 

 

 

358,522 

Total cash, cash equivalents, restricted cash and marketable securities

 

$

838,436 

 

$

785,263 





The following tables reconcile GAAP to Non-GAAP financial measures.



Non-GAAP Adjusted EBITDA Reconciliation Table:





 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands, except percentages)

 

2021

 

2020

Net income/(loss)

 

$

45,329 

 

$

25,949 

Interest income/(expense), net

 

 

(2,712)

 

 

(4,324)

Provision for income taxes

 

 

11,865 

 

 

6,549 

Depreciation and amortization

 

 

17,157 

 

 

14,568 

EBITDA

 

 

71,639 

 

 

42,742 

Stock-based compensation expense

 

 

7,698 

 

 

6,807 

Provision for litigation

 

 

(94)

 

 

 —

Acquisition related costs/licensing

 

 

883 

 

 

957 

Adjusted EBITDA

 

$

80,126 

 

$

50,506 



 

 

 

 

 

 

Net income as a percentage of net sales

 

 

19.9% 

 

 

13.6% 

Adjusted EBITDA as a percentage of net sales

 

 

35.2% 

 

 

26.5% 




 

Non-GAAP Net Income Reconciliation Table:







 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(In thousands)

 

2021

 

2020

Net income/(loss)

 

$

45,329 

 

$

25,949 

Provision for litigation

 

 

(94)

 

 

 —

Amortization of intangibles

 

 

4,774 

 

 

3,776 

Acquisition related costs/licensing

 

 

883 

 

 

957 

Tax effect of adjusting items

 

 

(1,154)

 

 

(956)

Non-GAAP net income

 

$

49,738 

 

$

29,726 





Non-GAAP Diluted Earnings Per Share Reconciliation Table:





 

 

 

 

 

 



 

 

 

 

 

 



 

Three Months Ended



 

March 31,

(Per share amounts)

 

2021

 

2020

Diluted earnings per share, as reported

 

$

0.44 

 

$

0.25 

Provision for litigation

 

 

 —

 

 

 —

Amortization of intangibles

 

 

0.05 

 

 

0.04 

Acquisition related costs/licensing

 

 

0.01 

 

 

0.01 

Tax effect of adjusting items

 

 

(0.01)

 

 

(0.01)

Non-GAAP diluted earnings per share

 

$

0.49 

 

$

0.29 

* Amounts might not add due to rounding





Non-GAAP Free Cash Flow Reconciliation Table:





 

 

 

 

 

 



 

 

 



 

Three Months Ended



 

March 31,

(In thousands)

 

2021

 

2020

Net cash provided by operating activities

 

$

63,570 

 

$

42,293 

Purchases of property and equipment

 

 

(13,672)

 

 

(22,314)

Free cash flow

 

$

49,898 

 

$

19,979 



Net Sales on a Constant Currency Basis Comparative Table:





 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Reported

 

Currency
Impact on 

 

Constant
Currency



 

March 31,

 

Net Sales

 

Current

 

Net Sales

(In thousands, except percentages)

 

2021

 

2020

 

Growth

 

Period Net Sales

 

Growth

United States

 

$

193,317 

 

$

158,447 

 

22.0%

 

$

 —

 

22.0%

International

 

 

34,027 

 

 

32,130 

 

5.9%

 

 

1,208 

 

2.1%

Total net sales

 

$

227,344 

 

$

190,577 

 

19.3%

 

$

1,208 

 

18.7%









Contact:

Brian Kearns

Senior Vice President, Business Development and Investor Relations

Phone: (610) 930-1800

Email:  investors@globusmedical.com

www.globusmedical.com






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