10-Q Filing

GLOBUS MEDICAL INC CIK: 1237831 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001237831-14-000023`
Period End Date	20140331
Filing Date	20140430
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	gmed-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 36 Cash Flow Statement 62 Comprehensive Income 10

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$131.54M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.50M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.58M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$212.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.60M	USD	Point-in-time
Short-term marketable securities	`AvailableForSaleSecuritiesCurrent`	$176.20M	USD	Point-in-time
Short-term marketable securities	`AvailableForSaleSecuritiesCurrent`	$148.96M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$104.82M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$99.91M	USD	Point-in-time
Accounts receivable, net of allowances of $1,504 and $1,581, respectively	`AccountsReceivableNetCurrent`	$62.41M	USD	Point-in-time
Accounts receivable, net of allowances of $1,504 and $1,581, respectively	`AccountsReceivableNetCurrent`	$63.22M	USD	Point-in-time
Inventories	`InventoryNet`	$72.51M	USD	Point-in-time
Inventories	`InventoryNet`	$70.35M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.74M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.08M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$2.72M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	785.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	785.00M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$1.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	94.07M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$37.32M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$38.48M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	93.44M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	94.07M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	93.44M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$416.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$460.90M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $104,817 and $99,910, respectively	`PropertyPlantAndEquipmentNet`	$65.64M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $104,817 and $99,910, respectively	`PropertyPlantAndEquipmentNet`	$64.15M	USD	Point-in-time
Long-term marketable securities	`AvailableForSaleSecuritiesNoncurrent`	$36.53M	USD	Point-in-time
Long-term marketable securities	`AvailableForSaleSecuritiesNoncurrent`	$24.15M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$29.54M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$29.40M	USD	Point-in-time
Goodwill	`Goodwill`	$18.37M	USD	Point-in-time
Goodwill	`Goodwill`	$18.37M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$951.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$909.00K	USD	Point-in-time
Total assets	`Assets`	$599.42M	USD	Point-in-time
Total assets	`Assets`	$566.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.45M	USD	Point-in-time
Accounts payable to related-party	`AccountsPayableRelatedPartiesCurrent`	$3.84M	USD	Point-in-time
Accounts payable to related-party	`AccountsPayableRelatedPartiesCurrent`	$2.66M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$51.12M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$49.15M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$8.65M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.36M	USD	Point-in-time
Business acquisition liabilities, current	`BusinessAcquisitionLiabilitiesCurrent`	$1.40M	USD	Point-in-time
Business acquisition liabilities, current	`BusinessAcquisitionLiabilitiesCurrent`	$1.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$72.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.94M	USD	Point-in-time
Business acquisition liabilities, net of current portion	`BusinessAcquisitionLiabilitiesNoncurrent`	$15.62M	USD	Point-in-time
Business acquisition liabilities, net of current portion	`BusinessAcquisitionLiabilitiesNoncurrent`	$15.53M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$5.13M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$6.38M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.09M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$4.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$97.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$93.94M	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock; $0.001 par value. Authorized 785,000 shares; issued and outstanding 94,065 and 93,443 shares at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$94.00K	USD	Point-in-time
Common stock; $0.001 par value. Authorized 785,000 shares; issued and outstanding 94,065 and 93,443 shares at March 31, 2014 and December 31, 2013, respectively	`CommonStockValue`	$93.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$162.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$153.99M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.01M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.35M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.01M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-767.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$319.29M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$340.43M	USD	Point-in-time
Total equity	`StockholdersEquity`	$502.06M	USD	Point-in-time
Total equity	`StockholdersEquity`	$472.36M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$599.42M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$566.30M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$105.02M	USD	1 Quarter
Sales	`SalesRevenueNet`	$114.21M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$25.31M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$23.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$81.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$88.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.85M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$7.44M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$45.40M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$46.68M	USD	1 Quarter
Provision for litigation, net	`LossContingencyAccrualProvision`	$2.54M	USD	1 Quarter
Provision for litigation, net	`LossContingencyAccrualProvision`	$50.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$56.66M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$52.29M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$29.23M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$32.24M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$279.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$245.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$32.49M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$29.51M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$11.35M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$9.62M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$19.89M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.22	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.22	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	93.72M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	91.81M	shares	1 Quarter
Dilutive stock options	`IncrementalCommonSharesAttributableToShareBasedPaymentArrangements`	1.46M	shares	1 Quarter
Dilutive stock options	`IncrementalCommonSharesAttributableToShareBasedPaymentArrangements`	1.77M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	93.57M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	95.17M	shares	1 Quarter
Anti-dilutive stock equivalents excluded from weighted average calculation	`AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount`	3.18M	shares	1 Quarter
Anti-dilutive stock equivalents excluded from weighted average calculation	`AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount`	1.24M	shares	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$19.89M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.30M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.61M	USD	1 Quarter
Provision for excess and obsolete inventories	`InventoryWriteDown`	$2.00M	USD	1 Quarter
Provision for excess and obsolete inventories	`InventoryWriteDown`	$1.81M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.31M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.93M	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$89.00K	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$54.00K	USD	1 Quarter
Change in deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-1.90M	USD	1 Quarter
Change in deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-2.42M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.20M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$812.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.99M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.01M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$850.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-239.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-320.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.10M	USD	1 Quarter
Accounts payable to related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.32M	USD	1 Quarter
Accounts payable to related party	`IncreaseDecreaseInAccountsPayableRelatedParties`	$1.18M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-2.02M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-5.49M	USD	1 Quarter
Income taxes payable/receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$10.85M	USD	1 Quarter
Income taxes payable/receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$7.88M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.28M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.23M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireInvestments`	$93.19M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireInvestments`	$75.34M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$46.25M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	-	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$14.28M	USD	1 Quarter
Sales of marketable securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	-	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.16M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-99.96M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.98M	USD	1 Quarter
Payment of business acquisition liabilities	`PaymentOfBusinessAcquisitionLiabilities`	$200.00K	USD	1 Quarter
Payment of business acquisition liabilities	`PaymentOfBusinessAcquisitionLiabilities`	$400.00K	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.85M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$885.00K	USD	1 Quarter
Excess tax benefit related to nonqualified stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$2.79M	USD	1 Quarter
Excess tax benefit related to nonqualified stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$303.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.44M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$788.00K	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$38.00K	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-56.00K	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-80.86M	USD	1 Quarter
Net increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$14.64M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$131.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$212.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$89.96M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$104.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$131.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$212.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$89.96M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$104.60M	USD	Point-in-time
Interest paid	`InterestPaid`	$13.00K	USD	1 Quarter
Interest paid	`InterestPaid`	$17.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$418.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$3.17M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$19.89M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.14M	USD	1 Quarter
Unrealized gain/(loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-18.00K	USD	1 Quarter
Unrealized gain/(loss) on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-563.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-581.00K	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$21.14M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$19.31M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.