Sam Brusco, Associate Editor05.08.24
Globus Medical has released the financial results for its first quarter of fiscal year 2024 (ended March 31).
The Audubon, Pa.-based company’s revenue for the first quarter was $606.7 million, an increase of 119.3% as reported and 119.8% on a constant currency basis. U.S. net sales ballooned 106.3% compared the previous year and international sales jumped 190.7% as reported. Globus pointed to the addition of NuVasive and increase volume of spine products sales, enabling technology, and services as the main drivers.
The Q1 GAAP net loss was $7.1 million, dropping 114.5% from the prior year. Diluted earnings per share (EPS) was $0.05, compared to $0.43 for the first quarter of 2023. Non-GAAP diluted EPS for the quarter—which excludes acquisition and restructuring-related costs—was $0.72, an increase of 36.4% compared to Q1 2023.
Non-GAAP adjusted EBITDA for the first quarter was $166.6 million, which was 27.5% of net sales.
As a result, Globus updated its full-year guidance for full year 2024 revenue to the range of $2.46-$2.485 billion and non-GAAP diluted EPS to the range of $2.75-$2.85. This is an increase over the prior revenue guidance of $2.450 to $2.475 billion, and non-GAAP fully diluted EPS guidance of $2.68 to $2.70.
“Since the NuVasive merger closed in September of last year, we worked aggressively to execute our integration strategy and are making significant progress towards rapidly reaching steady state. I am pleased with the first quarter results delivered by strong teamwork and partnership throughout our organization. Surgeons and hospitals are responding favorably to our best-in-class product offering of clinically advanced devices and enabling technologies and worldwide sales reflect the long-term potential of our company,” said Dan Scavilla, Globus president and CEO. “We are pleased with the engagement and retention levels of our surgeon customers and sales force and continue to see great opportunities to improve patient care. We are now one company with one galvanizing mission of being the most innovative musculoskeletal technology company in the world. I believe the potential for Globus has never been greater, as we continue to redefine surgery with procedural solutions built around enabling technology.”
“Our first quarter was focused on driving salesforce retention and alignment, process standardization and delivering on actions to improve operating efficiencies moving ahead, while achieving planned cost synergies,” added Keith Pfeil, Globus COO-CFO. “As we are now almost nine months into operating as a combined company, I am pleased to see us executing against our integration objectives and realizing the early stages of our vision. We continue to be well positioned in delivering against our commitments for the year.”
The Audubon, Pa.-based company’s revenue for the first quarter was $606.7 million, an increase of 119.3% as reported and 119.8% on a constant currency basis. U.S. net sales ballooned 106.3% compared the previous year and international sales jumped 190.7% as reported. Globus pointed to the addition of NuVasive and increase volume of spine products sales, enabling technology, and services as the main drivers.
The Q1 GAAP net loss was $7.1 million, dropping 114.5% from the prior year. Diluted earnings per share (EPS) was $0.05, compared to $0.43 for the first quarter of 2023. Non-GAAP diluted EPS for the quarter—which excludes acquisition and restructuring-related costs—was $0.72, an increase of 36.4% compared to Q1 2023.
Non-GAAP adjusted EBITDA for the first quarter was $166.6 million, which was 27.5% of net sales.
As a result, Globus updated its full-year guidance for full year 2024 revenue to the range of $2.46-$2.485 billion and non-GAAP diluted EPS to the range of $2.75-$2.85. This is an increase over the prior revenue guidance of $2.450 to $2.475 billion, and non-GAAP fully diluted EPS guidance of $2.68 to $2.70.
“Since the NuVasive merger closed in September of last year, we worked aggressively to execute our integration strategy and are making significant progress towards rapidly reaching steady state. I am pleased with the first quarter results delivered by strong teamwork and partnership throughout our organization. Surgeons and hospitals are responding favorably to our best-in-class product offering of clinically advanced devices and enabling technologies and worldwide sales reflect the long-term potential of our company,” said Dan Scavilla, Globus president and CEO. “We are pleased with the engagement and retention levels of our surgeon customers and sales force and continue to see great opportunities to improve patient care. We are now one company with one galvanizing mission of being the most innovative musculoskeletal technology company in the world. I believe the potential for Globus has never been greater, as we continue to redefine surgery with procedural solutions built around enabling technology.”
“Our first quarter was focused on driving salesforce retention and alignment, process standardization and delivering on actions to improve operating efficiencies moving ahead, while achieving planned cost synergies,” added Keith Pfeil, Globus COO-CFO. “As we are now almost nine months into operating as a combined company, I am pleased to see us executing against our integration objectives and realizing the early stages of our vision. We continue to be well positioned in delivering against our commitments for the year.”