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.
More articles on devices:
Michigan providers sue governor over emergency declaration, aim to resume orthopedic surgery
4 recent innovations developed by spine surgeons
Dr. Kirk Campbell: How NYU Langone polished the virtual visit + why ‘patients will demand continued access’
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
