Globus Medical Q1 2023 Earnings Report
Key Takeaways
Globus Medical reported a strong first quarter in 2023, with a 20% increase in worldwide net sales to $276.7 million. GAAP net income increased by 29% to $49.1 million, and non-GAAP diluted EPS rose by 25% to $0.53. The company reaffirmed its full-year 2023 guidance of $1.1 billion in net sales and non-GAAP diluted EPS of $2.30.
Worldwide net sales increased by 20% to $276.7 million, or 21% on a constant currency basis.
U.S. Spine business grew by 14%, with gains across expandables, biologics, MIS screws, and 3D printed implants.
Enabling Technologies grew 91% to $25 million, driven by robotic system demand and interest in the Excelsius3Dâ„¢ imaging system.
GAAP diluted earnings per share was $0.48, and non-GAAP diluted EPS was $0.53, a 25% increase.
Globus Medical
Globus Medical
Globus Medical Revenue by Segment
Globus Medical Revenue by Geographic Location
Forward Guidance
The Company today reaffirmed its full year 2023 guidance of $1.1 billion in net sales and non-GAAP diluted earnings per share of $2.30.
Positive Outlook
- Reaffirmed full year 2023 net sales guidance of $1.1 billion.
- Reaffirmed full year 2023 non-GAAP diluted earnings per share of $2.30.
- Strong growth in U.S. Spine business.
- Significant increase in International Spine sales.
- Enabling Technologies revenue driven by robotic system demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income