Globus Medical reported second quarter financial results, with worldwide sales up 6.1 percent over the same period last year.
Here are six things to know about the Globus Medical financial report:
1. The company's worldwide sales reached $113.6 million. Net income was up to $20.6 million, compared to $7.4 million over the same period last year. "We are confident in our long term growth prospects and our ability to sustain our industry leading profitability by continued execution of our business model," said CEO David Paul.
2. The United States net sales grew 3.6 percent while international sales grew 34.1 percent. Total sales were up 10.5 percent for the quarter.
3. The company ended the quarter with $313 million in cash, cash equivalents and marketable securities, which increased by $8.1 million during the quarter. Globus Medical is currently debt free.
4. Five new products were launched during the second quarter, including CREO Threaded, which offers controlled gradual correction for complex deformity users preferring threaded locking caps.
5. Earnings per diluted share were $0.22 in the quarter, up considerably from $0.08 in the second quarter of 2013. The company also reported Non-GAAP EPS at $0.23, up slightly from the same period last year.
6. The company now expects full year net sales to reach $460 million to $465 million with full year Non-GAAP diluted earnings per share guidance unchanged at $0.90 to $0.92 per share of common stock.