Globus Medical reported third quarter financial results, with sales increasing 11.9 percent over the same period last year.
"We are very pleased with our third quarter performance," said Dave Demski, CEO of Globus Medical. "We saw further acceleration in our U.S. spinal implant business, continued growth in the Japan market and industry leading profitability even as we invested heavily in emerging technologies."
Here are five things to know:
1. Worldwide sales hit $151.7 million, an 11.9 percent increase over the same period last year. U.S. sales increased 4.5 percent while international sales were up 70.1 percent due to the company's acquisition of Alphatec's international business in the third quarter.
2. Globus reported third quarter net income at $25.6 million, a 2.4 percent drop from the same period last year.
3. Net cash from operating activities was $35.3 million and Globus reported cash, cash equivalents and marketable securities at $396.5 million. The company reported no debt at the end of the quarter.
4. For the full 2017 year, Globus Medical estimates sales will hit $625 million and non-GAAP fully diluted earnings per share will reach $1.27.
5. Globus' innovative fusion business reported $80.2 million in sales and the disruptive technology business reported $71.5 million in sales for the third quarter. The company received FDA clearance for the ExcelsiusGPS robotic and navigation system during the quarter as well.
"While still in the early stages of our commercial launch of this game-changing technology, we are thrilled about the unprecedented level of interest we have received so far from surgeons and hospital systems," said Mr. Demski.