Globus Medical net profit down 21.9% in Q1, US sales up 7.4% — 6 things to know

Alan Condon -   Print  |

Orthopedic device company Globus Medical posted a first-quarter net profit of $25.9 million, representing a 21.9 percent decrease year over year.

Six things to know:

1. Global sales increased 4.2 percent to $190.6 million in the first quarter, compared to the same period last year.

2. First-quarter U.S. sales, including robotics, rose 7.4 percent to $158.4, and international sales decreased 9.3 percent to $32.1 million year over year.

3. The company estimates the negative sales impact of the COVID-19 pandemic to be roughly $20 million in the first quarter. 

4. Globus Medical launched three spine devices in the first quarter, ending with cash, cash equivalents and marketable securities of $657 million, and remains debt-free. "Our conservative financial philosophy has positioned us well to ride out this difficult time without having to reduce our commitment to any important long-term growth initiatives," said CEO Dave Demski.

5. Diluted earnings per share was $0.25 and non-GAAP diluted EPS was $0.29.

6. Due to the uncertainty surrounding the duration of the pandemic, Globus Medical is not providing a full-year financial forecast. 

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