Globus Medical (GMED) Q4 Prelim. Revenue Tops Views

Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal implant manufacturer, today announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2016. The company anticipates fourth quarter 2016 sales of approximately $151.6 million, an increase of 6.3% as reported or 6.6% in constant currency over the fourth quarter 2015. Full year 2016 estimated sales are expected to be approximately $564.0 million, an increase of 3.5% as reported or 3.8% in constant currency over the prior year.

(Street sees Q4 revenue of $148M)

David Paul, Chairman and CEO, stated, “In 2016 we continued our focus on growing the business through developing the sales force and launching innovative products. We had a strong year of product development and are proud of our recent new product launches including Quartex, a posterior cervical stabilization system; and Independence MIS, a minimally invasive integrated plate-spacer. In September, we doubled the size of our International presence and entered the strategically important spine market in Japan through our acquisition of Alphatec’s International business. We also continued to invest significantly in our Emerging Technologies platforms throughout the year for sustained, long-term growth potential. We submitted several trauma systems to FDA and announced CE Mark for our robotic trajectory guidance and navigation system. Looking to 2017, we are confident in our ability to continue to grow our business faster than the overall spine market.”

The company established full year 2017 guidance of $625 million in sales, including $5 million of currency headwinds, and fully diluted earnings per share of $1.27.

These preliminary results are unaudited and are based on management’s initial analysis of operations for the periods ended December 31, 2016, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2016 financial and operating results in late February.

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