0001562762-22-000036.txt : 20220217 0001562762-22-000036.hdr.sgml : 20220217 20220217161723 ACCESSION NUMBER: 0001562762-22-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220217 DATE AS OF CHANGE: 20220217 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: 22648331 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-20220217x8k.htm 8-K gmed-20220217x8k
false0001237831DE00012378312022-02-172022-02-17

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):  February 17, 2022  

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 February 17, 2022, we issued a press release reporting, among other things, our sales and operating results for the three- and twelve-month periods ended December 31, 2021. 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 February 17, 2022

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:

February 17, 2022

/s/ KEITH PFEIL

 

 

 

 

 

Keith Pfeil

 

 

Chief Financial Officer

Chief Accounting Officer

Senior Vice President

 

 

(Principal Financial Officer)

EX-99.1 2 gmed-20220217xex99_1.htm EX-99.1 Exhibit 991 Earnings Release

Exhibit 99.1





Globus Medical Reports Fourth Quarter and Full Year 2021 Results



AUDUBON, PA, February 17, 2022: Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced its financial results for the fourth quarter and year ended December 31, 2021.



Fourth Quarter 2021:

·

Worldwide net sales were $250.0 million, an increase of 7.1% as compared to the fourth quarter of 2020

·

GAAP net income for the quarter was $15.1 million

·

GAAP diluted earnings per share (“EPS”) was $0.14 and non-GAAP diluted EPS was $0.49

·

Non-GAAP adjusted EBITDA was $85.2 million, or 34.1% of net sales



Full Year 2021:

·

Worldwide net sales were $958.1 million, an increase of 21.4% as compared to the full year of 2020

·

GAAP net income for the year was $149.2 million

·

GAAP diluted EPS was $1.44 and non-GAAP diluted EPS was $2.04 for the year

·

Non-GAAP adjusted EBITDA was  $331.4 million, or 34.6% of net sales



“Our fourth quarter results topped off another record-breaking year for Globus Medical, as we continued to perform well above our peers in growth as well as profitability,” said Dave Demski, President and CEO.  “The clinical superiority of ExcelsiusGPS® continues to be the primary factor driving Enabling Technology momentum, which produced a record $25 million in revenue for the fourth quarter and $81 million for 2021, a 100% increase over 2020.  Musculoskeletal Solutions also completed another outstanding year of market-share gains, led by US Spine with 18% growth, International Spine with 12% growth and Trauma with 39% growth. I want to thank all of our customers and team members for their belief and support and look forward to a very bright future together.”



Worldwide net sales for the fourth quarter were $250.0 million, an as-reported increase of 7.1% over the fourth quarter of 2020, and an increase of 7.4% on a constant currency basisU.S. net sales for the fourth quarter of 2021, including robotics, increased by 7.2% compared to the fourth quarter of 2020. International net sales increased by 6.8% over the fourth quarter of 2020 on an as-reported basis, and an increase of 8.7% on a constant currency basis.



Worldwide net sales for the full year of 2021 were $958.1 million, an increase of 21.4% as compared to the full year of 2020.  Non-GAAP diluted EPS was $2.04 for the full year of 2021.



GAAP net income for the fourth quarter was $15.1 million, a decrease of 71.5% over the same period in the prior year, driven primarily by the acquisition of in-process research and development during the fourth quarter. Diluted EPS for the fourth quarter was $0.14, compared to $0.52 for the fourth quarter of 2020. Non-GAAP diluted EPS for the fourth quarter of 2021 was $0.49, compared to $0.58 in the fourth quarter of 2020,  a decrease of 16.0% driven primarily by a higher tax rate and increased stock compensation expense.



Net cash provided by operating activities was $276.3 million, and non-GAAP free cash flow was $219.4 million for the full year of 2021. The Company remains debt free.



2022 Annual Guidance



Today the Company announced full year 2022 guidance with expected net sales of $1.025 billion and non-GAAP diluted earnings per share of $2.10.


 

Conference Call Information



Globus Medical will hold a teleconference to discuss its 2021 fourth quarter and full year results with the investment community at 4:30 p.m. Eastern Time today. Globus invites all interested parties to join the call by dialing:

 

1-877-313-2501     United States Participants

1-929-517-0907     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, February 24, 2022. 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 117-3696.



About Globus Medical, Inc.



Based in Audubon, Pennsylvania, Globus Medical, Inc. 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 December 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 December 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 Commission.  These 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

 

Year Ended



December 31,

 

December 31,

(In thousands, except per share amounts)

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net sales

$

250,021 

 

$

233,445 

 

$

211,667 

 

$

958,102 

 

$

789,042 

 

$

785,368 

Cost of goods sold

 

61,796 

 

 

60,859 

 

 

48,760 

 

 

239,223 

 

 

217,463 

 

 

179,975 

Gross profit

 

188,225 

 

 

172,586 

 

 

162,907 

 

 

718,879 

 

 

571,579 

 

 

605,393 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

51,022 

 

 

15,241 

 

 

15,496 

 

 

97,346 

 

 

84,519 

 

 

60,073 

Selling, general and administrative

 

106,560 

 

 

92,047 

 

 

92,138 

 

 

408,149 

 

 

354,757 

 

 

354,757 

Provision for litigation

 

5,410 

 

 

(188)

 

 

565 

 

 

5,921 

 

 

 

 

2,190 

Amortization of intangibles

 

4,556 

 

 

4,788 

 

 

3,397 

 

 

18,526 

 

 

16,831 

 

 

13,809 

Acquisition related costs

 

2,477 

 

 

2,163 

 

 

1,331 

 

 

16,984 

 

 

4,030 

 

 

2,575 

Total operating expenses

 

170,025 

 

 

114,051 

 

 

112,927 

 

 

546,926 

 

 

460,146 

 

 

433,404 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income/(loss)

 

18,200 

 

 

58,535 

 

 

49,980 

 

 

171,953 

 

 

111,433 

 

 

171,989 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income/(expense), net

 

1,939 

 

 

2,953 

 

 

4,452 

 

 

9,297 

 

 

13,952 

 

 

17,406 

Foreign currency transaction gain/(loss)

 

(454)

 

 

527 

 

 

(48)

 

 

(1,423)

 

 

(279)

 

 

75 

Other income/(expense)

 

143 

 

 

198 

 

 

66 

 

 

580 

 

 

793 

 

 

476 

Total other income/(expense), net

 

1,628 

 

 

3,678 

 

 

4,470 

 

 

8,454 

 

 

14,466 

 

 

17,957 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before income taxes

 

19,828 

 

 

62,213 

 

 

54,450 

 

 

180,407 

 

 

125,899 

 

 

189,946 

Income tax provision

 

4,722 

 

 

9,256 

 

 

8,920 

 

 

31,216 

 

 

23,614 

 

 

34,736 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

15,106 

 

$

52,957 

 

$

45,530 

 

$

149,191 

 

$

102,285 

 

$

155,210 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.15 

 

$

0.54 

 

$

0.46 

 

$

1.48 

 

$

1.04 

 

$

1.57 

Diluted

$

0.14 

 

$

0.52 

 

$

0.44 

 

$

1.44 

 

$

1.01 

 

$

1.52 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

101,495 

 

 

98,958 

 

 

99,601 

 

 

100,734 

 

 

98,580 

 

 

99,150 

Diluted

 

104,192 

 

 

101,414 

 

 

102,933 

 

 

103,623 

 

 

100,971 

 

 

101,998 




 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)







 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,

(In thousands, except share and per  share values)

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash

 

$

193,069 

 

$

239,397 

Short-term marketable securities

 

 

250,378 

 

 

187,344 

Accounts receivable, net of allowances of $4,962 and $4,408, respectively

 

 

164,436 

 

 

141,676 

Inventories

 

 

237,001 

 

 

229,153 

Prepaid expenses and other current assets

 

 

18,417 

 

 

17,771 

Income taxes receivable

 

 

1,215 

 

 

6,424 

Total current assets

 

 

864,516 

 

 

821,765 

Property and equipment, net of accumulated depreciation of $305,575 and $276,451, respectively

 

 

221,076 

 

 

216,879 

Long-term marketable securities

 

 

562,475 

 

 

358,522 

Intangible assets, net

 

 

68,660 

 

 

86,949 

Goodwill

 

 

179,708 

 

 

156,716 

Other assets

 

 

36,334 

 

 

32,039 

Deferred income taxes

 

 

24,494 

 

 

6,615 

Total assets

 

$

1,957,263 

 

$

1,679,485 



 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

21,955 

 

$

18,205 

Accrued expenses

 

 

91,168 

 

 

78,334 

Income taxes payable

 

 

1,046 

 

 

1,101 

Business acquisition liabilities

 

 

11,770 

 

 

5,777 

Deferred revenue

 

 

12,025 

 

 

8,125 

Payable to broker

 

 

2,200 

 

 

9,250 

Total current liabilities

 

 

140,164 

 

 

120,792 

Business acquisition liabilities, net of current portion

 

 

58,755 

 

 

31,493 

Deferred income taxes

 

 

4,314 

 

 

6,202 

Other liabilities

 

 

12,642 

 

 

14,701 

Total liabilities

 

 

215,875 

 

 

173,188 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Class A common stock; $0.001 par value.  Authorized 500,000,000 shares; issued and outstanding 79,113,916 and 77,284,007 shares at December 31, 2021 and December 31, 2020, respectively

 

 

79 

 

 

77 

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

 

 

22 

 

 

22 

Additional paid-in capital

 

 

553,787 

 

 

457,161 

Accumulated other comprehensive loss

 

 

(6,772)

 

 

3,955 

Retained earnings

 

 

1,194,272 

 

 

1,045,082 

Total equity

 

 

1,741,388 

 

 

1,506,297 

Total liabilities and equity

 

$

1,957,263 

 

$

1,679,485 




 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)





 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 



 

Year Ended



 

December 31,

(In thousands)

 

2021

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

149,191 

 

$

102,285 

 

$

155,210 

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

 

 

 

 

 

 

 

 

 

Acquired in-process research and development

 

 

34,312 

 

 

24,418 

 

 

 —

Depreciation and amortization

 

 

69,867 

 

 

62,874 

 

 

52,734 

Amortization of premium (discount) on marketable securities

 

 

2,781 

 

 

587 

 

 

(1,089)

Write-down for excess and obsolete inventories, net

 

 

6,143 

 

 

17,741 

 

 

2,498 

Stock-based compensation expense

 

 

30,586 

 

 

27,073 

 

 

26,085 

Allowance for doubtful accounts

 

 

1,200 

 

 

2,960 

 

 

3,026 

Change in fair value of business acquisition liabilities

 

 

16,807 

 

 

2,674 

 

 

1,787 

Change in deferred income taxes

 

 

(17,615)

 

 

(4,338)

 

 

4,302 

(Gain)/loss on disposal of assets, net

 

 

464 

 

 

809 

 

 

866 

Payment of business acquisition related liabilities

 

 

(210)

 

 

(700)

 

 

 —

(Increase)/decrease in:

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(25,895)

 

 

10,696 

 

 

(18,306)

Inventories

 

 

(11,971)

 

 

(50,111)

 

 

(50,018)

Prepaid expenses and other assets

 

 

(6,178)

 

 

(11,088)

 

 

(12,263)

Increase/(decrease) in:

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

3,684 

 

 

(6,352)

 

 

773 

Accrued expenses and other liabilities

 

 

17,896 

 

 

17,608 

 

 

7,043 

Income taxes payable/receivable

 

 

5,212 

 

 

1,657 

 

 

(673)

Net cash provided by/(used in) operating activities

 

 

276,274 

 

 

198,793 

 

 

171,975 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchases of marketable securities

 

 

(622,359)

 

 

(223,540)

 

 

(346,526)

Maturities of marketable securities

 

 

227,908 

 

 

134,462 

 

 

247,008 

Sales of marketable securities

 

 

109,898 

 

 

68,897 

 

 

53,786 

Purchases of property and equipment

 

 

(56,898)

 

 

(63,658)

 

 

(70,750)

Acquisition of businesses, net of cash acquired and purchases of intangible and other assets

 

 

(34,488)

 

 

(33,483)

 

 

(23,799)

Net cash provided by/(used in) investing activities

 

 

(375,939)

 

 

(117,322)

 

 

(140,281)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Payment of business acquisition liabilities

 

 

(9,349)

 

 

(6,316)

 

 

(6,597)

Proceeds from exercise of stock options

 

 

63,496 

 

 

72,322 

 

 

31,036 

Repurchase of common stock

 

 

 —

 

 

(104,669)

 

 

 —

Net cash provided by/(used in) financing activities

 

 

54,147 

 

 

(38,663)

 

 

24,439 

Effect of foreign exchange rate on cash

 

 

(810)

 

 

865 

 

 

(156)

Net increase in cash, cash equivalents, and restricted cash

 

 

(46,328)

 

 

43,673 

 

 

55,977 

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

 

 

239,397 

 

 

195,724 

 

 

139,747 

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

 

$

193,069 

 

$

239,397 

 

$

195,724 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

 

Income taxes paid

 

$

45,027 

 

$

25,437 

 

$

34,139 

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

 

$

4,551 

 

$

4,210 

 

$

4,226 






 

Supplemental Financial Information



Net Sales by Product Category:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Year Ended



 

December 31,

 

December 31,

(In thousands)

 

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Musculoskeletal Solutions

 

$

224,623 

 

$

215,361 

 

$

197,757 

 

$

876,780 

 

$

748,446 

 

$

738,377 

Enabling Technologies

 

 

25,398 

 

 

18,084 

 

 

13,910 

 

 

81,322 

 

 

40,596 

 

 

46,991 

Total net sales

 

$

250,021 

 

$

233,445 

 

$

211,667 

 

$

958,102 

 

$

789,042 

 

$

785,368 



Liquidity and Capital Resources:





 

 

 

 

 

 



 

 

 

 

 

 



 

December 31,

 

December 31,

(In thousands)

 

2021

 

2020

Cash, cash equivalents, and restricted cash

 

$

193,069 

 

$

239,397 

Short-term marketable securities

 

 

250,378 

 

 

187,344 

Long-term marketable securities

 

 

562,475 

 

 

358,522 

Total cash, cash equivalents, restricted cash and marketable securities

 

$

1,005,922 

 

$

785,263 





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



Non-GAAP Adjusted EBITDA Reconciliation Table:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Year Ended



December 31,

 

December 31,

(In thousands, except percentages)

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net income/(loss)

$

15,106 

 

$

52,957 

 

$

45,530 

 

$

149,191 

 

$

102,285 

 

$

155,210 

Interest (income)/expense, net

 

(1,939)

 

 

(2,953)

 

 

(4,452)

 

 

(9,297)

 

 

(13,952)

 

 

(17,406)

Provision for income taxes

 

4,722 

 

 

9,256 

 

 

8,920 

 

 

31,216 

 

 

23,614 

 

 

34,736 

Depreciation and amortization

 

16,829 

 

 

16,904 

 

 

14,046 

 

 

69,867 

 

 

62,874 

 

 

52,734 

EBITDA

 

34,718 

 

 

76,164 

 

 

64,044 

 

 

240,977 

 

 

174,821 

 

 

225,274 

Stock-based compensation expense

 

7,805 

 

 

5,935 

 

 

6,437 

 

 

30,586 

 

 

27,073 

 

 

26,085 

Provision for litigation

 

5,410 

 

 

(188)

 

 

565 

 

 

5,921 

 

 

 

 

2,190 

Acquisition related costs/licensing

 

2,934 

 

 

2,698 

 

 

1,652 

 

 

19,622 

 

 

5,877 

 

 

3,664 

Acquisition of in-process research and development

 

34,312 

 

 

 —

 

 

 —

 

 

34,312 

 

 

24,418 

 

 

 —

Adjusted EBITDA

$

85,179 

 

$

84,609 

 

$

72,698 

 

$

331,418 

 

$

232,198 

 

$

257,213 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) as a percentage of net sales

 

6.0% 

 

 

22.7% 

 

 

21.5% 

 

 

15.6% 

 

 

13.0% 

 

 

19.8% 

Adjusted EBITDA as a percentage of net sales

 

34.1% 

 

 

36.2% 

 

 

34.3% 

 

 

34.6% 

 

 

29.4% 

 

 

32.8% 




 

Non-GAAP Net Income Reconciliation Table:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Year Ended



December 31,

 

December 31,

(In thousands)

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net income/(loss)

$

15,106 

 

$

52,957 

 

$

45,530 

 

$

149,191 

 

$

102,285 

 

$

155,210 

Provision for litigation

 

5,410 

 

 

(188)

 

 

565 

 

 

5,921 

 

 

 

 

2,190 

Amortization of intangibles

 

4,556 

 

 

4,788 

 

 

3,397 

 

 

18,526 

 

 

16,831 

 

 

13,809 

Acquisition related costs/licensing

 

2,934 

 

 

2,698 

 

 

1,652 

 

 

19,622 

 

 

5,877 

 

 

3,664 

Acquisition of in-process research and development

 

34,312 

 

 

 —

 

 

 —

 

 

34,312 

 

 

24,418 

 

 

 —

Tax effect of adjusting items

 

(11,245)

 

 

(1,086)

 

 

(920)

 

 

(16,151)

 

 

(4,504)

 

 

(3,581)

Non-GAAP net income/(loss)

$

51,073 

 

$

59,169 

 

$

50,224 

 

$

211,421 

 

$

144,916 

 

$

171,292 



Non-GAAP Diluted Earnings Per Share Reconciliation Table:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Year Ended



December 31,

 

December 31,

(In thousands)

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Diluted earnings per share, as reported

$

0.14 

 

$

0.52 

 

$

0.44 

 

$

1.44 

 

$

1.01 

 

$

1.52 

Provision for litigation

 

0.06 

 

 

 —

 

 

0.01 

 

 

0.06 

 

 

 —

 

 

0.02 

Amortization of intangibles

 

0.04 

 

 

0.05 

 

 

0.03 

 

 

0.18 

 

 

0.17 

 

 

0.14 

Acquisition related costs/licensing

 

0.03 

 

 

0.03 

 

 

0.02 

 

 

0.19 

 

 

0.06 

 

 

0.04 

Acquisition of in-process research and development

 

0.33 

 

 

 —

 

 

 —

 

 

0.33 

 

 

0.24 

 

 

 —

Tax effect of adjusting items

 

(0.11)

 

 

(0.01)

 

 

(0.01)

 

 

(0.16)

 

 

(0.04)

 

 

(0.04)

Non-GAAP diluted earnings per share

$

0.49 

 

$

0.58 

 

$

0.49 

 

$

2.04 

 

$

1.44 

 

$

1.68 

*amounts might not add due to rounding



Non-GAAP Free Cash Flow Reconciliation Table:







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended

 

Year Ended



December 31,

 

December 31,

(In thousands)

2021

 

2020

 

2019

 

2021

 

2020

 

2019

Net cash provided by operating activities

$

76,253 

 

$

80,184 

 

$

54,266 

 

$

276,274 

 

$

198,793 

 

$

171,975 

Purchases of property and equipment

 

(17,045)

 

 

(14,063)

 

 

(15,793)

 

 

(56,898)

 

 

(63,658)

 

 

(70,750)

Free cash flow

$

59,208 

 

$

66,121 

 

$

38,473 

 

$

219,376 

 

$

135,135 

 

$

101,225 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Non-GAAP Net Sales on a Constant Currency Basis Comparative Table:







 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Reported

 

Currency
Impact on 

 

Constant
Currency



 

December 31,

 

Net Sales

 

Current

 

Net Sales

(In thousands, except percentages)

 

2021

 

2020

 

Growth

 

Period Net Sales  

 

Growth

United States

 

$

212,963 

 

$

198,749 

 

7.2%

 

$

 —

 

7.2%

International

 

 

37,058 

 

 

34,696 

 

6.8%

 

 

645 

 

8.7%

Total net sales

 

$

250,021 

 

$

233,445 

 

7.1%

 

$

645 

 

7.4%



 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 



 

Year Ended

 

Reported

 

Currency
Impact on 

 

Constant
Currency



 

December 31,

 

Net Sales

 

Current

 

Net Sales

(In thousands, except percentages)

 

2021

 

2020

 

Growth

 

Period Net Sales  

 

Growth

United States

 

$

819,571 

 

$

664,454 

 

23.3%

 

$

 —

 

23.3%

International

 

 

138,531 

 

 

124,588 

 

11.2%

 

 

(1,613)

 

9.9%

Total net sales

 

$

958,102 

 

$

789,042 

 

21.4%

 

$

(1,613)

 

21.2%





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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