Globus Medical (NYSE:GMED) today posted fourth quarter and full year 2017 earnings that beat the Street on both sales and earnings per share.
The Audubon, Penn.-based company posted profits of $24.4 million, or 25¢ per share, on sales of $176 million for the 3 months ended December 31, for bottom-line growth of 0.3% while sales grew 16.1% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 38¢, just ahead of the 35¢ consensus on Wall Street where analysts were expecting to see sales of $166.5 million, which the company also topped.
For the full year, Globus posted sales of $107.4 million, or $1.10 per share on sales of $636 million, seeing its bottom-line grow 2.9% while sales grew 12.8% compared with the previous fiscal year.
After adjusting to exclude one-time items, earnings per share were $1.31, again ahead of expectations of $1.28 where analysts were expecting to see sales of $625.3 million.
“Fourth quarter sales were a record $176.0 million, a year-over-year increase of 16.1%. We also delivered non-GAAP EPS of $0.38, despite increased investments to support our robotics and trauma launches. Sales growth was strong across all parts of the business in the fourth quarter, with U.S. spine up 6.5%, international spine up 16.2% and imaging, navigation and robotics posting revenue for the first time. Full year 2017 sales were $636.0 million, a 12.8% increase over 2016 and non-GAAP EPS was $1.31. In 2017, we not only recorded our first sales of the ExcelsiusGPS robotic and navigation system, we also launched 9 new products in spine, received FDA clearance for 10 systems in trauma, further expanded our in-house manufacturing capacity, recruited a record number of competitive sales reps into our U.S. spine sales force, made tremendous progress on the Alphatec International integration, and smoothly completed the CEO transition,” CEO Dave Demski said in a press release.
Globus Medical confirmed its 2018 full year guidance, expecting to see sales of $680 million and non-GAAP earnings per share of $1.50.
Shares in Globus Medical dropped slightly today, down 0.5% to close at $48.
