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Mar 31, 2023
Globus Medical Q1 2023 Earnings Report
Globus Medical achieved record revenue and earnings growth in Q1 2023, driven by strong performance in both U.S. and international markets and advancements in enabling technologies.
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 Excelsius3D™ 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
Revenue by Segment
Musculoskeletal Solutions Revenue
CapyFin.comEnabling Technologies Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com 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