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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Globus Medical Inc | NYSE:GMED | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.68 | -3.23% | 50.27 | 52.56 | 50.00 | 52.48 | 1,755,937 | 00:59:59 |
DELAWARE
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04-3744954
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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2560 General Armistead Avenue, Audubon, PA 19403
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(610) 930-1800
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(Address of principal executive offices) (Zip Code)
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(Registrant’s telephone number, including Area Code)
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Large Accelerated Filer
x
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Accelerated Filer
¨
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Non-accelerated Filer
¨
(Do not check if a smaller reporting company)
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Smaller Reporting Company
¨
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Page
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Consolidated Balance Sheets
(Unaudited)
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|
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March 31, 2016 and December 31, 2015
|
|
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Consolidated Statements of Income
(Unaudited)
|
|
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Three months ended March 31, 2016 and March 31, 2015
|
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Consolidated Statements of Comprehensive Income
(Unaudited)
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|
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Three months ended March 31, 2016 and March 31, 2015
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Consolidated Statements of Cash Flows
(Unaudited)
|
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Three months ended March 31, 2016 and March 31, 2015
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Notes to Consolidated Financial Statements
(Unaudited)
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 4.
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||
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Item 1A.
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Risk Factors
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Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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||
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(In thousands, except par value)
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March 31,
2016 |
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December 31,
2015 |
||||
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|
||||
ASSETS
|
|
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|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
81,275
|
|
|
$
|
60,152
|
|
Restricted cash
|
10,451
|
|
|
26,119
|
|
||
Short-term marketable securities
|
236,856
|
|
|
220,877
|
|
||
Accounts receivable, net of allowances of $2,563 and $2,513, respectively
|
75,527
|
|
|
77,681
|
|
||
Inventories
|
105,147
|
|
|
105,260
|
|
||
Prepaid expenses and other current assets
|
5,961
|
|
|
7,351
|
|
||
Income taxes receivable
|
281
|
|
|
8,672
|
|
||
Deferred income taxes
|
—
|
|
|
38,687
|
|
||
Total current assets
|
515,498
|
|
|
544,799
|
|
||
Property and equipment, net of accumulated depreciation of $145,642 and $139,114, respectively
|
115,105
|
|
|
114,743
|
|
||
Long-term marketable securities
|
58,943
|
|
|
48,762
|
|
||
Intangible assets, net
|
32,849
|
|
|
33,242
|
|
||
Goodwill
|
91,964
|
|
|
91,964
|
|
||
Other assets
|
306
|
|
|
590
|
|
||
Deferred income taxes
|
25,323
|
|
|
—
|
|
||
Total assets
|
$
|
839,988
|
|
|
$
|
834,100
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
12,124
|
|
|
$
|
15,971
|
|
Accrued expenses
|
42,190
|
|
|
53,769
|
|
||
Income taxes payable
|
6,390
|
|
|
763
|
|
||
Business acquisition liabilities, current
|
11,633
|
|
|
12,188
|
|
||
Total current liabilities
|
72,337
|
|
|
82,691
|
|
||
Business acquisition liabilities, net of current portion
|
17,056
|
|
|
21,126
|
|
||
Deferred income taxes
|
—
|
|
|
13,260
|
|
||
Other liabilities
|
1,710
|
|
|
1,699
|
|
||
Total liabilities
|
91,103
|
|
|
118,776
|
|
||
Commitments and contingencies (Note 12)
|
|
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Equity:
|
|
|
|
||||
Class A common stock; $0.001 par value. Authorized 500,000 shares; issued and outstanding 71,620 and 71,442 shares at March 31, 2016 and December 31, 2015, respectively
|
71
|
|
|
71
|
|
||
Class B common stock; $0.001 par value. Authorized 275,000 shares; issued and outstanding 23,878 at March 31, 2016 and December 31, 2015, respectively
|
24
|
|
|
24
|
|
||
Additional paid-in capital
|
197,875
|
|
|
192,629
|
|
||
Accumulated other comprehensive loss
|
(1,653
|
)
|
|
(1,958
|
)
|
||
Retained earnings
|
552,568
|
|
|
524,558
|
|
||
Total equity
|
748,885
|
|
|
715,324
|
|
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Total liabilities and equity
|
$
|
839,988
|
|
|
$
|
834,100
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Three Months Ended
|
||||||
(In thousands, except per share amounts)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Sales
|
$
|
139,264
|
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|
$
|
131,604
|
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Cost of goods sold
|
31,644
|
|
|
32,107
|
|
||
Gross profit
|
107,620
|
|
|
99,497
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Research and development
|
10,199
|
|
|
8,656
|
|
||
Selling, general and administrative
|
54,570
|
|
|
52,289
|
|
||
Provision for litigation
|
—
|
|
|
32
|
|
||
Total operating expenses
|
64,769
|
|
|
60,977
|
|
||
|
|
|
|
||||
Operating income
|
42,851
|
|
|
38,520
|
|
||
|
|
|
|
||||
Other income/(expense), net
|
|
|
|
||||
Interest income, net
|
496
|
|
|
278
|
|
||
Foreign currency transaction gain/(loss)
|
108
|
|
|
(677
|
)
|
||
Other income
|
156
|
|
|
52
|
|
||
Total other income/(expense), net
|
760
|
|
|
(347
|
)
|
||
|
|
|
|
||||
Income before income taxes
|
43,611
|
|
|
38,173
|
|
||
Income tax provision
|
15,601
|
|
|
13,525
|
|
||
|
|
|
|
||||
Net income
|
$
|
28,010
|
|
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$
|
24,648
|
|
|
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|
|
||||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.29
|
|
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$
|
0.26
|
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Diluted
|
$
|
0.29
|
|
|
$
|
0.26
|
|
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
95,398
|
|
|
94,788
|
|
||
Dilutive stock options
|
895
|
|
|
1,117
|
|
||
Diluted
|
96,293
|
|
|
95,905
|
|
||
|
|
|
|
||||
Anti-dilutive stock options excluded from weighted average calculation
|
5,208
|
|
|
2,721
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Net income
|
$
|
28,010
|
|
|
$
|
24,648
|
|
Other comprehensive income/(loss):
|
|
|
|
||||
Unrealized gain on marketable securities, net of tax
|
224
|
|
|
65
|
|
||
Foreign currency translation gain/(loss)
|
81
|
|
|
(243
|
)
|
||
Total other comprehensive gain/(loss)
|
305
|
|
|
(178
|
)
|
||
Comprehensive income
|
$
|
28,315
|
|
|
$
|
24,470
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
28,010
|
|
|
$
|
24,648
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,676
|
|
|
5,674
|
|
||
Amortization of premium on marketable securities
|
953
|
|
|
640
|
|
||
Write-down for excess and obsolete inventories
|
2,225
|
|
|
2,529
|
|
||
Stock-based compensation expense
|
2,770
|
|
|
2,131
|
|
||
Excess tax benefit related to nonqualified stock options
|
(510
|
)
|
|
(684
|
)
|
||
Allowance for doubtful accounts
|
88
|
|
|
47
|
|
||
Change in deferred income taxes
|
391
|
|
|
(2,217
|
)
|
||
(Increase)/decrease in:
|
|
|
|
||||
Restricted cash
|
15,668
|
|
|
—
|
|
||
Accounts receivable
|
2,201
|
|
|
1,888
|
|
||
Inventories
|
(2,252
|
)
|
|
(7,361
|
)
|
||
Prepaid expenses and other assets
|
1,209
|
|
|
896
|
|
||
Increase/(decrease) in:
|
|
|
|
||||
Accounts payable
|
(1,238
|
)
|
|
835
|
|
||
Accounts payable to related-party
|
—
|
|
|
(5,359
|
)
|
||
Accrued expenses and other liabilities
|
(15,661
|
)
|
|
(3,904
|
)
|
||
Income taxes payable/receivable
|
14,517
|
|
|
14,907
|
|
||
Net cash provided by operating activities
|
55,047
|
|
|
34,670
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of marketable securities
|
(104,208
|
)
|
|
(72,874
|
)
|
||
Maturities of marketable securities
|
69,656
|
|
|
64,574
|
|
||
Sales of marketable securities
|
7,798
|
|
|
19,764
|
|
||
Purchases of property and equipment
|
(9,366
|
)
|
|
(7,228
|
)
|
||
Acquisition of businesses, net of cash acquired
|
—
|
|
|
(48,015
|
)
|
||
Net cash used in investing activities
|
(36,120
|
)
|
|
(43,779
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Payment of business acquisition liabilities
|
(300
|
)
|
|
(300
|
)
|
||
Proceeds from exercise of stock options
|
1,895
|
|
|
1,425
|
|
||
Excess tax benefit related to nonqualified stock options
|
510
|
|
|
684
|
|
||
Net cash provided by financing activities
|
2,105
|
|
|
1,809
|
|
||
|
|
|
|
||||
Effect of foreign exchange rate on cash
|
91
|
|
|
41
|
|
||
|
|
|
|
||||
Net increase/(decrease) in cash and cash equivalents
|
21,123
|
|
|
(7,259
|
)
|
||
Cash and cash equivalents, beginning of period
|
60,152
|
|
|
82,265
|
|
||
Cash and cash equivalents, end of period
|
$
|
81,275
|
|
|
$
|
75,006
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
1
|
|
|
—
|
|
||
Income taxes paid
|
$
|
774
|
|
|
$
|
509
|
|
|
Three Months Ended
|
||
(pro forma, unaudited, in thousands, except per share amounts)
|
March 31,
2015 |
||
|
|
||
Net sales
|
$
|
131,584
|
|
Net income
|
25,173
|
|
|
|
|
||
Earnings per share:
|
|
||
Basic
|
$
|
0.27
|
|
Diluted
|
$
|
0.26
|
|
|
|
|
March 31, 2016
|
||||||||||
(In thousands)
|
Weighted
Average Amortization Period (in years) |
|
Gross
Carrying Amount |
|
Accumulated Amortization
|
|
Intangible
Assets, net |
||||||
|
|
||||||||||||
In-process research & development
|
—
|
|
$
|
24,560
|
|
|
$
|
—
|
|
|
$
|
24,560
|
|
Supplier network
|
10.0
|
|
4,000
|
|
|
(567
|
)
|
|
3,433
|
|
|||
Customer relationships & other intangibles
|
7.3
|
|
5,525
|
|
|
(2,639
|
)
|
|
2,886
|
|
|||
Patents
|
17.0
|
|
2,495
|
|
|
(525
|
)
|
|
1,970
|
|
|||
Total intangible assets
|
|
|
$
|
36,580
|
|
|
$
|
(3,731
|
)
|
|
$
|
32,849
|
|
|
|
|
December 31, 2015
|
||||||||||
(In thousands)
|
Weighted
Average Amortization Period (in years) |
|
Gross
Carrying Amount |
|
Accumulated Amortization
|
|
Intangible
Assets, net |
||||||
|
|
||||||||||||
In-process research & development
|
—
|
|
$
|
24,560
|
|
|
$
|
—
|
|
|
$
|
24,560
|
|
Supplier network
|
10.0
|
|
4,000
|
|
|
(467
|
)
|
|
3,533
|
|
|||
Customer relationships & other intangibles
|
7.3
|
|
5,525
|
|
|
(2,384
|
)
|
|
3,141
|
|
|||
Patents
|
17.0
|
|
2,495
|
|
|
(487
|
)
|
|
2,008
|
|
|||
Total intangible assets
|
|
|
$
|
36,580
|
|
|
$
|
(3,338
|
)
|
|
$
|
33,242
|
|
|
|
|
March 31, 2016
|
||||||||||||||
(In thousands)
|
Contractual Maturity
(in years)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Short-term:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
Less than 1
|
|
$
|
118,977
|
|
|
$
|
35
|
|
|
$
|
(19
|
)
|
|
$
|
118,993
|
|
Corporate debt securities
|
Less than 1
|
|
64,639
|
|
|
34
|
|
|
(6
|
)
|
|
64,667
|
|
||||
Commercial paper
|
Less than 1
|
|
41,515
|
|
|
19
|
|
|
—
|
|
|
41,534
|
|
||||
Securities of U.S. government-sponsored agencies
|
Less than 1
|
|
9,511
|
|
|
5
|
|
|
—
|
|
|
9,516
|
|
||||
Asset-backed securities
|
Less than 1
|
|
2,147
|
|
|
—
|
|
|
(1
|
)
|
|
2,146
|
|
||||
Total short-term marketable securities
|
|
|
$
|
236,789
|
|
|
$
|
93
|
|
|
$
|
(26
|
)
|
|
$
|
236,856
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
1-2
|
|
$
|
14,594
|
|
|
$
|
9
|
|
|
$
|
(4
|
)
|
|
$
|
14,599
|
|
Corporate debt securities
|
1-2
|
|
20,660
|
|
|
90
|
|
|
—
|
|
|
20,750
|
|
||||
Asset-backed securities
|
1-2
|
|
23,590
|
|
|
12
|
|
|
(8
|
)
|
|
23,594
|
|
||||
Total long-term marketable securities
|
|
|
$
|
58,844
|
|
|
$
|
111
|
|
|
$
|
(12
|
)
|
|
$
|
58,943
|
|
|
|
|
December 31, 2015
|
||||||||||||||
(In thousands)
|
Contractual Maturity
(in years)
|
|
Amortized Cost
|
|
Gross Unrealized Gains
|
|
Gross Unrealized Losses
|
|
Fair Value
|
||||||||
Short-term:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
Less than 1
|
|
$
|
108,402
|
|
|
$
|
15
|
|
|
$
|
(81
|
)
|
|
$
|
108,336
|
|
Corporate debt securities
|
Less than 1
|
|
53,759
|
|
|
2
|
|
|
(57
|
)
|
|
53,704
|
|
||||
Commercial paper
|
Less than 1
|
|
42,149
|
|
|
3
|
|
|
(1
|
)
|
|
42,151
|
|
||||
Securities of U.S. government-sponsored agencies
|
Less than 1
|
|
14,511
|
|
|
4
|
|
|
(4
|
)
|
|
14,511
|
|
||||
Asset-backed securities
|
Less than 1
|
|
2,175
|
|
|
—
|
|
|
—
|
|
|
2,175
|
|
||||
Total short-term marketable securities
|
|
|
$
|
220,996
|
|
|
$
|
24
|
|
|
$
|
(143
|
)
|
|
$
|
220,877
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term:
|
|
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
1-2
|
|
$
|
18,508
|
|
|
$
|
—
|
|
|
$
|
(25
|
)
|
|
$
|
18,483
|
|
Corporate debt securities
|
1-2
|
|
12,033
|
|
|
—
|
|
|
(25
|
)
|
|
12,008
|
|
||||
Asset-backed securities
|
1-2
|
|
18,294
|
|
|
—
|
|
|
(23
|
)
|
|
18,271
|
|
||||
Total long-term marketable securities
|
|
|
$
|
48,835
|
|
|
$
|
—
|
|
|
$
|
(73
|
)
|
|
$
|
48,762
|
|
|
Balance at
|
|
|
|
|
|
|
||||||||
(In thousands)
|
March 31,
2016 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
17,176
|
|
|
$
|
478
|
|
|
$
|
16,698
|
|
|
$
|
—
|
|
Municipal bonds
|
133,592
|
|
|
—
|
|
|
133,592
|
|
|
—
|
|
||||
Corporate debt securities
|
85,417
|
|
|
—
|
|
|
85,417
|
|
|
—
|
|
||||
Commercial paper
|
41,534
|
|
|
—
|
|
|
41,534
|
|
|
—
|
|
||||
Asset-backed securities
|
25,740
|
|
|
—
|
|
|
25,740
|
|
|
—
|
|
||||
Securities of U.S. government-sponsored agencies
|
9,516
|
|
|
—
|
|
|
9,516
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
22,260
|
|
|
—
|
|
|
—
|
|
|
22,260
|
|
|
Balance at
|
|
|
|
|
|
|
||||||||
(In thousands)
|
December 31,
2015 |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
12,700
|
|
|
$
|
1,701
|
|
|
$
|
10,999
|
|
|
$
|
—
|
|
Municipal bonds
|
126,819
|
|
|
—
|
|
|
126,819
|
|
|
—
|
|
||||
Corporate debt securities
|
65,712
|
|
|
—
|
|
|
65,712
|
|
|
—
|
|
||||
Commercial paper
|
42,151
|
|
|
—
|
|
|
42,151
|
|
|
—
|
|
||||
Asset-backed securities
|
20,446
|
|
|
—
|
|
|
20,446
|
|
|
—
|
|
||||
Securities of U.S. government-sponsored agencies
|
14,511
|
|
|
—
|
|
|
14,511
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Contingent consideration
|
26,617
|
|
|
—
|
|
|
—
|
|
|
26,617
|
|
(In thousands)
|
March 31,
2016 |
|
December 31, 2015
|
||||
Raw materials
|
$
|
12,575
|
|
|
$
|
12,308
|
|
Work in process
|
6,672
|
|
|
7,091
|
|
||
Finished goods
|
85,900
|
|
|
85,861
|
|
||
Total inventories
|
$
|
105,147
|
|
|
$
|
105,260
|
|
(In thousands)
|
March 31,
2016 |
|
December 31,
2015 |
||||
Compensation and other employee-related costs
|
$
|
16,432
|
|
|
$
|
21,151
|
|
Legal and other settlements and expenses
|
6,393
|
|
|
13,617
|
|
||
Accrued non-income taxes
|
7,165
|
|
|
6,808
|
|
||
Royalties
|
6,874
|
|
|
6,787
|
|
||
Other
|
5,326
|
|
|
5,406
|
|
||
Total accrued expenses
|
$
|
42,190
|
|
|
$
|
53,769
|
|
(Shares)
|
Class A Common
|
|
Class B
Common
|
|
Total
|
|||
March 31, 2016
|
71,620,035
|
|
|
23,877,556
|
|
|
95,497,591
|
|
December 31, 2015
|
71,442,166
|
|
|
23,877,556
|
|
|
95,319,722
|
|
|
Three Months Ended
|
||
(In thousands)
|
March 31,
2016 |
||
Total equity, beginning of period
|
$
|
715,324
|
|
Net income
|
28,010
|
|
|
Stock-based compensation cost
|
2,841
|
|
|
Exercise of stock options
|
1,895
|
|
|
Excess tax benefit of nonqualified stock options
|
510
|
|
|
Other comprehensive loss
|
305
|
|
|
Total equity, end of period
|
$
|
748,885
|
|
(In thousands)
|
|
|
Unrealized gain/(loss) on marketable securities, net of tax
|
|
Foreign currency translation adjustments
|
|
Accumulated other comprehensive loss
|
||||||
Accumulated other comprehensive loss, net of tax, at December 31, 2015
|
|
|
$
|
(119
|
)
|
|
$
|
(1,839
|
)
|
|
$
|
(1,958
|
)
|
Other comprehensive income before reclassifications
|
|
|
224
|
|
|
81
|
|
|
305
|
|
|||
Amounts reclassified from accumulated other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other comprehensive income, net of tax
|
|
|
224
|
|
|
81
|
|
|
305
|
|
|||
Accumulated other comprehensive income/(loss), net of tax, at March 31, 2016
|
|
$
|
105
|
|
|
$
|
(1,758
|
)
|
|
$
|
(1,653
|
)
|
(In thousands)
|
|
|
Unrealized gain/(loss) on marketable securities, net of tax
|
|
Foreign currency translation adjustments
|
|
Accumulated other comprehensive loss
|
||||||
Accumulated other comprehensive loss, net of tax, at December 31, 2014
|
|
|
$
|
(64
|
)
|
|
$
|
(1,593
|
)
|
|
$
|
(1,657
|
)
|
Other comprehensive income/(loss) before reclassifications
|
|
|
64
|
|
|
(243
|
)
|
|
(179
|
)
|
|||
Amounts reclassified from accumulated other comprehensive income, net of tax
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Other comprehensive income/(loss), net of tax
|
|
|
65
|
|
|
(243
|
)
|
|
(178
|
)
|
|||
Accumulated other comprehensive income/(loss), net of tax, at March 31, 2015
|
|
|
$
|
1
|
|
|
$
|
(1,836
|
)
|
|
$
|
(1,835
|
)
|
|
Three Months Ended
|
||||||
|
March 31,
2016 |
|
March 31,
2015 |
||||
Weighted average grant date per share fair value
|
$
|
7.81
|
|
|
$
|
9.42
|
|
|
Option Shares(thousands)
|
|
Weighted average exercise price
|
|
Weighted average remaining contractual life (years)
|
|
Aggregate intrinsic value (thousands)
|
|||||
Outstanding at December 31, 2015
|
6,677
|
|
|
$
|
19.14
|
|
|
|
|
|
||
Granted
|
1,280
|
|
|
24.93
|
|
|
|
|
|
|||
Exercised
|
(178
|
)
|
|
10.65
|
|
|
|
|
|
|||
Forfeited
|
(167
|
)
|
|
22.81
|
|
|
|
|
|
|||
Outstanding at March 31, 2016
|
7,612
|
|
|
$
|
20.23
|
|
|
7.8
|
|
$
|
31,834
|
|
Exercisable at March 31, 2016
|
3,042
|
|
|
$
|
14.63
|
|
|
6.0
|
|
$
|
28,456
|
|
Expected to vest at March 31, 2016
|
4,570
|
|
|
$
|
23.96
|
|
|
9.0
|
|
$
|
3,378
|
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Intrinsic value of stock options exercised
|
$
|
2,731
|
|
|
$
|
3,260
|
|
|
|
|
|
||||
Stock-based compensation expense
|
$
|
2,770
|
|
|
$
|
2,131
|
|
Net stock-based compensation capitalized into inventory
|
71
|
|
|
—
|
|
||
Total stock-based compensation cost
|
$
|
2,841
|
|
|
$
|
2,131
|
|
|
Three Months Ended
|
||||
|
March 31,
2016 |
|
March 31,
2015 |
||
Effective income tax rate
|
35.8
|
%
|
|
35.4
|
%
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Innovative Fusion
|
$
|
70,046
|
|
|
$
|
70,370
|
|
Disruptive Technology
|
69,218
|
|
|
61,234
|
|
||
Total sales
|
$
|
139,264
|
|
|
$
|
131,604
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Innovative Fusion
|
$
|
70,046
|
|
|
$
|
70,370
|
|
|
$
|
(324
|
)
|
|
(0.5
|
)%
|
Disruptive Technology
|
69,218
|
|
|
61,234
|
|
|
7,984
|
|
|
13.0
|
%
|
|||
Total sales
|
$
|
139,264
|
|
|
$
|
131,604
|
|
|
$
|
7,660
|
|
|
5.8
|
%
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
United States
|
$
|
127,560
|
|
|
$
|
119,983
|
|
|
$
|
7,577
|
|
|
6.3
|
%
|
International
|
11,704
|
|
|
11,621
|
|
|
83
|
|
|
0.7
|
%
|
|||
Total sales
|
$
|
139,264
|
|
|
$
|
131,604
|
|
|
$
|
7,660
|
|
|
5.8
|
%
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Cost of goods sold
|
$
|
31,644
|
|
|
$
|
32,107
|
|
|
$
|
(463
|
)
|
|
(1.4
|
)%
|
Percentage of sales
|
22.7
|
%
|
|
24.4
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Research and development
|
$
|
10,199
|
|
|
$
|
8,656
|
|
|
$
|
1,543
|
|
|
17.8
|
%
|
Percentage of sales
|
7.3
|
%
|
|
6.6
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Selling, general and administrative
|
$
|
54,570
|
|
|
$
|
52,289
|
|
|
$
|
2,281
|
|
|
4.4
|
%
|
Percentage of sales
|
39.2
|
%
|
|
39.7
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Provision for litigation
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
(32
|
)
|
|
(100.0
|
)%
|
Percentage of sales
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Other income/(expense), net
|
$
|
760
|
|
|
$
|
(347
|
)
|
|
$
|
1,107
|
|
|
(319.0
|
)%
|
Percentage of sales
|
0.5
|
%
|
|
(0.3
|
)%
|
|
|
|
|
|
Three Months Ended
|
|
Change
|
|||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
|
%
|
|||||||
Income tax provision
|
$
|
15,601
|
|
|
$
|
13,525
|
|
|
$
|
2,076
|
|
|
15.3
|
%
|
Effective income tax rate
|
35.8
|
%
|
|
35.4
|
%
|
|
|
|
|
|
Three Months Ended
|
||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Net Income
|
$
|
28,010
|
|
|
$
|
24,648
|
|
Interest income, net
|
(496
|
)
|
|
(278
|
)
|
||
Provision for income taxes
|
15,601
|
|
|
13,525
|
|
||
Depreciation and amortization
|
6,676
|
|
|
5,674
|
|
||
EBITDA
|
49,791
|
|
|
43,569
|
|
||
Stock-based compensation expense
|
2,770
|
|
|
2,131
|
|
||
Provision for litigation
|
—
|
|
|
32
|
|
||
Change in fair value of contingent consideration and other acquisition related costs
|
674
|
|
|
584
|
|
||
Adjusted EBITDA
|
$
|
53,235
|
|
|
$
|
46,316
|
|
Adjusted EBITDA as a percentage of sales
|
38.2
|
%
|
|
35.2
|
%
|
|
Three Months Ended
|
||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
||||
Net cash provided by operating activities
|
$
|
55,047
|
|
|
$
|
34,670
|
|
Adjustment for impact of restricted cash
|
(15,668
|
)
|
|
—
|
|
||
Purchases of property and equipment
|
(9,366
|
)
|
|
(7,228
|
)
|
||
Free cash flow
|
$
|
30,013
|
|
|
$
|
27,442
|
|
|
Three Months Ended
|
|
Percent Change
|
||||||||||
(In thousands, except percentages)
|
March 31,
2016 |
|
March 31,
2015 |
|
Reported
|
|
Constant Currency
|
||||||
United States
|
$
|
127,560
|
|
|
$
|
119,983
|
|
|
6.3
|
%
|
|
6.3
|
%
|
International
|
11,704
|
|
|
11,621
|
|
|
0.7
|
%
|
|
5.3
|
%
|
||
Total sales
|
$
|
139,264
|
|
|
$
|
131,604
|
|
|
5.8
|
%
|
|
6.2
|
%
|
|
Three Months Ended
|
|
Change
|
||||||||
(In thousands)
|
March 31,
2016 |
|
March 31,
2015 |
|
$
|
||||||
Net cash provided by operating activities
|
$
|
55,047
|
|
|
$
|
34,670
|
|
|
$
|
20,377
|
|
Net cash used in investing activities
|
(36,120
|
)
|
|
(43,779
|
)
|
|
7,659
|
|
|||
Net cash provided by financing activities
|
2,105
|
|
|
1,809
|
|
|
296
|
|
|||
Effect of foreign exchange rate changes on cash
|
91
|
|
|
41
|
|
|
50
|
|
|||
Increase/(decrease) in cash and cash equivalents
|
$
|
21,123
|
|
|
$
|
(7,259
|
)
|
|
$
|
28,382
|
|
(In thousands)
|
March 31,
2016 |
|
December 31,
2015 |
||||
Cash and cash equivalents
|
$
|
81,275
|
|
|
$
|
60,152
|
|
Short-term marketable securities
|
236,856
|
|
|
220,877
|
|
||
Long-term marketable securities
|
58,943
|
|
|
48,762
|
|
||
Total cash, cash equivalents and marketable securities
|
$
|
377,074
|
|
|
$
|
329,791
|
|
|
|
|
|
||||
Available borrowing capacity under revolving credit facility
|
50,000
|
|
|
50,000
|
|
||
Working capital
|
$
|
443,161
|
|
|
$
|
462,108
|
|
|
|
GLOBUS MEDICAL, INC.
|
|
|
|
|
|
|
Dated:
|
May 4, 2016
|
/s/ DAVID C. PAUL
|
|
|
|
|
|
David C. Paul
|
|
|
Chairman
|
|
|
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
Dated:
|
May 4, 2016
|
/s/ DANIEL T. SCAVILLA
|
|
|
|
|
|
Daniel T. Scavilla
|
|
|
Senior Vice President
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
1 Year Globus Medical Chart |
1 Month Globus Medical Chart |
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