Globus Medical Q3 2023 Earnings Report
Key Takeaways
Globus Medical reported a 51.0% increase in worldwide net sales to $383.6 million for Q3 2023, driven by the recent merger with NuVasive. GAAP net income was $1.0 million, with a diluted EPS of $0.01, while non-GAAP diluted EPS reached $0.57. The company has increased its full year revenue guidance to $1.55 billion and reaffirmed its non-GAAP EPS guidance.
Worldwide net sales increased by 51.0% to $383.6 million.
GAAP net income was $1.0 million, a 97.9% decrease year-over-year.
GAAP diluted EPS was $0.01, while non-GAAP diluted EPS was $0.57.
Non-GAAP adjusted EBITDA was $112.9 million, representing 29.4% of net sales.
Globus Medical
Globus Medical
Globus Medical Revenue by Segment
Globus Medical Revenue by Geographic Location
Forward Guidance
The Company increased its full year fiscal 2023 revenue guidance to $1.55 billion and reaffirmed non-GAAP fully diluted earnings per share guidance of $2.30.
Positive Outlook
- Increased full year fiscal 2023 revenue guidance to $1.55 billion.
- Reaffirmed non-GAAP fully diluted earnings per share guidance of $2.30.
- Completed merger with NuVasive, Inc.
- Focused on executing integration plan.
- Long-term business plan remains unchanged.
Challenges Ahead
- Risks associated with the integration of NuVasive business.
- Health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic.
- Factors affecting quarterly results.
- Ability to manage growth and sustain profitability.
- Demand for products and ability to compete successfully.
Revenue & Expenses
Visualization of income flow from segment revenue to net income