10-Q Filing

GLOBUS MEDICAL INC CIK: 1237831 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001237831-18-000023`
Period End Date	20180331
Filing Date	20180503
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	gmed-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 44 Cash Flow Statement 66 Comprehensive Income 10

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.95M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$4.13M	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.96M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$119.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$118.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$106.78M	USD	Point-in-time
Short-term marketable securities	`AvailableForSaleSecuritiesCurrent`	$249.34M	USD	Point-in-time
Short-term marketable securities	`AvailableForSaleSecuritiesCurrent`	$254.89M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$196.92M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$191.76M	USD	Point-in-time
Accounts receivable, net of allowances of $4,129 and $3,963, respectively	`AccountsReceivableNetCurrent`	$116.68M	USD	Point-in-time
Accounts receivable, net of allowances of $4,129 and $3,963, respectively	`AccountsReceivableNetCurrent`	$122.58M	USD	Point-in-time
Inventories	`InventoryNet`	$108.41M	USD	Point-in-time
Inventories	`InventoryNet`	$107.58M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.17M	USD	Point-in-time
Notes, Loans and Financing Receivable, Gross, Current	`NotesAndLoansReceivableGrossCurrent`	$2.50M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	785.00M	shares	Point-in-time
Notes, Loans and Financing Receivable, Gross, Current	`NotesAndLoansReceivableGrossCurrent`	$1.67M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	96.66M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$89.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$8.72M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	97.16M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	97.16M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$614.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$620.34M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	96.66M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $196,921 and $191,760, respectively	`PropertyPlantAndEquipmentNet`	$149.19M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $196,921 and $191,760, respectively	`PropertyPlantAndEquipmentNet`	$143.17M	USD	Point-in-time
Long-term marketable securities	`AvailableForSaleSecuritiesNoncurrent`	$104.40M	USD	Point-in-time
Long-term marketable securities	`AvailableForSaleSecuritiesNoncurrent`	$56.13M	USD	Point-in-time
Note receivable	`NotesAndLoansReceivableGrossNoncurrent`	$28.33M	USD	Point-in-time
Note receivable	`NotesAndLoansReceivableGrossNoncurrent`	$27.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$78.66M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$78.94M	USD	Point-in-time
Goodwill	`Goodwill`	$124.78M	USD	Point-in-time
Goodwill	`Goodwill`	$123.89M	USD	Point-in-time
Goodwill	`Goodwill`	$105.93M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.45M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.95M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$20.03M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$20.47M	USD	Point-in-time
Total assets	`Assets`	$1.13B	USD	Point-in-time
Total assets	`Assets`	$1.08B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$28.16M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$43.98M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$52.59M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$2.18M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$3.27M	USD	Point-in-time
Business acquisition liabilities	`BusinessAcquisitionLiabilitiesCurrent`	$6.66M	USD	Point-in-time
Business acquisition liabilities	`BusinessAcquisitionLiabilitiesCurrent`	$11.41M	USD	Point-in-time
Deferred Revenue, Current	`DeferredRevenueCurrent`	$1.58M	USD	Point-in-time
Deferred Revenue, Current	`DeferredRevenueCurrent`	$755.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$93.07M	USD	Point-in-time
Business acquisition liabilities, net of current portion	`BusinessAcquisitionLiabilitiesNoncurrent`	$4.20M	USD	Point-in-time
Business acquisition liabilities, net of current portion	`BusinessAcquisitionLiabilitiesNoncurrent`	$4.51M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$10.67M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$11.50M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.47M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$2.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$110.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$100.79M	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$238.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$253.76M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.91M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-8.64M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$775.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$736.25M	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.03B	USD	Point-in-time
Total equity	`StockholdersEquity`	$967.78M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$1.08B	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Sales	`SalesRevenueNet`	$174.41M	USD	1 Quarter
Sales	`SalesRevenueNet`	$155.81M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$37.97M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$35.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$120.21M	USD	1 Quarter
Gross profit	`GrossProfit`	$136.44M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.67M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$12.69M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$67.06M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$75.69M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$1.78M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$2.19M	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$388.00K	USD	1 Quarter
Acquisition related costs	`BusinessCombinationAcquisitionRelatedCosts`	$238.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$79.89M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$90.81M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$40.31M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$45.63M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$1.42M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$2.29M	USD	1 Quarter
Foreign currency transaction gain/(loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-5.00K	USD	1 Quarter
Foreign currency transaction gain/(loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$548.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$134.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$158.00K	USD	1 Quarter
Total other income, net	`OtherNonoperatingIncomeExpense`	$2.10M	USD	1 Quarter
Total other income, net	`OtherNonoperatingIncomeExpense`	$2.44M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$48.08M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$42.41M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$13.70M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$8.54M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$39.54M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$28.71M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.30	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.41	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.39	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.30	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	96.84M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	96.00M	shares	1 Quarter
Dilutive stock options	`IncrementalCommonSharesAttributableToShareBasedPaymentArrangements`	1.15M	shares	1 Quarter
Dilutive stock options	`IncrementalCommonSharesAttributableToShareBasedPaymentArrangements`	3.66M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	100.50M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	97.15M	shares	1 Quarter
Anti-dilutive stock options excluded from weighted average calculation	`AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount`	5.76M	shares	1 Quarter
Anti-dilutive stock options excluded from weighted average calculation	`AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount`	1.92M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$119.84M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$67.43M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.26M	USD	Point-in-time
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$118.82M	USD	Point-in-time
Net income	`NetIncomeLoss`	$39.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.71M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.24M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.48M	USD	1 Quarter
Amortization of premium on marketable securities	`InvestmentIncomeAmortizationOfPremium`	$1.01M	USD	1 Quarter
Amortization of premium on marketable securities	`InvestmentIncomeAmortizationOfPremium`	$785.00K	USD	1 Quarter
Write-down for excess and obsolete inventories	`InventoryWriteDown`	$2.48M	USD	1 Quarter
Write-down for excess and obsolete inventories	`InventoryWriteDown`	$1.67M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.05M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$3.49M	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$794.00K	USD	1 Quarter
Allowance for doubtful accounts	`ProvisionForDoubtfulAccounts`	$217.00K	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$234.00K	USD	1 Quarter
Change in fair value of contingent consideration	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$478.00K	USD	1 Quarter
Change in deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-124.00K	USD	1 Quarter
Change in deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-2.40M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.23M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.08M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.21M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.10M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.23M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-8.63M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-172.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$728.00K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-10.17M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-7.07M	USD	1 Quarter
Income taxes payable/receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$7.50M	USD	1 Quarter
Income taxes payable/receivable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$13.49M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$53.45M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$52.30M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireInvestments`	$118.40M	USD	1 Quarter
Purchases of marketable securities	`PaymentsToAcquireInvestments`	$70.31M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$55.41M	USD	1 Quarter
Maturities of marketable securities	`ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities`	$73.33M	USD	1 Quarter
Proceeds from Sale of Available-for-sale Securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$15.51M	USD	1 Quarter
Proceeds from Sale of Available-for-sale Securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$1.33M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.37M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.53M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.11M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.93M	USD	1 Quarter
Payment of business acquisition liabilities	`PaymentOfBusinessAcquisitionLiabilities`	$5.00M	USD	1 Quarter
Payment of business acquisition liabilities	`PaymentOfBusinessAcquisitionLiabilities`	$5.44M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$1.99M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$9.31M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.01M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.87M	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$971.00K	USD	1 Quarter
Effect of foreign exchange rate on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$321.00K	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.02M	USD	1 Quarter
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$39.83M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$66.95M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$119.84M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$118.82M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$106.78M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$66.95M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$119.84M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$118.82M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$106.78M	USD	Point-in-time
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	$8.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$1.20M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$2.66M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$39.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$28.71M	USD	1 Quarter
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$120.00K	USD	1 Quarter
Unrealized gain on marketable securities, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-236.00K	USD	1 Quarter
Foreign currency translation gain/(loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$2.44M	USD	1 Quarter
Foreign currency translation gain/(loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.37M	USD	1 Quarter
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$2.56M	USD	1 Quarter
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$4.13M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$43.67M	USD	1 Quarter
Comprehensive Income	`ComprehensiveIncomeNetOfTax`	$31.27M	USD	1 Quarter

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