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10-Q Filing

GLOBUS MEDICAL INC CIK: 1237831 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001562762-23-000210
Period End Date 20230331
Filing Date 20230504
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance gmed-20230331x10q_htm.xml
Filing Contents
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Accounts receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $5.51M USD Point-in-time
Accounts receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $4.72M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $229.79M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $217.69M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $150.47M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $193.07M USD Point-in-time
Short-term marketable securities MarketableSecuritiesCurrent $295.59M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $353.87M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $343.04M USD Point-in-time
Short-term marketable securities MarketableSecuritiesCurrent $286.69M USD Point-in-time
Accounts receivable, net of allowances of $5,514 and $4,724, respectively AccountsReceivableNetCurrent $222.78M USD Point-in-time
Accounts receivable, net of allowances of $5,514 and $4,724, respectively AccountsReceivableNetCurrent $213.25M USD Point-in-time
Inventories InventoryNet $298.98M USD Point-in-time
Inventories InventoryNet $321.03M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $19.20M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $21.00M USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 775.00M shares Point-in-time
Income taxes receivable IncomeTaxesReceivable $4.06M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $3.04M USD Point-in-time
Total current assets AssetsCurrent $983.34M USD Point-in-time
Total current assets AssetsCurrent $1.07B USD Point-in-time
Property and equipment, net of accumulated depreciation of $353,868 and $343,036, respectively PropertyPlantAndEquipmentNet $245.10M USD Point-in-time
Property and equipment, net of accumulated depreciation of $353,868 and $343,036, respectively PropertyPlantAndEquipmentNet $243.73M USD Point-in-time
Long-term marketable securities MarketableSecuritiesNoncurrent $480.02M USD Point-in-time
Long-term marketable securities MarketableSecuritiesNoncurrent $495.85M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $59.19M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $63.57M USD Point-in-time
Goodwill Goodwill $179.71M USD Point-in-time
Goodwill Goodwill $197.47M USD Point-in-time
Goodwill Goodwill $198.71M USD Point-in-time
Other assets OtherAssetsNoncurrent $44.98M USD Point-in-time
Other assets OtherAssetsNoncurrent $43.31M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $48.84M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $51.18M USD Point-in-time
Total assets Assets $2.08B USD Point-in-time
Total assets Assets $2.15B USD Point-in-time
Accounts payable AccountsPayableCurrent $39.84M USD Point-in-time
Accounts payable AccountsPayableCurrent $36.10M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $94.70M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $84.00M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $990.00K USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $16.39M USD Point-in-time
Business acquisition liabilities BusinessAcquisitionLiabilitiesCurrent $13.78M USD Point-in-time
Business acquisition liabilities BusinessAcquisitionLiabilitiesCurrent $13.31M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $13.54M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $14.10M USD Point-in-time
Total current liabilities LiabilitiesCurrent $159.20M USD Point-in-time
Total current liabilities LiabilitiesCurrent $167.55M USD Point-in-time
Business acquisition liabilities, net of current portion BusinessAcquisitionLiabilitiesNoncurrent $54.95M USD Point-in-time
Business acquisition liabilities, net of current portion BusinessAcquisitionLiabilitiesNoncurrent $52.49M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.37M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $1.78M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $13.40M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $13.82M USD Point-in-time
Total liabilities Liabilities $229.75M USD Point-in-time
Total liabilities Liabilities $234.80M USD Point-in-time
Commitments and contingencies (Note 15) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 15) CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $645.06M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $630.95M USD Point-in-time
Accumulated other comprehensive income/(loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-19.42M USD Point-in-time
Accumulated other comprehensive income/(loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-24.63M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.24B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.29B USD Point-in-time
Total equity StockholdersEquity $1.74B USD Point-in-time
Total equity StockholdersEquity $1.79B USD Point-in-time
Total equity StockholdersEquity $1.85B USD Point-in-time
Total equity StockholdersEquity $1.91B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.15B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $2.08B USD Point-in-time
Income Statement 49 line items
Line Item Tag Value Unit Period
Net sales Revenues $230.55M USD 1 Quarter
Net sales Revenues $276.69M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $70.83M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $59.17M USD 1 Quarter
Gross profit GrossProfit $171.38M USD 1 Quarter
Gross profit GrossProfit $205.86M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $21.08M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $17.41M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $122.42M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $100.75M USD 1 Quarter
Provision for litigation LitigationSettlementExpense $2.34M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $4.51M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $4.60M USD 1 Quarter
Acquisition related costs BusinessCombinationAcquisitionRelatedCosts $-76.00K USD 1 Quarter
Acquisition related costs BusinessCombinationAcquisitionRelatedCosts $1.36M USD 1 Quarter
Total operating expenses OperatingExpenses $149.46M USD 1 Quarter
Total operating expenses OperatingExpenses $124.94M USD 1 Quarter
Operating income/(loss) OperatingIncomeLoss $46.45M USD 1 Quarter
Operating income/(loss) OperatingIncomeLoss $56.40M USD 1 Quarter
Interest income/(expense), net InterestIncomeExpenseNet $6.50M USD 1 Quarter
Interest income/(expense), net InterestIncomeExpenseNet $2.54M USD 1 Quarter
Foreign currency transaction gain/(loss) ForeignCurrencyTransactionGainLossBeforeTax $-391.00K USD 1 Quarter
Foreign currency transaction gain/(loss) ForeignCurrencyTransactionGainLossBeforeTax $212.00K USD 1 Quarter
Other income/(expense) OtherNonoperatingIncomeExpenseOther $77.00K USD 1 Quarter
Other income/(expense) OtherNonoperatingIncomeExpenseOther $301.00K USD 1 Quarter
Total other income/(expense), net OtherNonoperatingIncomeExpense $2.45M USD 1 Quarter
Total other income/(expense), net OtherNonoperatingIncomeExpense $6.79M USD 1 Quarter
Income/(loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $63.19M USD 1 Quarter
Income/(loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $48.90M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $10.81M USD 1 Quarter
Income tax provision IncomeTaxExpenseBenefit $14.06M USD 1 Quarter
Net income/(loss) NetIncomeLoss $38.08M USD 1 Quarter
Net income/(loss) NetIncomeLoss $49.13M USD 1 Quarter
Unrealized gain/(loss) on marketable securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-8.83M USD 1 Quarter
Unrealized gain/(loss) on marketable securities OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $4.30M USD 1 Quarter
Foreign currency translation gain/(loss) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $910.00K USD 1 Quarter
Foreign currency translation gain/(loss) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-1.57M USD 1 Quarter
Total other comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-10.39M USD 1 Quarter
Total other comprehensive income/(loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $5.21M USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTax $54.34M USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTax $27.69M USD 1 Quarter
Basic EarningsPerShareBasic $0.49 USD 1 Quarter
Basic EarningsPerShareBasic $0.37 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.48 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.37 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 100.28M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 101.60M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 102.20M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 104.08M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $38.08M USD 1 Quarter
Net income NetIncomeLoss $49.13M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $16.84M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $18.11M USD 1 Quarter
Amortization of premium (discount) on marketable securities InvestmentIncomeNetAmortizationOfDiscountAndPremium $-1.69M USD 1 Quarter
Amortization of premium (discount) on marketable securities InvestmentIncomeNetAmortizationOfDiscountAndPremium $-482.00K USD 1 Quarter
Write-down for excess and obsolete inventories, net InventoryWriteDown $2.06M USD 1 Quarter
Write-down for excess and obsolete inventories, net InventoryWriteDown $1.83M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $8.15M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $8.95M USD 1 Quarter
Allowance for doubtful accounts ProvisionForDoubtfulAccounts $810.00K USD 1 Quarter
Allowance for doubtful accounts ProvisionForDoubtfulAccounts $-728.00K USD 1 Quarter
Change in fair value of business acquisition liabilities BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-263.00K USD 1 Quarter
Change in fair value of business acquisition liabilities BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 $-446.00K USD 1 Quarter
Change in deferred income taxes DeferredIncomeTaxesAndTaxCredits $-3.98M USD 1 Quarter
Change in deferred income taxes DeferredIncomeTaxesAndTaxCredits $-2.99M USD 1 Quarter
(Gain)/loss on disposal of assets, net GainLossOnDispositionOfAssets1 $-81.00K USD 1 Quarter
(Gain)/loss on disposal of assets, net GainLossOnDispositionOfAssets1 $-115.00K USD 1 Quarter
Payment of business acquisition related liabilities PaymentForContingentConsiderationLiabilityOperatingActivities $743.00K USD 1 Quarter
Payment of business acquisition related liabilities PaymentForContingentConsiderationLiabilityOperatingActivities $772.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $9.86M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $1.61M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $22.47M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $17.94M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-547.00K USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-836.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $3.92M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $4.16M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-15.43M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-9.97M USD 1 Quarter
Income taxes payable/receivable IncreaseDecreaseInAccruedIncomeTaxesPayable $12.98M USD 1 Quarter
Income taxes payable/receivable IncreaseDecreaseInAccruedIncomeTaxesPayable $16.44M USD 1 Quarter
Net cash provided by/(used in) operating activities NetCashProvidedByUsedInOperatingActivities $44.69M USD 1 Quarter
Net cash provided by/(used in) operating activities NetCashProvidedByUsedInOperatingActivities $53.31M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireInvestments $69.14M USD 1 Quarter
Purchases of marketable securities PaymentsToAcquireInvestments $142.15M USD 1 Quarter
Maturities of marketable securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $106.55M USD 1 Quarter
Maturities of marketable securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $85.55M USD 1 Quarter
Sales of marketable securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $13.24M USD 1 Quarter
Sales of marketable securities ProceedsFromSaleOfAvailableForSaleSecuritiesDebt $42.67M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $15.99M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $19.97M USD 1 Quarter
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets PaymentsToAcquireBusinessesNetOfCashAcquired $2.66M USD 1 Quarter
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets PaymentsToAcquireBusinessesNetOfCashAcquired $1.00M USD 1 Quarter
Net cash provided by/(used in) investing activities NetCashProvidedByUsedInInvestingActivities $10.99M USD 1 Quarter
Net cash provided by/(used in) investing activities NetCashProvidedByUsedInInvestingActivities $-13.89M USD 1 Quarter
Payment of business acquisition liabilities PaymentOfBusinessAcquisitionLiabilities $1.92M USD 1 Quarter
Payment of business acquisition liabilities PaymentOfBusinessAcquisitionLiabilities $1.70M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $4.86M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $7.75M USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $6.05M USD 1 Quarter
Net cash provided by/(used in) financing activities NetCashProvidedByUsedInFinancingActivities $2.94M USD 1 Quarter
Effect of foreign exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-26.00K USD 1 Quarter
Effect of foreign exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-123.00K USD 1 Quarter
Net increase/(decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $36.72M USD 1 Quarter
Net increase/(decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $67.22M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $229.79M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $217.69M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $150.47M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $193.07M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $229.79M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $217.69M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $150.47M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $193.07M USD Point-in-time
Income taxes paid IncomeTaxesPaidNet $1.72M USD 1 Quarter
Income taxes paid IncomeTaxesPaidNet $572.00K USD 1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $6.49M USD 1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses CapitalExpendituresIncurredButNotYetPaid $4.11M USD 1 Quarter
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Total equity, beginning of period StockholdersEquity $1.74B USD Point-in-time
Total equity, beginning of period StockholdersEquity $1.79B USD Point-in-time
Total equity, beginning of period StockholdersEquity $1.85B USD Point-in-time
Total equity, beginning of period StockholdersEquity $1.91B USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $8.35M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.03M USD 1 Quarter
Grant of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross $196.00K USD 1 Quarter
Grant of restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardGross $219.00K USD 1 Quarter
Exercise of stock options (shares) StockIssuedDuringPeriodSharesStockOptionsExercised 143,000.00 shares 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $4.86M USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $7.75M USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTax $54.34M USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTax $27.69M USD 1 Quarter
Total equity, end of period StockholdersEquity $1.74B USD Point-in-time
Total equity, end of period StockholdersEquity $1.79B USD Point-in-time
Total equity, end of period StockholdersEquity $1.85B USD Point-in-time
Total equity, end of period StockholdersEquity $1.91B USD Point-in-time

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

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