$GMED
GLOBUS MEDICAL INC

2019 Q3 Form 10-Q Financial Statement

#000123783119000053 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $196.2M $169.2M
YoY Change 15.94% 11.53%
Cost Of Revenue $45.39M $37.85M
YoY Change 19.92% 2.86%
Gross Profit $150.8M $131.4M
YoY Change 14.8% 14.3%
Gross Profit Margin 76.87% 77.64%
Selling, General & Admin $88.46M $75.13M
YoY Change 17.73% 18.57%
% of Gross Profit 58.65% 57.18%
Research & Development $14.51M $15.53M
YoY Change -6.56% 42.62%
% of Gross Profit 9.62% 11.82%
Depreciation & Amortization $13.60M $10.50M
YoY Change 29.52% -3.67%
% of Gross Profit 9.02% 7.99%
Operating Expenses $108.8M $93.09M
YoY Change 16.85% 17.61%
Operating Profit $42.06M $38.30M
YoY Change 9.82% 7.0%
Interest Expense $4.500M $3.800M
YoY Change 18.42% 171.43%
% of Operating Profit 10.7% 9.92%
Other Income/Expense, Net $4.691M $4.296M
YoY Change 9.19% 175.03%
Pretax Income $46.75M $42.60M
YoY Change 9.75% 14.03%
Income Tax $8.445M $7.389M
% Of Pretax Income 18.06% 17.35%
Net Earnings $38.31M $35.21M
YoY Change 8.8% 37.58%
Net Earnings / Revenue 19.52% 20.8%
Basic Earnings Per Share $0.39 $0.36
Diluted Earnings Per Share $0.38 $0.35
COMMON SHARES
Basic Shares Outstanding 99.24M 98.33M
Diluted Shares Outstanding 102.1M 101.8M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $277.5M $372.8M
YoY Change -25.56% 10.38%
Cash & Equivalents $166.1M $145.3M
Short-Term Investments $111.4M $227.5M
Other Short-Term Assets $14.80M $14.00M
YoY Change 5.71% 48.94%
Inventory $187.1M $124.4M
Prepaid Expenses
Receivables $141.5M $118.8M
Other Receivables $16.10M $16.50M
Total Short-Term Assets $637.1M $646.4M
YoY Change -1.44% 14.7%
LONG-TERM ASSETS
Property, Plant & Equipment $197.1M $161.8M
YoY Change 21.84% 20.53%
Goodwill $129.0M $124.0M
YoY Change 4.02% 3.98%
Intangibles $81.97M $89.52M
YoY Change -8.44% 2.13%
Long-Term Investments $383.1M $168.9M
YoY Change 126.82% 186.76%
Other Assets $15.21M $6.726M
YoY Change 126.17% -18.77%
Total Long-Term Assets $815.1M $592.1M
YoY Change 37.66% 25.02%
TOTAL ASSETS
Total Short-Term Assets $637.1M $646.4M
Total Long-Term Assets $815.1M $592.1M
Total Assets $1.452B $1.239B
YoY Change 17.25% 19.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.14M $23.06M
YoY Change 4.67% 39.32%
Accrued Expenses $60.70M $47.76M
YoY Change 27.07% 2.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.92M $81.72M
YoY Change 16.16% 9.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.155M $2.670M
YoY Change 205.43% 49.5%
Total Long-Term Liabilities $8.155M $2.670M
YoY Change 205.43% 49.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.92M $81.72M
Total Long-Term Liabilities $8.155M $2.670M
Total Liabilities $113.4M $97.39M
YoY Change 16.43% -4.42%
SHAREHOLDERS EQUITY
Retained Earnings $1.002B $856.0M
YoY Change 17.11% 20.24%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.339B $1.141B
YoY Change
Total Liabilities & Shareholders Equity $1.452B $1.239B
YoY Change 17.25% 19.41%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $38.31M $35.21M
YoY Change 8.8% 37.58%
Depreciation, Depletion And Amortization $13.60M $10.50M
YoY Change 29.52% -3.67%
Cash From Operating Activities $55.90M $51.80M
YoY Change 7.92% 48.85%
INVESTING ACTIVITIES
Capital Expenditures -$12.10M -$15.30M
YoY Change -20.92% 19.53%
Acquisitions
YoY Change
Other Investing Activities -$1.600M -$13.50M
YoY Change -88.15% -39.46%
Cash From Investing Activities -$13.60M -$28.90M
YoY Change -52.94% -17.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.700M 2.500M
YoY Change 168.0% 150.0%
NET CHANGE
Cash From Operating Activities 55.90M 51.80M
Cash From Investing Activities -13.60M -28.90M
Cash From Financing Activities 6.700M 2.500M
Net Change In Cash 49.00M 25.40M
YoY Change 92.91% 3528.57%
FREE CASH FLOW
Cash From Operating Activities $55.90M $51.80M
Capital Expenditures -$12.10M -$15.30M
Free Cash Flow $68.00M $67.10M
YoY Change 1.34% 40.97%

Facts In Submission

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dei Entity Registrant Name
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GLOBUS MEDICAL, INC.
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2560 General Armistead Avenue
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Use of Estimates </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates, in part, on historical experience that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Significant areas that require management’s estimates include intangible assets, business acquisition liabilities, allowance for doubtful accounts, stock-based compensation, write-down for excess and obsolete inventory, useful lives of assets, the outcome of litigation, recoverability of intangible assets and income taxes. We are subject to risks and uncertainties due to changes in the healthcare environment, regulatory oversight, competition, and legislation that may cause actual results to differ from estimated results. </span></p>
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StockIssuedDuringPeriodValueStockOptionsExercised
7082000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
19350000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
5585000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6907000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
92000
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6828000
CY2019Q3 gmed Share Based Compensation Number Of Stock Plans
ShareBasedCompensationNumberOfStockPlans
3
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.43
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9668000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2643000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
45.77
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
829000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
23.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
525000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
39.77
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10957000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.10
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
177212000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5031000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.70
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y1M6D
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
123055000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5926000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
42.24
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y7M6D
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
54157000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8849000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6898000
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
6978000
CY2019Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
2500000
CY2019Q3 gmed Prepaidroyalty
Prepaidroyalty
9000000.0
CY2019Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12M
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2129000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1258000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
871000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2318000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
375000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1095000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
348000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
225000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
165000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
89000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2297000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
168000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2129000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1

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