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Globus Medical Reports Fourth Quarter and Full Year 2024 Results

AUDUBON, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) — Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal technology company, today announced its financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter 2024:

  • Worldwide net sales were $657.3 million, an increase of 6.6% on an as-reported basis and an increase of 6.9% on a constant currency basis
  • GAAP net income for the quarter was $26.5 million
  • GAAP diluted earnings per share (“EPS”) was $0.19 and non-GAAP diluted EPS was $0.84
  • Non-GAAP adjusted EBITDA was $196.9 million, or 30.0% of net sales

Full Year 2024:

  • Worldwide net sales were $2,519.4 million, an increase of 60.6% on an as-reported basis and an increase of 61.1% on a constant currency basis
  • GAAP net income for the year was $103.0 million
  • GAAP diluted EPS was $0.75 and non-GAAP diluted EPS was $3.04
  • Non-GAAP adjusted EBITDA was $735.0 million, or 29.2% of net sales

“I’m proud of our team at Globus Medical, delivering incredible results for 2024. We made significant progress integrating the business and creating a strong foundation for future growth while remaining focused on improving patient outcomes. Our spine sales force is the most dedicated and talented team in the market. Our innovation engine delivered a record amount of new product launches in 2024 and remains unmatched in our industry.” said Dan Scavilla, President and CEO. “The potential for Globus has never been greater, as we continue to redefine spine surgery and address unmet clinical needs with procedural solutions built around enabling technology.”

“Our financial results demonstrate the potential of our combined organization and the growing value creation from the merger”, commented Keith Pfeil, COO-CFO. “Despite the complexities of integration, we delivered record fourth quarter and full year sales, while maintaining our disciplined approach to operational excellence and cost management. Our team executed against the strategic objectives to drive integration success, which has unlocked tremendous value, as demonstrated in our financial results, which include record operating cash flow for the fourth quarter and full year. Looking ahead, we remain well positioned to unlock operational efficiencies, while delivering innovation and market leadership.”

Worldwide net sales for the fourth quarter were $657.3 million, an as-reported increase of 6.6% over the fourth quarter of 2023, and an increase of 6.9% on a constant currency basis. U.S. net sales for the fourth quarter of 2024 increased by 6.3% compared to the fourth quarter of 2023. International net sales increased by 7.7% over the fourth quarter of 2023 on an as-reported basis, and an increase of 8.9% on a constant currency basis. Net Sales increases were driven by the addition of NuVasive, as well as increased spine products and enabling technology volume.

Worldwide net sales for the full year of 2024 were $2,519.4 million, an increase of 60.6% as compared to the full year of 2023 on an as-reported basis, and an increase of 61.1% on a constant currency basis. U.S. net sales for the full year of 2024 increased by 56.3% compared to the full year of 2023. International net sales increased by 79.9% over the full year of 2024 on an as-reported basis, and an increase of 82.7% on a constant currency basis.

GAAP net income for the fourth quarter was $26.5 million, an increase of 76.3% over the same period in the prior year, driven primarily by higher net sales as a result of the Merger. Diluted EPS for the fourth quarter was $0.19, compared to $0.11 for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter was $117.4 million, an increase of 40.6% over the same period in the prior year, driven primarily by higher net sales as a result of the Merger. Non-GAAP diluted EPS for the fourth quarter of 2024 was $0.84, compared to $0.60 in the fourth quarter of 2023, an increase of 35.7% driven by higher net sales.

Net cash provided by operating activities was $520.6 million, and non-GAAP free cash flow was $405.2 million for the full year of 2024.

2025 Annual Guidance

On a stand-alone basis, Globus Medical reaffirms its full year 2025 revenue guidance range of $2.66 billion to $2.69 billion and fully diluted non-GAAP earnings per share range between $3.40 to $3.50. Following the consummation of the Nevro, Inc. acquisition, which we expect to close in the late second quarter of 2025, Globus Medical anticipates 2025 net sales of $2.80 billion to $2.90 billion and fully diluted non-GAAP earnings per share range between $3.10 to $3.40.

Conference Call Information

Globus Medical will hold a teleconference to discuss its 2024 fourth quarter and full year results with the investment community at 4:30 p.m. Eastern Time today.

Participants may access the conference call live via webcast on the Investors page of Globus Medical’s website at https://www.investors.globusmedical.com/news-events/events-webcasts.

To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The audio archive will be available after the call on the Investor page of the Globus Medical website.

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, merger and acquisition related costs, restructuring related costs, certain foreign currency acquisition-related impacts, and gains and losses from strategic investments, 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. As of December 31, 2024, we no longer include acquisition of in-process research and development as an adjustment to non-GAAP Adjusted EBITDA. 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. Merger and acquisition related costs 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, retention bonus, duplicative costs 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. Restructuring related costs include severance, retention bonus, accelerated stock-based compensation expense, and costs associated with consolidating facilities. We also adjusted for certain foreign currency impacts related to the acquisition costs and gains/losses on strategic investments within other assets as we believe these impacts are not a measure of our operating performance.

In addition, for the period ended December 31, 2024 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, merger and acquisition related costs, restructuring related costs, certain foreign currency impacts, gains and losses from strategic investments, the impact of dilution attributable to the Convertible Notes, and the tax effects of all of the foregoing adjustments. As of December 31, 2024, we no longer include acquisition of in-process research and development as an adjustment to non-GAAP net income. We also present Non-GAAP gross profit, which excludes the impacts of any inventory acquisition-related costs within cost of goods sold. 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 the foregoing items, which we believe are not reflective of underlying business trends. Additionally, for the period ended December 31, 2024, 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, non-GAAP gross profit, 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, non-GAAP gross profit, 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, the risks and costs associated with the integration of the NuVasive business and Globus Medical, Inc.’s ability to successfully integrate and achieve anticipated synergies with the NuVasive business, our ability to complete the acquisition of and successfully integrate the Nevro, Inc. business, health epidemics, pandemics and similar outbreaks, 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 U.S. 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 U.S. 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
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands, except per share amounts)2024 2023 2022 2024 2023 2022
Net sales$657,293  $616,534  $274,498  $2,519,355  $1,568,476  $1,022,843 
                   
Cost of Sales and Operating expenses:                  
Cost of Sales (exclusive of amortization of intangibles) 263,437   265,486   70,591   1,035,479   548,174   263,725 
Research and development 33,408   52,253   19,507   163,754   124,010   73,015 
Selling, general and administrative 253,481   244,718   118,075   981,048   643,410   432,117 
Provision for litigation, net (314)  250      314   434   2,341 
Amortization of intangibles 29,912   28,122   4,506   119,373   51,032   17,735 
Acquisition-related costs 17,088   15,581   7,791   29,623   68,274   5,959 
Restructuring cost 6         23,773       
Operating income/(loss) 60,275   10,124   54,028   165,991   133,142   227,951 
Other income/(expense), net                  
Interest income/(expense), net 815   (2,581)  5,315   (4,189)  20,130   14,233 
Foreign currency transaction gain/(loss) (37,491)  19,908   2,688   (43,285)  14,259   (1,020)
Other income/(expense) 1,069   (2,456)  85   2,205   (2,138)  1,855 
Total other income/(expense), net (35,607)  14,872   8,088   (45,269)  32,251   15,068 
Income/(loss) before income taxes 24,668   24,995   62,116   120,722   165,393   243,019 
Income tax provision (1,837)  9,960   12,051   17,738   42,520   52,850 
Net income/(loss)$26,505  $15,035  $50,065  $102,984  $122,873  $190,169 
                   
Other comprehensive income/(loss), net of tax:                  
Unrealized gain/(loss) on marketable securities (238)  8,893   4,199   1,545   13,231   (14,040)
Foreign currency translation gain/(loss) 340   (18)  3,397   1,786   1,207   (3,818)
Total other comprehensive income/(loss), net of tax 102   8,875   7,596   3,331   14,438   (17,858)
Comprehensive income/(loss)$26,607  $23,910  $57,661  $106,315  $137,311  $172,311 
                   
Earnings per share:                  
Basic$0.19  $0.11  $0.50  $0.76  $1.09  $1.89 
Diluted$0.19  $0.11  $0.49  $0.75  $1.07  $1.85 
Weighted average shares outstanding:                  
Basic 136,729   137,883   99,967   135,726   113,087   100,469 
Diluted 139,711   139,021   102,209   137,863   114,630   102,643 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
      
 December 31, December 31,
(In thousands, except share and per share values)2024 2023
ASSETS     
Current assets:     
Cash and cash equivalents$784,438  $467,292 
Short-term marketable securities 105,619   50,497 
Accounts receivable, net of allowances of $15,505 and $8,934, respectively 557,697   503,235 
Inventories 659,233   848,135 
Prepaid expenses and other current assets 49,640   44,580 
Income taxes receivable 20,633   1,635 
Total current assets 2,177,260   1,915,374 
Property and equipment, net of accumulated depreciation of $545,786 and $425,695, respectively 561,909   586,932 
Operating lease right of use assets 49,647   59,931 
Long-term marketable securities 66,134   75,428 
Intangible assets, net 795,117   924,603 
Goodwill 1,432,387   1,434,540 
Other assets 75,096   78,590 
Deferred income taxes 94,200   10,685 
Total assets$5,251,750  $5,086,083 
      
LIABILITIES AND EQUITY     
Current liabilities:     
Accounts payable$75,118  $56,671 
Accrued expenses 260,591   240,460 
Operating lease liabilities 10,249   11,967 
Income taxes payable 10,725   3,845 
Senior convertible notes 443,351    
Business acquisition liabilities 33,739   61,035 
Deferred revenue 22,140   18,369 
Total current liabilities 855,913   392,347 
Business acquisition liabilities, net of current portion 89,496   78,323 
Operating lease liabilities 83,588   91,037 
Senior convertible notes    417,400 
Deferred income taxes and other tax liabilities 23,889   84,421 
Other liabilities 21,531   24,596 
Total liabilities 1,074,417   1,088,124 
      
Equity:     
Class A common stock; $0.001 par value. Authorized 500,000,000 shares; issued and outstanding 114,990,219 and 113,905,565 shares at December 31, 2024 and December 31, 2023, respectively 115   114 
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, 2024 and December 31, 2023, respectively 22   22 
Additional paid-in capital 3,031,244   2,870,749 
Accumulated other comprehensive income/(loss) (6,861)  (10,192)
Retained earnings 1,152,813   1,137,266 
Total equity 4,177,333   3,997,959 
Total liabilities and equity$5,251,750  $5,086,083 

GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
         
 Year Ended
 December 31,
(In thousands)2024 2023 2022
Cash flows from operating activities:        
Net income$102,984  $122,873  $190,169 
Adjustments to reconcile net income to net cash provided by operating activities:        
Acquired in-process research and development 12,613      150 
Depreciation and amortization 254,024   144,733   68,252 
Amortization of premiums on marketable securities (635)  793   5,389 
Provision for excess and obsolete inventory 23,359   10,959   6,400 
Amortization of inventory fair value step-up 215,420   71,656    
Amortization of 2025 Notes fair value step-up 26,630   8,176    
Stock-based compensation expense 54,191   52,742   32,810 
Allowance for expected credit losses 16,986   3,658   (1)
Change in fair value of business acquisition liabilities 26,521   17,434   5,132 
Change in deferred income taxes (125,902)  (57,789)  (22,223)
(Gain)/loss on disposal of assets, net 5,552   1,541   299 
Payment of business acquisition-related liabilities (18,763)  (3,005)  (2,647)
Net (gain)/loss from foreign currency adjustment 25,212   (13,674)   
(Increase) decrease in:        
Accounts receivable (78,062)  (49,914)  (50,843)
Inventories (29,860)  (70,328)  (61,745)
Prepaid expenses and other assets 1,059   1,148   (10,292)
Increase (decrease) in:        
Accounts payable 17,663   (14,223)  14,418 
Accrued expenses and other liabilities 5,023   17,127   6,087 
Income taxes payable/receivable (13,377)  (408)  (2,887)
Net cash provided by/(used in) operating activities 520,638   243,499   178,468 
Cash flows from investing activities:        
Purchases of marketable securities (113,504)  (100,643)  (419,534)
Maturities of marketable securities 58,666   240,190   312,221 
Sales of marketable securities 11,851   537,723   102,433 
Purchases of property and equipment (115,429)  (78,274)  (74,047)
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets (17,635)  (296,028)  (31,435)
Net cash provided by/(used in) investing activities (176,051)  302,968   (110,362)
Cash flows from financing activities:        
Payment of business acquisition-related liabilities (45,619)  (8,039)  (7,185)
Net proceeds from exercise of stock options 110,439   12,397   41,716 
Payments related to tax withholdings for share-based compensation (6,729)  (10,617)   
Repurchase of common stock (85,787)  (225,562)  (144,493)
Net cash provided by/(used in) financing activities (27,696)  (231,821)  (109,962)
Effect of foreign exchange rates on cash 255   2,180   (747)
Net increase/(decrease) in cash and cash equivalents 317,146   316,826   (42,603)
Cash and cash equivalents at beginning of period 467,292   150,466   193,069 
Cash and cash equivalents at end of period$784,438  $467,292  $150,466 
         
Supplemental disclosures of cash flow information:        
Income taxes paid, net$158,508  $100,593  $77,823 
Non-cash investing and financing activities:        
Equity issued in conjunction with the NuVasive Merger$  $2,153,860  $ 
Accrued purchases of property and equipment$9,281  $7,100  $7,423 

Supplemental Financial Information
Net Sales by Product Category:
               
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands)2024 2023 2022 2024 2023 2022
Musculoskeletal Solutions$610,341  $583,820  $244,999  $2,365,352  $1,448,260  $926,703 
Enabling Technologies 46,952   32,714   29,499   154,003   120,216   96,140 
Total net sales$657,293  $616,534  $274,498  $2,519,355  $1,568,476  $1,022,843 

Liquidity and Capital Resources:
        
 December 31, December 31,
(In thousands)2024 2023
Cash and cash equivalents$784,438  $467,292 
Short-term marketable securities 105,619   50,497 
Long-term marketable securities 66,134   75,428 
Total cash, cash equivalents and marketable securities$956,191  $593,217 


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

As of September 30, 2024, we no longer include Acquisition of in-process research and development as an adjustment to the non-GAAP financial measures. As previously disclosed, the Company incurred $12.6 million in the twelve months ended December 31, 2024 for the Acquisition of in-process research and development, which, when it was previously included, resulted in an impact for the year ended December 31, 2024 of 0.5% on Adjusted EBITDA as a percentage of net sales and $0.09 on Non-GAAP diluted earnings per share.

Non-GAAP Adjusted EBITDA Reconciliation Table:
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands, except percentages)2024 2023 2022 2024 2023 2022
Net income/(loss)$26,505  $15,035  $50,065  $102,984  $122,873  $190,169 
Interest (income)/expense, net (815)  2,581   (5,315)  4,189   (20,130)  (14,233)
Provision for income taxes (1,838)  9,960   12,051   17,738   42,520   52,850 
Depreciation and amortization 68,228   71,162   16,911   254,024   144,733   68,252 
EBITDA 92,080   98,737   73,712   378,935   289,996   297,038 
Stock-based compensation expense 11,756   11,577   8,507   48,286   38,995   32,810 
Provision for litigation, net (314)  250      314   434   2,341 
Merger and acquisition-related costs(1) 64,561   76,431   7,791   249,721   148,498   6,854 
Acquisition of in-process research and development       150         150 
Net (gain) loss from strategic investments 1,098   (460)     831   (192)   
Non-cash acquisition-related foreign currency impacts 27,566   (16,572)     25,212   (13,674)   
Restructuring costs 132         31,674       
Adjusted EBITDA$196,879  $169,963  $90,160  $734,973  $464,057  $339,193 
                  
Net income/(loss) as a percentage of net sales 4.0%  2.4%  18.2%  4.1%  7.8%  18.6%
Adjusted EBITDA as a percentage of net sales 30.0%  27.6%  32.8%  29.2%  29.6%  33.2%
(1) Merger and acquisition-related costs represent certain costs associated with acquisitions. These costs, presented on a before-tax effect basis, include the following:

 Three Months Ended Year Ended
 December 31, December 31,
 2024 2023 2024 2023
(In thousands)               
Amortization of inventory fair value step up$47,323  $52,591  $215,420  $71,656 
Change in fair value of business acquisition liabilities 16,966   12,684   25,575   17,259 
Employee-related costs    8,545   5,031   42,857 
Other acquisition-related costs(a) 272   2,612   3,695   16,725 
Merger and acquisition-related costs$64,561  $76,432  $249,721  $148,498 
(a) Primarily comprised of legal fees, investment banking and consulting fees.            


Non-GAAP Net Income Reconciliation Table:
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands)2024 2023 2022 2024 2023 2022
Net income/(loss)$26,505  $15,034  $50,065  $102,984  $122,873  $190,169 
Provision for litigation, net (314)  250      314   434   2,341 
Amortization of intangibles 29,912   28,123   4,506   119,373   51,032   17,735 
Merger and acquisition -related costs(1) 64,561   76,431   7,791   249,721   148,498   6,854 
Acquisition of in-process research and development       150         150 
Non-cash acquisition-related foreign currency impacts 27,566   (16,572)     25,212   (13,674)   
Restructuring Costs 132         31,674       
Net gain/(loss) on strategic investments 1,098   (460)     831   (192)   
Tax effect of adjusting items (32,042)  (19,310)  (2,415)  (110,496)  (42,570)  (5,695)
Non-GAAP net income/(loss)$117,418  $83,496  $60,097  $419,613  $266,401  $211,554 
(1) see footnote 1 to the Non-GAAP Adjusted EBITDA Reconciliation Table above for the detail of these costs.         

Non-GAAP Gross Profit Reconciliation Table:
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands)2024 2023 2022 2024 2023 2022
Net Sales$657,293  $616,534  $274,498  $2,519,355  $1,568,476  $1,022,843 
Cost of Sales (exclusive of amortization of intangibles) 263,437   265,486  70,591   1,035,479   548,174   263,725 
Amortization of Intangibles 17,585   9,526   4,506   84,079   15,408   17,735 
Gross Profit 376,271   341,522   188,225   1,399,797   1,004,893   718,879 
Amortization of inventory fair value step up 47,323   52,591      215,420   71,656    
Amortization of Intangibles 17,585   9,526   4,506   84,079   15,408   17,735 
Adjusted Gross Profit$441,179  $403,639  $192,731  $1,699,296  $1,091,957  $736,614 
                  
Gross Profit % of Net Sales 57.2%  55.4%  68.6%  55.6%  64.1%  70.3%
Adjusted Gross Profit % of Net Sales 67.1%  65.5%  70.2%  67.4%  69.6%  72.0%

Non-GAAP Diluted Earnings Per Share Reconciliation Table:
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands)2024 2023 2022 2024 2023 2022
Diluted earnings per share, as reported$0.19  $0.11  $0.49  $0.75  $1.07  $1.85 
Dilution attributable to Convertible Notes                 
Provision for litigation, net (0.00)              0.02 
Amortization of intangibles 0.21   0.20   0.04   0.87   0.45   0.17 
Merger and acquisition -related costs(1) 0.46   0.55   0.08   1.81   1.30   0.07 
Acquisition of in-process research and development                 
Net (gain) loss from strategic investments 0.01         0.01   (0.00)   
Non-cash acquisition-related foreign currency impacts 0.20   (0.12)     0.18   (0.12)   
Tax reform impact                 
Restructuring costs 0.00         0.23       
Tax effect of adjusting items (0.23)  (0.14)  (0.02)  (0.80)  (0.37)  (0.06)
Non-GAAP diluted earnings per share$0.84  $0.60  $0.59  $3.04  $2.32  $2.06 
(1) see footnote 1 to the Non-GAAP Adjusted EBITDA Reconciliation Table above for the detail of these costs.         
* amounts may not add due to rounding.                 

Non-GAAP Free Cash Flow Reconciliation Table:
 
 Three Months Ended Year Ended
 December 31, December 31,
(In thousands)2024 2023 2022 2024 2023 2022
Net cash provided by operating activities$210,338  $104,674  $63,975  $520,638  $243,499  $178,468 
Purchases of property and equipment (17,111)  (22,881)  (18,340)  (115,429)  (78,274)  (74,047)
Free cash flow$193,227  $81,793  $45,635  $405,209  $165,225  $104,421 

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)2024 2023 Growth Period Net Sales Growth
United States$521,892  $490,841   6.3% $   6.3%
International 135,401   125,693   7.7%  (1,490)  8.9%
Total net sales$657,293  $616,534   6.6% $(1,490)  6.9%

 Year Ended Reported Currency
Impact on
 Constant
Currency
 December 31, Net Sales Current Net Sales
(In thousands, except percentages)2024 2023 Growth Period Net Sales Growth
United States$2,000,067  $1,279,765   56.3% $   56.3%
International 519,288   288,711   79.9%  (8,090)  82.7%
Total net sales$2,519,355  $1,568,476   60.6% $(8,090)  61.1%


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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