Globus Medical’s first quarter sales decreased 1.4% year over year, according to financial results posted May 8.
Five things to know:
1. Quarterly sales were $598.1 million. President and CEO Dan Scavilla said sales were affected by enabling technology deal closures, temporary integration related to supply chain disruption and the timing of international distributor orders.
“We are encouraged by the continued strong performance in April across these businesses and remain confident in our ability to drive above-market revenue growth as we move forward,” Mr. Scavilla said in the release.
2. Globus Medical returned to debt-free status after paying off the rest of the $450 million debt from its NuVasive merger, COO-CFO Keith Pfeil said.
“We delivered record Q1 free cash flow, while continuing to drive significant investments in machinery, equipment and sets, as we further scale internal manufacturing,” Mr. Pfeil said in the release. “Our actions taken during the quarter are geared towards driving long-term, sustainable growth.”
3. U.S. net sales remained mostly flat with a 0.2% year-over-year increase. International sales decreased 7.7% year over year.
4. Net income was $75.5 million.
5. Globus Medical expects full-year revenue to reach $2.8 billion to $2.9 billion.
