GMED - Globus Medical Reports Preliminary Record Fourth Quarter and Full Year Sales Results | Benzinga
AUDUBON, Pa., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2023. The company anticipates fourth quarter 2023 sales of approximately $615.5 million, an increase of 124.2 percent over the fourth quarter 2022 on an as-reported basis. Full year 2023 sales are expected to be approximately $1.567 billion, an increase of 53.2 percent over the prior year on an as-reported basis.
"2023 was a monumental year for Globus Medical. We completed our merger with NuVasive to create the most innovative technology company in the spine market. Our integration is proceeding according to plan and we are pleased with our sales retention thus far. To cap off this eventful year, our revenue for the full year and fourth quarter of 2023 were both record-setting, breaking previous highs in both U.S. Spine and Enabling Technologies," said Dan Scavilla, president and CEO. "We remain focused on delivering product innovation, superior customer service, and operational excellence as we continue to advance patient care. 2024 is expected to be a very exciting year for product launches, including the introduction of new enabling technologies. While our core competencies and expertise have, and will remain focused on the spine market, we are sowing the seeds today to position our company for future growth drivers in the broader musculoskeletal market. Globus Medical remains well positioned to advance our vision of becoming the preeminent musculoskeletal technology company to promote healing in patients."
"We are pleased with our strong finish in Q4 and our overall full year performance," commented Keith Pfeil, CFO. "Excluding the impacts of the September 1, 2023 merger with NuVasive, Inc., legacy Globus fourth quarter revenue was approximately $302.9 million, an increase of 10.4 percent over the prior year fourth quarter. Full year 2023 legacy Globus revenue was approximately $1.152 billion or 12.7 percent higher over the prior year. Looking ahead, we are well positioned to execute on our objectives for 2024 as we remain focused on the priorities of sales growth, continued merger integration activities and realizing synergy capture."
The Company established its full year 2024 revenue guidance range of $2.450 billion to $2.475 billion and fully diluted non-GAAP earnings per share range between $2.68 to $2.70.
These preliminary results are unaudited and are based on management's initial analysis of operations for the periods ended December 31, 2023, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2023 financial results on February 20, 2024, after the market close.
About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal solutions company based in Audubon, PA. The company was founded in 2003 by an experienced ...