Globus Medical Q3 2022 Earnings Report
Key Takeaways
Globus Medical reported a 10.6% increase in worldwide net sales for Q3 2022, reaching $254.1 million. The company's U.S. Spine business grew by 9.0%, while International Spine sales increased by 11.1%. Enabling Technologies also saw significant growth of 19.0%. GAAP net income was $47.4 million, with a diluted EPS of $0.47 and non-GAAP diluted EPS of $0.50.
Worldwide net sales increased by 10.6% to $254.1 million, or 12.6% on a constant currency basis.
U.S. Spine business grew by 9.0%, demonstrating market share gains.
International Spine sales increased by 11.1%, or 24.8% on a constant currency basis, reflecting increased brand recognition.
Enabling Technologies grew by 19.0%, driven by robotic system demand and interest in the Excelsius3Dâ„¢ imaging system.
Globus Medical
Globus Medical
Globus Medical Revenue by Segment
Globus Medical Revenue by Geographic Location
Forward Guidance
The Company reaffirmed its full year 2022 guidance of $1.025 billion in net sales and decreased full year 2022 guidance for non-GAAP diluted earnings per share to $2.03 from $2.10 to account for the impact of unfavorable currency fluctuations and a higher effective tax rate.
Positive Outlook
- Reaffirmed full year 2022 net sales guidance of $1.025 billion.
Challenges Ahead
- Decreased full year 2022 non-GAAP diluted earnings per share guidance to $2.03 from $2.10.
- Guidance revision due to unfavorable currency fluctuations.
- Guidance revision due to a higher effective tax rate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income